DOCSLIB.ORG

J Contentree (036420 KQ ) Investments to Take Off in 2019

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
J Contentree (036420 KQ ) Investments to Take Off in 2019 J Contentree (036420 KQ ) Investments to take off in 2019 Media 3Q18 preview: Revising down estimates For 3Q18, we forecast J Contentree to post revenue of W149bn (+28.7% YoY; all growth figures hereafter are YoY) and operating profit of W19.7bn (+85.0%). By business Earnings Preview segment, we expect operating profit of W13.4bn for multiplex and W6.4bn for October 8, 2018 broadcasting. We see operating profit coming in below our previous estimate and the consensus (W23.5bn), affected by: 1) disappointing theater attendance during the Chuseok holidays; and 2) some deferred overseas drama licensing sales. Multiplex (Megabox): We look for revenue of W100.9bn (+19.4%) and operating profit of W13.4bn (+16.0%). The overall market grew 11.5% in the quarter, thanks to higher (Maintain) Buy ticket prices (+6.7%) and Chuseok-related theater attendance growth (+4.5 %). For Megabox, we estimate theater attendance at directly-operated sites expanded 16.6% Target Price (12M, W) on YoY market share gains (+1.1%p). The three films recently distributed by Megabox 8,400 should contribute W1.3bn to profits. While the movie On Your Wedding Day performed well in the box office, we believe the company saw small losses on Fengshui (released Share Price (10/05/18, W) 5,900 right before the Chuseok holiday) and Sunset in My Hometown (released in July). Broadcasting (JTBC Content Hub + parent): We look for revenue of W62bn (+66.7%) and Expected Return 42% operating profit of W6.4bn (+184.0%). We believe top line continued to grow, supported by the addition of Monday/Tuesday drama slots and higher production budgets. Overseas licensing sales likely included the sale of Life to Netflix (NFLX US/CP: OP (18F, Wbn) 47 US$363.65). We believe the recognition of some country-level sales (around W0.5bn) was deferred to 4Q18. We also think the older title Misty was sold to a Chinese firm for Consensus OP (18F, Wbn) 51 W2.5bn. EPS Growth (18F, %) 214.4 Bullish broadcasting outlook for 2019: China sales, additional JTBC slots, and Market EPS Growth (18F, %) 14.1 higher drama prices P/E (18F, x) 35.2 The 2019 outlook for the broadcasting business is looking increasingly bullish . Market P/E (18F, x) 8.8 Proceeds from the recent share issue should give the company the ability to respond KOSDAQ 773.70 to JTBC’s increasing programming . The company should also be able to demand higher prices for its tentpole content. 1) J Contentree plans to spend more than half (W63.3bn) Market Cap (Wbn) 850 of its equity issue proceeds next year. The company will dedicate 76% (W48.3bn) of this to securing web novel/webtoon intellectual property (IP) for TV adaptation (which has Shares Outstanding (mn) 144 become a popular trend) and to investing in stakes in original IP creators and Free Float (%) 65.6 producers. Given the much shorter cycle of drama production/programming (six to Foreign Ownership (%) 2.1 eight months) compared to films, we could see earnings leverage from increased Beta (12M) 0.87 production budgets by the end of next year. 52-Week Low 3,566 2) Sales of older titles to China have resumed. Following the 3Q18 sale of Misty , we 52-Week High 8,054 believe the company is currently working on deals for a number of other older titles, including Something in the Rain (transmission rights and remake rights). While Chinese (%) 1M 6M 12M firms are still restricted from utilizing Korean content , we believe many are looking to Absolute -5.1 -16.7 65.5 secure major content in advance of the lifting of the restrictions. In particular, the top Chinese platforms appear ready to release demand as soon as such signals emerge. Relative 0.5 -6.5 39.6 3) We see a strong chance of new drama slots being added on the JTBC channel in 280 J Contentree KOSDAQ 1H19. This, in turn, means more opportunities for drama production. JTBC turned a 230 profit last year, as its increasing channel compe titiveness drove ad rates higher. Recent entertainment shows and dramas have also been hugely successful. For dramas (the 180 channel’s core content), the potential for slot additions remains. 130 Maintain Buy and TP of W8,400 80 We reaffirm our Buy rating and TP of W8,400 on J Contentree. The three key 9.17 1.18 5.18 9.18 components of the broadcasting business—demand, investment, and sales—are interconnected. Should any positive changes in these variables become visible, this would prompt us to raise our 2019 estimates. Mirae Asset Daewoo Co., Ltd. [ Media ] FY (Dec.) 12/14 12/15 12/16 12/17 12/18F 12/19F Revenue (Wbn) 369 306 335 420 506 613 Jeong -yeob Park +822 -3774 -1652 OP (Wbn) 36 33 29 33 47 68 [email protected] OP margin (%) 9.8 10.8 8.7 7.9 9.3 11.1 NP (Wbn) 0 11 19 6 21 28 EPS (W) -1 121 159 53 167 197 ROE (%) -0.1 15.0 26.3 5.3 12.6 14.6 P/E (x) - 44.2 23.1 97.5 35.2 30.0 P/B (x) 2.3 9.6 5.0 3.8 4.6 4.0 Dividend yield (%) 0.0 0.0 0.0 0.0 0.0 0.0 Note: 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 October 8, 2018 J Contentree Table 1. Consolidated quarterly and annual earnings (Wbn, %, mn) 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18F 4Q18F 2017 2018F 2019F Revenue 87 97 116 121 110 111 149 137 420 506 613 Megabox 68 57 84 81 70 65 101 80 291 316 327 Box office 39 33 45 46 40 39 56 46 163 181 187 Concession 12 10 13 14 12 12 17 14 49 54 56 Screen ads 9 7 10 10 9 9 12 10 36 40 41 Other 8 7 16 11 9 6 16 10 43 41 43 Broadcasting 20 54 37 50 48 64 62 69 162 243 343 JTBC Content Hub 17 41 28 41 30 50 44 47 127 171 234 J Contentree (IP) 4 13 9 9 17 14 18 22 35 72 109 Operating profit 5.2 8.9 10.7 8.6 4.0 8.2 19.7 14.9 33.3 46.8 68.0 OP margin (%) 6.0 9.2 9.2 7.1 3.7 7.4 13.2 10.9 7.9 9.2 11.1 Megabox 4.3 0.0 9.1 12.5 3.1 1.7 13.4 6.6 25.9 24.8 27.4 Broadcasting 1.0 9.0 2.2 -0.5 1.1 6.6 6.4 8.3 11.7 22.4 41.5 JTBC Content Hub 1.0 6.9 2.2 -0.2 0.9 4.8 4.0 4.4 9.9 14.1 22.2 J Contentree (IP) -0.1 2.2 0.0 -0.3 0.2 1.8 2.4 3.9 1.8 8.3 19.3 Pretax profit 5.1 8.8 8.1 2.4 7.9 9.3 18.6 13.8 24.4 49.7 63.9 Net profit 3.8 6.3 1.7 -0.9 6.6 6.6 14.2 10.5 10.9 37.8 48.5 Net margin (%) 4.4 6.5 1.5 -0.8 6.0 5.9 9.5 7.7 2.6 7.5 7.9 Net profit attributable to 3.5 3.2 -1.0 0.8 4.6 2.5 8.3 5.9 6.4 21.4 28.3 controlling interest s YoY Revenue -5.3 21.2 9.6 108.6 26.2 15.2 28.7 12.8 25.4 20.5 21.1 Megabox 6.5 11.5 7.9 31.9 3.1 13.1 19.4 -1.1 14.0 8.6 3.5 Broadcasting 6.2 178.8 101.7 91.0 134.6 18.3 66.7 38.5 94.4 50.2 41.2 JTBC Content Hub -13.3 113.1 52.7 55.6 82.0 21.4 56.0 15.1 52.6 34.9 36.7 J Contentree (IP) - - - - 368.2 8.1 100.1 141.7 - 106.1 52.0 Operating profit -56.8 404.7 -30.9 TTB -22.8 -7.6 85.0 72.6 15.2 40.3 45.4 Net profit -42.8 TTB -85.9 TTR 74.4 4.7 716.2 TTB -51.4 247.4 28.3 Key assumptions Domestic attendance 52.3 45.0 64.0 58.6 51.3 45.1 66.8 53.9 219.9 217.1 219.7 Growth (%) 5.7 -0.3 -11.6 17.2 -1.9 0.1 4.5 -8.0 1.3 -1.2 1.2 Megabox attendance 10.2 8.6 12.2 11.7 10.2 9.1 13.5 10.9 42.7 43.6 44.2 Megabox share (%) 19.6 19.2 19.0 20.0 20.0 20.1 20.1 20.1 19.4 20.1 20.1 Note: Based on consolidated K -FIRS Source : Company data, Mirae Asset Daewoo Research estimates Figure 1. Investment schedule/breakdown (Wbn) 70 Domestic/overseas platform Original IP (writers, production studios, etc.) 5 60 Film content Drama content 50 16.3 10 40 10 10 30 9.5 20 32 10 10 19 0 3 2018F 2019F 2020F Source: Company data, Mirae Asset Daewoo Research Mirae Asset Daewoo Research 2 October 8, 2018 J Contentree Figure 2.
Load more

Recommended publications
  • The Next Growth Strategy for Hallyu 79
    Lee & Kim / The Next Growth Strategy for Hallyu 79 THE NEXT GROWTH STRATEGY FOR HALLYU A Comparative Analysis of Global Entertainment Firms Yeon W. Lee Seoul School of Integrated Science and Technology [email protected] Kyuchan Kim Korea Culture and Tourism Institute [email protected] Abstract Previous policy approaches on Hallyu have been focused on the role of government engagement, particularly in fostering diversity and equal business opportunities for small-and-medium enterprises (SMEs). However, a more strategic approach to the cultural industries should be implemented by carefully examining the role of the private sector, particularly the role of large enterprises (LEs). his is important because LEs have an overarching and fundamentally diferentiated role in increasing the size of industry through their expansive value-creating activities and diversiied business areas. his study focuses on the complementary roles of SMEs and LEs in facilitating the growth of Hallyu by bringing in the perspective of value chain diversiication and the modiied value chain framework for the ilm industry. By conducting a comparative analysis of the global entertainment irms in the US, China, and Japan, this study reveals how LEs in the global market enter and explore new industries within culture and continue to enhance their competitiveness. By forming a business ecosystem through linking their value-creating activities as the platform of network, this study looks into the synergistic role among enterprises of diferent size and scale and suggests that Korea’s policy for Hallyu should reorient toward a new growth strategy that encourages the integrative network of irms where the value activities of LEs serve as the platform for convergence.
    [Show full text]
  • John Hancock Emerging Markets Fund
    John Hancock Emerging Markets Fund Quarterly portfolio holdings 5/31/2021 Fund’s investments As of 5-31-21 (unaudited) Shares Value Common stocks 98.2% $200,999,813 (Cost $136,665,998) Australia 0.0% 68,087 MMG, Ltd. (A) 112,000 68,087 Belgium 0.0% 39,744 Titan Cement International SA (A) 1,861 39,744 Brazil 4.2% 8,517,702 AES Brasil Energia SA 14,898 40,592 Aliansce Sonae Shopping Centers SA 3,800 21,896 Alliar Medicos A Frente SA (A) 3,900 8,553 Alupar Investimento SA 7,050 36,713 Ambev SA, ADR 62,009 214,551 Arezzo Industria e Comercio SA 1,094 18,688 Atacadao SA 7,500 31,530 B2W Cia Digital (A) 1,700 19,535 B3 SA - Brasil Bolsa Balcao 90,234 302,644 Banco Bradesco SA 18,310 80,311 Banco BTG Pactual SA 3,588 84,638 Banco do Brasil SA 15,837 101,919 Banco Inter SA 3,300 14,088 Banco Santander Brasil SA 3,800 29,748 BB Seguridade Participacoes SA 8,229 36,932 BR Malls Participacoes SA (A) 28,804 62,453 BR Properties SA 8,524 15,489 BrasilAgro - Company Brasileira de Propriedades Agricolas 2,247 13,581 Braskem SA, ADR (A) 4,563 90,667 BRF SA (A) 18,790 92,838 Camil Alimentos SA 11,340 21,541 CCR SA 34,669 92,199 Centrais Eletricas Brasileiras SA 5,600 46,343 Cia Brasileira de Distribuicao 8,517 63,718 Cia de Locacao das Americas 18,348 93,294 Cia de Saneamento Basico do Estado de Sao Paulo 8,299 63,631 Cia de Saneamento de Minas Gerais-COPASA 4,505 14,816 Cia de Saneamento do Parana 3,000 2,337 Cia de Saneamento do Parana, Unit 8,545 33,283 Cia Energetica de Minas Gerais 8,594 27,209 Cia Hering 4,235 27,141 Cia Paranaense de Energia 3,200
    [Show full text]
  • Cj E&M (130960.Kq)
    CJ E&M (130960.KQ) Top player in Korea’s media content market Company Report │ Sep 21, 2017 As Korea’s leading media content company, CJ E&M’s efforts to improve its content competitiveness over the past few years have finally begun to bear fruit. Also positive, we point out that the firm has a wide variety of anticipated content lined up for the peak season of 4Q. Meanwhile, thanks to Buy (initiate) the strong success of music group Wanna One, we expect CJ E&M’s music business to continue showing strong growth. Reflecting these positives, we TP W100,000 ( initiate ) predict that CJ E&M’s share price will rise going forward. CP (’17/09/19) W79,500 Sector Media Kospi/Kosdaq 2,416.05 / 674.48 Market cap (common) US$2,729.8mn Outstanding shares (common) 38.7mn Stands as Korea’s number-one media content platform 52W high (’17/01/20) W88,700 CJ E&M is Korea’s number-one content producer/platform operator. Positive low (’16/12/05) W53,800 Average trading value (60D) US$12.1mn results from its investment in content over the past few years are to start being Dividend yield (2017E) 0.25% reflected in the firm’s earnings from 2017, and should continue to boost its Foreign ownership 28.3% earnings figures in 2018. Major shareholders CJ Corp and 5 others 42.9% 1) Media content division: Operating throughout the industry value chain (via its Wellington Management Hong Kong Limited and one other 5.1% broadcasting platforms, drama production and writing arms), the media Share perf 3M 6M 12M content division boasts strong competitiveness.
    [Show full text]
  • Emerging Markets Core Equity Portfolio-Institutional Class As of July 31, 2021 (Updated Monthly) Source: State Street Holdings Are Subject to Change
    Emerging Markets Core Equity Portfolio-Institutional Class As of July 31, 2021 (Updated Monthly) Source: State Street Holdings are subject to change. The information below represents the portfolio's holdings (excluding cash and cash equivalents) as of the date indicated, and may not be representative of the current or future investments of the portfolio. The information below should not be relied upon by the reader as research or investment advice regarding any security. This listing of portfolio holdings is for informational purposes only and should not be deemed a recommendation to buy the securities. The holdings information below does not constitute an offer to sell or a solicitation of an offer to buy any security. The holdings information has not been audited. By viewing this listing of portfolio holdings, you are agreeing to not redistribute the information and to not misuse this information to the detriment of portfolio shareholders. Misuse of this information includes, but is not limited to, (i) purchasing or selling any securities listed in the portfolio holdings solely in reliance upon this information; (ii) trading against any of the portfolios or (iii) knowingly engaging in any trading practices that are damaging to Dimensional or one of the portfolios. Investors should consider the portfolio's investment objectives, risks, and charges and expenses, which are contained in the Prospectus. Investors should read it carefully before investing. Your use of this website signifies that you agree to follow and be bound by the terms
    [Show full text]
  • Hallyu at a Crossroads: the Clash of Korea's Soft Power Success and China's Hard Power Threat in Light of Terminal High
    Asian International Studies Review Vol. 18 No.1 (June 2017): 153-169 153 Received March 15, 2017 Revised May 10, 2017 Accepted May 20, 2017 Hallyu at a Crossroads: The Clash of Korea’s Soft Power Success and China’s Hard Power Threat in Light of Terminal High Altitude Area Defense (THAAD) System Deployment HANNAH JUN* The past two decades have witnessed the remarkable success of Hallyu, or the Korean Wave, with Korea welcoming a large influx of foreign visitors and benefiting from massive consumption of products ranging from Korean television and film, K-pop and lifestyle products. A more recent announcement by CJ E&M points to an even more aggressive plan for regional ubiquity, as encapsulated by Hallyu 4.0. Simultaneously, we have already felt some of the effect of policy changes in China – a core Hallyu market – as a response to Korea’s plan to deploy a Terminal High Altitude Area Defense (THAAD) system. In this sense, we see the stirrings of a clash between Korean soft power and Chinese hard power, and are uncertain who will emerge on top. This paper examines the broad success of Hallyu from key theoretical perspectives, while addressing linkages between Korean corporations and cultural power/influence that have led to an announcement such as Hallyu 4.0. This paper also highlights the recent tensions between Korea and China, specifically with respect to THAAD deployment, and outlines potential implications for businesses and policymakers through preliminary scenarios. Keywords: Nuclear Taboo, Nuclear Arms, Deterrence, Norms, Proliferation, Just War * Assistant Professor, Ewha Womans University, Seoul, South Korea; E-mail: [email protected]; DOI: 10.16934/isr.18.1.201706.153 Downloaded from Brill.com09/28/2021 03:33:20PM via free access 154 Hallyu at a Crossroads I.
    [Show full text]
  • RENTRAK Worldwide Film Distributors
    RENTRAK Worldwide Film Distributors ABBREVIATED NAME FULL NAME 518 518 Media 757 7-57 Releasing 1211 1211 Entertainment 2020 2020 Films @ENT At Entertainment @MOV @MOVIE JAPAN +me +me 01 DIST 01 Distribution 104 FLM 104 Films 11ARTS Eleven Arts 120D 120 Degree Films 13DIST Les Films 13 Distribution 1A FLM 1A Films 1CUT 1st Cut 1M60FILM 1meter60 Film 1MRFM 1 More Film 1ST INDP First Independent 1stRUN First Run 21ST 21st Century 21ST CENT Twenty First Century Films 24BD 24 Bilder 24FRMS 24 Frames 2Corzn Dos Corazones 2GN 2nd Generation 2MN Two Moon 2ND GEN Second Generation Films 2RIVES Les Films des Deux Rives 2SR 2 Silks Releasing 35MI 35 Milim Filmcilik 360 DEGREE 360 Degrees Film 3DE 3D Entertainment 3ETAGE Productions du 3e Etage 3L 3L 3MONDE La Médiathèque des Trois Mondes 3RD WINDOW Third Window Fims 3ROS 3Rosen 41Inc 41 Inc 42FILM 42film 45RDLC 45 RDLC 4DIGITAL 4Digital Media Ltd 4STFM Four Star Film 4TH 4th & Broadway 4TH DIG 4TH Digital Asia 5&2 Five & Two Pictures 50TH 50th Street 5PM Five Points Media 5STR Five Star Trading 5STRET Five Star Entertainment 6PCK Sixpack-Film 791C 791 Cine 7ARTS Seven Arts Distribution 7FLR The 7th Floor 7PP 7th Planet Prods 7TH ART Seventh Art Production 8X 8X Entertainment A B FILM A.B. Film Distributors A. LEONE Andrea Leone Films A3DIST A3 Distribution AA AA Films AAA Acteurs Auteurs Associés (AAA) AAAM Arts Alliance America AAC Alliance Atlantis Communications AAM Arts Alliance Media Aanna Aanna Films AARDMAN Aardman Animations AB&GO AB & GO ABBEY Abbey Home Entertainment ABCET ABC Entertainment ABCF ABC-Films ABFI Absinthe Films ABH Abhi Films ABKCO ABKCO Films ABLO Ablo ABR Abramorama Entertainment ABS ABS-CBN ABSOLUT Absolut media ACADRA ACADRA Distribution ACAF Acacia Films Acajou Acajou Films ACCDIS Accatone Distribution ACCTN Accatone ACD Academy ACE Ace Films ACHAB Achab Film AchimHae Achim Hae Nori ACM Access Motion Picture Group ACME ACME ACOMP A Company ACONTRA A contracorriente ACROB Acrobate Films ACT/TDT Actions Cinémas/Théâtre du Temple ACTAEON Actaeon Film Ltd.
    [Show full text]
  • Cinema As a Window on Contemporary Korea
    KOREAN FILM AND POPULAR CULTURE Cinema as a Window on Contemporary Korea By Tom Vick THE FOUNDATIONS OF THE NEW KOREAN CINEMA In 1992, after decades of military rule, South Korea elected its first civilian president, Kim Young-sam. Along with the many social, political, and economic changes that accompa- nied the nation’s shift from military to democratic rule, the Korean film industry under- went a renaissance in both popularity and artistic quality, spurred by public and corporate investment, and created by filmmakers released from decades of strict censor- . when President Kim was informed that the ship that prevented them from directly addressing important issues. According movie Jurassic Park had turned a profit equal to to a frequently repeated anecdote, when President Kim was informed that the the export of 1.5 million Hyundai automobiles, he movie Jurassic Park had turned a profit was inspired to provide greatly increased state Marriage Story. equal to the export of 1.5 million ©1992 Shin Cine Communications Ik Young Films Co., Ltd.. Hyundai automobiles, he was inspired support to the media and culture industries. to provide greatly increased state sup- port to the media and culture indus- tries.1 Prior to that, the surprising box office success of Kim Ui-seok’s Marriage Story in 1992, which was financed in part by the corporate conglomerate Samsung, prompted other corporations to see movies as a worthwhile investment.2 Directors who suffered under censorship took advantage of this new era of free expression and increased funding to take on once forbidden topics. Jang Sun-woo, who had been imprisoned at one point for his political activi- ties, addressed the Kwangju Massacre of May 18, 1980, during which the military brutally suppressed a pro-democratization uprising, in A Petal (1996).
    [Show full text]
  • Showbox (086980 KQ) Tentpole Strategy Bearing Fruit; Overseas Business Taking Shape
    Showbox (086980 KQ) Tentpole strategy bearing fruit; Overseas business taking shape Media US co-production deal and strong Chuseok performance of The Throne US co-production deal: Showbox announced that it has signed a co-production Company Update partnership with the American production company Blumhouse Productions and financing firm Ivanhoe Pictures. Blumhouse is the studio behind the film Whiplash October 1, 2015 (which was distributed in Korea by Showbox this year) and is well known for making low- budget box-office hits. Under the deal, Showbox will team with Blumhouse to produce at least six Korean language films in the thriller and horror genre over the next five (Upgrade) Buy years, with the projects fully financed by Ivanhoe. Showbox will be in charge of the domestic distribution of the movies, which could be remade in English by Blumhouse. Target Price (12M, W) 11,000 Chuseok box-office performance: During this year’s Chuseok holiday, the clear box-office winner was Showbox. The Throne , which was released by the company , sold 2.19mn Share Price (09/30/15, W) 8,480 tickets during the four-day long holiday, bringing the cumulative tally to 4.79mn. We believe the company has broken even on the film, closing the third quarter on a high note. Expected Return 30% Upbeat on 3Q; Tentpole and overseas operations are long-term positives Upbeat on 3Q earnings: We estimate Showbox movies sold 18.2mn tickets in 3Q thanks OP (15F, Wbn) 11 to the box-office hits Assassination and The Throne . The quarterly figure is 47% higher Consensus OP (15F, Wbn) 6 than the previous record set in 3Q12 (12.39mn), when the hugely successful film The Thieves was released.
    [Show full text]
  • Performance, Companies with Female CEO Performance, Companies with Female CEO 800,0 300,0
    After 2010 Index values: 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 Index values: 2017 2016 2015 2014 2013 2012 2011 2010 Diversity 752,5 683,9 606,1 510,4 410,9 300,3 251,2 268,7 199,7 100,0 Diversity 280,1 254,5 225,6 189,9 152,9 111,8 93,5 100,0 MSCI Developed 260,1 238,2 218,5 214,1 194,9 151,3 130,7 138,3 125,7 100,0 MSCI Developed 188,0 172,2 158,0 154,8 140,9 109,4 94,5 100,0 MSCI EM 218,2 184,4 165,9 195,0 199,3 204,7 173,1 212,2 178,5 100,0 MSCI EM 102,8 86,9 78,2 91,9 93,9 96,4 81,6 100,0 Diversity performance: Annualised 2017 2016 2015 2014 2013 2012 2011 2010 2009 Diversity performance: Annualised 2017 2016 2015 2014 2013 2012 2011 Absolute 25 % 10 % 13 % 19 % 24 % 37 % 20 % -7 % 35 % 100 % Absolute 15,8 % 10 % 13 % 19 % 24 % 37 % 20 % -7 % MSCI World 11 % 9 % 9 % 2 % 10 % 29 % 16 % -5 % 10 % 26 % Absolute 9,4 % 9 % 9 % 2 % 10 % 29 % 16 % -5 % Relative 14 % 1 % 4 % 17 % 14 % 8 % 4 % -1 % 25 % 74 % Vs MSCI World 6,4 % 1 % 4 % 17 % 14 % 8 % 4 % -1 % Performance, Companies with female CEO Performance, Companies with female CEO 800,0 300,0 700,0 250,0 600,0 200,0 500,0 400,0 150,0 300,0 100,0 200,0 50,0 100,0 - - 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2010 2011 2012 2013 2014 2015 2016 2017 Diversity MSCI Developed MSCI EM Diversity MSCI Developed MSCI EM Market wgt Equal wgt US 41,6 % 33,2 % China 8,0 % 17,0 % India 6,6 % 4,2 % Canada 3,7 % 3,7 % Italy 3,5 % 1,7 % UK 3,4 % 5,2 % Spain 2,9 % 1,2 % Sweden 2,4 % 2,5 % Australia 2,4 % 4,7 % HongKong 2,1 % 2,2 % France 1,9 % 1,2 % Germany 1,9 % 1,2 % MSCI World USD
    [Show full text]
  • Impact of Diversifying Media Content on Country's Economic Potential: Case Study of South Korea Authorship Introduction
    IMPACT OF DIVERSIFYING MEDIA CONTENT ON COUNTRY'S ECONOMIC POTENTIAL: CASE STUDY OF SOUTH KOREA AUTHORSHIP INTRODUCTION Alina Vitalievna Fadeeva The relevance of this study is determined by Saint-Petersburg State University, St. Petersburg, Russia. the fact that the products of media production ORCID: https://orcid.org/0000-0003-4219-888X in the Republic of Korea are rapidly gaining E-mail: [email protected] popularity all over the world. This Daria Anatolevna Puiu phenomenon should be considered within the Saint-Petersburg State University, St. Petersburg, Russia. framework of the "soft power" concept, as a special semiotic system influencing the ORCID: https://orcid.org/0000-0003-1915-9647 E-mail: [email protected] formation of the consumer culture of a modern Pavel Yurievich Gurushkin person. In particular, such a musical trend as K- pop is the most in-demand and dynamically Saint-Petersburg State University, St. Petersburg, Russia. developing segment of the modern ORCID: https://orcid.org/0000-0001-6980-0573 entertainment industry. The central place in E-mail: [email protected] this process is held by the mass media as the Sergey Borisovich Nikonov main instrument of promotion. It should be Saint-Petersburg State University, St. Petersburg, Russia. noted that with the development of IT technologies, the popularity of Korean media ORCID: https://orcid.org/0000-0002-8340-1541 E-mail: [email protected] products is only increasing. The largest conglomerates, cosmetic industries and Iuliia Valerievna Puiu production centers use the latest technologies Herzen State Pedagogical University of Russia, St. Petersburg, (social networks and mobile applications), Russia. modernizing their approach to shaping the ORCID: https://orcid.org/0000-0002-7216-8924 E-mail: [email protected] image of South Korean brands in the area.
    [Show full text]
  • Expect Solid Earnings Improvement on Stronger Content Competitiveness
    CJ E&M (130960.KQ) Expect solid earnings improvement on stronger content competitiveness Company Comment │ Nov 22, 2017 Backed by both the upcoming Pyeongchang Olympics and an ongoing recovery in the domestic ad market, CJ E&M appears set to enjoy solid earnings growth in 2018. Also positive, CJ E&M’s EV should strengthen going forward in line with the rising values of its stakes in Studio Dragon and Netmarble Games. Buy (maintain) TP W130,000 (raise) CP (‘17/11/21) W92,000 Anticipate healthy earnings growth in 2018 Sector Media Kospi/Kosdaq 2,530.7 / 789.38 In 2018, we expect CJ E&M to show sales of W2.01tn (+10.4% y-y), operating Market cap (common) US$3,258.41mn profit of W122.9bn (+39.6% y-y), and net profit of W176.8bn (-63.5% y-y). Outstanding shares (common) 38.7mn Believing that this earnings improvement will be spearheaded by efforts to 52W high (’17/11/15) W97,300 strengthen content competitiveness, we maintain CJ E&M as our top pick low (’16/12/05) W53,800 amongst media industry players. Average trading value (60D) US$23.69mn Dividend yield (2017E) 0.22% Our key investment points for CJ E&M include: 1) a brisk earnings uptrend at Foreign ownership 28.3% its media content division on the firm’s improved content competitiveness; 2) the fact that the company has secured production capabilities via subsidiaries Major shareholders CJ Corp and 5 others 42.9% Studio Dragon (for which an IPO is soon slated) and JS Pictures; 3) its beefed Wellington Management Hong 6.1% up competiveness as a comprehensive media platform player (including
    [Show full text]
  • Company Overview Valuation Data Source
    Valuation Data Source company overview No. Company No. Company No. Company "Bank "Saint-Petersburg" Public 60 AbClon Inc. 117 Activision Blizzard, Inc. 1 Joint-Stock Company Abdullah Al-Othaim Markets 118 Actron Technology Corporation 61 2 1&1 Drillisch AG Company 119 Actuant Corporation 3 1-800-FLOWERS.COM, Inc. Abdulmohsen Al-Hokair Group for 120 Acuity Brands, Inc. 62 4 11 bit studios S.A. Tourism and Development Company 121 Acushnet Holdings Corp. 5 1st Constitution Bancorp 63 Abengoa, S.A. 122 Ad-Sol Nissin Corporation 6 1st Source Corporation 64 Abeona Therapeutics Inc. 123 Adairs Limited 7 21Vianet Group, Inc. 65 Abercrombie & Fitch Co. 124 ADAMA Ltd. 8 22nd Century Group, Inc. 66 Ability Enterprise Co., Ltd. 125 Adamas Pharmaceuticals, Inc. Ability Opto-Electronics Technology 126 Adamis Pharmaceuticals Corporation 9 2U, Inc. 67 Co.,Ltd. 127 Adani Enterprises Limited 10 3-D Matrix, Ltd. 68 Abiomed, Inc. 128 Adani Gas Limited 11 361 Degrees International Limited 69 ABIST Co.,Ltd. 129 Adani Green Energy Limited 12 3D Systems Corporation 70 ABL Bio Inc. Adani Ports and Special Economic 13 3i Group plc 130 71 Able C&C Co., Ltd. Zone Limited 14 3M Company 131 Adani Power Limited 72 ABM Industries Incorporated 15 3M India Limited 132 Adani Transmissions Limited 73 ABN AMRO Bank N.V. 16 3S KOREA Co., Ltd. 133 Adaptimmune Therapeutics plc 74 Aboitiz Equity Ventures, Inc. 17 3SBio Inc. 134 Adastria Co., Ltd. 75 Aboitiz Power Corporation 18 500.com Limited 135 ADATA Technology Co., Ltd. 76 Abraxas Petroleum Corporation 19 51 Credit Card Inc.
    [Show full text]