Key Data _____________________________________GS Forecast __________________________________GS Factor Profile ______________________________Source: Company data, Goldman Sachs Research estimates. See disclosures for details. Market cap: HK$47.3bn / $6.0bn Enterprise value: HK$31.5bn / $4.0bn 3m ADTV: HK$316.4mn / $40.3mn China China Games, Entertainment & Healthcare Tech M&A Rank: 3 Leases incl. in net debt & EV?: Yes 3/27E 3/28E 3/29E Revenue (Rmb mn) New 34,255.1 37,313.3 41,684.0 46,185.4 Revenue (Rmb mn) Old 34,255.1 38,812.7 43,359.9 48,043.1 EBITDA (Rmb mn) 2,386.5 2,252.6 2,613.7 2,972.2 EPS (Rmb) New 0.14 0.13 0.15 0.18 EPS (Rmb) Old 0.14 0.14 0.16 0.18 P/E (X) 34.4 19.2 16.4 14.1 P/B (X) 4.5 2.1 1.9 1.7 Dividend yield (%) 3.9 0.0 0.0 0.0 CROCI (%) 26.7 27.2 28.4 33.5 9/26E 3/27E EPS (Rmb) 0.08 0.06 0.07 0.06 0241.HK relative to Asia ex. Japan Coverage 0241.HK relative to China Games, Entertainment & Healthcare Tech Growth Financial Returns Multiple Integrated Percentile 20th 4