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Investing.com - CLSA upgraded China Literature (HK:772) (OTC:CHLLF) from Hold to Outperform on Monday, raising its price target to HK$34.00 from HK$28.50.
The upgrade follows what CLSA described as "meaningful improvement of momentum" in the company’s intellectual property operations, highlighted by a successful series of events for "The King’s Avatar" since the end of May.
CLSA noted these events were followed by additional promotional activities for "Lord of Mysteries," described as a Chinese literary blockbuster, further strengthening the company’s IP portfolio.
The firm pointed to China Literature’s expanding IP merchandise business, which is "taking shape with enhancement in product design and quality control," while the number of SKU launches is tripling year-over-year.
CLSA also highlighted that demand for IP licensing in dramas "remains robust," contributing to the positive outlook that prompted the rating upgrade and higher price target.
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