20150612-JEFFERIES-天鸽互动(1980):1Q15_RESULT_REVIEW-160939

$天鸽互动(hk01980)$  
1Q15 revenue and earnings beat consensus.Lower blended ARPU due to higher mobile user mix.Mobile contributed to 15% of total MAU in 1Q15,up from 8% in 1Q14.New verticals,such as O2O KTV and healthcare,are still at early stage. We keep FY15 revenue est.largely unchanged,revised up FY15 adj.net profit by 1.6%.Maintain Hold;raise PT by 19% to HKD6.3,based on 21.6x FY15 P/E,representing 9% downside to current price.
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*声明:文章为作者独立观点,不代表格隆汇立场

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