该行续指，TopTop、Sugo的表优于该行预期，同时Mico业务回暖为正面的讯号，收购非全资附属有助于为股东带来更大的回报。因此，该行上调集团目标价至每股3.80港元，维持“买入”评级。Jingu Financial News | Xiniu Securities issued a research report stating that Newborntown Technology (09911) achieved a total revenue of 2.27 billion RMB in the first half of the 2024 fiscal year, a growth of 65.3% compared to the same period last year, with approximately 2.07 billion RMB coming from the social business.
The bank stated that the company benefited from the strong performance in the MENA region, with Sugo and TopTop contributing over one-third of the group's revenue, still being the main growth drivers of the group. In June 2024, Sugo achieved a revenue of over tens of millions of US dollars, accounting for approximately 24% of the total revenue of the group's social business. The bank expects Sugo and TopTop to achieve over double revenue growth in the 2024 fiscal year, driving the group's social business to achieve over 50% annual growth. These social applications currently focus on increasing active user numbers and will continue to invest in expansion in the future.
The bank pointed out that Mico rebounded in the first half of the 2024 fiscal year, with its revenue accounting for over forty percent of the broad social business income. The optimization of operational and commercial strategies has brought good performance to Mico, which continues to be one of the core profit sources for the group. In addition, the group announced the acquisition of non-wholly-owned subsidiaries holding Mico and YoHo, which helps enhance the level of attributable profits to shareholders.
The bank further indicated that TopTop and Sugo performed better than expected by the bank, while the recovery of Mico's business signals positivity. The acquisition of non-wholly-owned subsidiaries is expected to bring greater returns to shareholders. Therefore, the bank has raised the group's target price to HK$3.80 per share and maintains a "buy" rating.
