J.P. Morgan lifted its target price for IMAX China (01970) to HK$18.5 from HK$14.5 to reflect better-than-expected box office recovery and maintained its "overweight" rating.
The research house said IMAX China returned to profit-making in 4Q 2020, the first full quarter with operation after theatres resumed business from July 2020. The company's increase in dividend payout commitment from 33% to 50% is positive.
Despite the recent share price rebound, IMAX China remains JPM's preferred play within the movie sector due to an improved business outlook and relatively attractive valuations compared with peers.
08/03/2021 15:08
{I-bank focus}JP Morgan lifts IMAX China (01970) to HK$18.5
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