Oriental Land (4661) Revises ticket pricing strategy: Shift toward fully dynamic pricing in theme park industry

研报英文原文证据摘录

Oriental Land (4661) Revises ticket pricing strategy: Shift toward fully dynamic pricing in theme park industry

J P M O R G A N Asia Pacific Equity Research

09 July 2026

Oriental Land (4661) Overweight

4661.T, 4661 JP

Revises ticket pricing strategy: Shift toward fully Price (08 Jul 26):¥2,602

dynamic pricing in theme park industry Price Target (Dec-26):¥4,500

Oriental Land announced Tokyo Disneyland’s maximum ticket price from October Japan Equity Research

10 will be ¥11,900, ¥1,000 higher than the previous upper limit of ¥10,900.

Games, Internet, Services

According to management, the lower limits of current price ranges are unlikely to

fall in FY2026, and even higher ticket price ranges are possible on certain dates. Junko Yamamura AC

This new pricing is within the current range assumed by FY2026 guidance. (81-3) 6736-8644

junko.yamamura@jpmorgan.com

However, management also commented that the company is effectively scrapping

Ryo Nakagawa

upper and lower limits for ticket price ranges, and will decide prices more flexibly (81-3) 6736-8643

according to demand levels each day while retaining a rack rate pricing system to ryo.nakagawa@jpmorgan.com

an extent. This weakens the concept of price hikes that Oriental Land has used since JPMorgan Securities Japan Co., Ltd.

its establishment, and a flexible pricing strategy that is closer to dynamic pricing

now looks possible.

• Rival theme park operator Universal Studios Japan (USJ) previously

announced it will transition to fully dynamic pricing on September 1, with

prices changing based on demand at the time of purchase, even for tickets for

the same day. We think Oriental Land’s new pricing strategy is dynamic pricing

that retains a degree of rigidity versus the one at USJ. The October-December