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November 11, 2015 November 11, 2015 KOREA Company News & Analysis Major Indices Close Chg Chg (%) Wonik IPS (030530/Buy/TP: W16,000) KOSPI 1,997.27 0.68 0.03 Implications of the spin-off KOSPI 200 245.86 0.00 0.00 KOSDAQ 667.21 10.51 1.60 CJ E&M (130960/Buy/TP: W110,000) Ready for the next big leap Turnover ('000 shares, Wbn) Volume Value Interpark (108790/Buy/TP: W30,000) KOSPI 282,596 3,796 Mobile and tour growth story remains intact KOSPI 200 63,222 2,712 KOSDAQ 628,336 3,430 Kangwon Land (035250/Buy/TP: W54,000) Market Cap (Wbn) 3Q report reaffirms golden goose status Value KOSPI 1,266,258 Korea Gas (036460/Hold) Downgrade rating KOSDAQ 190,795 Wait until uncertainties are cleared KOSPI Turnover (Wbn) Buy Sell Net Sector News & Analysis Foreign 904 1,128 -224 Institutional 726 720 6 Healthcare (Overweight) Retail 2,067 1,931 136 Healthcare Weekly Briefing KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 218 171 48 Institutional 115 144 -30 Retail 3,090 3,114 -24 Program Buy / Sell (Wbn) Buy Sell Net KOSPI 729 841 -112 KOSDAQ 56 44 12 Advances & Declines Advances Declines Unchanged KOSPI 511 296 68 KOSDAQ 746 297 64 KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Hanmi Pharm 818,000 34,000 303 Samsung Electronics 1,333,000 12,000 187 KODEX LEVERAGE 10,095 -20 170 Hanmi Science 164,000 -4,000 158 KODEX INVERSE 8,185 5 124 KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Celltrion 79,900 4,100 155 New Pride 15,800 -200 119 NATURECELL 7,680 -320 117 Digital-Tech 2,400 280 97 Kolon Life Science 210,600 11,100 87 Note: As of November 11, 2015 This document is a summary of a report prepared by Daewoo Securities Co., Ltd. (“Daewoo”) and published on our website. Please review the compliance notices contained in the original report. Information and opinions contained herein have been compiled in good faith from sources deemed to be reliable. However, the information has not been independently verified. Daewoo makes no guarantee, representation or warranty, express or implied, as to the fairness, accuracy or completeness of the information and opinions contained in this document. Daewoo accepts no responsibility or liability whatsoever for any loss arising from the use of this document or its contents or otherwise arising in connection therewith. Information and opinions contained herein are subject to change without notice. This document is for informational purposes only. It is not and should not be construed as an offer or solicitation of an offer to purchase or sell any securities or other financial instruments. This document may not be reproduced, further distributed or published in whole or in part for any purpose. Wonik IPS (030530 KQ/Buy) Implications of the spin-off Technology Wonik TGS will take over Wonik IPS’s treasury shares, suggesting the spin-off is part of the company’s efforts to convert to a holding company structure News Comment History shows that companies tend to have larger market caps (on a combined basis) November 10, 2015 post-split Pullback looks overdone; Maintain Buy and TP of W16,000 Daewoo Securities Co., Ltd. Wonik IPS to split into two separate companies [Semiconductor] On November 9th, Wonik IPS announced that it would split into two separate companies. Jonathan Hwang Wonik IPS (new entity) will focus on the semiconductor, display, and solar power equipment +822-768-4140 businesses, while Wonik TGS (surviving entity) will assume the total gas solution (TGS) [email protected] business and investment holdings. The spin-off will be effective as of April 1, 2016 and shareholders will receive 0.5127095 shares of the newly established Wonik IPS for each existing share they own. Trading will be suspended from March 30, 2016 to April 29, 2016, and new shares will be listed on May 2, 2016. No appraisal rights will be offered. The company stated that the purpose of the split is to 1) better allocate investment resources to each business division, 2) enhance management accountability and autonomy, and 3) ensure swift decision-making and management efficiency. Table 1. Spin-off timeline Event Date Resolution by board of directors Nov. 9, 2015 Record date for shareholders’ meeting for spin-off approval Nov. 30, 2015 Submission of securities registration statement Jan. 14, 2016 Shareholders’ meeting for spin-off approval Feb. 25, 2016 Transfer of old shares Feb. 29-Mar. 31, 2016 Suspension of trading Mar. 30-Apr. 29, 2016 Spin-off Apr. 1, 2016 Spin-off registration Apr. 4, 2016 Relisting May 2, 2016 Source: KDB Daewoo Securities Research Pullback looks overdone; Spin-off likely part of conversion to holding company We believe the stock’s pullback following news of the spin-off was due to the lack of clarity surrounding its purpose. We think it is highly likely the split is part of the company’s efforts to convert to a holding company structure. Wonik TGS is likely to serve as the de-facto holding company by taking over Wonik IPS’s treasury shares in addition to existing investment holdings (Wonik Materials, Tera Semicon, Wonik L&D, and Wonik Investment Partners). From this perspective, we believe the stock’s correction is largely overdone. In our view, the transition to a holding company structure would be positive to shares, as it would allow for business specialization, efficient allocation of investment resources, and improved corporate governance. FY (Dec.) 12/12 12/13 12/14 12/15F 12/16F 12/17F Revenue (Wbn) 349 423 557 666 649 790 OP (Wbn) 26 55 92 111 97 137 OP margin (%) 7.4 13.0 16.5 16.7 14.9 17.3 NP (Wbn) 8 27 47 82 77 106 EPS (W) 108 373 581 1,012 956 1,313 ROE (%) 3.0 9.3 13.8 20.5 16.1 18.6 P/E (x) 43.3 23.0 24.0 9.7 10.3 7.5 P/B (x) 1.2 2.0 3.0 1.7 1.5 1.2 Notes: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the U.S. PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES & DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT. CJ E&M (130960 KQ) Ready for the next big leap 3Q review: Earnings beat our expectation and the consensus Media CJ E&M reported 3Q operating profit of W13.6bn, topping our expectation and the consensus. The latest earnings report was a considerable improvement from the more Results Comment than W10bn operating loss recorded in 3Q14, proving the company’s fundamentals are November 11, 2015 indeed strengthening. Revenue: Broadcasting and music/performance revenue was in line with our estimates. Film revenue was stronger than anticipated, buoyed by the revenue recognition for the (Maintain) Buy foreign co-production Miss Granny , which has attracted around 10mn m oviegoers since its release earlier this year in China. Target Price (12M, W) 110,000 Profit: Margins at the broadcasting unit were better than expected, as a combination of stronger ad and content revenue and production cost discipline led to leverage effects. Share Price (11/10/15, W) 81,200 We believe the online show New Journey to the West (which began airing in September) also contributed to the broadcasting unit’s margin gains. Meanwhile, non- operating profit was boosted by strong equity-method gains from Netmarble Games Expected Return 35% and one-off positives, including dividend income from content funds and profits from the disposal of one of the company’s channels. OP (15F, Wbn) 75 4Q peak-season effects and long-term growth of the digital/global businesses Consensus OP (15F, Wbn) 64 Bullish 4Q outlook: Traditionally, 4Q is the strongest quarter for the broadcasting and music/performance units. In broadcasting, the drama Reply 1988 and shows Unpretty EPS Growth (15F, %) -28.9 Rapstar 2 and Show Me the Money , all of which command higher ad rates, are currently Market EPS Growth (15F, %) 21.5 on air. In music/performance, a number of events are taking place in 4Q, including P/E (15F, x) 19.7 concerts by artists from the company’s own label and the musical Werther , which Market P/E (15F, x) 11.7 boasts an impressive cast. In films, The Priest s starring Kang Dong-won is performing KOSDAQ 656.70 strongly in the box-office, while the drama Himalaya (considered the company’s tentpole) is set to hit theaters in December. Market Cap (Wbn) 3,145 Shares Outstanding (mn) 39 Digital operations: CJ E&M recently acquired the over-the-top (OTT) service “tving” Free Float (%) 56.7 from CJ HelloVision, completing its new media value chain. For digital content, CJ E&M is airing its original TV content and also producing “snack culture” videos via the mobile Foreign Ownership (%) 13.7 production brand tvNgo. For distribution, the company has tving as well as third-party Beta (12M) 1.24 portals. The new media rep subsidiary MezzoMedia, which aids CJ E&M’s monetization 52-Week Low 33,250 efforts, is also showing accelerating growth. 52-Week High 95,000 Global operations: The company has around 10 co-production projects ongoing in (%)(%)(%) 1M1M1M 6M6M6M 12M12M12M China, another 10 in Vietnam, and six in the US.
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