Cinemark: "Brand New Day" for CNK: Q2 Beat on Share/Margin Demonstrates Normalized Earnings Potential

研报英文原文证据摘录

Cinemark: "Brand New Day" for CNK: Q2 Beat on Share/Margin Demonstrates Normalized Earnings Potential

J P M O R G A N North America Equity Research

30 July 2026

Cinemark Overweight

CNK, CNK US

“Brand New Day” for CNK: Q2 Beat on Share/Margin Price (29 Jul 26):$34.89

Demonstrates Normalized Earnings Potential ▲Price Target (Dec-27):$40.00 Prior (Dec-26):$35.00

Cinemark reported Q2 revenue ahead of consensus/JPMe which mostly flowed

through to a strong beat on EBITDA and margin. The top-line result reflected better Media, Entertainment and

Advertisingattendance, with market share up y/y and even in-line to quarters that featured

much lower box office, defying our expectation for some capacity constraints. David Karnovsky, CFA AC

Overall, the print was demonstrative of CNK’s earnings potential in a sustained (1-212) 622-1206

david.karnovsky@jpmorgan.com

normalized BO environment. We update our model, raising our full year industry

forecast on July results and tracking for this weekend’s Spider-Man; our 2026 Kiscada A Hastings

(1-212) 622-0226

EBITDA increases on this outlook and the better margins in Q2. We remain kiscada.hastings@jpmchase.com

Overweight, and establish a Dec-27 PT of $40.

Alexey Philippov, CFA

(1-212) 622-0810

Commentary on operating trends was positive. CEO Gamble commented that alexey.philippov@jpmorgan.com

market share was helped by Backrooms and Obsession playing out to less Douglas Wardlaw

competition, which limited capacity constraints; the company also continues to (1-212) 622 4885

benefit from prior investment and enhancements, but go-forward share will depend douglas.wardlaw@jpmchase.com

partly on film mix and more calendar spread. There is optimism on the latter point, J.P. Morgan Securities LLC