CJ CGV (079160 KS ) High expectations for global box office in 2017

Entertainment Sluggish 3Q16 results For 3Q16, CJ CGV reported preliminary consolidated revenue of W422.1bn (+17.9% Results Comment YoY), operating profit of W34bn (-12.9% YoY), and net profit (controlling and non- controlling interests) of W450mn (-98.7% YoY). We attribute the sluggish earnings November 9, 2016 to: 1) operating losses at overseas subsidiaries (, , etc.), due to the global box office slowdown; and 2) non-operating losses from one-off costs on the takeover of ’s , interest expenses, F/X translation (Maintain) Buy losses, and a fine imposed by the Fair Trade Commission. On a parent basis, the company posted domestic revenue of W288.4bn (+4.1% Yo Y) and operating profit of W38.8bn (+2.5% YoY). Target Price (12M, W) 95,000 Domestic box office up 12% in Oct.; China, Turkey box office to rise in 4Q Share Price (11/08/16, W) 71,500 China’s box office dropped 14.9% YoY during the national holiday (October 1 st through 7th ), causing concerns. Many foreign movies are being released in Expected Return 33% November, ahead of December (when China blocks the release of foreign movies to protect local films). Notably, the upcoming December release of The Great Wall

(a Hollywood-China co-production starring Matt Damon and directed by Zhang OP (16F, Wbn) 65 Yimou) by Wanda Cinema, China’s largest theater chain, should boost expectations Consensus OP (16F, Wbn) 61 for China’s box office growth.

EPS Growth (16F, %) -18.7 Korea’s box office revenue rose 12% YoY in October. CJ CGV’s domestic box office Market EPS Growth (16F, %) 17.5 revenue also increased 18% YoY. Doctor Strange , which was released in the last week of October, is leading the box office in November, attracting more than 4mn P/E (16F, x) 32.3 viewers. Meanwhile, we expect a strong box office in Turkey in 4Q16. In 2015, Market P/E (16F, x) 10.7 31.7% of total box office revenue in Turkey was generated in 4Q. KOSPI 2,003.38 Betting on 2017 movie lineup; Reiterate Buy, but Lower TP to W95,000 Market Cap (Wbn) 1,513 Shares Outstanding (mn) 21 In the global movie market, January-September cumulative box office revenue Free Float (%) 60.9 declined 15% YoY, owing to the fewer number of hit movies. However, expectations are high for the global movie lineup in 2017, including Resident Evil 7 (to be Foreign Ownership (%) 21.6 released in January in Korea), Fast and Furious 8 (April), Guardians of the Galaxy 2 Beta (12M) 1.13 (May), Pirates of the Caribbean 5 (May), Wonder Woman (June), World War Z 2 52-Week Low 65,400 (June), Kingsman: The Golden Circle (June), Transformers 5 (June), Spider-Man: 52-Week High 138,500 Homecoming (July), Thor 3 (November), Star Wars: Episode 8 (December), and Avatar 2, directed by James Cameron (December). (%) 1M 6M 12M Absolute -10.7 -36.2 -33.2 We derived our target price by taking the sum of the value of the domestic parent Relative -8.5 -37.0 -31.9 company (W647.3bn), CGV Vietnam (W178.5bn), and CGV China (W1.2tr). We did not include the value of Turkey’s MARS Entertainment Group, due to its negative

150 CJ CGV KOSPI issues (increased debt, amortization of intangible assets, etc.). We estimate that CJ 130 CGV’s current share price reflects the value of CGV China at W600bn (January- September cumulative market share of 2.9% in China, 74 sites under operation). 110 We think CJ CGV is undervalued compared to peers in China, including Wanda 90 Cinema (market share of 13.6%, market cap of W13.6tr), CFC (market share of 4.1%, 70 market cap of W9.4tr), and SFG (market share of 2.1%, market cap of W3.4tr). We

50 maintain our Buy call, but lower our target price to W95,000 from W1 05,000, 11.15 3.16 7.16 11.16 reflecting lower expectations for China’s box office in the value of CGV China.

Mirae Asset Daewoo Co., Ltd. FY (Dec.) 12/13 12/14 12/15 12/16F 12/17F 12/18F

[Internet/Game/Entertainment ] Revenue (Wbn) 773 865 897 921 964 990 OP (Wbn) 68 71 72 65 78 82 Chang -kwean Kim OP margin (%) 8.8 8.2 8.0 7.1 8.1 8.3 +822 -768 -4321 [email protected] NP (Wbn) 43 33 58 47 66 72 EPS (W) 2,062 1,572 2,727 2,216 3,126 3,397 Jeong -yeob Park ROE (%) 10.3 7.2 11.6 8.7 11.2 11.0 +822 -768 -4124 P/E (x) 21.1 34.3 46.2 32.3 22.9 21.1 [email protected] P/B (x) 2.0 2.4 5.1 2.7 2.4 2.2

Notes: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, Mirae Asset Daewoo Research estimates

November 9, 2016 CJ CGV

Earnings and forecasts

Table 1. 3Q16 review (Wbn, %, %p) 3Q16P Growth 3Q15 2Q16 Preliminary Consensus YoY QoQ Revenue 358 315 422 441 17.9 34.1 Operating profit 39 1 34 38 -12.9 3,902.0 OP margin (%) 10.9 0.3 8.0 8.6 0.7 29.8 Net profit 46 9 3 29 -92.8 -62.0 Net margin 34 5 7 24 -80.7 28.2 Notes: Based on consolidated earnings; Net profit is attributable to controlling interests Source: Company data, FnGuide, Mirae Asset Daewoo Research estimates

Table 2. Quarterly and annual earnings (Wbn, %) 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16P 4Q16F 2014 2015 2016F Revenue 204 202 277 214 204 202 288 227 865 897 921 Tickets 134 133 190 136 136 134 198 148 582 594 615 Concessions 36 33 50 35 37 35 52 38 147 154 161 Ads 20 22 25 27 20 22 27 27 81 93 96 Other 14 14 12 16 11 11 12 14 55 56 49 Revenue proportion (%) Tickets 65.9 65.9 68.6 63.6 66.6 66.4 68.6 65.1 67.3 66.2 66.8 Concessions 17.5 16.4 18.1 16.4 18.0 17.1 17.9 16.9 17.0 17.2 17.5 Ads 9.8 10.7 8.9 12.7 9.9 11.1 9.3 11.7 9.3 10.4 10.4 Other 6.9 7.0 4.5 7.3 5.5 5.3 4.3 6.4 6.4 6.3 5.3 Operating profit 20 7 38 7 10 3 39 13 71 72 65 OP margin 9.8 3.4 13.7 3.2 4.9 1.6 13.4 5.6 8.3 8.0 7.0 Net profit 16 9 32 2 9 9 20 8 33 58 47 Net margin 7.6 4.3 11.5 0.8 4.6 4.3 7.1 3.7 3.8 6.4 5.1 YoY growth Revenue -3.0 12.3 4.0 2.8 0.1 -0.2 4.1 6.1 11.8 3.7 2.7 Tickets -5.1 11.3 3.2 -0.3 1.2 0.6 4.1 8.5 13.8 2.1 3.7 Concessions -1.2 13.3 7.4 -0.1 2.8 4.1 3.4 9.2 7.4 4.7 4.7 Ads 17.7 10.8 8.0 25.9 1.3 3.6 8.6 -2.0 3.3 15.5 2.8 Other -10.6 22.1 -4.8 4.3 -20.0 -23.4 -1.1 -7.6 17.6 1.6 -13.2 Operating profit 14.7 -6.3 -1.0 -19.1 -50.0 -51.7 2.5 85.9 3.9 0.2 -9.5 Net profit 33.0 134.9 18.5 TTB -39.8 -0.5 -35.7 392.5 -23.6 73.4 -18.7 Notes: Based on non-consolidated K-IFRS; TTB refers to “turning to black” Source: Company data, Mirae Asset Daewoo Research estimates

Table 3. Earnings forecast revisions (Wbn, W, %, %p) Previous Revised Change 2016F 2017F 2016F 2017F 2016F 2017F Revenue 911 939 921 964 1.1 2.7 Operating profit 60 69 65 78 8.3 13.0 Pretax profit 65 77 59 85 -9.2 10.4 Net profit 52 60 47 66 -9.6 10.0 EPS 2,444 2,826 2,216 3,126 -9.3 10.6 OP margin 6.6 7.3 7.1 8.1 0.5 0.7 Net margin 5.7 6.4 5.1 6.8 -0.6 0.5 Notes: All figures are based on non-consolidated K-IFRS Source: Company data, Mirae Asset Daewoo Research estimates

Mirae Asset Daewoo Research 2 November 9, 2016 CJ CGV

Table 4. Key earnings factors (mn persons, %, W) 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16P 4Q16F 2014 2015 2016F

Nationwide attendance 50 45 73 49 49 45 72 52 215 217 219 CJ CGV attendance 25 22 35 24 24 22 34 25 104 106 104 Attendance at directly operated sites 18 16 26 18 18 17 27 19 78 79 81 Market share 48.9 49.7 48.3 48.3 48.1 48.1 47.2 47.3 48.6 48.7 47.7 Seat occupancy rate 32.2 23.8 37.3 24.9 24.8 22.8 35.3 25.5 29.2 28.3 27.1 (Directly operated) 34.7 25.8 39.3 26.3 25.8 23.6 35.9 25.9 32.0 30.2 27.8 (Franchise) 27.0 19.6 32.7 21.3 22.0 20.2 33.2 23.9 23.2 24.0 24.8 No. of directly operated sites 80 80 83 87 90 91 92 93 78 87 93 No. of franchise sites 47 46 45 41 39 37 37 36 47 41 36 No. of screens at directly operated sites 629 628 643 674 700 706 713 721 611 674 721 No. of screens at franchise sites 336 330 326 301 278 261 261 254 338 301 254 Avg. ticket price 7,567 8,203 7,483 7,640 7,638 8,091 7,672 7,706 7,608 7,690 7,777 Concession sales per patron 1,989 2,024 1,957 1,962 2,051 2,070 1,996 1,997 1,912 1,980 2,028 Source: Company data, Mirae Asset Daewoo Research estimates

Figure 1. Market cap/market share in Chinese box office

(Wtr) 2.5

2

1.5 Value of CGV China, assumption 1: W1.2tr Valueof CGV China, 1 assumption 2: W0.6tr 0.5

0 CGV China Wanda Cinema Line CFC SFG

Source: Bloomberg, Mirae Asset Daewoo Research

Mirae Asset Daewoo Research 3 November 9, 2016 CJ CGV

CJ CGV (079160 KS/Buy/TP: W95,000)

Comprehensive Income Statement (Summarized) Statement of Financial Condition (Summarized) (Wbn) 12/15 12/16F 12/17F 12/18F (Wbn) 12/15 12/16F 12/17F 12/18F Revenue 897 921 964 990 Current Assets 189 227 318 412 Cost of Sales 432 431 451 463 Cash and Cash Equivalents 75 106 192 282 Gross Profit 465 490 513 527 AR & Other Receivables 90 97 102 104 SG&A Expenses 393 426 436 445 Inventories 4 4 4 4 Operating Profit (Adj) 72 65 78 82 Other Current Assets 20 20 20 22 Operating Profit 72 65 78 82 Non-Current Assets 1,027 987 969 948 Non-Operating Profit 5 -6 7 11 Investments in Associates 446 458 479 492 Net Financial Income -12 -11 -8 -5 Property, Plant and Equipment 420 376 339 306 Net Gain from Inv in Associates 0 0 0 0 Intangible Assets 23 13 9 6 Pretax Profit 77 59 85 93 Total Assets 1,216 1,214 1,287 1,360 Income Tax 19 12 19 21 Current Liabilities 282 238 249 256 Profit from Continuing Operations 58 47 66 72 AP & Other Payables 135 139 145 149 Profit from Discontinued Operations 0 0 0 0 Short-Term Financial Liabilities 50 0 0 0 Net Profit 58 47 66 72 Other Current Liabilities 97 99 104 107 Controlling Interests 58 47 66 72 Non-Current Liabilities 413 415 418 420 Non-Controlling Interests 0 0 0 0 Long-Term Financial Liabilities 346 346 346 0 Total Comprehensive Profit 56 47 66 72 Other Non-Current Liabilities 67 69 72 420 Controlling Interests 56 47 66 72 Total Liabilities 694 652 667 675 Non-Controlling Interests 0 0 0 0 Controlling Interests 522 561 620 685 EBITDA 145 118 120 117 Capital Stock 11 11 11 11 FCF (Free Cash Flow) 46 101 117 112 Capital Surplus 89 89 89 89 EBITDA Margin (%) 16.2 12.8 12.4 11.8 Retained Earnings 427 466 525 589 Operating Profit Margin (%) 8.0 7.1 8.1 8.3 Non-Controlling Interests 0 0 0 0 Net Profit Margin (%) 6.5 5.1 6.8 7.3 Stockholders' Equity 522 561 620 685

Cash Flows (Summarized) Forecasts/Valuations (Summarized) (Wbn) 12/15 12/16F 12/17F 12/18F 12/15 12/16F 12/17F 12/18F Cash Flows from Op Activities 130 101 117 112 P/E (x) 46.2 32.3 22.9 21.1 Net Profit 58 47 66 72 P/CF (x) 16.1 12.4 11.3 11.5 Non-Cash Income and Expense 108 75 67 59 P/B (x) 5.1 2.7 2.4 2.2 Depreciation 50 43 38 32 EV/EBITDA (x) 20.6 14.8 13.9 13.5 Amortization 23 10 5 2 EPS (W) 2,727 2,216 3,126 3,397 Others 35 22 24 25 CFPS (W) 7,838 5,778 6,313 6,200 Chg in Working Capital -13 1 9 5 BPS (W) 24,663 26,529 29,305 32,351 Chg in AR & Other Receivables -2 -2 -4 -2 DPS (W) 350 350 350 350 Chg in Inventories 0 0 0 0 Payout ratio (%) 12.8 15.8 11.2 10.3 Chg in AP & Other Payables -21 2 3 2 Dividend Yield (%) 0.3 0.5 0.5 0.5 Income Tax Paid -16 -12 -19 -21 Revenue Growth (%) 3.7 2.7 4.7 2.7 Cash Flows from Inv Activities -150 -1 -2 -1 EBITDA Growth (%) 9.0 -18.6 1.7 -2.5 Chg in PP&E -84 0 0 0 Operating Profit Growth (%) 1.4 -9.7 20.0 5.1 Chg in Intangible Assets 0 0 0 0 EPS Growth (%) 73.5 -18.7 41.1 8.7 Chg in Financial Assets 8 -1 -2 -1 Accounts Receivable Turnover (x) 11.7 11.7 11.8 11.7 Others -74 0 0 0 Inventory Turnover (x) Cash Flows from Fin Activities 33 -57 -7 -7 Accounts Payable Turnover (x) 6.5 6.9 7.0 6.9 Chg in Financial Liabilities 39 -50 0 0 ROA (%) 4.9 3.9 5.3 5.4 Chg in Equity 0 0 0 0 ROE (%) 11.6 8.7 11.2 11.0 Dividends Paid -7 -7 -7 -7 ROIC (%) 13.8 13.8 18.9 23.1 Others 1 0 0 0 Liability to Equity Ratio (%) 133.0 116.2 107.5 98.7 Increase (Decrease) in Cash 13 30 86 90 Current Ratio (%) 67.1 95.3 127.8 161.0 Beginning Balance 62 75 106 192 Net Debt to Equity Ratio (%) Ending Balance 75 106 192 282 Interest Coverage Ratio (x) Source: Company data, Mirae Asset Daewoo Research estimates

Mirae Asset Daewoo Research 4 November 9, 2016 CJ CGV

APPENDIX 1

Important Disclosures & Disclaimers 2-Year Rating and Target Price History

Company (Code) Date Rating Target Price (W) CJ CGV CJ CGV(079160) 11/08/2016 Buy 95,000 200,000 08/04/2016 Buy 105,000 07/16/2015 Buy 150,000 150,000 05/26/2015 Buy 180,000 05/11/2015 Buy 112,000 100,000 04/28/2015 Buy 100,000 50,000 02/05/2015 Buy 80,000

11/14/2014 Buy 59,000 0 08/07/2014 Buy 56,000 Nov 14 Nov 15 Nov 16

Stock Ratings Industry Ratings Buy : Relative performance of 20% or greater Overweight : Fundamentals are favorable or improving Trading Buy : Relative performance of 10% or greater, but with volatility Neutral : Fundamentals are steady without any material changes Hold : Relative performance of -10% and 10% Underweight : Fundamentals are unfavorable or worsening Sell : Relative performance of -10% Ratings and Target Price History (Share price ( ─), Target price (▬), Not covered ( ■), Buy ( ▲), Trading Buy ( ■), Hold ( ●), Sell ( ◆)) * Our investment rating is a guide to the relative return of the stock versus the market over the next 12 months. * Although it is not part of the official ratings at Mirae Asset Daewoo Co., Ltd., we may call a trading opportunity in case there is a technical or short-term material development. * The target price was determined by the research analyst through valuation methods discussed in this report, in part based on the analyst’s estimate of future earnings. * The achievement of the target price may be impeded by risks related to the subject securities and companies, as well as general market and economic conditions.

Equity Ratings Distribution BuyBuyBuy Trading Buy HoldHoldHold SellSellSell 69.27% 17.07% 13.66% 0.00% * Based on recommendations in the last 12-months (as of September 30, 2016)

Disclosures As of the publication date, Mirae Asset Daewoo Co., Ltd. and/or its affiliates do not have any special interest with the subject company and do not own 1% or more of the subject company's shares outstanding.

Analyst Certification The research analysts who prepared this report (the “Analysts”) are registered with the Korea Financial Investment Association and are subject to Korean securities regulations. They are neither registered as research analysts in any other jurisdiction nor subject to the laws and regulations thereof. Opinions expressed in this publication about the subject securities and companies accurately reflect the personal views of the Analysts primarily responsible for this report. Mirae Asset Daewoo Co., Ltd. (“Mirae Asset Daewoo”) policy prohibits its Analysts and members of their households from owning securities of any company in the Analyst’s area of coverage, and the Analysts do not serve as an officer, director or advisory board member of the subject companies. Except as otherwise specified herein, the Analysts have not received any compensation or any other benefits from the subject companies in the past 12 months and have not been promised the same in connection with this report. No part of the compensation of the Analysts was, is, or will be directly or indirectly related to the specific recommendations or views contained in this report but, like all employees of Mirae Asset Daewoo, the Analysts receive compensation that is impacted by overall firm profitability, which includes revenues from, among other business units, the institutional equities, investment banking, proprietary trading and private client division. At the time of publication of this report, the Analysts do not know or have reason to know of any actual, material conflict of interest of the Analyst or Mirae Asset Daewoo except as otherwise stated herein.

Disclaimers This report is published by Mirae Asset Daewoo, a broker-dealer registered in the Republic of Korea and a member of the . Information and opinions contained herein have been compiled from sources believed to be reliable and in good faith, but such information has not been independently verified and Mirae Asset Daewoo makes no guarantee, representation or warranty, express or implied, as to the fairness, accuracy, completeness or correctness of the information and opinions contained herein or of any translation into English from the Korean language. If this report is an English translation of a report prepared in the Korean language, the original Korean language report may have been made available to investors in advance of this report. Mirae Asset Daewoo, its affiliates and their directors, officers, employees and agents do not accept any liability for any loss arising from the use hereof. This report is for general information purposes only and it is not and should not be construed as an offer or a solicitation of an offer to effect transactions in any securities or other financial instruments. The intended recipients of this report are sophisticated institutional investors who have substantial knowledge of the local business environment, its common practices, laws and accounting principles and no person whose receipt or use of this report would violate any laws and regulations or subject Mirae Asset Daewoo and its affiliates to registration or licensing requirements in any jurisdiction should receive or make any use hereof. Information and opinions contained herein are subject to change without notice and no part of this document may be copied or reproduced in any manner or form or redistributed or published, in whole or in part, without the prior written consent of Mirae Asset Daewoo. Mirae Asset Daewoo, its affiliates and their directors, officers, employees and agents may have long or short positions in any of the subject securities at any time and may make a

Mirae Asset Daewoo Research 5 November 9, 2016 CJ CGV

purchase or sale, or offer to make a purchase or sale, of any such securities or other financial instruments from time to time in the open market or otherwise, in each case either as principals or agents. Mirae Asset Daewoo and its affiliates may have had, or may be expecting to enter into, business relationships with the subject companies to provide investment banking, market-making or other financial services as are permitted under applicable laws and regulations. The price and value of the investments referred to in this report and the income from them may go down as well as up, and investors may realize losses on any investments. Past performance is not a guide to future performance. Future returns are not guaranteed, and a loss of original capital may occur.

Distribution United Kingdom: This report is being distributed by Daewoo Securities (Europe) Ltd. in the United Kingdom only to (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), and (ii) high net worth companies and other persons to whom it may lawfully be communicated, falling within Article 49(2)(A) to (E) of the Order (all such persons together being referred to as “Relevant Persons”). This report is directed only at Relevant Persons. Any person who is not a Relevant Person should not act or rely on this report or any of its contents. United States: This report is distributed in the U.S. by Daewoo Securities (America) Inc., a member of FINRA/SIPC, and is only intended for major institutional investors as defined in Rule 15a-6(b)(4) under the U.S. Securities Exchange Act of 1934. All U.S. persons that receive this document by their acceptance thereof represent and warrant that they are a major institutional investor and have not received this report under any express or implied understanding that they will direct commission income to Mirae Asset Daewoo or its affiliates. Any U.S. recipient of this document wishing to effect a transaction in any securities discussed herein should contact and place orders with Daewoo Securities (America) Inc., which accepts responsibility for the contents of this report in the U.S. The securities described in this report may not have been registered under the U.S. Securities Act of 1933, as amended, and, in such case, may not be offered or sold in the U.S. or to U.S. persons absent registration or an applicable exemption from the registration requirements. Hong Kong: This document has been approved for distribution in Hong Kong by Daewoo Securities (Hong Kong) Ltd., which is regulated by the Hong Kong Securities and Futures Commission. The contents of this report have not been reviewed by any regulatory authority in Hong Kong. This report is for distribution only to professional investors within the meaning of Part I of Schedule 1 to the Securities and Futures Ordinance of Hong Kong (Cap. 571, Laws of Hong Kong) and any rules made thereunder and may not be redistributed in whole or in part in Hong Kong to any person. All Other Jurisdictions: Customers in all other countries who wish to effect a transaction in any securities referenced in this report should contact Mirae Asset Daewoo or its affiliates only if distribution to or use by such customer of this report would not violate applicable laws and regulations and not subject Mirae Asset Daewoo and its affiliates to any registration or licensing requirement within such jurisdiction.

Mirae Asset Daewoo International Network

Mirae Asset Daewoo Co., Ltd. () Daewoo Securities (Hong Kong) Ltd. Daewoo Securities (America) Inc. Head Office Two International Finance Centre 810 Seventh Avenue 34-3 Yeouido-dong, Yeongdeungpo-gu Suites 2005-2012 37th Floor

Seoul 150-716 8 Finance Street, Central New York, NY 10019 Korea Hong Kong, China Tel: 82-2-768-3026 Tel: 85-2-2845-6332 Tel: 1-212-407-1000

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Chaoyang District, Beijing 100022 Pudong New Area, Shanghai 200120 Dist. 1, Ho Chi Minh City, China China Vietnam Tel: 86-10-6567-9299 Tel: 86-21-5013-6392 Tel: 84-8-3910-6000 Daewoo Investment Advisory (Beijing) Co., Ltd. Daewoo Securities (Mongolia) LLC 2401B, 24th Floor, East Tower, Twin Towers #406, Blue Sky Tower, Peace Avenue 17 B-12 Jianguomenwai Avenue, 1 Khoroo, Sukhbaatar District

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Mirae Asset Daewoo Research 6