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Nov 26, 2014 19:48 JST

Nomura says Buy CMGE on Rich IP Resources and Solid Growth, Target Price US$32

HONG KONG, Nov 26, 2014 - (ACN Newswire) - Nomura issued a report on China Mobile Games and Entertainment Group Limited ("CMGE" or the "Company") (Nasdaq: CMGE) on 18th November, 2014. The stock rating maintains "Buy" and the target price has raised to US$32.00.

CMGE has launched its MMOARPG game, the New Legend, with IP rights acquired from Shanda Games. Its 17 self-developed products with valuable IP resources including Naruto, One-Piece, Samurai Sprits, Shaolin Temple, Feng Zhong Qi Yuan, Ikkyu San and Hello Kitty, will also begin their launchings in the 4Q. We think CMGE's abundant IP resources will help the company to boost revenue growth in 4Q14F and also in 2015F.

3Q14 results beat consensus both on the top and bottom lines. Revenues came in at CNY358mn (265% y-y, 30% q-q), beating consensus by 6%. Operating profit recorded CNY73mn, beating consensus by 4%. Non-GAAP net profit came in at CNY81mn (236% y-y, 29% q-q), beating consensus by 4%.

Nomura's 2015F non-GAAP EPS is USD2.48, which gives a TP of USD32 (unchanged), based on 2015F P/E of 13x, the average from seven game peers.




Sectors: Daily Finance, IT Individual, Daily News

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