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IMAX Signs a Deal With Wanda to Open Nine Theaters in China
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Imax Corporation (IMAX - Free Report) recently announced that it has struck a deal with Wanda Films, China’s largest cinema operator to launch nine theaters in the Chinese market.
Under the agreement, six new IMAX systems will be installed in newly built multiplexes across top Chinese markets and three of the existing IMAX systems will relocate and upgrade to forthcoming new multiplexes.
The agreement marks an expansion of IMAX and Wanda's longstanding, successful partnership with a strong slate of local language and Hollywood releases ahead. This is a sign of renewed momentum in the Chinese market, which is ready to reclaim its position as a global box office powerhouse.
Imax Eyes Positive Growth in Box Office as it Expands Content Library
Imax has been entering theater agreements in other countries as well. Its recent key international partners include Aeon in Japan, Major Cinemas in Thailand and ODEON in the United Kingdom. They have also locked locations for the launch of contracted theatres across key markets including the United States, India, Spain, Italy, Germany, France, the United Kingdom and the United Arab Emirates.
This expansion of theaters is being initiated as Imax is witnessing a revival in box office growth as the pandemic nears an end and lives get back to normal. For this, it has been focusing on its content library, which is gaining traction from viewers.
Imax delivered three consecutive $25 million plus global openings this year with Dr. Strange, Top Gun and Jurassic World making history in the company. Top Gun Maverick has been an unbelievable success, which has nearly doubled the company’s initial projection and has made $1,476 billion at the global box office to date.
In China, the pipeline of fresh local content began to accelerate in July with Texas versus flu and Mozart from Space. Imax saw encouraging presales for the debut of Moon Man and the action film, Warriors of Future in August.
Imax has also seen incremental progress in Hollywood movies gaining entry into the Chinese market. Most recently, Jurassic World Dominion became the first Hollywood film in more than a year to reach over $145 million in China.
However, IMAX’s significant exposure to China, its second-largest revenue-generating market, is a concern. Postponed theatrical releases in China due to the ongoing coronavirus outbreak and subsequent lockdown, are expected to hurt its top-line growth in the near term.
Nevertheless, next year, Imax expects multiple Marvel films including the new installments of Captain Marvel, Guardians of the Galaxy and Ant-Man, multiple DC films including Aquaman and The Flash, the highly anticipated New Mission Impossible, the latest Fast and Furious movie and Christopher Nolan’s Oppenheimer to bolster the company’s top line.
Additionally, Imax is pursuing its vision of growing beyond blockbusters to include unique events and experiences globally by putting technology in the hands of an expanding set of content creators and platform partners and becoming a destination for fandoms of all kinds.
In partnership with leading top-tier ISP partners including Verizon, NTT, Orange and others, the company has now expanded its connected network to more than 100 theaters across the United States, Canada and Europe. It now expects to double the connected footprint by year end with locations in Asia and the Middle East.
BJ’s Wholesale Club’s shares have improved 6.7% in the year-to-date period. The Zacks Consensus Estimate for BJ’s fiscal 2023 earnings is up 8.1% to $3.60 per share over the past 30 days.
H shares have declined 10.6% year to date. The Zacks Consensus Estimate for 2022 earnings is constant at 68 cents per share over the past month.
DISH shares have declined 57.1% in the same time frame. The estimate for 2022 earnings is up 0.7% to $2.56 per share over the past month.
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IMAX Signs a Deal With Wanda to Open Nine Theaters in China
Imax Corporation (IMAX - Free Report) recently announced that it has struck a deal with Wanda Films, China’s largest cinema operator to launch nine theaters in the Chinese market.
Under the agreement, six new IMAX systems will be installed in newly built multiplexes across top Chinese markets and three of the existing IMAX systems will relocate and upgrade to forthcoming new multiplexes.
The agreement marks an expansion of IMAX and Wanda's longstanding, successful partnership with a strong slate of local language and Hollywood releases ahead. This is a sign of renewed momentum in the Chinese market, which is ready to reclaim its position as a global box office powerhouse.
Imax Eyes Positive Growth in Box Office as it Expands Content Library
Imax has been entering theater agreements in other countries as well. Its recent key international partners include Aeon in Japan, Major Cinemas in Thailand and ODEON in the United Kingdom. They have also locked locations for the launch of contracted theatres across key markets including the United States, India, Spain, Italy, Germany, France, the United Kingdom and the United Arab Emirates.
This expansion of theaters is being initiated as Imax is witnessing a revival in box office growth as the pandemic nears an end and lives get back to normal. For this, it has been focusing on its content library, which is gaining traction from viewers.
Imax delivered three consecutive $25 million plus global openings this year with Dr. Strange, Top Gun and Jurassic World making history in the company. Top Gun Maverick has been an unbelievable success, which has nearly doubled the company’s initial projection and has made $1,476 billion at the global box office to date.
In China, the pipeline of fresh local content began to accelerate in July with Texas versus flu and Mozart from Space. Imax saw encouraging presales for the debut of Moon Man and the action film, Warriors of Future in August.
Imax has also seen incremental progress in Hollywood movies gaining entry into the Chinese market. Most recently, Jurassic World Dominion became the first Hollywood film in more than a year to reach over $145 million in China.
However, IMAX’s significant exposure to China, its second-largest revenue-generating market, is a concern. Postponed theatrical releases in China due to the ongoing coronavirus outbreak and subsequent lockdown, are expected to hurt its top-line growth in the near term.
IMAX Corporation Price and Consensus
IMAX Corporation price-consensus-chart | IMAX Corporation Quote
Nevertheless, next year, Imax expects multiple Marvel films including the new installments of Captain Marvel, Guardians of the Galaxy and Ant-Man, multiple DC films including Aquaman and The Flash, the highly anticipated New Mission Impossible, the latest Fast and Furious movie and Christopher Nolan’s Oppenheimer to bolster the company’s top line.
Additionally, Imax is pursuing its vision of growing beyond blockbusters to include unique events and experiences globally by putting technology in the hands of an expanding set of content creators and platform partners and becoming a destination for fandoms of all kinds.
In partnership with leading top-tier ISP partners including Verizon, NTT, Orange and others, the company has now expanded its connected network to more than 100 theaters across the United States, Canada and Europe. It now expects to double the connected footprint by year end with locations in Asia and the Middle East.
Zacks Rank & Stocks to Consider
Imax currently has a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some better-ranked stocks in the Zacks Consumer Discretionary Sector are BJ's Wholesale Club (BJ - Free Report) , Hyatt Group (H - Free Report) and Dish Network , each sporting a Zacks Rank #1 (Strong Buy).
BJ’s Wholesale Club’s shares have improved 6.7% in the year-to-date period. The Zacks Consensus Estimate for BJ’s fiscal 2023 earnings is up 8.1% to $3.60 per share over the past 30 days.
H shares have declined 10.6% year to date. The Zacks Consensus Estimate for 2022 earnings is constant at 68 cents per share over the past month.
DISH shares have declined 57.1% in the same time frame. The estimate for 2022 earnings is up 0.7% to $2.56 per share over the past month.