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搜寻结果 (总数 5)
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网龙网络 (777 HK) 双引擎助力增长 - 9月 6, 2018 (7 页)  
借着(1)成功的知识产权价值最大化战略,(2)教育业务强劲增长势头及(3)内部营运优化,网龙上半年公布亮丽业绩,其股东应占溢利增长6倍至人民币2.01亿元。我们以分类加总估值法得出的目标价维持在30.0港元,有赖于(1)强劲的教育增长以及(2)稳定的游戏业务。目标价包括(1)在线游戏业务18.1港元和(2)教育业务的8.4港元,19财年市销率为1.3倍。上涨空间为77.9%,

Netdragon Webs (777 HK) Pioneer in E-education community - 5月 3, 2018 (7 页)  
On April 8, Netdragon (ND) announced the acquisition of US education service provider Edmodo. Post FY17 annual result conference call, despite China education market stays competitive, we are upbeat on its (1) global e-learning business to be profitable in 2018 with #1 in global market share; (2) China market to continue its user acquisition strategy; and (3) stable cash flow from gaming business with mobile extension strategy. Our SOTP-TP lifts to HKD30.0 from HKD28.7, on higher China education sales.

Netdragon Webs (777 HK) Invest Today for Better Tomorrow - 12月 15, 2017 (8 页)  
NetDragon (ND) reported 3Q17 with net profit attributable to owner at RMB5m from the net loss RMB65m in 3Q16, thanks to (1) rapid growth in game sales; (2) fast-paced development in the education business and (3) successful mobile user monetization. We are upbeat on ND’s long-term development in education while expect the games to support the monetization process. Our HKD28.1 SOTP-TP implies 2.9x FY18F P/S, below peers’ average of 4.1x.

NetDragon 777HK more fuel on education business - 9月 26, 2017 (7 页)  
On 24 Sept, NetDragon (ND) announced its top-up placement of 38.5m new shares at HKD25.4/s, 7% of enlarged shareholdings. Post analyst call on 25 Sept, we see ND likely to have (1) certain famous global funds to be the placees; and (2) more capital to drive its long-term growth from education sales. Keep BUY with lower SOTP-TP at HKD31.39 on new share dilution.

NetDragon 777 HK hard work pays off - 9月 1, 2017 (21 页)  
We initiate BUY rating on NetDragon Webs (ND), at our HKD35.27 TP. We expect the strong rebound of sales growth CAGR of +21.7% during 2016-2019, on the successful monetization of the education business. Our SOTP-derived TP reflects a 3.6x FY18F P/S. We forecast ND will rebound to have an underlying profit of RMB123m/ RMB179m in 2017F/18F, turning around from a net loss during previous years.