报告名称：Alpha Animation and Culture(002292)Private placement to help fund its acquisitio
报告类型：点评报告
报告日期：2015-08-19
研究机构：中金公司
股票名称：奥飞动漫
股票代码：002292
页数：4
简介：What's new
Alpha Animation announced that: 1) it plans to acquire a 100% equity stake in u17.com Ltd. for Rmb904mn, a fairconsideration. Alpha will pay Rmb328mn through the issuance of 12.624mn new shares to the original shareholders ofu17.com Ltd. and the remaining Rmb576mn in cash; 2) it plans to raise up to Rmb904mn through a private placementof no more than 34.809mn new shares to no more than 10 investors. The proceeds will be used to acquire u17.com Ltd.and to replenish working capital. The issue price should be no lower than Rmb25.97/sh with a lockup period of one year.
Comments
Partnership with the leading original cartoons platform to further explore the IP market. The synergy in IPresources can help Alpha expand its presence along the ACG culture supply chain, expanding its customer base toyounger generation. Going forward, Alpha will adopt multiple IP content development models such as PGC and UGC,which should enable it to gain access to quality IP resources and explore their value sustainably. In addition, u17.comLtd. can use big data to screen and evaluate IP products, and use the internet to collect and analyze users’ feedback,which should improve monetization significantly and help revive the entertainment value chain of Alpha. The proposedprivate placement can ease the funding pressure facing Alpha and raise proceeds to help complete this acquisition deal.Strengthened presence along the entire entertainment supply chain of “content + channels +derivatives”; focus on the internet and globalization: With focus on IP, Alpha has built presence along the entireentertainment supply chain of upstream content production, midstream distribution channels and downstreamderivative businesses. In addition, Alpha will accelerate the building of users’ portals through mobile internet andhuman–computer interaction. Alpha has invested in three Hollywood films and acquired an equity stake in 451 Group.This year’s new product “Blazing Teens” may be launched in the international markets through its JV with Hasbro, andAlpha will also likely obtain the licenses for several famous Japanese cartoons by end-2015. Alpha, with focus on IP,will likely become the Chinese Disney through its presence along the entire entertainment value chain.
Valuation and recommendation
We expect EPS to be Rmb0.53 in 2015, Rmb0.69 in 2016, and Rmb1.00 in 2017. The stock now trades at71x 2015e P/E. We like Alpha given its high entry barrier in terms of IP resources, wide presence along theentertainment value chain, and implementation of major game and film projects. Maintain BUY and TP of Rmb45.5.
Risks
Project progress disappoints.

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