About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

Core Insights - Walt Disney Co. is expected to exceed fourth-quarter revenue and profit expectations due to increased theme park attendance, higher per-capita spending, and strategic pricing adjustments across parks and streaming services [1] - Despite challenges in content sales, growth in Disney+ subscriptions, new cruise offerings, and cross-selling initiatives are anticipated to support overall margins and drive momentum into 2026 [1] Financial Projections - Goldman Sachs analysts forecast fourth-quarter EPS of $1.19, surpassing the Visible Alpha consensus of $1.04, with adjusted EBIT projected at $3.69 billion compared to the expected $3.48 billion [2] - The bank estimates Experiences' fourth-quarter revenue at $8.83 billion, slightly above the consensus of $8.78 billion, indicating a 7% year-over-year growth [3] Revenue Drivers - Growth is expected to be bolstered by the launch of the Disney Treasure cruise ship, recent price increases at Walt Disney World, and new Disney Vacation Club property openings [4] - In the Entertainment segment, fourth-quarter revenue is projected at $10.28 billion, slightly below the consensus of $10.47 billion, with segment EBIT expected at $879 million, significantly above the consensus of $683 million [5] Streaming Insights - Disney+ is projected to gain approximately 1 million net additions, lower than the expected 2 million, with a core ARPU estimate maintained at $7.85 [5] - Recent price increases for Disney+ and Hulu are expected to enhance margins, with Disney+ with ads rising to $11.99 and Premium to $18.99 [6] Content Sales Adjustments - The Content Sales and Licensing revenue estimate has been revised down to $1.81 billion from a previous $2.00 billion, primarily due to weaker box office performance [7] - Linear Networks revenue estimate has also been adjusted to $2.13 billion from $2.21 billion, with EBIT revised down to $436 million from $511 million [7]

Investment Rating - The report does not explicitly provide an investment rating for Shanghai Pudong Development Bank (SPDB) [1]. Core Insights - Revenue and profit growth are expected to accelerate in the remaining quarters of 2025, with ambitious targets set for full-year growth [3]. - The net interest margin (NIM) change in 2025 is anticipated to outperform peers [3]. - Loan growth in 2025 is projected to exceed Rmb 370 billion recorded in 2024 [3]. - Positive growth in mortgage loans is expected for the full year, despite a slower pace compared to previous quarters [3]. - Non-interest income is targeted to achieve positive growth in 2025 [3]. - The company aims to control credit costs while maintaining a stable or higher non-performing loan (NPL) coverage ratio with a decline in the NPL ratio [3]. - A 30% dividend payout ratio is expected to be maintained [3]. Revenue and Profit Growth - The company achieved 1%+ revenue and profit growth in 1Q25 and is confident in accelerating growth for the remaining quarters of 2025 [11]. - The ambitious targets for revenue and profit growth in 2025 are set despite a high base and weak bond market performance [11]. Net Interest Margin (NIM) - NIM saw marginal improvement in 1Q25, with a limited year-over-year decline, outperforming peers [7]. - The NIM is expected to remain stable in 2Q25 and outperform peers throughout 2025 [7]. - Factors contributing to NIM improvement include accelerated loan growth and optimized liability structure [7]. Loans - Loan growth in 2025 is expected to exceed Rmb 370 billion, with a balanced growth pace throughout the year [7]. - New loan growth in 1Q25 was Rmb 250 billion, significantly faster than peers [7]. - The focus will be on five key areas: technology finance, supply chain finance, inclusive finance, cross-border finance, and wealth management [7]. Mortgages - Mortgage loans are expected to achieve positive growth in 2025, particularly in tier 1 and 2 cities [7]. - Both 1Q25 and 2Q25 saw positive mortgage growth, although less significant than in 4Q24 [7]. - The mortgage NPL ratio increased slightly in 1Q25 but remains under control [7]. Non-Interest Income - Non-interest income is targeted for positive growth in 2025, with future growth drivers identified [11]. - Fee income growth was negative in 1Q25 due to a decline in corporate underwriting income, while agency sales and custody income grew [11]. - Positive investment income growth in 1Q25 was attributed to opportunistic bond investment gains and growth in precious metals and FX derivatives trading income [11]. Asset Quality - The company aims to achieve a decline in the NPL ratio while maintaining a stable or higher NPL coverage ratio [11]. - The main asset quality risk lies in retail, with the NPL ratio for developer loans decreasing quarter-over-quarter in 1Q25 [11].