IMAX Corporation (IMAX) Reports Surprise Upside from Chinese New Year, Macquarie Thinks This Bodes Well For Reopening Share Gains
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Macquarie analyst Chad Beynon reiterated an Outperform rating and $24.00 price target on IMAX Corporation (NYSE: IMAX) after the company generated a solid Chinese New Year opening weekend with $25m in revs, +45% vs ’19 CNY, in its largest market (China) where it generates ~33% of its top line. This comes despite capacity and Hollywood product (~30% of revs) constraints. The company has 710 Chinese screens out of the country’s ~70K screens amounting to only a 1% unit share but the company captured >3% of the country’s holiday box office and >6% of Detective Chinatown 3 revs, the top viewed movie of the period.
The analyst stated "In our view, this result showed “when open and safe”, IMAX continues to be the preferable way to view movies. As noted in Fig 2, the weekend’s result highlights that IMAX ontinues to grow local product share. While we expect 4Q results to be “in line”, we think this bodes well for 1Q21, and improves the case for ’22, where we are +6% vs EBITDA cons."
Shares of IMAX Corporation closed at $21.00 yesterday.
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