Oriental Land (4661): 1Q results: Maihama vision finally begins to take shape

研报英文原文证据摘录

Oriental Land (4661): 1Q results: Maihama vision finally begins to take shape

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

30 July 2026

Oriental Land (4661) Overweight

4661.T, 4661 JP

1Q results: Maihama vision finally begins to take shape Price (30 Jul 26):¥2,920

Price Target (Dec-26):¥4,500

Positive: 1Q FY2026 operating profit rose 23.1% YoY to ¥47.7 billion, far above Japan Equity Research

our forecast of ¥44.2 billion and the Bloomberg consensus estimate of ¥38.2

Games, Internet, Services

billion. Operating expenses were broadly as we estimated, while average ticket

price growth fell slightly short, but factors like the attendance boost from Tokyo Junko Yamamura AC

DisneySea’s 25th anniversary beat our expectations and total theme park (81-3) 6736-8644

junko.yamamura@jpmorgan.com

attendance rose about 7% YoY (versus our +3.1% forecast) despite the adverse

Ryo Nakagawa

weather in June. We get the impression Oriental Land’s efforts to boost park (81-3) 6736-8643

attendance by holding events has finally started to pay off. ryo.nakagawa@jpmorgan.com

JPMorgan Securities Japan Co., Ltd.

• The company has made a rapid series of announcements since the start of July,

including changes to the price band structure from October, additional high-

priced tickets (the weighted average price of calendar one-day passports is set

to rise 10% YoY in October), and price hikes for some Disney Premier Access

(DPA) plans. We also think it highly likely that real-terms price hikes will take

effect around October–December due to the launch of DPA sales via advance

reservation (ticket delivery will be after New Year 2027). However, we expect

the average ticket price to fall YoY given the planned launch of nighttime

tickets and higher-education student passports for the summer.