Please refer to page 210 for important disclosures and analyst certification, or on our website macquarie/research/disclosures. GLOBAL Analyst(s) Macquarie Capital Limited Wendy Huang, CFA +85239223378 wendy.huang@macquarie Hillman Chan, CFA +85239223716 hillman.chan@macquarie Tingting Si +85239221321 tingting.si@macquarie Ivy Luo +85239221507 ivy.luo@macquarie Joe Yu +85239221160 joe.yu@macquarie Macquarie Capital (USA) Inc. Chad Beynon +12122312634 chad.beynon@macquarie Tim Nollen +12122310635 tim.nollen@macquarie Matthew Brooks, CFA +12122311585 matthew.brooks@macquarie Amy Yong +12122312624 amy.yong@macquarie John Cardoso +12122310472 john.cardoso@macquarie Paul Golding +12122318003 paul.golding@macquarie Macquarie Capital Securities (Japan) Limited Damian Thong, CFA +81335127877 damian.thong@macquarie Macquarie Securities Korea Limited Kwang Cho +82237054953 kwang.cho@macquarie Soyun Shin +82237058659 soyun.shin@macquarie Macquarie Securities (Australia) Limited Jennifer Kruk, Ph.D +61282326422 jennifer.kruk@macquarie Macquarie Capital Securities India (Pvt) Ltd Alankar Garude, CFA +912267204134 alankar.garude@macquarie Macquarie Securities (Thailand) Limited Chalinee Congmuang +6626947993 chalinee.congmuang@macquarie 3 February 2017 Global movie and cinema The Premiere of Premium Structural forces for a rebound in PRC box office in 2017 Cinemas are increasing global integration through cross-border M&A and productions. Among the top box office countries, China stands at number two with 18% global market share in 2016 and growing. With the foreign movie quota to be raised (we expect clarity in 1H17) and the negative impact of the online subsidy removed, we forecast China?ˉs box office revenue growth to accelerate to 13% YoY in 2017(vs 1% in the US), and to surpass the US in 2021. In the sector, we like market leaders and those with high IP. In conjunction with this report, we initiate coverage of five Chinese names; Macquarie?ˉs US team has also updated its forecasts to reflect recent trends in both the US and China. Technology and concessions to drive premium experience The premium movie-going experience is increasingly important in light of significant growth in home video and a shortening of the theatrical window. Globally, Premium Large Format (PLF) screens make up only 1% of the screens but the number is growing at a much faster pace than the overall sector (26% vs 8% in 2015). Within the PLF, the IMAX format is the clear leader with over 53% market share. Cinema operators are pulling levers to monetize audiences through concession offerings such as F&B and advertising. Our analysis suggests that global leading cinema operators are generating ~30% of their 。。。以上简介无排版格式，详细内容请下载查看