NEW YORK - IMAX Corporation (NYSE: NYSE:IMAX) and SM Cinema, the premier movie exhibition company in the Philippines, have announced a significant expansion of their partnership. The agreement includes the installation of 10 cutting-edge IMAX with Laser systems across the SM Cinema network, enhancing the moviegoing experience for Filipino audiences.
This expansion will introduce The IMAX Experience to three new locations and upgrade seven existing IMAX systems to the latest laser technology. Three of the new and upgraded locations are slated to open this year, with the remainder expected to be operational by the end of 2026.
IMAX CEO Rich Gelfond highlighted the deal as a milestone for 2024, reflecting the company's global business momentum and network expansion as the film industry's slate of releases grows. Steven T. Tan, President of SM Supermalls, echoed the sentiment, noting the Philippines' increasing prominence in the global entertainment market and SM's ambition to shape the industry's future.
The partnership between IMAX and SM Cinema dates back to 2006, with nine locations currently in operation across the Philippines. The Philippines has become a key market for IMAX, ranking among the top 30 highest-grossing IMAX markets worldwide since 2022.
IMAX with Laser represents the company's most sophisticated theater technology to date, boasting a 4K laser projection system designed to deliver sharper and more lifelike images, precision audio, and a broader color spectrum for an unparalleled cinematic experience.
IMAX Corporation is a leader in entertainment technology, providing a network of theaters that is a significant platform for major event films globally. With headquarters in New York, Toronto, and Los Angeles, and offices in several other major cities, IMAX continues to innovate and expand, with 1,772 systems in 89 countries and territories as of March 31, 2024. The information reported is based on a press release statement from IMAX Corporation.
InvestingPro Insights
As IMAX Corporation (NYSE: IMAX) forges ahead with its expansion in the Philippines, the company's financial health and market performance remain crucial for investors. The latest data from InvestingPro shows that IMAX is currently trading at a P/E ratio of 35.15, reflecting a market that values the company's growth prospects. Additionally, the adjusted P/E ratio for the last twelve months as of Q1 2024 stands at 32.97, indicating a slight adjustment in valuation.
InvestingPro Tips shed light on the company's strategic financial management, with management aggressively buying back shares, which can be a sign of confidence in the company's future performance. Moreover, IMAX operates with a moderate level of debt, balancing leverage with financial flexibility. It is also noteworthy that the company has been profitable over the last twelve months and analysts predict it will remain profitable this year.
From the perspective of growth, IMAX's revenue has seen an 11.99% increase in the last twelve months as of Q1 2024, signaling a positive trajectory. However, it's important to note that three analysts have revised their earnings downwards for the upcoming period, which could warrant closer attention from potential investors.
For those interested in delving deeper into IMAX's financials and future projections, InvestingPro offers additional insights and metrics. With an array of valuable tools at your disposal, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. There are nine additional InvestingPro Tips available for IMAX at https://www.investing.com/pro/IMAX, which could provide further clarity on the company's performance and potential.
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