J Contentree

(036420 KQ ) Focus on potential rather than visibility

Media 1Q18 review: Disappointing results Results Comment For 1Q18, J Contentree reported consolidated revenue of W109.6bn (+26.2% YoY; all growth figures hereafter are YoY) and operating profit of W4bn (-22.8%). Revenue was May 14, 2018 in line, but operating profit missed our estimate (W7.1bn) and the consensus (W8.2bn). Licensing revenue was weaker than expected due to the disappointing performance of dramas aired late last year, while multiplex margins were dragged do wn by site rollouts. Broadcasting (JTBC Content Hub + parent): Revenue was W47.5bn (+134.6%) , and (Downgrade) Trading Buy operating profit was W1.1bn (+9.4%). Revenue grew markedly, boosted by the addition of Monday/Tuesday drama slots. Domestic/overseas licensing revenues related to Target Price (12M, W) ▲ 8,800 Untouchable (November-January) and or Shine (December-January) were tepid , but overall distribution volume was robust thanks to the hit drama Misty (February- March). Share Price (05/11/18, W) 7,370 Multiplex (Megabox): Revenue was W70.4bn (+3.1%), and operating profit was Expected Return W3.1bn (-28.1%). The box-office market was strong during the f irst two months of the 19% year due to the success of several titles released late last year ( Along with the Gods and 1987 ), but the lack of content in March resulted in a 1.9% fall in nationwide box- office revenue in the quarter. Megabox’s theater rollouts (market share expansion) OP (18F, Wbn) 75 helped drive above-market growth, but also pushed up expenses (including labor Consensus OP (18F, Wbn) 56 expenses), pressuring profits.

EPS Growth (18F, %) 510.1 Earnings: 2H18 ＞2Q18 ＞1Q18 Market EPS Growth (18F, %) 16.3 While 1Q18 results were disappointing, we also observed several positive signals in the P/E (18F, x) 21.4 report. Market P/E (18F, x) 9.5 Broadcasting: The drama Misty sho uld continue to support domestic/overseas KOSDAQ 865.93 licensing revenue in 2Q18. , which has gained a huge following since airing on March 30 th , has seen strong domestic distribution and has also been Market Cap (Wbn) 841 sold to Netflix (NFLX US/CP: US$326.46; potential for additional sales to Shares Outstanding (mn) 114 Japan ese/Taiwanese channels). A much-anticipated drama coming out in 2Q18 is Sketch (Rain and Lee Dong-gun). The title has a much larger budget (over W600mn per Free Float (%) 65.4 episode) than previous dramas, which bodes well for top-line growth. Foreign Ownership (%) 3.1 Multiplex: In April, the box-office market grew 32.5%, driven by a combination of Beta (12M) 0.68 ticket price hikes and the blockbuster film Avengers: Infinity War . A number of other 52-Week Low 3,605 highly anticipated foreign films are set to hit theaters in May-June. Overall, we think 52-Week High 8,470 demand could outpace labor expenses. Meanwhile, Megabox’s strategic decision to scale back its theater openings should begin to have a positive impact on margins in (%) 1M 6M 12M 2H18. Absolute -11.1 65.2 84.9 Focus on potential rather than visibility Relative -9.1 37.5 38.3 We raise our target price on J Contentree to W8,800 (fair value of W1tr), but 230 J Contentree KOSDAQ downgrade our rating to Trading Buy. We derived our target price using a SOTP methodology in light of the disparities in the market environment and growth of each 180 business. We value the multiplex business at W263.6bn and the broadcasting business at W736.2bn, adjusting for the company’s equity stakes. Our target price corresponds to a 2018F P/E (attributable to controlling interests) of 25.5x. 130 As the latest results show, the IP i nvestment/distribution business is still in the early

80 stages of growth and thus has limited earnings visibility. The company also faces a 5.17 9.17 1.18 5.18 number of variables related to licensing rates and joint productions. However, we would focus on its proven ability to steadily improve its content competitiveness domestically and overseas amid a thriving global content licensing market. Mirae Asset Daewoo Co., Ltd.

[ Media ] FY (Dec.) 12/14 12/15 12/16 12/17 12/18F 12/19F Revenue (Wbn) 369 306 335 420 563 641 Jeong -yeob Park +822 -3774 -1652 OP (Wbn) 36 33 29 33 75 98 [email protected] OP margin (%) 9.8 10.8 8.7 7.9 13.3 15.3

NP (Wbn) 0 11 19 6 39 46 EPS (W) -1 128 169 56 344 403 ROE (%) -0.1 15.0 26.3 5.3 22.1 20.8

P/E (x) - 43.9 22.9 96.8 21.4 18.3 P/B (x) 2.3 9.5 5.0 3.8 4.1 3.4 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

May 14, 2018 J Contentree

We believe demand from global OTTs and Chinese platforms remains robust and is strengthening. In our view, the company is well-positioned to benefit from: 1) an increased drama budget (W700mn per episode) in 2H18; 2) a potential pickup in exports to China (sales of remake rights are continuing); and 3) rising prices across the overall market.

Table 1. Target price calculation (Wbn, x) Valuation - SOTP (2018F) Fair market cap 999.7 1) + 2) 1) Megabox 263.6 Operating profit 27.1 NOPLAT (controlling) 15.9 Target P/NOPLAT 16.6 Applied P/E of US peers 2) Broadcast 736.2 Operating profit 27.2 NOPLAT (controlling) 14.1 a) + b) a) JTBC Content Hub 5.7 b) J Con (IP) 8.4 Target P/NOPLAT 52.2 Applied avg. P/E (YTD) Target price (W) 8,764 Upside potential (%) 18.9 Source: Mirae Asset Daewoo Research estimates

Table 2. Consolidated quarterly and annual earnings (Wbn, %, mn, %p ) 1Q17 2Q17 3Q17 4Q17 1Q18P 2Q18F 3Q18F 4Q18F 2016 2017 2018F Revenue 87 97 116 121 110 133 172 148 335 420 563 Megabox 68 57 84 81 70 72 112 79 255 291 333 Box office 39 33 45 46 40 42 60 44 153 163 186 Concessions 12 10 13 14 12 13 18 13 46 49 56 Screen ads 9 7 10 10 9 9 13 10 34 36 41 Other 8 7 16 11 9 9 22 11 23 43 51 JTBC Content Hub 17 41 28 41 30 46 49 55 83 127 180 J Con (IP) 4 13 9 9 17 24 24 26 0 35 92 Operating profit 5.2 8.9 10.7 8.6 4.0 18.6 30.7 21.2 28.9 33.3 74.5 OP margin (%) 6.0 9.2 9.2 7.1 3.7 14.1 17.8 14.3 8.6 7.9 13.2 Megabox 4.3 0.0 9.1 12.5 3.1 2.9 16.1 5.0 22.3 25.9 27.1 JTBC Content Hub 1.0 6.9 2.2 -0.2 0.9 5.1 4.8 5.3 8.4 9.9 16.1 J Con (IP) -0.1 2.2 0.0 -0.3 0.2 3.3 3.5 4.1 0.0 1.8 11.1 Pretax profit 5.1 8.8 8.1 2.4 7.9 17.5 29.5 20.0 35.1 24.4 74.9 Net profit 3.8 6.3 1.7 -0.9 6.6 13.3 22.4 15.2 22.4 10.9 57.5 Net margin (%) 4.4 6.5 1.5 -0.8 6.0 10.0 13.0 10.3 6.7 2.6 10.2 Net profit attributable to 3.5 3.2 -1.0 0.8 4.6 9.4 15.0 10.2 19.2 6.4 39.3 controlling interests YoY Revenue -5.3 21.2 9.6 108.6 26.2 37.3 48.9 22.4 -4.2 25.4 33.9 Megabox 6.5 11.5 7.9 31.9 3.1 26.1 32.8 -2.8 10.0 14.0 14.6 JTBC Content Hub -13.3 113.1 52.7 55.6 82.0 11.1 74.9 33.6 -0.5 52.6 41.7 J Con (IP) - - - - 368.2 89.5 166.5 184.0 - - 164.5 Operating profit -56.8 404.7 -30.9 TTB -22.8 109.3 188.0 146.3 -7.8 15.2 123.5 Net profit -42.8 TTB -85.9 TTR 74.4 111.4 1,192.2 TTB 14.1 -51.4 428.4 assumptions Domestic attendance 52.3 45.0 64.0 58.6 51.3 49.0 70.0 51.6 217.0 219.9 222.0 Megabox attendance 10.2 8.6 12.2 11.7 10.2 9.8 14.0 10.3 40.8 42.7 44.3 Megabox share 19.6 19.2 19.0 20.0 20.0 20.0 20.0 20.0 18.8 19.4 20.0 Note: Based on consolidated K-IFRS. Source: Mirae Asset Daewoo Research estimates

Mirae Asset Daewoo Research 2 May 14, 2018 J Contentree

Figure 1. Slowdown in theater openings growth to drive up average profitability

(%) 20 Box office YoY Multiplex YoY

15

10

5

0

-5 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F 2019F

Source: KOFIC, Mirae Asset Daewoo Research

Figure 2. Uptrend in viewership for JTBC dramas; Focus on improved production capabilities and increased distribution volume

(%) CGV screens YoY Lotte Cinema screens YoY 20 Megabox (including Cinus) screens YoY

15

10 CGV, Megabox

5 Lotte Cinema

0

-5 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F 2019F

Source: KOFIC, Mirae Asset Daewoo Research

Figure 3. Drama viewership is on the uptrend following IP investments

(%) 15 Direct investment in TV drama IP

12

9

6

3

0

Source: AGB Nielsen, Mirae Asset Daewoo Research

Mirae Asset Daewoo Research 3 May 14, 2018 J Contentree

J Contentree (036420 KQ/Trading Buy/TP: W8,800)

Comprehensive Income Statement (Summarized) Statement of Financial Condition (Summarized) (Wbn) 12/16 12/17 12/18F 12/19F (Wbn) 12/16 12/17 12/18F 12/19F Revenue 335 420 563 641 Current Assets 136 208 332 460 Cost of Sales 153 200 254 284 Cash and Cash Equivalents 55 49 138 255 Gross Profit 182 220 309 357 AR & Other Receivables 38 85 104 110 SG&A Expenses 154 187 234 259 Inventories 23 24 29 30 Operating Profit (Adj) 29 33 75 98 Other Current Assets 20 50 61 65 Operating Profit 29 33 75 98 Non-Current Assets 414 454 426 380 Non-Operating Profit 6 -9 0 -4 Investments in Associates 1 0 1 1 Net Financial Income -1 -5 -2 20 Property, Plant and Equipment 213 193 171 132 Net Gain from Inv in Associates 7 0 0 0 Intangible Assets 76 84 60 48 Pretax Profit 35 24 75 94 Total Assets 550 662 758 840 Income Tax 9 13 17 22 Current Liabilities 330 289 322 331 Profit from Continuing Operations 26 11 58 71 AP & Other Payables 56 66 81 85 Profit from Discontinued Operations -3 0 0 0 Short-Term Financial Liabilities 235 144 144 144 Net Profit 22 11 58 71 Other Current Liabilities 39 79 97 102 Controlling Interests 19 6 39 46 Non-Current Liabilities 96 138 143 145 Non-Controlling Interests 3 4 18 25 Long-Term Financial Liabilities 66 112 112 112 Total Comprehensive Profit 25 9 58 71 Other Non-Current Liabilities 30 26 31 33 Controlling Interests 22 5 19 24 Total Liabilities 425 426 465 476 Non-Controlling Interests 3 4 39 48 Controlling Interests 84 159 197 243 EBITDA 43 59 156 149 Capital Stock 57 57 57 57 FCF (Free Cash Flow) -73 -36 113 125 Capital Surplus -51 14 14 14 EBITDA Margin (%) 12.8 14.0 27.7 23.2 Retained Earnings 69 75 114 160 Operating Profit Margin (%) 8.7 7.9 13.3 15.3 Non-Controlling Interests 41 77 96 121 Net Profit Margin (%) 5.7 1.4 6.9 7.2 Stockholders' Equity 125 236 293 364

Cash Flows (Summarized) Forecasts/Valuations (Summarized) (Wbn) 12/16 12/17 12/18F 12/19F 12/16 12/17 12/18F 12/19F Cash Flows from Op Activities 18 -4 149 125 P/E (x) 22.9 96.8 21.4 18.3 Net Profit 22 11 58 71 P/CF (x) 11.4 10.1 5.3 6.8 Non-Cash Income and Expense 16 51 102 53 P/B (x) 5.0 3.8 4.1 3.4 Depreciation 13 16 57 40 EV/EBITDA (x) 16.9 14.8 6.5 6.2 Amortization 1 10 24 11 EPS (W) 169 56 344 403 Others 2 25 21 2 CFPS (W) 340 539 1,394 1,089 Chg in Working Capital -5 -42 10 3 BPS (W) 780 1,433 1,778 2,181 Chg in AR & Other Receivables -7 -44 -14 -4 DPS (W) 0 0 0 0 Chg in Inventories -10 -1 -5 -2 Payout ratio (%) 0.0 0.0 0.0 0.0 Chg in AP & Other Payables 25 10 4 1 Dividend Yield (%) 0.0 0.0 0.0 0.0 Income Tax Paid -12 -16 -17 -22 Revenue Growth (%) 9.5 25.4 34.0 13.9 Cash Flows from Inv Activities -66 -75 -61 -7 EBITDA Growth (%) -14.0 37.2 164.4 -4.5 Chg in PP&E -91 -33 -36 0 Operating Profit Growth (%) -12.1 13.8 127.3 30.7 Chg in Intangible Assets -1 -1 0 0 EPS Growth (%) 32.0 -66.9 514.3 17.2 Chg in Financial Assets 10 -44 -25 -7 Accounts Receivable Turnover (x) 10.2 9.0 8.2 8.3 Others 16 3 0 0 Inventory Turnover (x) 17.8 17.9 21.4 21.6 Cash Flows from Fin Activities 70 73 1 0 Accounts Payable Turnover (x) 14.6 15.0 14.2 14.0 Chg in Financial Liabilities 40 -44 1 0 ROA (%) 4.5 1.8 8.1 8.9 Chg in Equity 0 65 0 0 ROE (%) 26.3 5.3 22.1 20.8 Dividends Paid 0 0 0 0 ROIC (%) 8.2 5.0 22.3 34.7 Others 30 52 0 0 Liability to Equity Ratio (%) 340.1 180.8 158.5 130.6 Increase (Decrease) in Cash 23 -6 88 118 Current Ratio (%) 41.4 72.2 103.3 139.0 Beginning Balance 33 55 49 138 Net Debt to Equity Ratio (%) 193.6 73.8 27.0 -11.2 Ending Balance 55 49 138 255 Interest Coverage Ratio (x) 3.1 3.8 2.1 2.7 Source: Company data, Mirae Asset Daewoo Research estimates

Mirae Asset Daewoo Research 4 May 14, 2018 J Contentree

APPENDIX 1

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

Company (Code) Date Rating Target Price (W) J Contentree J Contentree (036420) 05/13/2018 Trading Buy 8,800 10,000 07/23/2017 Buy 5,800 8,000 04/17/2017 Buy 5,000 01/03/2017 No Coverage 6,000 11/14/2016 Buy 5,000 4,000 08/17/2016 Buy 4,900 05/17/2016 Buy 6,200 2,000

03/23/2016 Buy 6,000 0 May 16 May 17 May 18

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 & Investment Banking Services Buy Trading Buy Hold Sell Equity Ratings Distribution 75.00% 11.11% 13.89% 0.00% Investment Banking Services 70.73% 19.51% 9.76% 0.00% * Based on recommendations in the last 12-months (as of March 31, 2018)

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 or regulations thereof. Each Analyst responsible for the preparation of this report certifies that (i) all views expressed in this report accurately reflect the personal views of the Analyst about any and all of the issuers and securities named in this report and (ii) no part of the compensation of the Analyst was, is, or will be directly or indirectly related to the specific recommendations or views contained in 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. Like all employees of Mirae Asset Daewoo, the Analysts receive compensation that is determined 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 was prepared by Mirae Asset Daewoo, a broker-dealer registered in the Republic of Korea and a member of the Korea Exchange. Information and opinions contained herein have been compiled in good faith and from sources believed to be reliable, 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 . In case of 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. 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 or regulations or subject Mirae Asset Daewoo or any of its affiliates to registration or licensing requirements in any jurisdiction shall receive or make any use hereof. This report is for general information purposes only and it is not and shall not be construed as an offer or a solicitation of an offer to effect transactions in any securities or other financial instruments. The report does not constitute investment advice to any person and such person shall not be treated as a client of Mirae Asset Daewoo by virtue of receiving this report. This report does not take into account the particular investment objectives, financial

Mirae Asset Daewoo Research 5 May 14, 2018 J Contentree

situations, or needs of individual clients. The report is not to be relied upon in substitution for the exercise of independent judgment. Information and opinions contained herein are as of the date hereof and are subject to change without notice. The price and value of the investments referred to in this report and the income from them may depreciate or appreciate, and investors may incur losses on investments. Past performance is not a guide to future performance. Future returns are not guaranteed, and a loss of original capital may occur. Mirae Asset Daewoo, its affiliates and their directors, officers, employees and agents do not accept any liability for any loss arising out of the use hereof. Mirae Asset Daewoo may have issued other reports that are inconsistent with, and reach different conclusions from, the opinions presented in this report. The reports may reflect different assumptions, views and analytical methods of the analysts who prepared them. Mirae Asset Daewoo may make investment decisions that are inconsistent with the opinions and views expressed in this research report. 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 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. 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.

Distribution United Kingdom: This report is being distributed by Mirae Asset Securities (UK) 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: Mirae Asset Daewoo is not a registered broker-dealer in the United States and, therefore, is not subject to U.S. rules regarding the preparation of research reports and the independence of research analysts. This report is distributed in the U.S. by Mirae Asset Securities (USA) Inc., a member of FINRA/SIPC, to “major U.S. institutional investors” in reliance on the exemption from registration provided by Rule 15a-6(b)(4) under the U.S. Securities Exchange Act of 1934, as amended. All U.S. persons that receive this document by their acceptance hereof represent and warrant that they are a major U.S. 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 Mirae Asset Securities (USA) Inc. Mirae Asset Securities (USA) Inc. accepts responsibility for the contents of this report in the U.S., subject to the terms hereof, to the extent that it is delivered to a U.S. person other than a major U.S. institutional investor. Under no circumstances should any recipient of this research report effect any transaction to buy or sell securities or related financial instruments through Mirae Asset Daewoo. 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 Mirae Asset Securities (HK) 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 Research 6 May 14, 2018 J Contentree

Mirae Asset Daewoo International Network

Mirae Asset Daewoo Co., Ltd. () Mirae Asset Securities (HK) Ltd. Mirae Asset Securities (UK) Ltd. Global Equity Sales Team Suites 1109-1114, 11th Floor 41st Floor, Tower 42 Mirae Asset Center 1 Building Two International Finance Centre 25 Old Broad Street, 26 Eulji-ro 5-gil, Jung-gu, Seoul 04539 8 Finance Street, Central London EC2N 1HQ Korea Hong Kong United Kingdom China Tel: 82-2-3774-2124 Tel: 852-2845-6332 Tel: 44-20-7982-8000

Mirae Asset Securities (USA) Inc. Mirae Asset Wealth Management (USA) Inc. Mirae Asset Wealth Management (Brazil) CCTVM 810 Seventh Avenue, 37th Floor 555 S. Flower Street, Suite 4410, Rua Funchal, 418, 18th Floor, E-Tower Building Vila New York, NY 10019 Los Angeles, California 90071 Olimpia USA USA Sao Paulo - SP 04551-060 Brasil Tel: 1-212-407-1000 Tel: 1-213-262-3807 Tel: 55-11-2789-2100

PT. Mirae Asset Sekuritas Indonesia Mirae Asset Securities (Singapore) Pte. Ltd. Mirae Asset Securities (Vietnam) LLC Equity Tower Building Lt. 50 6 Battery Road, #11-01 7F, Saigon Royal Building Sudirman Central Business District Singapore 049909 91 Pasteur St. Jl. Jend. Sudirman, Kav. 52 -53 Jakarta Selatan Republic of Singapore District 1, Ben Nghe Ward, Ho Chi Minh City 12190 Vietnam Indonesia Tel: 62-21-515-3281 Tel: 65-6671-9845 Tel: 84-8-3911-0633 (ext.110) Mirae Asset Securities Mongolia UTsK LLC Mirae Asset Investment Advisory (Beijing) Co., Ltd Beijing Representative Office #406, Blue Sky Tower, Peace Avenue 17 2401B, 24th Floor, East Tower, Twin Towers 2401A, 24th Floor, East Tower, Twin Towers 1 Khoroo, Sukhbaatar District B12 Jianguomenwai Avenue, Chaoyang District B12 Jianguomenwai Avenue, Chaoyang District Ulaanbaatar 14240 Beijing 100022 Beijing 100022 Mongolia China China

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Mirae Asset Daewoo Research 7