Cityneon

Cityneon: (S$0.98) Stellar 1H16 performance, third movie franchise eyed- 1H16 results blew past expectations with net profit of $4.7m (1H15: $0.7m loss) - Revenue growth was mainly derived from maiden royalty/licensing fee income of $10.2m from Victory Hill Exhibitions acquired in Sep ’15- Moving forward, recent additions to its creative team marks its clear intention of expanding its portfolio- In light of 1H16’s outperformance, we are expecting the street to adjust their earnings forecasts upwards with positive revisions to the consensus TP of $1.10