Nomura lowers target price of China Literature Group by 6.3% to HK$29.8, maintains buy rating

On August 14, Jinshi Data News, Nomura released a research report, lowering the target price of Yuewen Group (00772.HK) by 6.3% to HK$29.8, maintaining a buy rating and expecting steady profits in the second half of 2024. The report pointed out that thanks to stronger-than-expected IP operation business, the group's total revenue in the first half of 2024 increased by 28% year-on-year to RMB 4.2 billion, exceeding Bloomberg's general expectations and the bank's forecast by 13% and 9% respectively. Non-IFRS earnings per share rose 17% year-on-year to RMB 0.69, 10% higher than market expectations and 3% higher than the bank's expectations, possibly due to increased revenue.