麦格理升IMAX中国(1970.HK)目标价至25.6港元评级“跑赢大市”
麦格理发表研究报告指,IMAX中国(1970.HK)
上半年收入符合该行预期,按年增长15%至5,900万元。经调整
每股盈利高于该行预期6%,主要是受到网络业务毛利改善所致,重申其“
跑赢大市
”投资评级。
该行续指,尽管行业表现疲弱,但公司的票房在上半年按年增长24%,表明高端票房需求的弹性及其有效的电影选择策略。期内,网络业务的毛利率由去年同期的72%扩阔至75%,主要是受到共享模式下的经常性收入所推动。
麦格理将公司2019至2020年收入分别调高2%及3%,每股盈利分别调高5%及6%,以反映更好的网络业务杠杆,目标价亦由原来的24.7港元调高至25.6港元。
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