2025-06-10-花旗集团-大麦娱乐控股（1060）_大麦娱乐控股（1060.HK）_大麦总裁电话会议_稳固市场份额_同时在内容_海外等方面寻求增长_11页_293kb

Damai Entertainment Holdings (1060.HK) has a solid market share in the entertainment ticketing industry, driven by 20 years of experience and strong relationships with event promoters and artists. Citi Research recommends a "Buy" with a target price of HK$0.92, down 7.5% from the current HK$1.03, due to the company's leadership and service capabilities. Key growth areas include expanding into non-music events like sports and travel, which offer higher take rates, and international markets such as Korea and Japan through partnerships. However, music concert market growth is slowing due to venue capacity limits in tier 1 and 2 cities, and consumer demand remains robust but natural normalization is expected. Risks are high, stemming from content investment uncertainties, intensifying competition from irrational pricing strategies, and negative macroeconomic factors affecting entertainment spending. Valuation is based on sum-of-the-parts, but performance hinges on executing these strategies successfully.