Tiger TV Media (01163.HK) announced that in the first quarter of 2021, its total income reached 8200.0 million yuan to 8600.0 million yuan, an increase of about 70 percent over the same period last year. In the same period, the amount of claims spent in the first quarter of 2021 was 310 million yuan, of which those in the Chinese region were about 1960.0 yuan, accounting for about 6.3 percent of the total.
High growth can be expected in China's region.
Tiger TV Media (01163.HK) has officially entered the Chinese market since the fourth quarter of 2020, and is willing to establish cooperative relations with customers, word jumps, Kuaishou Technology, Phoenix and so on. In the first quarter of 2021, China's regional investment accounted for about 6.3% of the total expenditure.
As a newly developed area, I am very pleased with the development of the market in the Chinese region. Assuming that the collection has not been further extended to platforms such as Bilibili Inc. and Xiaobao, we expect that the annual average proportion of advertising from the Chinese region will reach about 20-30 per cent. At the same time, according to our expectations, the proportion of claims from the Chinese region is expected to reach 40% to 50% in 2023, reaching the level of about 1 billion yuan per capita.
The increase in strength in overseas areas is gratifying.
Excluding China's claims, the main claims in overseas regions are 2.9 billion yuan, and we estimate that the total number of claims in overseas regions will increase by about 60% in the first quarter of 2021. Assuming that advertising in the United States has been completely exhausted, ii), while the impact of the ban on India has not returned to the previous level, we believe that overseas areas outside the United States and India are likely to record strong growth.
The international balance sheet and the rise of the Chinese market have been initially realized, reaffirming the "level" level, and the upper target price is set at HK $1.35 per share.
In only one season, 01163.HK has established cooperative relations with customers, word jumps, Kuaishou Technology, Phoenix, and other platforms, and is likely to further expand the number of platforms to platforms such as Bilibili Inc. and Xiaobao, and we are impressed by the 6.3% share in the first quarter. We believe that China's regional share is expected to reach 30%-40% by the end of the year, with an annual average of 20%-30%. In addition, we are pleased with the overseas performance in the first quarter of the collection, and we estimate that the annual growth of advertising in the United States, India and other regions has exceeded by about 85%. We believe that the results of the first quarter of the collection confirm that our assumption of the international financial bottom is correct, and our revenue forecast is-0.7-18.6% and the profit forecast is-6.5-4.0% to reflect I) the strong performance of China, the increase in the number of maintenance figures in other regions of ii) and the increased use of AdTensor research and development in iii). We reiterate that the top target is HK $1.35 per share, which is equivalent to the 2021 / 2022 / 2023 28.3x/11.6x/8.0x forward price-to-earnings ratio.