DAMAI ENT

大麦娱乐今日低开低走，收盘报 0.475 港元，较前收 0.520 港元跌 8.65%，主因是花旗、美银及瑞银近期相继下调目标价，其中瑞银将目标价从 0.8 港元下调至 0.78 港元，花旗从 0.85 港元下调至 0.8 港元，反映市场对其新业务投资拖累盈利能见度的担忧。盘中呈探底回升形态，早盘从 0.510 港元一路下滑至 0.460 港元（距 52 周低点仅 4.5%），午后回升至 0.480 港元收盘，但全天仍创年内新低。最新市盈率 17.83 倍、市净率 0.75 倍，总市值约 142 亿港元，换手率约 0.98%。不过，公司基本面改善明显：Q4 和 Q3 净利润分别同比暴增超 6 倍，营收同比增幅约 15%，但营业利润同比下滑约 27%，显示盈利质量仍承压。

Damai Entertainment opened higher and rose intraday in the morning session, gaining 5.2% to HKD 0.51 by 9:34 BJ time, driven by news that AI video startup PixVerse raised $439M at a valuation over $2B and a broad HSI rally (+600 pts). The company posted Q4 FY2026 revenue of HKD 2.25B (+15.3% YoY) and net profit of HKD 105M (+628.5% YoY), with a net margin of 4.7%, though operating profit fell 26.9% YoY, indicating cost pressure. The stock trades at HKD 0.51, down 42.7% YTD and 62.8% below its 52-week high of HKD 1.37, yet slightly above the 20-day MA (0.488) and below the 60-day MA (0.559). However, UBS, Citi, and BofAS recently cut target prices to HKD 0.78, HKD 0.80, and HKD 0.82 respectively, citing weak earnings visibility from new business investments, while maintaining Buy ratings.

Alibaba Pictures (1060.HK) declined in the morning session, as the post-earnings adjustment continued after last Friday's full-year results. The stock opened at HKD 0.460 and fell to an intraday low of HKD 0.440, down 5.38%, extending its 67.88% drop from the 52-week high of HKD 1.37. Year-to-date, it has lost 50.56%, trading below both the 20-day MA (HKD 0.492) and 60-day MA (HKD 0.563). The annual adjusted EBITA fell 7.8%, prompting multiple broker target price cuts: UBS to HKD 0.78, Citi to HKD 0.8, and BofAS to HKD 0.82, citing weak earnings visibility from new business investments, though Jefferies reiterated its Buy rating.

Damai Entertainment opened lower and fell intraday on the morning session, dropping from its opening price of HKD 0.495 to HKD 0.470, a decline of 5.05%, underperforming the HSI’s broader gain of over 600 points. The sell-off was triggered by multiple recent target price cuts: UBS lowered its target to HKD 0.78, Citi and BofA Securities trimmed theirs to HKD 0.80 and HKD 0.82 respectively, citing weak earnings visibility due to new business investments. While Q4 revenue grew 15.3% YoY to HKD 2.25 billion and net profit surged 628.5% YoY, operating profit fell 26.9% YoY, indicating margin pressure. At HKD 0.47, the stock trades 65.7% below its 52-week high of HKD 1.37, under both the 20-day MA (HKD 0.498) and 60-day MA (HKD 0.566), with a YTD decline of 47.2%. Though the company recently launched a new label and a global artist initiative, which could support long-term growth.

Damai Entertainment surged 4.2% to close at HKD 0.495 in the afternoon session, reversing morning losses on a total volume of 173 million shares. The rally was mainly driven by a broader market boost, as the Hang Seng Index soared over 600 points to reclaim the 24,000 mark, with Alibaba and Lenovo gaining 8-9%, lifting sentiment. On the fundamental side, Q4 2026 revenue reached HKD 2.25 billion (+15.3% YoY), and net profit soared 628.5% YoY to HKD 105 million, with EPS of HKD 0.0035 (+613.5% YoY). However, operating profit still fell 26.9% YoY, highlighting margin pressure. Year-to-date, the stock is down 44.4%, trading 63.9% below its 52-week high of HKD 1.37 and below both the 20-day (HKD 0.505) and 60-day (HKD 0.572) moving averages, indicating persistent technical weakness. UBS recently cut its target price to HKD 0.78, reflecting lingering concerns over near-term earnings visibility.