Company Reports

Oriental Land’s partnership with Disney dates back to 1979, and Tokyo Disneyland began operations in 1983. In exchange for exclusive operating rights for Tokyo Disney Resort, Oriental Land pays Disney royalty fees amounting to 7% of total revenue on average. Disney has been supporting Oriental Land’s operation of TDR through sharing know-how and technology for the past 40 years, and their current agreement can be extended to 2076 at the latest. We believe that Oriental Land will continue to leverage its relationship with Disney and its strong position as the only Disney theme park in Japan to maintain stable attendance for its theme park business and high returns.

Oriental Land's June-quarter revenue and operating income grew 10.4% and 23.1% year over year, ahead of plan. Management kept 2026 guidance unchanged, citing uncertainty around summer weather.

Oriental Land’s partnership with Disney dates back to 1979, and Tokyo Disneyland began operations in 1983. In exchange for exclusive operating rights for Tokyo Disney Resort, Oriental Land pays Disney royalty fees amounting to 7% of total revenue on average. Disney has been supporting Oriental Land’s operation of TDR through sharing know-how and technology for the past 40 years, and their current agreement can be extended to 2076 at the latest. We believe that Oriental Land will continue to leverage its relationship with Disney and its strong position as the only Disney theme park in Japan to maintain stable attendance for its theme park business and high returns.

Oriental Land’s partnership with Disney dates back to 1979, and Tokyo Disneyland began operations in 1983. In exchange for exclusive operating rights for Tokyo Disney Resort, Oriental Land pays Disney royalty fees amounting to 7% of total revenue on average. Disney has been supporting Oriental Land’s operation of TDR through sharing know-how and technology for the past 40 years, and their current agreement can be extended to 2076 at the latest. We believe that Oriental Land will continue to leverage its relationship with Disney and its strong position as the only Disney theme park in Japan to maintain stable attendance for its theme park business and high returns.

Oriental Land’s partnership with Disney dates back to 1979, and Tokyo Disneyland began operations in 1983. In exchange for exclusive operating rights for Tokyo Disney Resort, Oriental Land pays Disney royalty fees amounting to 7% of total revenue on average. Disney has been supporting Oriental Land’s operation of TDR through sharing know-how and technology for the past 40 years, and their current agreement can be extended to 2076 at the latest. We believe that Oriental Land will continue to leverage its relationship with Disney and its strong position as the only Disney theme park in Japan to maintain stable attendance for its theme park business and high returns.

Oriental Land’s fiscal 2025 (ended March 2026) revenue grew 3.7%, while operating income declined 2.1% due to higher operating costs. Management guides for fiscal 2026 revenue growth of 2.8% and a further 4.5% decline in operating income, reflecting rising maintenance and investment expenses.

Oriental Land's December-quarter sales and operating profit grew by 2.9% and 1.9% year over year, respectively, driven by higher theme park and hotel revenue despite flattish attendance.

Oriental Land’s partnership with Disney dates back to 1979, and Tokyo Disneyland began operations in 1983. In exchange for exclusive operating rights for Tokyo Disney Resort, Oriental Land pays Disney royalty fees amounting to 7% of total revenue on average. Disney has been supporting Oriental Land’s operation of TDR through sharing know-how and technology for the past 40 years, and their current agreement can be extended to 2076 at the latest. We believe that Oriental Land will continue to leverage its relationship with Disney and its strong position as the only Disney theme park in Japan to maintain stable attendance for its theme park business and high returns.

Oriental Land’s partnership with Disney dates back to 1979, and Tokyo Disneyland began operations in 1983. In exchange for exclusive operating rights for Tokyo Disney Resort, Oriental Land pays Disney royalty fees amounting to 7% of total revenue on average. Disney has been supporting Oriental Land’s operation of TDR through sharing know-how and technology for the past 40 years, and their current agreement can be extended to 2076 at the latest. We believe that Oriental Land will continue to leverage its relationship with Disney and its strong position as the only Disney theme park in Japan to maintain stable attendance for its theme park business and high returns.

First-half revenue and operating income growth of 6.4% and 8% (versus the guided 5.9% and negative 2.1%) was due to higher guest spending and hotel revenue due to full utilization of the Fantasy Springs area. Guidance for 2025 revenue and operating income remains JPY 693 billion and JPY 160 billion.

Oriental Land's June-quarter revenue and profit grew 10.3% and 16.3% from last year. While this exceeded management's target, full-year revenue and operating profit guidance of JPY 693 billion (up 2% year on year) and JPY 160 billion (down 7%) remain unchanged.

Oriental Land’s partnership with Disney dates back to 1979, and Tokyo Disneyland began operations in 1983. In exchange for exclusive operating rights for Tokyo Disney Resort, Oriental Land pays Disney royalty fees amounting to 7% of total revenue on average. Disney has been supporting Oriental Land’s operation of TDR through sharing know-how and technology for the past 40 years, and their current agreement can be extended to 2076 at the latest. We believe that Oriental Land will continue to leverage its relationship with Disney and its strong position as the only Disney theme park in Japan to maintain stable attendance for its theme park business and high returns.

Oriental Land’s partnership with Disney dates back to 1979, and Tokyo Disneyland began operations in 1983. In exchange for exclusive operating rights for Tokyo Disney Resort, Oriental Land pays Disney royalty fees amounting to 7% of total revenue on average. Disney has been supporting Oriental Land’s operation of TDR through sharing know-how and technology for the past 40 years, and their current agreement can be extended to 2076 at the latest. We believe that Oriental Land will continue to leverage its relationship with Disney and its strong position as the only Disney theme park in Japan to maintain stable attendance for its theme park business and high returns.

While Oriental Land's year-on-year revenue growth guidance for fiscal 2025 (ending March 2026) is 2%, operating profit is expected to decline by 7% year on year due to one-off costs. The firm aims to achieve operating cash flow of JPY 300 billion in 2029 and JPY 1 trillion in revenue in 2035.

Oriental Land’s partnership with Disney dates back to 1979, and Tokyo Disneyland began operations in 1983. In exchange for exclusive operating rights for Tokyo Disney Resort, Oriental Land pays Disney royalty fees amounting to 7% of total revenue on average. Disney has been supporting Oriental Land’s operation of TDR through sharing know-how and technology for the past 40 years, and their current agreement can be extended to 2076 at the latest. We believe that Oriental Land will continue to leverage its relationship with Disney and its strong position as the only Disney theme park in Japan to maintain stable attendance for its theme park business and high returns.

We retain our fair value estimate of JPY 4,450 per share for Oriental Land, the operator of Tokyo Disney Resort, as we believe the company is on track to meet its fiscal 2024 (ending March 2025) guidance despite weaker December-quarter attendance, and our midterm outlook remains unchanged. Over the past six months, the stock price has declined by about 14%, likely due to concerns that continuous ticket price hikes and increases in paywalls for attractions may drive away guests. Nonetheless, we think shares are undervalued as we believe the theme park’s unique position as the only Disney theme park in Japan protects its strong pricing power. Plus, management has a good track record of increasing the park’s revenue and profits through effective strategies and flexible execution. We believe plans for upkeeping park attendance and future growth drivers, to be announced at the April results meeting, will be key for the company to restore investor confidence.

Oriental Land’s partnership with Disney dates back to 1979, and Tokyo Disneyland began operations in 1983. In exchange for exclusive operating rights for Tokyo Disney Resort, Oriental Land pays Disney royalty fees amounting to 7% of total revenue on average. Disney has been supporting Oriental Land’s operation of TDR through sharing know-how and technology for the past 40 years, and their current agreement can be extended to 2076 at the latest. We believe that Oriental Land will continue to leverage its relationship with Disney and its strong position as the only Disney theme park in Japan to maintain stable attendance for its theme park business and high returns.

We maintain our fair value estimate of JPY 4,450 for Oriental Land, the operator of Tokyo Disney Resort, following its September-quarter results announcement. Our fair value is 19% above the current price, and we see the stock as undervalued.

Oriental Land’s partnership with Disney dates back to 1979, and Tokyo Disneyland began operations in 1983. In exchange for exclusive operating rights for Tokyo Disney Resort, Oriental Land pays Disney royalty fees amounting to 7% of total revenue on average. Disney has been supporting Oriental Land’s operation of TDR through sharing know-how and technology for the past 40 years, and their current agreement can be extended to 2076 at the latest. We believe that Oriental Land will continue to leverage its relationship with Disney and its strong position as the only Disney theme park in Japan to maintain stable attendance for its theme park business and high returns.

Oriental Land’s partnership with Disney dates back to 1979, and Tokyo Disneyland began operations in 1983. In exchange for exclusive operating rights for Tokyo Disney Resort, Oriental Land pays Disney royalty fees amounting to 7% of total revenue on average. Disney has been supporting Oriental Land’s operation of TDR through sharing know-how and technology for the past 40 years, and their current agreement can be extended to 2076 at the latest. We believe that Oriental Land will continue to leverage its relationship with Disney and its strong position as the only Disney theme park in Japan to maintain stable attendance for its theme park business and high returns.