《大行報告》瑞銀升貓眼娛樂(01896.HK)目標價至17.5元評級「買入」
瑞銀報告指貓眼娛樂(01896.HK)受票房下跌所拖累,但相信因戲票補貼減少,上半年利潤率按年仍擴張7.8個百分點至12.8%,維持對公司長遠正面的看法,因公司在內地網上售票市場佔有主導地位,而公司近期亦推出重整策略構建成多元化平台,加上騰訊(00700.HK)強化其策略性合作夥伴的地位,向貓眼提供更多資源,相信投資者關注短期風險,而未反映長期的增長潛力。
該行下調對公司上半年及全年戲票收入預期各2%及6%,以反映票房和取票率下跌的預期,並調降上半年及全年每股盈利預期分別3%及4%,但預期中長期EBIT率會有上升,因假設戲票補貼穩定。
該行將公司目標價由16元升至17.5元,中期而言看好利潤率趨勢,維持「買入」評級。
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