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《大行報告》花旗上調貓眼娛樂(01896.HK)目標價至18元 評級「買入」
阿思達克 08-19 10:59
花旗發表的研究報告指,貓眼娛樂(01896.HK)上半年收入按年跌90%至2.03億元人民幣(下同),經調整虧損為3.07億元,而去年同期則錄3.85億元溢利,表現與盈警相符,而業績較弱亦早在預期之內,主要因為自疫情爆發以來戲院關閉,但留意到戲院重開後票房有不錯的復甦,而有質素的電影陸續推出相信將刺激票房進一步復甦。該行將公司2020-22年經調整淨利潤率調整至跌36%、升18%及升22%,以反映影院重開遲過預期,目標價由14元升至18元,維持「買入」評級。

該行指出戲院自7月20日重開,票房復甦持續,而8月10日至16日的一周票段達2.69億元,是去年同期的17%水平,由於政府規定影院入座率不得多於三成,加上沒有具質素的電影上畫,故認為票房表現已不錯。此外截至8月16日,有81.6%的影院已恢復營運。

該行估計隨著入座率將由30%升至50%,料復甦將有所加快,而原定於農曆年播放的電影「姜子牙」及「中國女排:奪冠」將在國慶上畫,估計高質素新片上映將進一步刺激復甦。(el/u) ~

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