美股研报 | 华特迪士尼公司(The Walt Disney Company)

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投资概要

华特迪士尼公司(纽约证券交易所:DIS)(以下简称为“DIS”)是一家娱乐公司。

公司分为四个业务部门:

1. 媒体网络:包括有线电视和广播电视网络、影视制作和发行运营、广播电视台。

2. 公园和度假村:公司设计和制定了新的主题公园概念,并开发了各个游览胜地和度假村。

3. 影视娱乐:负责收购真人和动画电影,主要是视频内容、音乐录制和现场舞台剧。该部门也包括开发和发行游戏、书刊、杂志和漫画书。

4. 消费产品和交互媒体:通过零售、在线和批发业务直接分销商品。这些活动是通过其零售、游戏和出版业务开展的。

最大的利润贡献部门为媒体网络(49.14%),其中包括有线网络以及广播,公园和度假村(22.52%)和影视娱乐(20.00%)。

资料来源:汤森路透

 

成果亮点

迪士尼公司在2018 年第二季度的报告收益高于预期

每股收益为1.84 美元(同比增长23%),高于市场普遍预期的1.70 美元

收益为146 亿美元(同比增长9.4%),比市场普遍预期低141.1 亿美元

自由现金流量同比增长48%,其主要原因是新税法带来的净收益

 

投资策略

迪士尼公司仍然是内容之王,拥有强大的知识财产。他们也成功地有效利用了这些知识财产,通过制作电影以及吸引游客访问公园和度假村来获取营收。娱乐体育节目电视网尽管订户数量再次下降,但对其本季度的收益并未产生太大影响。我们对迪斯尼公司在2019 年下半年投放其流媒体服务,其强大的知识财产帮助吸引订户,以及其股票均持积极看法。

 

结果概述

1)影视娱乐的营收同比增长21%。

迪士尼公司成功将其影视服务在本季度的营收提高了21%,达25 亿美元,营业收入提高到29%,达8.47 亿美元。《黑豹》取得了巨大成功,其美国首周末票房达2.02 亿美元,排在美国影史第6 位,全球票房达13.4 亿美元,排在影史第九位(由于《黑豹》仍在上映,故该数字并非最终数字)。本季度上映的其它重要影片包括《雷神3:诸神黄昏》,全球票房达8.54亿美元,以及《寻梦环游记》,全球票房达8.04 亿美元。迪士尼公司的《星球大战:最后的绝地武士》还斩获了最高DVD/蓝光销量奖。

值得注意的是迪士尼最新的漫威影片——4 月27 日上映的《复仇者联盟:无限战争》也取得了巨大成功,但并未包含在本季度业绩。该影片打破了《星球大战:原力觉醒》(亦是迪士尼公司的财产)的记录,以2.577 亿美元的首周末票房占据美国影史第1 位。在上映约两周后,《复仇者联盟:无限战争》在全球斩获了12 亿美元的票房,排在影史第15 位。还必须注意的是影片尚未在中国上映,其在中国的上映时间为5 月11 日。

2) 乐园和度假村收益同比上升13%

乐园和度假村收益按年上升13%至49亿美元和营运收入则上升27%至10亿美元。升幅主要来自平均门票价格和游客在餐饮和住宿开支增加。巴黎和香港乐园是主要贡献者,占房比率、入场人次、食品、饮品和纪念品的销售均告上升。不过,上海乐园度假村则因入场人次低和汇率而受到负面影响。

新建成的Toy Story刚于上海乐园开幕,DIS计划Toy Story于六月在奥兰多开幕,并正筹备以星球大战为主题的景点,期望在2019年年底完成。所以,预期乐园和度假村的业务会持续增长和吸引更多游客。

3) 有线网络收益同比增长5%

有线网络收益按年上升5%至43亿美元;不过,营运收入则下跌4%至17亿美元。ESPN对DIS季度业绩的拖累较少,主要增长来自广告收益。不过,BAMTech的亏损拖累有线网络的表现。营运亏损归因于与ESPN+相关和ESPN串流服务的科技平台之持绩投资。DIS报告ESPN订户人数下跌导致收益减少3%。

 

总结

受惠于新税制,DIS上季的业绩数据强劲。虽然ESPN影响DIS股价,Studio Entertainment的良好表现及乐园和度假村会带动DIS的内容需求。预期DIS有效运用其知识产权会利好盈利,本行对DIS前景保持正面。

 

关键字:新加坡股票研报,新加坡股,新加坡研报,宇通客车 (600066.CH),新加坡账户,交易新加坡股票,新加坡股票开户,免费开户,在线开设新加坡股票开户,新加坡证券,新加坡券商,投资组合,特迪士尼公司(The Walt Disney Company)

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