《大行報告》瑞信下調IMAX中國(01970.HK)目標價至13元 上半年業績如預期疲弱
瑞信發表研究報告指,IMAX中國(01970.HK)上半年收入670萬美元,按年減少89%。經調整虧損1,550萬美元,有別於去年同期錄溢利2,490萬美元。業績疲弱屬市場預期之內,因在1月底疫情爆發後,內地電影院都在7月中仍處於關閉狀態,上半年的票房僅錄740萬美元,按年下跌96%。
雖然電影院自7月20日起重開,但該行對短期復甦前景抱審慎態度,主要是因為人流管制措施(入座率不超過30%);消費者需要時間恢復信心;以及缺乏高質量的電影上畫,一些早前預期會上畫的大片或要留待需求復甦後才上畫。
由於預料增長放緩,該行將公司2020年的虧損預測修訂為2,700萬美元,2021年的每股盈利預測下調22%。認為最壞的情況可能已經過去,但復甦前景仍具不確定性,短期內推動再評級的催化劑有限,維持「中性」投資評級,目標價由原來的17元下調至13元。
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