标题：Huayi Brothers Alert2015 preliminary earnings - core earnings down 12% maintain hold
发布日期：2016-02-29 9:37:44
内容： Huayi Brothers core earnings declined 12% yoy Huayi Brothers reported 2015 preliminary earnings of RMB981m (up 9% yoy),missed our estimate by 18%. However, Huayi Brother recorded RMB503m ofnon-recurring profit, including investment gains from Ourpalm, Guru Onlineand Yaolai Theatre Management. Excluding non-recurring items, core net profitwas only RMB477m, a yoy declined of 12% from RMB540m in 2014. Strong top line growth of 63% yoy The company reported a strong top-line growth of 63% yoy to RMB3.9bn,beating our estimate by 15%. We believe revenue growth could be driven bystrong box office performance of RMB4.3bn from 16 movies (including“Dragon Blade”, “Mojin – The Lost Legend”, and “Mr. Six”), as well as theconsolidation of two acquired companies – Dongyang Haohan and DongyangMeila. Full year 2015 results on 29 March 2016 As this is a preliminary earnings snapshot, there is no detailed discussion onfinancial performance and segment breakdown. Huayi Brothers is scheduled toreports its full year results on 29 March 2016.
发布日期：2016-02-29 9:37:44
内容： Huayi Brothers core earnings declined 12% yoy Huayi Brothers reported 2015 preliminary earnings of RMB981m (up 9% yoy),missed our estimate by 18%. However, Huayi Brother recorded RMB503m ofnon-recurring profit, including investment gains from Ourpalm, Guru Onlineand Yaolai Theatre Management. Excluding non-recurring items, core net profitwas only RMB477m, a yoy declined of 12% from RMB540m in 2014. Strong top line growth of 63% yoy The company reported a strong top-line growth of 63% yoy to RMB3.9bn,beating our estimate by 15%. We believe revenue growth could be driven bystrong box office performance of RMB4.3bn from 16 movies (including“Dragon Blade”, “Mojin – The Lost Legend”, and “Mr. Six”), as well as theconsolidation of two acquired companies – Dongyang Haohan and DongyangMeila. Full year 2015 results on 29 March 2016 As this is a preliminary earnings snapshot, there is no detailed discussion onfinancial performance and segment breakdown. Huayi Brothers is scheduled toreports its full year results on 29 March 2016.
