LAS VEGAS - IMAX Corporation (NYSE:IMAX) and Major Cineplex Group Plc. (MAJOR) have announced a new deal to open three IMAX with Laser theaters in Thailand. The locations will feature the latest IMAX laser projection technology, enhancing the moviegoing experience in the region. One of the new theaters is slated to open in the Bang Kapi area of Bangkok in 2024, with two more to follow in 2026 and 2027.
The expansion was unveiled at CinemaCon 2024, the annual cinema industry event held in Las Vegas. This move signifies a strategic effort by IMAX to broaden its presence in Thailand, extending beyond the central urban areas into the suburbs of Bangkok. Major Cineplex, Thailand’s leading cinema operator, currently runs nine IMAX theaters in Thailand and Cambodia and has been in partnership with IMAX since 1998.
Rich Gelfond, CEO of IMAX, expressed his enthusiasm for the partnership, citing the growing demand for IMAX experiences in Southeast Asia. He highlighted the company's efforts to deliver more films and experiences tailored for IMAX theaters. Vicha Poolvaraluck, Major Cineplex CEO, echoed these sentiments, affirming the commitment to providing Thai audiences with a premier cinematic experience, including more Thai films converted to IMAX format.
Thailand is a significant market for IMAX, ranking in the top five Asian markets in 2024. The country witnessed its highest IMAX box office gross in 2023, surpassing $5.4 million, with the first Thai IMAX release, "Tee Yod," contributing $500K since its debut in October 2023.
The new IMAX with Laser systems boast a 4k laser projection system, a new optical engine, custom-designed lenses, and proprietary technology, all aimed at delivering brighter, more lifelike images with precision audio. This technology promises an unparalleled viewing experience with enhanced resolution, deeper contrast, and a wider color range.
Major Cineplex is a dominant player in Thailand's entertainment industry, with a diverse portfolio that includes cinemas, bowling alleys, karaoke, and ice skating rinks. The company was listed on the Stock Exchange of Thailand in May 2002 and holds a 70% market share in the Thai cinema industry's admissions revenue.
This article is based on a press release statement from IMAX Corporation.
InvestingPro Insights
As IMAX Corporation (NYSE:IMAX) continues to expand its global footprint with new theaters in Thailand, the company's financial health and market performance are of interest to investors and industry watchers alike. With a market capitalization of approximately $851.78 million and a P/E ratio that stands at 34.52, IMAX is positioned as a significant player in the entertainment technology sector. Adjustments for the last twelve months as of Q4 2023 bring the P/E ratio to a more modest 31.49, suggesting a valuation that may catch the eye of investors looking for growth opportunities.
According to InvestingPro Tips, IMAX boasts a perfect Piotroski Score of 9, indicating strong financial health and operational efficiency. This score is particularly relevant for investors who prioritize company stability and solid financials when making investment decisions. Moreover, analysts predict the company will be profitable this year, aligning with the positive trajectory seen in Thailand's IMAX box office gross in 2023.
InvestingPro Data also shows a robust revenue growth of 24.61% for the last twelve months as of Q4 2023, underscoring the company's expanding revenue streams. However, it's worth noting that the quarterly revenue growth for Q1 2023 reflected a decrease of -12.27%, a metric that investors may want to monitor in the context of the company's longer-term performance. The EBITDA growth for the same period was an impressive 147.68%, highlighting the company's earning potential and operational profitability.
For those interested in further detailed analysis and additional InvestingPro Tips, you can find more insights on the company's financials and market performance at https://www.investing.com/pro/IMAX. There are currently 7 additional tips listed in InvestingPro for IMAX, providing a comprehensive view of the company’s financial health. To enrich your investment research, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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