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JYP Ent.(035900)’ 발행주식을 1% 이상 보유하고 있지 않습니다

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2Q21 Preview 2021.7.22 BUY(Maintain) JYP Ent. (035900) 목표주가: 58,000원(상향) 주가(7/21): 40,150원 우려할 필요가 없다 시가총액: 14,252억원 미디어/엔터/레저 Analyst 이남수 음반 판매량 호조의 지속과 글로벌 시장의 음원 강세는 전분기에 이어 지속될 02) 3787-5115 [email protected] 것으로 추정합니다. 활동 아티스트의 글로벌 확장과 성장이 계속되고 있고, 꾸 RA 이한결 준한 신인 데뷔와 빠른 수익화 달성, 현지 아이돌 런칭이라는 잠재력 높은 비 02) 3787-3759 [email protected] 즈니스 포맷이 더욱 강화되며 성장으로 이어질 것으로 전망합니다. Stock Data KOSDAQ (7/21) 1,042.03pt 2분기 영업이익 118억원(yoy +29.8%) 52 주 주가동향 최고가 최저가 최고/최저가 대비 43,250원 29,700원 아티스트 활동 증가로 1분기 32만장의 앨범 판매보다 개선된 출고량을 보이며 등락률 -7.2% 35.2% 수익률 절대 상대 113만장의 앨범 판매량을 기록할 것으로 보인다. 앨범 판매량 호조에 따라 2 1M -6.7% -9.5% 분기에는 매출액 419억원(yoy +22.7%), 영업이익 118억원(yoy +29.8%, 6M 6.1% -0.1% OPM 28.1%)을 달성할 것으로 전망한다. 1Y -32.8% -18.8% 전년 2분기 44만장의 앨범을 판매한 GOT7의 공백을 ITZY 국내 35만장, Company Data NiziU 일본 37만장으로 갭을 훌륭히 메꾸고 있다. 발행주식수 35,497 천주 일평균 거래량(3M) 725천주 다만 아티스트 컴백 규모 확대를 감안할 때 1분기 보다 컨텐츠 제작비 상향을 외국인 지분율 23.3% 예상하여 매출원가 증가도 동반해 영업이익은 전분기 대비 다소 하락할 것으로 배당수익률(21E) 0.4% BPS(21E) 6,074원 전망한다. 주요 주주 박진영외 3인 15.8% 투자지표 아티스트에 집중될 메타버스와 글로컬라이제이션의 성공 (십억원, IFRS) 2019 2020 2021F 2022F 매스 미디어에 노출 되는 그들을 연예인이라 부른다. 메타버스에서도 연예인의 매출액 155.4 144.4 154.8 214.8 영업이익 43.5 44.1 50.1 80.1 행보는 더욱 빨라질 것이다. 메타휴먼과의 공존은 물론 콘텐츠를 선보이기 위 EBITDA 47.0 48.2 54.6 84.5 한 아티스트의 끊임없는 실연이 필요하기 때문이다. 내년에는 라우드 프로젝 세전이익 43.0 38.0 50.8 81.1 순이익 31.2 29.6 38.8 59.5 트, 신인 걸그룹, 일본 오디션 보이그룹이 데뷔할 것으로 보인다. TWICE, 지배주주지분순이익 31.3 29.5 38.7 59.3 NiziU에서 보여준 오디션 프로그램을 통한 팬덤 형성 역량은 라우드와 일본 EPS(원) 883 832 1,089 1,671 증감률(%,YoY) 28.9 -5.7 30.9 53.4 보이그룹에게 그대로 전달될 것으로 전망한다. PER(배) 27.4 46.2 36.4 23.7 동사는 플랫폼 디어유, 두나무의 지분투자 등 본업에 충실했던 모습은 유지하 PBR(배) 5.39 7.46 6.52 5.22 EV/EBITDA(배) 16.3 26.3 23.0 14.3 며 비즈니스 확장도 동시에 꾀하고 있다. 또한 국내 기획사 중 가장 많은 현지 영업이익률(%) 28.0 30.5 32.4 37.3 그룹을 보유할 가능성이 높아 현지 내수 시장 공략과 확장에 유리한 고지를 점 ROE(%) 21.9 17.3 19.4 24.5 순차입금비율(%) -59.3 -53.5 -69.3 -73.4 할 것으로 판단한다. 자료: 키움증권 Price Trend 투자의견 BUY, 목표주가 58,000원으로 상향 엔터테인먼트의 시계는 콘서트와 같은 컨택트 비즈니스 재개 타이밍과 플랫폼 (원) 수정주가(좌) 상대수익률(우) (%) 비즈니스에 쏠려있다. 동사는 코로나19 기간 글로벌로 팬덤을 확장 시킨 트와 50,000 30 이스와 ITZY, 스트레이키즈 등 신인의 성장, 성공적 현지 데뷔한 NiziU의 팬덤 40,000 20 10 효과가 기대된다. 30,000 0 또한 공연에서 내수 시장 공략으로 확장 가능한 현지 그룹의 추가적 데뷔도 기 20,000 -10 대되는 점은 긍정적이다. 이에 2022F 지배주주순이익 기준 EPS에 Target 10,000 -20 P/E 35배를 적용하여 목표주가를 58,000원으로 상향하고 투자의견 BUY는 유 0 -30 지한다. 20.07 20.10 21.01 21.04 JYP Ent. 2021.7.22 JYP Ent. 실적 추이 및 전망 (K-IFRS 연결 기준) (십억원) 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21F 3Q21F 4Q21F 2020 2021F 2022F 매출액 34.0 34.1 34.6 41.7 32.3 41.9 37.8 42.8 144.4 154.8 214.8 (YoY) 28.9% -12.8% -24.1% -6.0% -4.9% 22.7% 9.2% 2.6% -7.1% 7.2% 38.8% 음반 5.8 16.5 12.1 13.5 7.2 16.7 12.6 17.0 47.8 53.5 87.8 음원 4.7 5.8 5.7 10.9 7.8 9.0 8.9 9.2 27.1 35.0 40.7 매니지먼트 23.5 11.9 16.9 17.3 17.3 16.2 16.3 16.6 69.5 66.3 86.3 매출원가 13.8 18.1 16.5 19.1 11.3 22.5 17.3 18.6 67.5 69.7 95.9 (YoY) -2.9% -17.8% -25.8% -8.6% -18.1% 23.9% 5.1% -2.5% -14.9% 3.3% 37.5% 매출총이익 20.2 16.0 18.1 22.6 21.0 19.4 20.4 24.2 76.9 85.0 118.9 (YoY) 65.9% -6.5% -22.5% -3.6% 4.1% 21.4% 13.0% 6.9% 1.1% 10.6% 39.8% GPM 59.5% 46.8% 52.3% 54.2% 65.1% 46.3% 54.1% 56.5% 53.3% 55.0% 55.4% 판관비 6.8 6.9 7.0 12.1 7.3 7.6 8.2 11.8 32.8 35.0 38.8 (YoY) 5.7% -9.7% -18.9% 21.4% 7.5% 10.3% 18.3% -2.4% 0.4% 6.7% 11.0% 영업이익 13.4 9.1 11.1 10.5 13.8 11.8 12.2 12.4 44.1 50.1 80.1 (YoY) 132.3% -3.9% -24.6% -22.1% 2.5% 29.8% 9.6% 17.6% 1.6% 13.5% 59.9% OPM 39.6% 26.5% 32.2% 25.2% 42.6% 28.1% 32.3% 28.9% 30.6% 32.4% 37.3% 순이익 11.3 4.7 7.7 5.9 12.0 8.6 9.0 9.1 29.6 38.8 59.5 (YoY) 78.6% -32.4% -34.0% -5.2% 6.4% 84.1% 16.1% 54.8% -5.1% 30.9% 53.4% NPM 33.3% 13.8% 22.3% 14.2% 37.2% 20.6% 23.7% 21.4% 20.5% 76.4% 73.4% 자료: JYP Ent, 키움증권 2 JYP Ent. 2021.7.22 JYP 아티스트별 주요 활동 내역 그룹명 활동내역 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 미니 8집: 37만 미니 9집: 56만 정규 2집: 48만 미니 10 집: 52 만 Album (초동 15만) (초동 33만) (초동 24만) (초동 28 만) 해외: 해외: 해외: 온라인: 8.9/1회 온라인: Concert 7.13~8.17/6회 10.12~12.1/11회 2.11~23/4회 (Beyond LIVE) 3.6/1회 (동남아, 북미) (일본 5개도시) (일본 2개도시) (일본) 구독자수: 구독자수: 구독자수: 구독자수: 구독자수: 구독자수: 구독자수: 구독자수: TWICE 5,730,000 6,260,000 6,630,000 7,780,000 8,540,000 9,540,000 10,300,000 11,100,000 Youtube 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 20,166,658 23,869,293 19,806,809 59,921,274 32,199,651 56,112,261 193.6M 97,680,434 Oricon Weekly: Billboard 200: Billboard 200: Billboard 200: 3위 200위 72위 6위 Global Chart Oricon Weekly: Oricon Weekly: Oricon Weekly: 1위 3위 2위 미니 10집: 30만 미니 11집: 44만 정규 4집: 34만 Album (초동 22만) (초동 28만) (초동 27만) 해외: 해외: 7.3~8.25/7회 10.8~26/6회 (북중미 7개도시) (유럽 등 6개도시) Concert 해외: 7.30~9.8/11회 GOT7 해체 (일본, 태국) 구독자수: 구독자수: 구독자수: 구독자수: 구독자수: 구독자수: 4,260,000 4,490,000 4,670,000 5,040,000 5,340,000 5,670,000 Youtube 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 9,210,556 9,511,551 7,163,512 12,250,973 7,486,082 8,717,780 Oricon Weekly: Oricon Weekly: Oricon Weekly: Global Chart 16위 20위 21위 미니 5집: 18만 정규 1집: 24만 정규 1집 Album (초동 8만) (초동 13만) 리패키지: 33만 (초동 23만) 해외: 국내: 해외: 온라인: Concert 7.28~8.4/4회 11.23~24/2회 1.29~2.16/8회 11.22/1회 STRAY (유럽 4개도시) (올림픽홀) (미주 8개도시) (Beyond LIVE) KIDS 구독자수: 구독자수: 구독자수: 구독자수: 구독자수: 구독자수: 구독자수: 구독자수: 2,110,000 2,400,000 2,640,000 3,170,000 4,290,000 5,150,000 5,870,000 6,560,000 Youtube 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 12,479,596 11,721,377 10,704,097 19,404,469 36,159,060 38,760,962 85,216,245 45,423,168 Oricon Weekly: Oricon Weekly: Global Chart 28위 6위 미니 1집: 11만 미니 2집: 13만 미니 3집: 22만 미니 4 집: 33 만 Album (초동 3만) (초동 6만) (초동 14만) (초동 20 만) Concert 구독자수: 구독자수: 구독자수: 구독자수: 구독자수: 구독자수: 구독자수: 구독자수: 1,710,000 1,890,000 2,330,000 2,930,000 3,750,000 4,160,000 4,620,000 5,300,000 Youtube ITZY 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 17,129,752 8,181,757 20,792,382 30,970,156 38,846,818 24,108,571 74,860,056 59,669,274 Oricon Weekly: Oricon Weekly: Oricon Weekly: Billboard 200: 12위 13위 8위 148위 Global Chart Oricon Weekly: 6위 Album 싱글 1집: 38만 싱글 2 집: 36 만 Concert 구독자수: 구독자수: 구독자수: 구독자수: 구독자수: 449,000 1,400,000 1,660,000 1,750,000 1,940,000 NiziU Youtube 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 월 평균 조회수: 8,772,565 40,808,746 25,236,751 23,500,354 32,403,068 Oricon Weekly: Oricon Weekly: Global Chart 1 위 1위 자료: JYP Ent, 언론보도, SocialBlade, 키움증권 3 JYP Ent.
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    !XU 16DS 20DE - AARI 6DN 36D40'E - ABAU 4DS 141D15'E - ABIPON 29DS 61DW - ABKHAZ 43DN 41DE - ABUN 0D30'S 132DE - ABZAKH 45DN 40DE - ACEHNESE 5D20'N 96DE - ACHANG 25DN 98D30'E - ACHUAR 3DS 76DW - ACHUMAWI 41D30'N 120D30'W - ACOMA 35DN 107D30'W - ACOOLI 3DN 33DE - ADIOUKROU 7DN 5DW - AFAR 12DN 42DE - AGARABI 6D10'S 146DE - AGHEM 6D22'N 10D8'E - AIKI 10DN 20D30'E - AINU 43DN 143DE - AJA 7D30'N 25DE - AKHA 21D50'N 99D50'E - AKKADIAN 32D30'N 44DE - ALAMBLAK 4D40'S 143DE - ALAWA 15DS 134DE - ALBANIAN 41DN 20DE - ALSEA 44D40'N 123D40'W - ALUNE 3DS 128D20'E - ALYAWARRA 22DS 136DE - AMAHUACA 10D30'S 72D30'W - AMBULAS 3D50'S 143DE - AMELE 5D10'S 145D40'E - AMHARIC 8DN 39DE - AMO 10D30'N 9DE - ANDAMANESE 12DN 92D40'E - ANDOKE 0D40'S 72DW - ANGAMI 25D40'N 95DE - ANGAS 9D30'N 9D30'E - ANGUTHIMRI 12D20'S 142DE - ANYWA 8DN 33D30'E - AO 26D30'N 94D20'E - APALAI 8DS 54DW - APATANI 27D40'N 93D45'E - APINAYE 6DS 48DW - APURINA 9DS 67D30'W - ARABANA 28D30'S 136DE - ARABIC (COLLOQUIAL EGYPTIAN) 30DN 31DE - ARANDA 24DS 133DE - ARAONA 12D20'S 68DW - ARAPESH 3D30'S 143DE - ARAWAK 5D30'S 55DW - ARBORE 5DN 36D30'E - ARCHI 42D10'N 46D50'E - ARMENIAN (MODERN) 40DN 45DE - AROSI 10D40'S 161D50'E - ASMAT 5D30'S 138D30'E - ATAKAPA 30DN 94DW - ATAYAL 24D30'N 121D20'E - ATESO 2DN 34DE - ATHPARE 26D50'N 87D20'E - ATSUGEWI 40D45'N 120D30'W - AUJU 6DS 140DE - AVAR 42D30'N 46D30'E - AVOKAYA 4D40'N 31DE - AWA 6D35'S 145D45'E - AWA PIT 1D'N 78D30'W - AWTUW 3D35'S 142DE - AXININCA CAMPA 11DS 74DW - AYMARA 17DS 69DW - AZERBAIJANI 41DN 48DE - BAAGANDJI 33DS 143DE - BABUNGO 6D10'N
  • ソニーミュージックと JYP の共同事業「Nizi Project」完結！

    ソニーミュージックと JYP の共同事業「Nizi Project」完結！

    報道関係者各位 プレスリリース 2020 年 6 月 26 日 株式会社ソニー・ミュージックエンタテインメント 株式会社ソニー・ミュージックレーベルズ ソニーミュージックと JYP の共同事業 「Nizi Project」完結！ 1 万人から選び抜かれた 9 人組グローバル・ガールズグループ “NiziU (読み：ニジュー)” 誕生 6 月 30 日（火）急遽 “プレデビュー” となる配信リリース決定 株式会社ソニー・ミュージックエンタテインメント (本社：東京都千代田区、代表取締役社長：村松俊亮) と 株式会社ソニー・ミュージックレーベルズ（本社：東京都千代田区、代表取締役：辻野学）は、株式会社 JYP Entertainment (本社：韓国ソウル、CCO：パク・ジニョン、以下、JYP）と共に、オーディション・プロジ ェクト「Nizi Project」（ 読み：ニジプロジェクト）を開催し、6 月 26 日（金）のオーディション番組最終回 の放送・配信をもって、総合プロデューサー J . Y. P a r k ( パク・ジニョン)氏より 9 名のデビューメンバー及 び、グループ名 “NiziU (読み：ニジュー)” が発表され、さらに 6 月 30 日（火）に、プレデビュー・デジタ ルミニアルバム『Make you happy』を日韓同時配信することも決定しました（7 月 1 日：世界配信）。 「Nizi Project」は、J . Y. P a r k 氏が描く企業ビジョン “JYP 2.0”(※) のテーマの一つである 「GLOBALIZATION BY LOCALIZATION」に基づいたもので、“虹” のようにメンバーそれぞれの個性が様々 な色を放つようなガールズグループを発掘・育成、世に輩出することを目的として、2019 年 2 月に始動しま した。 「Nizi Project」によるグローバル・オーディションは、2019 年 7 月から 8 月まで、日本国内 8 都市、ハワ イ、LA を含めた全 10 箇所、国籍不問で開催されており、同年 9 月には 1 万人を超える応募者の中から 26 名を選抜、東京にて 4 泊 5 日の合宿トレーニングが行われ、最終的に 14 名（うち 1 名は辞退）が半年間に渡 る韓国合宿に参加。韓国合宿では計 3 回のミッション「個人レベルテスト」「チーム対決」「チームバトル」に 「ファイナルステージ」が行われ、その熾烈な争いや個人順位発表、予測不能なストーリー展開に虜になる 「Nizi Project」ファンが続出。デビューメンバーが決定する「ファイナルステージ」では、過去 4 回のミッ ション（ファイナルステージを含む）や、半年間の合宿を見守ってきたトレーナーたちによる評価も総合的に 加味し、練習生を順位付け。6 月 26 日（金）オンエアの「虹のかけ橋 デビューメンバー最速公開スペシャ ル！」では、J. Y. Pa r k 氏自ら、グループ名に加えて、NiziU デビューメンバーを 1 位から順に発表する模様が 放送されました。 【最終順位】 1 位：マコ ／ 常に上位にランクイン。最年長としてチーム・ミッションなどで強いリーダーシップを発揮 2 位：リク ／ 小さな体ながら安定的な歌唱力を持つ。お茶目な可愛い魅力で “NiziU” のビタミン的存在に 3 位：リマ ／ 可愛いルックスと違って、ユニークなラップとジェスチャーで存在感を大きく表した 4 位：リオ ／ 優れたダンスの実力で、視聴者の視線を集める。絶え間ない努力でボーカルの実力もアップ 5 位：マヤ ／ 優れた表現力で見る人を釘付けに。面倒見の良い「Nizi Project」の “お母さん” 的存在 6 位：ミイヒ ／ 優れた歌唱力と様々な楽曲への集中力で注目を集めたメンバー 7 位：マユカ ／ ミッションを重ねる毎に成長する姿を見せてきた。優しく温かい性格の持ち主 8 位：アヤカ ／ まるで白い紙のように素早くボーカル・ダンスを習得し急成長を遂げる 9 位：ニナ ／ いつも明るくポジティブな、末っ子。優れた歌唱力と安定的な高音ボーカルを絶賛される プレデビュー・デジタルミニアルバム『Make you happy』では、2 回戦のチーム対抗となったファイナルス テージで、“オリジナル曲対決” と題し各 2 チームのカラーに合わせ制作された新曲「虹の向こうへ」「Boom Boom Boom」と、 “J.Y.
  • Stream Media Corporation / 4772

    Stream Media Corporation / 4772

    Stream Media Corporation / 4772 COVERAGE INITIATED ON: 2021.07.20 LAST UPDATE: 2021.07.20 Shared Research Inc. has produced this report by request from the company discussed in the report. The aim is to provide an “owner’s manual” to investors. We at Shared Research Inc. make every effort to provide an accurate, objective, and neutral analysis. In order to highlight any biases, we clearly attribute our data and findings. We will always present opinions from company management as such. Our views are ours where stated. We do not try to convince or influence, only inform. We appreciate your suggestions and feedback. Write to us at [email protected] or find us on Bloomberg. Research Coverage Report by Shared Research Inc. Stream Media Corporation/ 4772 RCoverage LAST UPDATE: 2021.07.20 Research Coverage Report by Shared Research Inc. | https://sharedresearch.jp INDEX How to read a Shared Research report: This report begins with the trends and outlook section, which discusses the company’s most recent earnings. First-time readers should start at the business section later in the report. Executive summary ----------------------------------------------------------------------------------------------------------------------------------- 3 Key financial data ------------------------------------------------------------------------------------------------------------------------------------- 5 Recent updates ----------------------------------------------------------------------------------------------------------------------------------------
  • Stream Media Corporation / 4772

    Stream Media Corporation / 4772

    Stream Media Corporation / 4772 COVERAGE INITIATED ON: 2021.07.20 LAST UPDATE: 2021.08.11 Shared Research Inc. has produced this report by request from the company discussed in the report. The aim is to provide an “owner’s manual” to investors. We at Shared Research Inc. make every effort to provide an accurate, objective, and neutral analysis. In order to highlight any biases, we clearly attribute our data and findings. We will always present opinions from company management as such. Our views are ours where stated. We do not try to convince or influence, only inform. We appreciate your suggestions and feedback. Write to us at [email protected] or find us on Bloomberg. Research Coverage Report by Shared Research Inc. Stream Media Corporation/ 4772 RCoverage LAST UPDATE: 2021.08.11 Research Coverage Report by Shared Research Inc. | https://sharedresearch.jp INDEX How to read a Shared Research report: This report begins with the trends and outlook section, which discusses the company’s most recent earnings. First-time readers should start at the business section later in the report. Executive summary ----------------------------------------------------------------------------------------------------------------------------------- 3 Key financial data ------------------------------------------------------------------------------------------------------------------------------------- 5 Recent updates ----------------------------------------------------------------------------------------------------------------------------------------
  • Nicole Diaz Bednar S21 Music Video As

    Nicole Diaz Bednar S21 Music Video As

    1 Nicole Diaz Bednar S21 Music Video as Allegory: The Case of Kpop in Rain and JYP’s “Switch to me” Music Video Rain and JYP’s 2020 “Switch to me” duet featuring Psy was a long-awaited collaboration between three of Korean pop’s (kpop) longest-standing stars. While the music video seems like the three simply dropped themselves into a casino and had fun chasing an attractive woman, a detailed contextual and intertextual semiotic audiovisual analysis of the “Switch to me” music video reveals how the song functions as an allegory of the kpop industry and the ways that Rain, JYP, and Psy are positioned in the industry. The recent music video’s star-studded cast of older idols is the perfect setting in which to study the emergence and movement of kpop characteristics over time. The music video establishes the three artists as pioneers of kpop while keeping them relevant by recalling their initial success through old-style music and moves at the same time it engages them in the aesthetics and standards of current kpop. Taking into account the individual legacies of each artist, a frame-by-frame analysis of “Switch to me” yields insight into the Korean entertainment industry, simultaneously acting as a roadmap for deciphering how a music industry may be reflected in the music videos it generates. The Scene To make sense of a Korean music video, it is necessary to understand the Korean music industry in which it was created and in which its creators developed their artistic sense. The “Switch to me” music video is situated within the kpop culture.
  • What Makes Korea-Based Carmakers Divided Into Winners Or Losers?

    What Makes Korea-Based Carmakers Divided Into Winners Or Losers?

    FOCUS INDUSTRY MANAGEMENT COLLABORATION FOR ‘APPLE CAR’ GM KOREA TO CUT VEHICLE OUTPUT FOR BRIBING THE OUSTED PRESIDENT Hyundai Motor Group and Apple May CHIP SHORTage FORCES GM KOREA TO HALT Samsung Vice Chairman Lee Sent Collaborate in Self-Driving EVs PRODUCTION LINES Back to Prison FABRUARY 2021 / VOL.38 NO.399 www.businesskorea.co.kr What Makes Korea-based Carmakers Divided into Winners or Losers? 12,000 won 02 ISSN 1016-5304 Contents 2020 / Vol.38 No.399 Export Items 43 South Korean Enterprises Exposed to 24 Foreign Direct Investment in Korea Even More Attacks from NPEs Slides 11% in 2020 44 Ericsson Takes Samsung Electronics to 25 South Korean Exporters Increasingly Court over Patent Infringement Relying on Chinese Market Google, Microsoft and Samsung Most 26 South Korea’s Trade Deficit with Japan Frequently Involved in U.S. Patent Increases in 2020 Litigation Last Year 27 South Korea Accelerating Pursuit of 45 South Korea's ICT Exports Increase Technological Independence from 3.8% in 2020 Japan South Korea’s OLED Exports Continuing to Increase Substantially COVER STORY 46 Samsung Electronics Expected to Invest 35 Tril. Won in Semiconductor 28 What Made Korea-based Carmakers Facilities in 2021 Divided into Winners or Losers? Samsung Electronics in Dilemma over Investment in U.S. Chip Plant MONEY 47 Netflix Still Using Networks for Free Six Big Content Providers Subject to 34 Top Business Groups Active in M&A ‘Netflix Act’ Deals 48 Intel and TSMC Predicted to Big M&A Deals Anticipated in 2021 Collaborate for GPU Production FOCUS 35 KB Kookmin Bank Facing Lawsuit in Samsung Expected to Release Indonesia Next-generation Exynos AP This Year 08 Hyundai Motor Group and Apple May IBK Facing US$5.5 Bil.
  • Cool Japan and the Hallyu Wave: the Effect of Popular Culture Exports on National Image and Soft Power

    Cool Japan and the Hallyu Wave: the Effect of Popular Culture Exports on National Image and Soft Power

    Ursinus College Digital Commons @ Ursinus College East Asian Studies Honors Papers Student Research 5-14-2021 Cool Japan and the Hallyu Wave: The Effect of Popular Culture Exports on National Image and Soft Power Gillianne Lux Ursinus College, [email protected] Follow this and additional works at: https://digitalcommons.ursinus.edu/eastasia_hon Part of the Asian Studies Commons, Japanese Studies Commons, Korean Studies Commons, and the Sociology of Culture Commons Click here to let us know how access to this document benefits ou.y Recommended Citation Lux, Gillianne, "Cool Japan and the Hallyu Wave: The Effect of Popular Culture Exports on National Image and Soft Power" (2021). East Asian Studies Honors Papers. 3. https://digitalcommons.ursinus.edu/eastasia_hon/3 This Paper is brought to you for free and open access by the Student Research at Digital Commons @ Ursinus College. It has been accepted for inclusion in East Asian Studies Honors Papers by an authorized administrator of Digital Commons @ Ursinus College. For more information, please contact [email protected]. Lux 1 Ursinus College Cool Japan and the Hallyu Wave: The Effect of Popular Culture Exports on National Image and Soft Power Gillianne Lux IDS 491-B & IDS492-D (Research Independent) Dr. Steve Aukers Dr. Rebecca Evans Dr. Matthew Mizenko 14 May 2021 Lux 2 Cool Japan and the Hallyu Wave: The Effect of Popular Culture Exports on National Image and Soft Power Abstract Japan used its export of pop culture in the post-war era not only to boost its economy but also as a means to improve its national image and project its soft power.
  • JYP Entertainment Trading Buy (035900 KQ) (Maintain)

    JYP Entertainment Trading Buy (035900 KQ) (Maintain)

    [Korea] Entertainment JYP Entertainment Trading Buy (035900 KQ) (Maintain) Expectations for 2021 rising TP: W41,000 Upside: 12.8% Mirae Asset Daewoo Co., Ltd. Jeong-yeob Park [email protected] 2Q20 review: Above consensus Consolidated revenue of W34.1bn (-12.8% YoY) and OP of W9.1bn (-3.9% YoY) JYP Entertainment’s 2Q20 results were better than market expectations, helped by: 1) strong growth in album/digital music revenue; and 2) SG&A expense savings. The void left by key revenue drivers (concerts/merchandise) was filled by content revenue. Gross margin improved to 46.8% (+3%p), as revenue mix changes led to a decline in copyright fees (-57% YoY). Album/digital music revenue expanded 50.6% YoY to W22.2bn; sales of new albums/singles reached 570,000 copies for TWICE, 400,000 copies for GOT7, and 240,000 copies for Stray Kids. Other content revenue surged 393% YoY to W6.2bn, supported by YouTube income (W2.4bn, +91% YoY) and fan club fees. COVID-19 impact: Concert revenue was non-existent, and revenue plunged 76% YoY for merchandise, 40% YoY for advertising, and 83% YoY for appearance fees. Key variable: 2021 earnings Strong album sales outlook and NiziU’s successful debut raise expectations for 2021 expectations JYP Entertainment’s album sales hit a quarterly high (1.3mn copies) in 2Q20. In 2H20, TWICE, GOT7, and DAY6 are due to release and promote new content. It remains to be seen whether the absence of concerts will continue to drive consumers to spend more on albums and digital music.
  • JYP Entertainment Buy (035900 KQ ) (Maintain)

    JYP Entertainment Buy (035900 KQ ) (Maintain)

    [Korea] Entertainment March 19, 2021 JYP Entertainment Buy (035900 KQ ) (Maintain) Firming up TP: W47,000 Upside: 33.5% Mirae Asset Daewoo Co., Ltd. Jeong -yeob Park [email protected] 4Q20 review Consolidated revenue of W41.7bn ( -6% YoY), OP of W10.5bn ( -22.1% YoY); in -line results In 4Q20, JYP Entertainment’s top line contracted due to the absence of concerts; however, robust album/digital content revenue provided a cushion. Due to changes in the revenue mix, royalty fees and production costs fell 6% and 12% YoY, respectively, leading to gross margin improvement (+4.4%p YoY to 54.2%). Album/digital music (+47.1% YoY): A total of 1.04mn copies were sold, including 480,000 copies for TWICE, 200,000 copies for Stray Kids, and 340,000 copies for GOT7. Management (-53.6% YoY): Concerts (-100% YoY) and advertising (-40% YoY) were hit hard by the pandemic. Merchandise/other (-26.2% YoY): YouTube revenue (W4.7bn; +102% YoY) was boosted by NiziU’s growing fan base. Despite higher SG&A expenses (labor and commissions), a shift in income source from management to content improved underlying profitability. Growing optimism on 2021 Watch for global projects and greater monetization in 2021 earnings Despite being relatively new, the group NiziU contributed W5bn to 4Q20 revenue across album sales, digital content, and YouTube. JYP Entertainment has a strong next-generation lineup (Stray Kids and ITZY) and ample new artist momentum (an audition show titled LOUD will air in May). The company is also continuing to work on its global lineup (China’s Project C, a Japanese boy band, and a new artist development partnership in the US).