China's Maoyan Entertainment hits over 6-mth peak on robust H1 estimates

Maoyan Entertainment

04/08/2023 03:39

** Shares of Chinese online entertainment ticketing services
group Maoyan Entertainment  1896.HK  jump as much as 18.4% to
HK$10.28, their highest since Jan. 30, and on course for the
second session of gain
    ** Stock is the biggest gainer in Hang Seng Composite Index
 .HSCI  
    ** Beijing-based company expects its H1 net profit to jump
150.2%-183.1% YoY to 380-430 mln yuan ($52.99-$59.96 mln) with
revenue up 80.5%-88.9% YoY to 2.15-2.25 bln yuan on recovery of
domestic consumption and strong support of national policies
    ** Citi maintains "buy" on the stock saying the estimates
are stronger than expected and it expects to see more positive
outlook to Maoyan's 2H23E revenue and profit as the leading
ticketing platform and leading producer and distributor
    ** Hang Seng Tech Index  .HSTECH  surges 1.7%, while Hang
Seng Composite Index  .HSCI  and Hang Seng Index  .HSI  both
climb 1%
    ** As of last close, stock down 3.7% this year


($1 = 7.1715 Chinese yuan renminbi)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))