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美銀證券:降IMAX中國(1970.HK)評級至“中性” 目標價18.5港元
格隆匯 01-29 13:48

美銀證券發表報告,將IMAX中國(1970.HK)評級由“買入”降至“中性”,認為受新型冠狀病毒爆發影響票房前景疲弱,估計受全國戲院關閉及農曆年七部電影“撤檔”影響,內地2020年整體票房將按年跌7%,而這些電影之後即使再放映亦難挽回損失,因為其他節日未必如農曆年般吸引觀眾,另外IMAX的電影《囧媽》亦已在線上播映,相信如果疫情持續將進一步影響電影票房,一來因為戲院入場人次減,加上戲院關門及拍攝延遲等,相信將影響IMAX的票房及屏幕增長。

該行稱,相信IMAX中國亦同時面對好萊塢大片的競爭加劇,一來因為去年《復仇者聯盟:終局之戰》表現強勁而今年預計上映的系列電影相對少,該行預期受惠本土電影質素改善及低基數效應,2021年票房將現反彈,仍然喜歡IMAX中國的輕資產、高利潤模式及穩定的自由現金流。

美銀證券表示,將IMAX中國2020及2021年收入預測分別降6%及4%,主要因為該行將其票房預測分別下調13%及8%,另外亦將屏幕安裝量預測分別降9%及13%以反映行業面對的困境,目標價由25.5港元降至18.5港元,此按現金流折現率作估值。

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