Huayi Brothers Media:Strong Q3earnings growth driven by investment income

类别:公司研究 机构:瑞银证券有限责任公司 研究员:Xin Chen 日期:2016-10-27

Q3 results review: Net profit up 190% YoY

    Q1-Q316 revenue was Rmb2.15bn (+8% YoY), operating profit was Rmb880m(+1.32% YoY) and net profit attributable to shareholders was Rmb620m (+1.33%YoY). Meanwhile, EPS came in at Rmb0.22. Q3 net profit attributable to shareholdersjumped 190% YoY despite a 2.4% YoY fall in revenue.

    Q3 results analysis: Strong earnings growth driven by investment income

    We attribute the Q3 revenue drop mainly to the following: 1) Film & TV entertainmentrevenue fell 3% YoY in the quarter due to Rock Dog/When Larry Met Mary's lacklustrebox-office performance. 2) With no contracts signed for new projects, brand licensingand live-action entertainment revenue was down 6.8% YoY. Notably, the Huayi theatreproject in Suzhou is set for 2017 completion and opening, while the Huayi artists villageproject has been completed and sales have begun. 3) Internet entertainment revenueslipped 10.4% YoY, as Yinhan stepped up R&D and production. Income from the saleof Ourpalm shares and investment in Hero Entertainment rose 87% YoY, the mainreason for the strong YoY earnings growth in Q3.Q416 outlook: Earnings likely to improve furtherLooking into Q416, we estimate: 1) the launch of Ice Fantasy, a new mobile game,could drive positive YoY growth in internet entertainment revenue; 2) full-year film &

    TV revenue could grow 30% YoY, as Huayi will screen two blockbusters, I Am Not

    Madame Bovary and The Wasted Times, in Q4; and 3) Hero Entertainment, in whichHuayi invests, could create full-year attributable profit of Rmb100m for the company.

    Valuation: Price target of Rmb14; Neutral rating

    Our DCF-based price target of Rmb14 assumes WACC of 7.8%. We have a Neutralrating.

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