Oriental Land: 27/3 Q1 results: Profits well ahead of expectations thanks to anniversary celebrations

研报英文原文证据摘录

Oriental Land: 27/3 Q1 results: Profits well ahead of expectations thanks to anniversary celebrations

Global Markets Research

30 July 2026Oriental Land

4661.T 4661 JP / EQUITY: JAPAN GAMES & AMUSEMENT

Rating27/3 Q1 results: Profits well ahead of expectations

Remains Neutralthanks to anniversary celebrations

Target price

Attendance and merchandise sales rise on anniversary effects, lack of Increased from 2,700 JPY 3,300

marked increase in costs provides reassurance

Closing price JPY 2,920.0We retain Neutral rating, concerns about cost increases wane, expectations for 30 July 2026

anniversary effects increase

Oriental Land reported 27/3 Q1 operating profits of ¥47.7bn, well in excess of our forecast Implied upside +13.0%

of ¥34.8bn and the 28 July QUICK consensus forecast of ¥37.3bn. This was largely due to

merchandise sales revenues being much higher than expected on strong sales of

merchandise celebrating the 25th anniversary of Tokyo DisneySea. We also see only a

modest rise in costs related to geopolitical risks thus far, and thus think these results will Relative performance chart

provide reassurance overall. We raise our profit forecasts for 27/3 onwards to reflect

strong merchandise sales and more attractions being added to Disney Premier Access in

September, and hike our target price to ¥3,300. While we think the very hot weather will

warrant attention in the near term, we look to anniversary effects to deliver profit growth

Main points in results

(1) Theme park segment: Q1 sales of ¥147.4bn beat our forecast of ¥135.5bn.

Merchandise sales revenues beat our forecast by ¥8.4bn, thanks to Tokyo DisneySea

anniversary merchandise. The anniversary also helped ensure a 7% rise in attendance,

versus our forecast for zero growth.