IGG(0799.HK):核心遊戲持續性強,待新遊貢獻增量收入,維持“增持”評級,目標價7.4港元
機構:廣發證券
評級:增持
目標價:7.4港元
核心觀點:
投資公司公允價值變動、19H2銷售費用收窄,及所得税下降,利潤好於預期。19年收入和歸母淨利分別為6.68億(-11%)和1.65億美元(-13%);19H2銷售費用率收窄至20.9%,管理費用同比持平,研發費用環比增速下降,19H2公司員工數環比略有下降。2019年投資公司(如心動公司)公允價值變動確認收入2,565萬美元,且截至2019年公司可供出售金融資產達7,141萬美元。擬第二次派息17.6港仙/股,全年派系+回購總額合計佔全年盈利46%。
老遊戲流水自然回落,持續性強。《王國紀元》全年月均流水4,900萬美元,因競品增加致國內收入下滑較多;《城堡爭霸》下半年月均流水約600萬美元,即將迎來自上線以來玩法內容更新最大的數據片。?儲備產品陸續上線,待新遊貢獻增量收入。19年上線十多款不同類型遊戲,包括沙盒類、星際題材SLG、三消類等,表現尚不及預期。儲備十多款新遊戲,包括塔防遊戲《ProjectFF》、MOBA類《ProjectDB》、女性向遊戲《ProjectPrincess》、模擬經營遊戲《HaveaFarm》、休閒遊戲《MonsterFable》等。
盈利預測與評級:預測2020年歸母淨利潤為1.49億美元,按最新股本計算,對應20年EPS為0.93港元,當前股價對應20年PE為6.1倍。公司在全球化運營方面具有優勢,核心遊戲流水具有持續性,新遊表現尚待驗證,給予20年8倍PE,對應合理價值為7.4港元/股,維持“增持”評級。
風險提示:老遊戲流水下滑,新遊流水增長不達預期;新遊戲上線時間推遲、上線後表現不達預期。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.