20240508-招银国际-Looking_beyond_3Q_OI_volatility_6页_969kb

Walt Disney Co (DIS US) second quarter fiscal year 2024 results showed inline revenue growth of +1.2% YoY and strong profit performance with +30% YoY EPS beat consensus by 8%, driven by DTC breakeven ahead of guidance. Management raised FY24E EPS growth target to 25% YoY. However, mixed 3Q guidance—flat OI for Parks and softer DTC—spurred market concern and pulled back stock price. Analyst suggests 4Q OI growth may recover, supported by DTC profitability, park margins, and content pick-up. Maintain BUY rating with slight upward revision to FY24-26 earnings (0-1.2%) and unchanged target price at US$142, based on higher EPS guidance. Risks include global uncertainty, subs churning, and competitive pressures. Summary key metrics: revenue steady, adjusted net margin improving to 9.4% from prior years; valuation shows declining P/E ratio.

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