CMB International expects that ToF under Friendship Time (06820) will bring annual revenue of 1.2 billion yuan and profit of 200 million yuan in FY24.
The Zhitong Finance App learned that according to a research report published by CMB International, maintaining the Friendship Time (06820) “buy” rating, in order to reflect the higher visibility of ToF, increased the FY24/25 revenue forecast by 45%/44%, increased the net profit margin by 9.6/0.9 percentage points, and raised the target price to HK$2.
According to the report, the company's management has shown greater confidence in the upcoming release of “ToF” (ToF) and is optimistic about the diversified product reserves and the growth potential of mini-games in FY24-25. The bank advises investors to pay attention to the performance of ToF (expected to launch on January 2, 2024). According to better test data and the company's differentiated marketing (spokesperson collaboration, innovative collaboration with hit movies and TV), it is estimated that ToF will generate 1.2 billion yuan in revenue and 200 million yuan in profit throughout the year in FY24. Its diversified game reserves (such as “Code: WX”, “Code: PE”), mini-games, and overseas expansion will further boost performance.