Cityneon Holdings - DBS Research 2016-07-05: Signs term sheet for Marvel's Avengers STATION touring exhibitions in Taiwan

Cityneon Holdings - DBS Research 2016-07-05: Signs term sheet for Marvel's Avengers STATION touring exhibitions in Taiwan CITYNEON HOLDINGS LIMITED 5HJ.SI 

Cityneon Holdings - Signs term sheet for Marvel's Avengers STATION touring exhibitions in Taiwan

  • Third location announcement in one month
  • No change to earnings forecast; already assumed total of seven sets of exhibits by the end of 2017; eight by 2018.
  • Maintain BUY and TP of S$1.20.



What’s New

  • Cityneon’s wholly-owned subsidiary, Victory Hill Exhibitions (VHE) has entered into a non-binding term sheet with Beast Kingdom Co. Ltd to host and operate the Marvel’s Avengers S.T.A.T.I.O.N. touring exhibitions produced by VHE in Taiwan.
  • Beast Kingdom was established in year 2009 in Taipei, Taiwan. The core businesses of Beast Kingdom are Production, Distribution, Concept retail and Exhibitions. Beast Kingdom was awarded the “Disney Best Licensee Award” in year 2013, 2014 and 2015.
  • VHE will partner with WALT DISNEY CO. (TAIWAN) LTD and Beast Kingdom to host and operate the exhibition in Taipei, Taiwan. The exhibition is expected to be opened no later than 15 June 2017.



Our Take


Third location announcement in one month. 

  • This is the third location announcement in the past one month. 
  • Earlier in June, VHE has announced the signing of term sheet with iLive Entertainment Group to host and operate the Marvel’s Avenger S.T.A.T.I.O.N touring exhibition in Australia in December 17. 
  • In mid-June, VHE has signed an agreement with Science Centre to host and operate the Avenger S.T.A.T.I.O.N in end-October 16 to early March 17.

No change to earnings forecast 

  • No change to earnings forecast as we have already raised our assumption to a total of seven sets of exhibits by the end of 2017, up from six previously, and maintain our assumption of eight sets by the end of 2018. 
  • For these three locations, we expect the travelling set to move from Singapore to Taiwan, followed by Australia. 
  • Maintain BUY and TP of S$1.20.




LING Lee Keng DBS Vickers | http://www.dbsvickers.com/ 2016-07-05
DBS Vickers SGX Stock Analyst Report BUY Maintain BUY 1.20 Same 1.20


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