奥飞娱乐(002292.CN)

Alpha Group:Data Update,Minor changes to estimates and TP

时间:16-08-31 00:00    来源:高盛高华证券

Changes and Implications

We have fine-tuned our estimates post the company’s announcement of1H16 results. We cut 2016-20E EPS by 1.6%-4.3% and, accordingly, cut our12-month target price by 3.7% to Rmb31.37.

We do not view these changes as material and there is no change to ourinvestment thesis, rating or valuation methodology.

Valuation

Our target price is based on an unchanged 18X P/E applied to our 2020EEPS of Rmb2.35 (was Rmb2.44) discounted back to 2016E using anunchanged 8% sector cost of equity. Key risks: Higher-/lower-thanexpectedtoy sales and animation revenue.