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YG Entertainment (122870.KQ) Positives Abound

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YG Entertainment (122870.KQ) Positives abound Company Comment │ Feb 1, 2019 In addition to unveiling two new boy groups and a solo artist this year, YG Ent should see its presence expand in the US. Backed by its growing artist lineup and greater use of existing artists, we expect the firm to enjoy sound earnings improvement in 2019. We suggest YG Ent as our entertainment Buy (maintain) sector top pick. TP W56,000 (maintain) CP (19/01/31) W43,500 Sector Entertainment Two boy groups and So-mi to debut this year Kospi/Kosdaq 2,204.85 / 716.86 Market cap (common) US$707.41mn At YG Ent, two new boy groups are slated to debut this year. Through the reality Outstanding shares (common) 18.2mn singing show YG Treasure Box, the company has selected members for the boy 52W high (’18/12/26) W48,950 group Treasure. The group should soon release a digital track and start low (’18/03/08) W27,050 Average trading value (60D) US$12.25mn contributing to the company’s sales. The firm also plans to form a second boy Dividend yield (2018E) 0.32% group from YG Treasure Box participants by Feb 4. With some of the new Foreign ownership 16.2% members already disclosed, the group is projected to debut within the year. Major shareholders Having recently signed a contract with The Black Label (a consolidated HS Yang & 6 others 21.2% subsidiary of YG Ent), So-mi, the winner of the reality singing show Produce NAVER 9.1% 101, is expected to debut as a solo artist in 2Q19. Considering the high public Share perf 3M 6M 12M awareness of So-mi, we expect her to fare as well as Chung Ha, another Produce Absolute (%) 18.0 30.6 47.0 101 star. Relative (%p) 6.8 41.3 87.3 2017 2018E 2019F 2020F Sales 349.9 278.0 344.6 508.0 BLACKPINK to make US stage debut at Coachella Valley Festival Chg 8.7 -20.5 24.0 47.4 BLACKPINK is due to make its first official appearance in the US music scene OP 24.2 9.5 28.7 49.0 at the Coachella Valley Music Festival in April. With the group’s US debut OPM 6.9 3.4 8.3 9.6 expected to enhance its popularity in the US, US digital music sales (including NP 17.8 7.1 24.7 39.0 those from YouTube) should increase. Among the multiple K-pop groups at EPS 991 392 1,357 2,145 Korea’s top-three entertainment companies (SM, YG, and JYP), BLACKPINK Chg -15.4 -60.4 246.2 58.1 is likely to make most progress in the global market this year. P/E 29.1 121.2 32.1 20.3 P/B 1.6 2.7 2.3 2.1 2019, a year of promise for YG Ent EV/EBITDA 11.8 42.2 19.2 11.9 ROE 5.7 2.1 6.9 10.1 Expecting the firm to both enjoy a series of positive momentum-boosting events Debt/equity 35.1 18.6 18.1 16.5 in 2019 and post stable earnings growth, we maintain a Buy rating and TP of Net debt -210.2 -146.5 -184.1 -216.0 W56,000 on YG Ent, recommending it as our entertainment sector top pick. Unit: Wbn, %, won, x Note 1: NP excludes minority interests The firm likely recorded favorable 4Q18 digital music sales thanks to the strong 2: EPS, P/E, P/B, ROE based on NP (excl minority interests) performance of: 1) solo songs from BLACKPINK’s Jennie (titled SOLO) and Source: NH I&S Research Center estimates WINNER’s MINO (Fiance); and 2) the song Millions from K-pop group WINNER. That said, YG Ent is likely to book lower-than-expected 4Q18 OP of W3.5bn, due to deferred overseas revenue recognition related to Jennie’s SOLO (to 1Q19). Meanwhile, 4Q18 earnings at consolidated subsidiary YG PLUS likely continued to improve, backed by robust growth at both its music distribution business (secures commissions from music streaming platforms, including NAVER VIBE) and its cosmetics business. Hazell Lee, Analyst 822)768-7535, [email protected] YG Entertainment www.nhqv.com Two boy groups and So-mi to debut this year Two boy groups YG Ent selected members for its boy groups WINNER and iKON through the reality TV consisting of YG show Win: Who is Next. The company then ran another reality show YG Treasure Box Treasure Box (on online platforms such as NAVER V Live and YouTube) to select members for a new participants to boy group. The show racked up 0.44mn subscribers and 57.77mn views on NAVER V debut this year Live, as well as 0.47mn subscribers on YouTube. By nationality, the largest number of subscribers came from Indonesia, followed by Japan and the Philippines. As such, the show has offered opportunities for YG Treasure Box participants to build fan bases overseas. The company’s new boy group Treasure is expected to release a digital track in the near term. Out of the remaining YG Treasure Box participants, the firm plans to select and announce members for another new boy group by Feb 4. Little information is available yet regarding the second group. That said, as Japanese members are expected to join both groups, they are likely to actively perform in Japan. YG Ent’s main Having recently signed a contract with The Black Label (a consoliated subsidiary of YG artist linup to Ent), So-mi, the winner of the reality TV show Produce 101, is set to make her debut as a expand to six on solo artist by 2Q19. Even though they have yet to make their official debuts, the two boy debut of two new groups and So-mi—which will bring YG Ent’s main artist linup up to six artists this boy groups and one year—have already built strong fan bases. Accordingly, they are expected to fare well. solo artist Meanwhile, once Big Bang’s members (except Seungri) are discharged from the military by end-2019, they should contribute greatly to YG Ent’s earnings from 2020. Noting such points, we believe that the company boasts strong earnings growth potential, and as such, we suggest it as our top pick for the entertainment sector. Upcoming boy group Treasure – Seven numbers (including a Second upcoming boy group – Only out of six numbers Japanese member) have been announced (including a Japanese member) have been announced Source: YG Ent, NH I&S Research Center Source: YG Ent, NH I&S Research Center 2 YG Entertainment www.nhqv.com 4Q18 preview (K-IFRS consolidated) (Unit: Wbn, %) 4Q18E 4Q17 1Q18 2Q18 3Q18 1Q19F Estimates y-y q-q Previous Consen Sales 95.5 77.3 62.7 65.2 72.8 -23.8 11.6 73.9 79.9 OP 3.5 1.9 1.8 2.3 3.5 0.1 52.6 4.1 5.2 OPM 3.7 2.5 2.8 3.5 4.8 5.5 6.4 Pre-tax profit 2.6 2.9 1.7 3.2 3.8 42.6 18.4 4.3 8.4 NP (excl minority -0.1 2.3 -0.1 2.0 2.9 TTP 48.5 3.4 6.3 interest) Source: WISEfn, NH I&S Research Center estimates Earnings forecasts (IFRS consolidated) (Unit: Wbn, won, x, %) 2017 2018E 2019F 2020F Sales - Revised 349.9 278.0 344.6 508.0 - Previous 349.9 279.1 366.4 501.2 - Change -0.4 -5.9 1.4 OP - Revised 24.2 9.5 28.7 49.0 - Previous 24.2 10.1 30.0 49.1 - Change -5.9 -4.3 -0.2 OPM - Revised 6.9 3.4 8.3 9.6 EBITDA 34.3 19.0 36.0 55.4 NP (excl minority interests) 17.8 7.1 24.7 39.0 EPS - Revised 991 392 1,357 2,145 - Previous 416 1,413 2,150 - Change -5.8 -4.0 -0.2 P/E 29.1 121.2 32.1 20.3 P/B 1.6 2.7 2.3 2.1 EV/EBITDA 11.8 42.2 19.2 11.9 ROE 5.7 2.1 6.9 10.1 Note: EPS, P/E, P/B, and ROE based on NP (excluding minority interests) Source: NH I&S Research Center estimates 3 YG Entertainment www.nhqv.com Quarterly earnings forecasts (Unit: Wbn, %) 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18E 1Q19F 2Q19F 3Q19F 4Q19F 2017 2018E 2019F Sales 106.9 72.3 75.2 95.5 77.3 62.7 65.2 72.8 79.9 85.9 88.4 90.4 349.9 278.0 344.6 Physical/digital/merchandise 26.6 31.7 24.1 30.1 19.6 25.8 29.9 27.9 32.6 34.2 35.8 35.3 112.5 103.2 137.9 Physical music 5.2 6.5 3.7 2.5 2.1 3.4 2.6 3.7 3.9 2.7 1.8 2.6 18.0 11.7 11.0 Digital music 13.0 15.9 12.1 14.1 11.3 13.0 14.1 16.6 18.6 21.8 22.9 21.0 55.1 55.0 84.4 Merchandise (others) 8.3 9.3 8.2 13.5 6.2 9.4 13.3 7.6 10.0 9.7 11.1 11.7 39.3 36.4 42.5 Concert 12.5 7.0 21.5 15.1 1.8 1.2 4.8 11.8 15.8 16.3 17.2 17.7 56.1 19.5 67.0 Ad 9.2 12.3 10.4 8.0 7.3 7.9 7.0 8.1 9.0 9.8 9.9 9.4 39.9 30.2 38.2 Royalty 49.3 5.8 5.4 21.4 34.7 5.0 4.0 5.3 6.0 3.8 6.3 6.4 81.8 49.0 22.5 Performance fee 5.1 4.2 4.7 6.4 3.2 4.7 3.7 4.5 5.0 5.4 5.4 5.2 20.3 16.0 21.0 Production - - - 3.9 3.3 0.4 1.3 0.5 1.5 1.5 1.5 1.5 3.9 5.6 6.0 Commission 4.2 11.2 9.2 10.7 7.4 14.2 9.0 9.3 4.5 9.5 6.8 9.4 35.4 39.9 30.2 (Reference) YG PLUS 8.8 9.0 7.3 7.7 6.7 13.1 17.7 27.8 23.6 29.6 28.2 31.6 32.7 65.4 113.0 Sales y-y (%) 47% -6% -26% 36% -28% -13% -13% -24% 3% 37% 36% 24% 9% -21% 24% COGS 73.9 47.6 54.4 73.2 56.8 41.0 43.7 48.8 53.4 56.7 57.4 59.0 249.2 190.3 226.5 Album 17.7 18.1 16.2 19.1 11.0 18.0 21.5 20.0 22.7 23.9 24.3 24.0 71.1 70.5 94.8 Concert 10.1 6.0 18.1 12.3 2.2 1.4 4.4 10.7 13.6 13.2 13.9 14.3 46.6 18.7 55.0 Service 46.1 23.6 20.0 33.8 36.4 18.9 14.8 17.5 15.6 18.2 17.8 19.3 123.6 87.6 71.0 Production 0.5 -0.1 -0.3 0.5 -0.2 -0.1 -0.2 -0.3 -0.1 0.4 0.3 0.2 0.1 -0.2 0.2 COGS-to-sales ratio 69% 66% 72% 77% 73% 65% 67% 67% 67% 66% 65% 65% 71% 68% 66% COGS y-y (%) 49% -12% -25% 46% -23% -14% -20% -33% -6% 38% 32% 21% 10% -24% 19% GP 33.0 24.6 20.8 22.3 20.5 21.7 21.5 24.0 26.5 29.3 30.9 31.4 100.7 87.7 118.1 GPM 31% 34% 28% 23% 27% 35% 33% 33% 33% 34% 35% 35% 29% 32% 34% GP y-y (%) 42% 7% -27% 11% -38% -12% 3% 8% 29% 35% 44% 31% 6% -13% 35% OP 14.8 4.3 1.5 3.5 1.9 1.8 2.6 3.5 5.2 6.9 8.4 8.2 24.2 9.8 28.7 OPM 14% 6% 2% 4% 2% 3% 4% 5% 6% 8% 10% 9% 7% 4% 8% OP y-y (%) 56% -36% -88% 0% -87% -59% 78% 0% 170% 291% 219% 134% -24% -59% 192% NP (excl minority interests) 7.3 4.4 6.2 -0.1 2.3 -0.1 2.0 2.9 4.4 5.7 6.9 7.6 17.8 7.1 24.7 NPM (cont.) 7% 6% 8% 0% 3% 0% 3% 4% 6% 7% 8% 8% 5% 3% 7% NP 3% -34% 88% -105% -68% TTL -68% TTP 92% TTP 252% 161% -5% -60% 246% (excl minority interests) %y-y Note: Service = Ad+royalty+performance fee+commission Source: YG Ent, NH I&S Research Center estimates 4 YG Entertainment www.nhqv.com STATEMENT
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    The Victor Black Label Discography Victor 25000, 26000, 27000 Series John R. Bolig ISBN 978-1-7351787-3-8 ii The Victor Black Label Discography Victor 25000, 26000, 27000 Series John R. Bolig American Discography Project UC Santa Barbara Library © 2017 John R. Bolig. All rights reserved. ii The Victor Discography Series By John R. Bolig The advent of this online discography is a continuation of record descriptions that were compiled by me and published in book form by Allan Sutton, the publisher and owner of Mainspring Press. When undertaking our work, Allan and I were aware of the work started by Ted Fa- gan and Bill Moran, in which they intended to account for every recording made by the Victor Talking Machine Company. We decided to take on what we believed was a more practical approach, one that best met the needs of record collectors. Simply stat- ed, Fagan and Moran were describing recordings that were not necessarily published; I believed record collectors were interested in records that were actually available. We decided to account for records found in Victor catalogs, ones that were purchased and found in homes after 1901 as 78rpm discs, many of which have become highly sought- after collector’s items. The following Victor discographies by John R. Bolig have been published by Main- spring Press: Caruso Records ‐ A History and Discography GEMS – The Victor Light Opera Company Discography The Victor Black Label Discography – 16000 and 17000 Series The Victor Black Label Discography – 18000 and 19000 Series The Victor Black
  • Conceptually Androgynous

    Conceptually Androgynous

    Umeå Center for Gender Studies Conceptually androgynous The production and commodification of gender in Korean pop music Petter Almqvist-Ingersoll Master Thesis in Gender Studies Spring 2019 Thesis supervisor: Johanna Overud, Ph. D. ABSTRACT Stemming from a recent surge in articles related to Korean masculinities, and based in a feminist and queer Marxist theoretical framework, this paper asks how gender, with a specific focus on what is referred to as soft masculinity, is constructed through K-pop performances, as well as what power structures are in play. By reading studies on pan-Asian masculinities and gender performativity - taking into account such factors as talnori and kkonminam, and investigating conceptual terms flower boy, aegyo, and girl crush - it forms a baseline for a qualitative research project. By conducting qualitative interviews with Swedish K-pop fans and performing semiotic analysis of K-pop music videos, the thesis finds that although K-pop masculinities are perceived as feminine to a foreign audience, they are still heavily rooted in a heteronormative framework. Furthermore, in investigating the production of gender performativity in K-pop, it finds that neoliberal commercialism holds an assertive grip over these productions and are thus able to dictate ‘conceptualizations’ of gender and project identities that are specifically tailored to attract certain audiences. Lastly, the study shows that these practices are sold under an umbrella of ‘loyalty’ in which fans are incentivized to consume in order to show support for their idols – in which the concept of desire plays a significant role. Keywords: Gender, masculinity, commercialism, queer, Marxism Contents Acknowledgments ................................................................................................................................... 1 INTRODUCTION .................................................................................................................................
  • Bab I Pendahuluan

    Bab I Pendahuluan

    BAB I PENDAHULUAN 1.1 Gambaran Umum Subjek Penelitian 1.1.1 Series Produce 101 Produce 101 adalah acara survival dari Korea Selatan yang ditayangkan pada stasiun TV Mnet merupakan proyek berskala besar di mana masyarakat "menghasilkan" sebuah grup dengan cara memilih anggotanya dari 101 peserta yang merupakan trainee dari puluhan perusahaan hiburan Korea Selatan dan para trainee tersebut tidak hanya berasal dari Korea Selatan tetapi juga dari Jepang, China, Taiwan, hingga Thailand. Gambar 1.1 Poster Series Produce 101 Sumber: Allkpop.com diakses pada 04/09/2019 pukul 20.20 WIB Trainee yang berkompetisi untuk debut dalam satu grup ini akan melewati beberapa tahapan seleksi dan disetiap tahapan seleksi tersebut akan ada beberapa peserta yang tereleminasi. Nantinya penampilan para peserta disetiap tahapan seleksi akan disaksikan oleh produser nasional (penonton) yang akan menentukan trainee terbaik pilihan mereka dengan memberikan vote, baik secara langsung saat 1 penampilan evaluasi ataupun melalui sms atau online setelah episode ditayangkan di TV, hal ini juga membantu terbentuknya basis penggemar yang kuat sebelum mereka resmi debut. Grup jebolan Produce 101 dijuluki “National Group” karena hanya warga Korea Selatan saja yang bisa mengikuti voting untuk para peserta di acara ini, dan warga Korea Selatan yang memberikan voting disebut “National Producer”. Berikut adalah tahapan seleksi yang akan dijalani oleh para trainee Series Produce 101: 1. Individual Test Level Pada test ini, para trainee akan tampil per-agensi, kemudian para pelatih dan MC akan berdiskusi dan membagi para trainee menjadi beberapa kelas sesuai kemampuan mereka saat tampil. 2. Group Battle Para trainee akan dibagi menjadi beberapa grup dengan anggota 5-7 orang, kemudian mereka akan menampilkan lagu dari grup-grup K-Pop terkenal, nantinya tiap 2 grup akan menampilkan lagu yang sama (battle) dan ada voting on-scene oleh penonton yang hadir untuk menentukan grup mana yang lebih baik saat menampilkan lagu tersebut.