《大行報告》大摩上調阿里影業(01060.HK)目標價至0.68元 評級「增持」
摩根士丹利報告指出,預期阿里影業(01060.HK)早前收購的大麥業務為集團2025財年帶來7億至8億元人民幣毛利,相當於約30至40個百分點的增長。同時集團電影內容及票務正穩健地增長,門票補貼合理化,具良性競爭,並料阿里影業將繼續獲得上游內容領域的市場份額,包括推廣/發行和製作/投資,而電視劇則受益於與優酷的合作。該行認為市場沒有合理地反映大麥帶來的利好因素。
該行將阿里影業2024財年收入預測小幅降低3%,但將2025至26年收入預測提高9%至11%,因為考慮到大麥的貢獻,但受行業票房下降,及新股發行帶來的稀釋所影響。該行指,2024財年每股正常化盈測基本上保持不變,2025至26財年每股正常化盈測則提高25%至29%。
該行將其目標價由0.61元上調至0.68元,估值吸引,現價相當於預測2024及2025財年市盈率分別16及11倍,維持「增持」評級。
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