Jinwu Financial News | Reading Text Group (00772) fluctuated and rose in early trading. As of press release, it reported HK$26.4, up 4.34%, with a turnover of HK$54.23 million.
According to the news, Citibank Research reports that last year's revenue and adjusted profit were basically in line with the bank's and market expectations. The bank expects Shinih Media's investment project pipeline to develop well this year. For example, successfully investing in the hit movie “Hot and Hot”, Citi expects strong profit growth. At the same time, it believes that as more IP content is licensed, other IP adaptation businesses may record a certain increase; however, the performance is expected to be stable in the first half of this year after optimizing the online reading business channel. The bank raised the target price from HK$31 to HK$32, terminated the 30-day negative catalytic observation, and maintained a “buy” rating.
BOC International also indicated that its performance last year was in line with expectations. Looking ahead, the bank expects online business revenue to stabilize month-on-month, with a slight decrease of 2% throughout the year, mainly considering the strength of core payment platforms and the gradual easing of the impact of channel contraction. Reading's core IP business is expected to maintain its growth trend, with a year-on-year increase of 22%, mainly due to an increase in the number of copyright licenses and a strong production project pipeline. Mobile games such as “Battle for the Sky”/“Dafeng Fight More People” have already received editions. In addition, Shinih expects to broadcast 6-7 series plus 2-3 movies, and Shinih's net profit for the full year 2024 is 560 million yuan.