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IMAX: Warcraft Success to Drive China Division this Summer
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IMAX Corporation (IMAX - Free Report) has been striving to gain traction in China as the country’s movie market offers significant commercial opportunities. IMAX Corp.’s Chinese unit – Imax China Holding – has been trading on the Hong Kong Stock exchange since last October. The market’s abundant potential has prompted several analysts to believe that it will beat the U.S. movie market by 2019/2020.
The Chinese market has been generating significant revenues for IMAX with many blockbuster Hollywood flicks garnering record revenues in the nation. The latest success story has come in the form of Warcraft, released by Legendary Pictures, which has smashed all opening-day box office records in China. Warcraft, an American fantasy movie, garnered $5.32 million (RMB 35 million: inclusive of midnight shows) in 290 IMAX theatres in the country. Warcraft’s stellar debut shattered box-office records made by Furious 7 which raked in RMB 31 million. The movie is scheduled to release today in the U.S.
Furthermore, Warcraft has been ruling the Chinese box office with respect to IMAX midnight shows (RMB 9.03 million) and presale (RMB 53.8 million). Pertaining to midnight shows, Wanda's 151 IMAX screens accounted for the bulk of the revenues (RMB 4.7 million). We note that IMAX’s growth in China has benefited from its associations with Chinese media companies, including Wanda Cinema. In addition, the IMAX 3D theaters will support the IMAX DMR (Digital Re-mastering) technology that offers advanced digital audio features, high-definition video and also customized theater geometry.
Riding on the growth potential, the Chinese division of IMAX apparently generated revenues of $110.6 million in 2015, up 41%.In view of Warcraft’s huge fanbase in China, we believe that its stellar opening performance is a pointer for bigger revenue collection over the weekend. Buoyed by the success of Warcraft, IMAX’s Chinese unit is expected to contribute handsomely to the company’s top line this summer.
Zacks Rank& Key Picks
IMAX currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the broader consumer discretionary sector include Discovery Communications ,Hasbro (HAS - Free Report) and Rogers Communications (RCI - Free Report) . All the three stocks sport a Zacks Rank #1 (Strong Buy).
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IMAX: Warcraft Success to Drive China Division this Summer
IMAX Corporation (IMAX - Free Report) has been striving to gain traction in China as the country’s movie market offers significant commercial opportunities. IMAX Corp.’s Chinese unit – Imax China Holding – has been trading on the Hong Kong Stock exchange since last October. The market’s abundant potential has prompted several analysts to believe that it will beat the U.S. movie market by 2019/2020.
The Chinese market has been generating significant revenues for IMAX with many blockbuster Hollywood flicks garnering record revenues in the nation. The latest success story has come in the form of Warcraft, released by Legendary Pictures, which has smashed all opening-day box office records in China. Warcraft, an American fantasy movie, garnered $5.32 million (RMB 35 million: inclusive of midnight shows) in 290 IMAX theatres in the country. Warcraft’s stellar debut shattered box-office records made by Furious 7 which raked in RMB 31 million. The movie is scheduled to release today in the U.S.
Furthermore, Warcraft has been ruling the Chinese box office with respect to IMAX midnight shows (RMB 9.03 million) and presale (RMB 53.8 million). Pertaining to midnight shows, Wanda's 151 IMAX screens accounted for the bulk of the revenues (RMB 4.7 million). We note that IMAX’s growth in China has benefited from its associations with Chinese media companies, including Wanda Cinema. In addition, the IMAX 3D theaters will support the IMAX DMR (Digital Re-mastering) technology that offers advanced digital audio features, high-definition video and also customized theater geometry.
Riding on the growth potential, the Chinese division of IMAX apparently generated revenues of $110.6 million in 2015, up 41%.In view of Warcraft’s huge fanbase in China, we believe that its stellar opening performance is a pointer for bigger revenue collection over the weekend. Buoyed by the success of Warcraft, IMAX’s Chinese unit is expected to contribute handsomely to the company’s top line this summer.
Zacks Rank& Key Picks
IMAX currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the broader consumer discretionary sector include Discovery Communications ,Hasbro (HAS - Free Report) and Rogers Communications (RCI - Free Report) . All the three stocks sport a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>