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Disney Shuts Shanghai Park as Coronavirus Spreads, but Analyst Doesn’t See a Big Hit to Earnings
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Disney Shuts Shanghai Park as Coronavirus Spreads, but Analyst Doesn’t See a Big Hit to Earnings
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https://www.barrons.com/articles/disney-shanghai-park-closed-coronavirus-china-earnings-51580144861
Photograph by Qilai Shen/Bloomberg
Disney Shuts Shanghai Park as Coronavirus Spreads, but Analyst Doesn’t See a Big Hit to Earnings
Disney Shuts Shanghai Park as Coronavirus Spreads, but Analyst Doesn’t See a Big Hit to Earnings
Disney Shuts Shanghai Park for Coronavirus, but Analyst Doesn’t See a Big Hit to Earnings
J.P. Morgan analyst Alexia S. Quadrani estimates the park contributes $1 billion in revenue and about $50 million in operating profit annually to Disney.
Disney Shuts Shanghai Park, but Analyst Doesn’t See a Big Hit to Earnings
Walt Disney Co. has temporarily closed its Shanghai Disneyland park because of the outbreak of coronavirus in China.
https://www.shanghaidisneyresort.com/en/
https://www.barrons.com/articles/stocks-moving-premarket-delta-air-lines-wynn-resorts-amd-51580129131?mod=hp_LEAD_1
https://www.barrons.com/articles/hong-kong-rising-tensions-us-investors-51573499489
mailto:connor.smith@barrons.com
Disney Shuts Shanghai Park as Coronavirus Spreads, but Analyst Doesn’t See a Big Hit to Earnings
By Connor Smith
Photograph by Qilai Shen/Bloomberg
Shanghai Disneyland had 11.8 million guests in 2018, with half visiting from outside the region.
Walt Disney Co.
has temporarily closed its Shanghai Disneyland park because of the outbreak of coronavirus in China.
The company said in a statement posted on the Chinese resort’s website that the decision is in line with prevention measures taking place across China. The company will help get refunds to guests who purchased tickets and booked resort hotel rooms.
“We are in close contact with health officials and the local government about the situation and will announce a reopening date once they determine it is advisable,” Disney said.
There have been 2,700 confirmed cases of coronavirus and 80 people have died, according to Chinese officials. The U.S. Centers for Disease Control and Prevention confirmed the fifth coronavirus case in the U.S.
The major U.S. stock indexes were down Monday morning, while the price of gold ticked up 0.8%.
J.P. Morgan analyst Alexia S. Quadrani called this a peak travel time for the resort, given the Lunar New Year and holiday season that extends into February.
The park had 11.8 million guests in 2018, with 50% visiting from outside the region, according to Quadrani, who estimates the park contributes $1 billion in revenue and about $50 million in operating profit annually to Disney.
Quadrani noted that the company has said weakness in Hong Kong would reduce operating income by about $80 million in the first quarter and $275 million in fiscal 2020.
“Due to the high fixed cost structure of the Parks operations, the closure of Shanghai Disneyland could actually have a bigger hit to profits, at least while it remains closed, as it has shut down entirely whereas Hong Kong Disneyland’s impact is during a period while the park is still open,” she wrote.
Quadrani also speculated that movie-theater closings that started in China on Thursday could affect Disney’s “Mulan” release in China, if they continue into March. Still, Quadrani maintains her Overweight rating and $160 price target on Disney stock, although she said she hopes to hear more when the company conducts anearnings callon Feb. 4.
“While there is little question these events will lead to some downward pressure on earnings, the magnitude of the revision is not likely to be sizable relative to the overall company’s earnings nor does it detract from investors’ main focus right now which is the likely outsized success of Disney’s DTC initiatives,” referring to the company’s direct-to-consumer offerings like Disney+, Hulu, and ESPN+.
Disney stock (ticker: DIS) was down 2.8% to $136.20 near midday Monday, while the S&P 500 index was down 1.4%.
Write to Connor Smith at connor.smith@barrons.com
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.