Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Capital Markets

Maoyan Entertainment / Equity Capital Markets

<ul class="">
<li>Entertainment Plus (EP, 猫眼娱乐) was originally an online movie ticket distributor, which has a market share of 61% in China.</li>
<li>Total revenues doubled in 1H18 over1H17.</li>
<li>We break down costs and find that the margin decline is not a concern.</li>
<li>We believe that the major competitor, Alibaba's Taopiaopiao 淘票票, is incapable to launch any price war, as Alibaba has its own problems.</li>
</ul>


Entertainment Plus (EP, 猫眼娱乐) was originally an online movie ticket distributor, which has a market share of 61% in China.
Total revenues doubled in 1H18 over1H17.
We break down costs and find that the margin decline is not a concern.
We believe that the major competitor, Alibaba's Taopiaopiao 淘票票, is incapable to launch any price war, as Alibaba has its own problems.


Entertainment Plus – 60% Market Share, Margin Not a Concern

China

Maoyan Entertainment operates as a leading platform providing innovative internet empowered entertainment services. The Company offers online entertainment ticketing services, entertainment content services, electronic commerce services, advertising services, and other services. Maoyan Entertainment operates its businesses in China.

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Entertainment Plus – 60% Market Share, Margin Not a Concern

Entertainment Plus (EP, 猫眼娱乐) was originally an online movie ticket distributor, which has a market share of 61% in China. Total revenues doubled...

Ming Lu