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Equity Research Report
Media
March 2019
By: Gary Guo (S1700517120002) and Jing Han (S1705518080001)
China Cinema
Initiate coverage: Back in the spotlight
China’s big cinema chains are poised
for a period of sustained growth. We
forecast that box ofce revenue will
rise at a CAGR of 11.8% over 2019-21e
The market leaders that are increasing
their reach across the value chain
should benefit most
Initiate coverage of three cinema
chains – Wanda Film (Buy), Hengdian
Entertainment (Buy) and Shanghai Film
(Hold) – and upgrade China Film to Buy
from Hold
Disclosures Disclaimer: This report must be read with the disclosures and the analyst certifications in
the Disclosure appendix, and with the Disclaimer, which forms part of it.
Equities ● Media
March 2019
Why read this report
China’s film industry is on the rise again, which is good news for
the country’s big cinema chains; we forecast box office revenue will
rise at a CAGR of 11.8% over 2019-21e
Smaller cinemas are losing money, so industry consolidation is
inevitable; the industry leaders are also increasing their reach
across the value chain
Initiate coverage of three cinema chains – Wanda Film (Buy),
Hengdian Entertainment (Buy) and Shanghai Film (Hold) – and
upgrade China Film to Buy from Hold; prefer Wanda Film
1
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