大摩:下調阿里影業(1060.HK)及IMAX中國(1970.HK)目標價
摩根士丹利發表報告指,該行覆蓋研究的中國電影股份自2016年起跑輸MSCI中國平均100個百分點,反映行業的票房收入年均複合增長率由2007年至2015年的38%,放緩至2016年至2018年的11%,去年更下跌至5%。不過,該行預期票房收入在今年將改善至增長9%,並可在長遠保持穩定。
該行相信,現時為好時機更為關注中國電影行業,特別是票務平台及螢幕營運商,認為兩者持續有市佔率增長,及較傳統電影製作商面對較少賣座與否的風險。至於農曆新年檔期,該行稱今年為首次有五部主要的本土電影上映,雖然去年的基數高,但料今年內地農曆新年票房表現仍然強勁,可成短期正面催化劑。
股份方面,大摩下調對IMAX中國(01970.HK)目標價,由27港元降至24港元,以反映螢幕安裝減少及人民幣貶值,評級“增持”。而阿里影業(01060.HK)目標價亦由1.6港元降至1.3港元,以反映內容製作減少,評級“與大市同步”。
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