《大行報告》瑞銀下調IMAX中國(01970.HK)目標價至18元 評級「中性」
瑞銀發表的研究報告指,IMAX中國(01970.HK)收入按年增5.8%至1.24億美元,純利按年增0.3%至4,300萬美元,符該行預期。截至去年底公司屏幕進一步增至702塊(2018年624塊),而每屏幕平均票房微跌2%至380萬元人民幣。派息方面,公司維持33%的派息比率並宣派每股0.02美元。
該行指出最值得留意的是新型冠狀病毒疫情將拖累票房下跌,並減慢新屏幕安裝。內地所有戲院已關門一個月,兼且未有重開日期,估計將對公司今年的票房帶來重大下行風險。另一方面,管理層指出新屏幕安裝通常是在下半年,故料影響有限,但該行相信部分戲院營運商或會因為盈利情況轉差等因素延遲安裝。現時估算2020年票房將跌10%,而屏幕安裝數目將為79塊。該行指出在雷射方面持續升級或可提升售價及採用率,但對利潤亦有拖累,去年公司戲院業務毛利率跌4.7個百分點至58.8%,估計未來三年毛利率將維持在57-58%的水平;而中至長期則料公司可成為領先的非傳統影院服務供應商,並受惠中國戲院升級。
管理層未有提供2020年的指引,因為現時新型冠狀病毒帶來的影響仍未可估算,該行將其目標價由20元降至18元,評級維持「中性」。(el/u)
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