The company publishes the China News. 21H1 revenue hit a record high, up 33 per cent year-on-year to HK $3.237 billion.
The profit of the main business was HK $489 million, down 20% from the same period last year and 6% from the previous year, mainly due to increased investment (sales expenses, R & D expenses and management expenses increased by 78%, 74% and 79% respectively compared with the same period last year). 21H1 added 600 people, most of which were R & D. The investment income in the first half of the year was HK $88 million. The dividend is 14.5 Hong Kong cents per share, with a dividend payout rate of 30%.
The average monthly flow of the Kingdom era increased to HK $480 million in the first half of the year. The number of registered users increased by 7000 million to 440 million, and MAU added 6.3 million to 20 million, a record high. Princess of time
It's on the rise. The monthly flow exceeds HK $34 million and is actively entering the Asian market. Japan launched in May, South Korea recently, and the domestic market will be launched on August 20. New Tour: online card placement game "Wrath of Destiny" Android English version in June, with daily running water of HK $200000, iOS version and multilingual version will be launched in the second half of the year; new games such as Mythical Heroes will be stored.
Tool applications accumulate more than 140 million registered users and continue to accumulate their own users. In the first half of the year, it invested 893 million Hong Kong dollars abroad and invested in dozens of game companies around the world, enriching the product matrix through agency, outsourcing and other models.
Profit forecast and investment advice: forecast 21-year adjusted return net profit of HK $993 million, based on the latest equity, the corresponding EPS is HK $0.83, and the current share price is 9.4 times PE.
The running water of "Kingdom era" remains stable, and "Princess of time" is on the rise, stocking up a number of new tours.
The company's steady revenue growth and increased R & D investment led to a decline in short-term profits, which actually enhanced competitiveness and product matrix in preparation for sustainable development; stable cash flow and ample cash on account reached HK $2.45 billion as of 21H1. With reference to the valuation of the comparable company, the 21-year adjusted net profit is 15 times PE, corresponding to a reasonable value of HK $12.50 per share. Maintain a "buy" rating.
Risk hint. The flow of old games is declining, and the performance of new games is not as good as expected.