《大行報告》麥格理升IMAX中國(01970.HK)目標價至25.6元評級「跑贏大市」
麥格理發表研究報告指,IMAX中國(01970.HK)上半年收入符合該行預期,按年增長15%至5,900萬元。經調整每股盈利高於該行預期6%,主要是受到網絡業務毛利改善所致,重申其「跑贏大市」投資評級。
該行續指,儘管行業表現疲弱,但公司的票房在上半年按年增長24%,表明高端票房需求的彈性及其有效的電影選擇策略。期內,網絡業務的毛利率由去年同期的72%擴闊至75%,主要是受到共享模式下的經常性收入所推動。
麥格理將公司2019至2020年收入分別調高2%及3%,每股盈利分別調高5%及6%,以反映更好的網絡業務槓桿,目標價亦由原來的24.7元調高至25.6元。
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