IMAX中國值得投資嗎 Imax China tickets please

If buying Chinese shares was not already sufficiently entertaining, Imax is about to increase the thrill factor still further — by listing shares in its China unit on Hong Kong’s stock market.

如果說買入中國股票還不夠有意思，IMAX正準備進一步提高刺激程度——它將把其中國分部在香港上市。

Although the issue is small — up to a maximum $317m if the overallotment option is exercised — it should attract interest. China’s entertainment industry is representative of the shift in the economy from investment to consumption, and buying experiences over things. Last year, China’s box office became the first outside the US to surpass $4bn, with revenues rising nearly two-fifths year on year, says researcher IHS Technology.

雖然募資規模較小——在行使超額配股權的情況下最多也只有3.17億美元——這隻股票應該會吸引投資者的興趣。中國娛樂業是中國經濟從投資驅動向消費驅動轉型的一個代表性行業，它也代表着體驗型消費的流行。研究機構IHS Technology表示，去年中國成爲美國以外首個電影票房收入突破40億美元的國家，增長了近五分之二。

Imax China looks well placed to benefit. The company makes money from equipment sales, revenue sharing agreements and systems maintenance. Its partners operate 251 cinemas in greater China (including Hong Kong and Taiwan) with a further 214 to be installed up to 2021.

IMAX中國(IMAX China)非常有希望從這種增長中獲益。該公司通過設備銷售、收入分賬協議及系統維護賺錢。在包括香港和臺灣在內的大中華區，IMAX的合作方運營着251家電影院，到2021年還要再建設214家。

There is more room to grow. Imax and similar non-conventional screening technologies account for less than 5 per cent of a broader cinema market that is still underpenetrated. China has only 1.8 silver screens per 100,000 people, compared with 14.9 in the US; lower-tier cities with fewer screens are experiencing the most rapid box office growth. The company also plans to build a facility to convert Chinese-language films to the 3D Imax format. Revenue sharing arrangements for such movies are typically more generous than for Hollywood flicks, which accounted for 22 out 28 films screened by Imax in China last year.

增長空間很大。在滲透率仍然不高的中國電影市場，IMAX和其他非常規銀幕技術所佔的份額還不到5%。中國每10萬人只擁有1.8塊銀幕，大大低於美國的14.9塊。在銀幕更少的中國三四線城市，票房增長最爲迅猛。該公司還計劃建設一座工廠，將中文電影轉製成3D IMAX格式。比起好萊塢電影，此類電影的收入分賬一般更高。去年IMAX在中國上映了28部電影，22部都是好萊塢電影。

The proposed issue of new and existing shares could give the company a market value as high as $1.6bn. On a price to earnings ratio of 30 times 2016 earnings — a premium to the parent’s 26 times — Imax China would need to more than double its 2014 earnings to justify the top end of the price range. It may well do that. But buyers will have to be confident that Chinese cinema goers continue to put high value on the novelty of an Imax ticket.

IMAX中國計劃發售現有股份和新股，公司市值可能達到16億美元。相對2016年預期盈利，市盈率爲30倍，高於其母公司的26倍。IMAX中國需要拿出比2014年高一倍以上的盈利，才能證明其發行價區間的高端是合理的。這是很有可能做到的。不過，購股者必須抱有這樣的信心：中國觀影者會繼續熱衷於IMAX電影所帶來的新鮮感。