报告名称：IMAX CHANE(01970.HK)All lines lead to the box office；initiate with OW
报告类型：港股研究
报告日期：2016-05-19
研究机构：摩根大通
股票名称：IMAX CHINA
股票代码：01970
页数：25
简介：Valuation and share price analysis
We adopt DCF valuation methodology to derive the company’s fair value. Our WACC assumption is 10.5%, based on a market risk premium of 7.0%, a risk-free rate of 4.0%, beta of 1.05 and terminal growth rate of 2%. Our DCF-based Dec-17 PT of IMAX China stands at HK$52, implying 22% potential share price upside.
Our PT implies 29x 2017E P/E and 18x 2017E EV/EBITDA, higher than the global average of 21x and 10x. We think the valuation premium is justified by IMAX China’s stronger growth and the scarcity value it has for being one of the few investable HK-listed China box office plays.

下载地址：IMAX CHANE(01970.HK)All lines lead to the box office；initiate with OW