FRIENDTIMES(6820.HK):LOOKING TO FY24E REBOUND WITH RISING TOF2
FRIENDTIMES(6820.HK):LOOKING TO FY24E REBOUND WITH RISING TOF2
FriendTimes launched ToF2 o2 Ja2024, followed by aoverseas versioo10 Jan. By 10 Jan, ToF2 ranked top 53 iterms of iOS grossing. We estimate ToF2's grossing for the first month could exceed that of TOF1, and anticipate aupward trend over the next 4-5 months. We see high visibility for ToF2 to contribute annual grossing of RMB1.2band profit of RMB200miFY24E, supported by 1) a larger user base from channel diversificatioacross iOS, Android and proprietary channels, 2) differentiated marketing campaigns, and 3) the release of monthly expansiopacks. We suggest investors keep aeye othe company's FY24E momentum, giveits 1) rising ToF2, 2) further upside from new launches and overseas expansioand 3) decent shareholder return.
FriendTimes推出了ToF2 o2 Ja2024，隨後於1月10日推出了海外版本。截至1月10日，ToF2在iOS的票房收入中排名前53位。我們估計ToF2第一個月的總收入可能會超過TOF1，並預計未來4-5個月將呈上升趨勢。我們認爲，ToF2貢獻人民幣1.2元的年總收入爲人民幣200miFy24e的利潤，知名度很高，這得益於1) 來自iOS、安卓和專有渠道渠道的渠道多元化帶來的更大用戶群，2) 差異化營銷活動，以及3) 每月擴展包的發佈。我們建議投資者密切關注該公司的 FY24E 勢頭，因爲其 1) ToF2的上漲，2) 新上市和海外擴張帶來的進一步上行空間，以及 3) 不錯的股東回報。
We maintaiour estimates unchanged and TP at HK$2.0 (implying 15x FY24 P/E).
我們維持預期不變，目標價爲2.0港元（這意味着24財年市盈率爲15倍）。
A solid start for ToF2; eyes oupcoming ramp-up with enriched marketing and versioupdates. After the launch o2 Ja2024, Twist of the Fate (ToF2, 浮生忆玲珑) ranked top 53 iterms of iOS grossing by 10 Jan. The overseas versiowas released o10 Jan. We estimate ToF2's grossing for the first month to slightly surpass that of ToF1, and anticipate aupward trend over the next 4-5 months. Leo Luo (罗云熙) has beeinvited to serve as the ambassador for NPC engagement and offline activities. Additionally, a series of promotioinitiatives have beeplanned for ToF2: 1) the theme song (performed by Sara Liu (刘惜君)) to be released ilate Jan; 2) offline activities (e.g. Suzhou-style afternootea) during CNY; and 3) collaboratiowith a highly anticipated show.
對於ToF2來說，這是一個良好的開端；通過豐富的營銷和版本更新，我們有望迎來新的升級。o2 Ja2024發佈後，截至1月10日，Twist of the Fate（ToF2，浮生憶）在iOS票房收入中名列前53位。海外版本於1月10日發佈。我們估計ToF2第一個月的票房將略高於ToF1，並預計未來4-5個月將呈上升趨勢。Leo Luo（羅雲熙飾）受邀擔任 NPC 參與和線下活動的大使。此外，已經爲ToF2計劃了一系列宣傳舉措：1) 主題曲（由Sara Liu（《君子》）演奏）將於1月下旬發行；2）春節期間的線下活動（例如蘇州式下午茶）；3）與備受期待的節目合作。
More titles to come, with overseas expansion. Code: WX (a martial arts game with license approval) may be launched i2H24E after two rounds of paying tests. Reigof Destiny (Europearoyalty type) is expected to undergo two rounds of tests ithe overseas market i1H24E and be released i2H24E/FY25E. Moreover, FT plans to convert multiple key titles to mini-games, unlocking grossing potential.
隨着海外擴張，未來還會有更多遊戲。Code：經過兩輪付費測試後，WX（一款獲得許可的武術遊戲）可能會在i2H24e上線。Reigof Destiny（歐洲版稅型）預計將在海外市場i1H24e進行兩輪測試，並將發佈i2H24e/FY25E。此外，英國《金融時報》計劃將多款關鍵遊戲轉換爲迷你遊戲，釋放收入潛力。
Decent shareholder return. Since Aug 2023, FT mgmt. has continued to repurchase shares, which have exceeded 2.5% of total share capital. Based oour calculation, FT has repurchased approximately 0.204% of total shares at aaverage cost of HK$1.22 since 27 Nov 2023. Iaddition, mgmt. proposed decent dividends each year, implying 6% 12-month yield oaverage.
不錯的股東回報。自2023年8月以來，英國《金融時報》管理公司繼續回購股票，已超過總股本的2.5％。根據我們的計算，自2023年11月27日以來，英國《金融時報》已回購了約0.204％的總股份，平均成本爲1.22港元。此外，mgmt. 提議每年派發可觀的股息，這意味着12個月的平均收益率爲6％。
MaintaiBUY. We suggest looking beyond the soft FY23E with a net loss position. Our FY23-25E estimates remaiunchanged, with TP at HK$2.0.
MainTaiBuy。我們建議將目光投向疲軟的 FY23E 之外，保持淨虧損頭寸。我們的 FY23-25E 估計值保持不變，目標價爲2.0港元。
譯文內容由第三人軟體翻譯。