Investment Summary
NetDragon mainly engaged in gaming and education. The group announced its annual
results, where revenue increased by nearly 30%, and net profit turned into a profit from a
loss. In the future, the Group will try to monetize its education business in order to
become profit-making. Besides, the new game “Vow of Heroes” will be launched in
2019. We adopted sum of the parts valuation, deriving a TP of HKD 30.22, and reiterate
a “Buy” rating with a potential return of approximately 51.1%. (Closing price at 6 May
2019)
Graduated from Lingnan University, with Master of Science in International Banking and Finance and Bachelor of Business Administration respectively. Specializes in analyzing company fundamentals and valuation to explore investment opportunities in TMT, Education and Financial industry.
