Citi: DAMAI ENT FY Revenue Beats; Adj. EBITA Misses
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Citi reported that DAMAI ENTachieved FY revenue of RMB8.024 billion, surpassing expectations by 1% and 3%. However, adjusted EBITA fell to RMB746 million, missing forecasts by 15% and 16% due to rising expenses and a decline in gross margin. Revenue from IP commercialization and the Damai business underperformed, while profits from film and drama exceeded expectations. Citi maintains a Buy rating on DAMAI ENT with a target price of HKD1.
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