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Pan Entertainment (068050 KQ) Poised to Benefit from China’S Growing Content Demand
Pan Entertainment (068050 KQ) Poised to benefit from China’s growing content demand Snapshot: Producer of Winter Sonata, the origin of the Korean Wave Founded in 1998, Pan Entertainment was mainly engaged in the business of managing Company Report recording artists and making soundtracks before producing its first drama series “Winter December 5, 2014 Sonata” in 2002. The drama became a huge hit in Japan, setting in motion the “Korean Wave” across the country. Since then, the company has established itself as a drama producer, but has struggled to maintain stable profits due to the small size and buyer- Not Rated driven culture of the domestic market. Catalyst: China’s video content demand is surging, but options are limited Target Price (12M, W) - In China, there are over 4,000 television channels, all of which rely on advertising as their Share Price (12/03/14, W) 6,380 biggest source of income. Because advertising revenue is largely determined by primetime ratings, many broadcasters crave killer content, most preferably in the form Expected Return - of dramas and entertainment shows. But, while China’s video content demand has been rapidly increasing in terms of both quantity and quality, the country’s production capabilities have lagged far behind. Demand has been growing not only among major OP (14F, Wbn) 1 broadcasters and studios, but also among internet portals like Alibaba, and online video Consensus OP (14F, Wbn) 0 streaming sites such as Youku Tudou and Sohu. To make up for the lack of content, EPS Growth (14F, %) - Chinese companies are increasingly turning to Korean pr oducers, as Korean content is 1) Market EPS Growth (14F, %) 1.1 hugely popular in China, 2) of higher quality, and 3) cheaper to produce. -
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. -
The Relationship Between Stock Option Grants and Firm Value Based on Agency Costs
The Relationship between Stock Option Grants and Firm Value based on Agency Costs Youngmin Jin 383478 ERASMUS UNIVERSITY ROTTERDAM Erasmus School of Economics Department of Accounting & Finance Supervisor: Prof. Dr. Fytraki, A.T Abstract This paper studies the impact of stock option on Korean IT companies’ financial performance and agency costs between shareholders and executives before and after the announcement of stock option grants. Specifically, the paper compared the change growth and performance of the companies adopting executive stock option (ESO) with those of the companies not adopting ESO on surrounding the announcement. Also, the paper analyzed the difference of growth and performance of the companies in the former group before and after the announcement of stock option grants. Moreover, this paper examined whether stock option can have significant impact on agency costs. From the results, it can be concluded that companies with ESO does not show significantly different firm-value growth than those without ESO. And financial performance of companies with ESO before and after the announcement of ESO grants does not become significantly changed. Lastly, agency costs can be reduced by adoption of ESO, but not through affecting the shareholders’ funds. Keywords: Stock option, Executive, Executive stock option, ESO, incentive, compensation, agency costs, principal-agency theory, financial performance 1 Table of contents 1. Introduction .................................................................................................................... -
Emerging Markets Social Core Equity Portfolio As of March 31, 2021 (Updated Monthly) Source: State Street Holdings Are Subject to Change
Emerging Markets Social Core Equity Portfolio As of March 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 and conditions of use in the Legal Notices. Notional Market Asset Cumulative Row Id Security Name Amount USD Value USD Weight Weight Equity 1,719,683,770.89 100.000% 1 TENCENT HOLDINGS LTD COMMON STOCK HKD.00002 76,575,311.59 4.453% 4.453% 2 SAMSUNG ELECTRONICS CO LTD COMMON STOCK KRW100.0 53,443,287.97 3.108% 7.561% 3 TAIWAN SEMICONDUCTOR SP ADR ADR 43,810,912.00 2.548% 10.108% 4 ALIBABA GROUP HOLDING SP ADR ADR USD.000025 39,731,031.55 2.310% 12.419% 5 TAIWAN SEMICONDUCTOR MANUFAC COMMON STOCK TWD10. -
Media Content the Next Players of China’S Growth
Media Content The next players of China’s growth A look into the growth pattern of China’s culture industry Overweight (Maintain) China has become a central player in almost every industry across the world. The media content industry is no exception. In our recent overseas marketing trip, we met many Industry Report foreign investors asking about Korean content stocks, and were left with the impression March 23, 2016 that investors were looking for the next players to benefit from China’s growth. In 2015, the tertiary industry contributed to more than half of China’s GDP for the first Daewoo Securities CCCo.,Co., Ltd. time ever, signaling a change in global stock leadership. China’s box-office market has been growing at an astonishing rate, outpacing forecasters’ predictions. Historically, US [Telecom Service / Media] cultural spending increased significantly when the country’s GDP per capita rose from Jee-hyun Moon US$4,000 to US$20,000. At present, China’s GDP per capita is just US$8,000. +822-768-3615 Furthermore, the Chinese government has pledged to develop the culture industry into [email protected] one of the backbones of its economy. Nu-ri Ha With infrastructure nearly complete, next big investment will be in content +822-768-4130 [email protected] China’s culture industry now has most of the necessary infrastructure in place. The boom in multiplex theater co nstruction has led to a considerable rise in the number of Hong-mei Cui screens, and box-office revenue is surging in third- and fourth-tier cities. -
![YG Entertainment (122870 KQ) [Summary] Korea’S 2019 Media/Entertainment Competitiveness](https://docslib.b-cdn.net/cover/7182/yg-entertainment-122870-kq-summary-korea-s-2019-media-entertainment-competitiveness-1707182.webp)
YG Entertainment (122870 KQ) [Summary] Korea’S 2019 Media/Entertainment Competitiveness
2019 Outlook Media platform/Content Most favorable environment in history; focus on PR.I.C.E Analyst Jay Park +822-3774-1652 [email protected] Contents [Summary] 3 I. Outlook by segment 4 II. Medium-/long-term outlook 10 III. Key points to watch 12 IV. Global peer group (valuation) , Investment strategy 21 V. Top Picks 23 Studio Dragon (253450 KQ) YG Entertainment (122870 KQ) [Summary] Korea’s 2019 media/entertainment competitiveness Shares to be driven by content sales (p, US$m) (%) Media/content business model focused on direct sales 500 40 FTSE KOREA MEDIA indx (L) Key words: Global platforms, geopolitics, licensing fees, Domestic ad market growth (R, YoY) blockbusters, investments, leverage Broadcast content export growth (R, YoY) 400 30 Media/content business model focused on ads Key words: Domestic market, ad trends, seasonality, politics/sports 300 20 200 10 100 0 OTT export expansion in 2016-18 Chinese market lull 0 OTT export expansion in 2019F + Chinese market recovery -10 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 Note: 2017 exports are based on KOCCA’s estimates; 2018 exports based on our estimates Source: Thomson Reuters, KOCCA, Cheil Worldwide, Mirae Asset Daewoo Research 3| 2019 Outlook [Media platform/Content] Mirae Asset Daewoo Research I. Outlook by segment: Media ads Ad market: Mobile and • We expect the domestic ad market to grow 3% YoY (similar to GDP growth) to W11.3tr, amid the absence of large- generalist/cable TV scale sporting events. • We forecast positive growth across all segments (except print ads), with mobile, generalist channels and cable TV channel ads are growing channels likely to drive growth. -
Annual Report
This annual report, in both English and Chinese versions, is available on the Company’s website at www.huayitencent.com (the ‘‘Company Website’’) and the website of the Hong Kong Exchanges and Clearing Limited at www.hkexnews.hk. Registered Shareholders who have chosen (or are deemed to have consented) to receive the corporate communications of the Company (the ‘‘Corporate Communications’’) via the Company Website, and who for any reason have difficulty in receiving or gaining access to the Corporate Communications posted on the Company Website will promptly upon request be sent the annual report in printed form free of charge. Registered Shareholders may request for printed copy of the annual report and/or change their choice of language and means of receiving Corporate Communications by providing a reasonable prior notice in writing to the Company c/o the Hong Kong branch share registrar of the Company, Tricor Tengis Limited at Level 54, Hopewell Centre, 183 Queen’sRoad East, Hong Kong or by sending an e-mail to [email protected]. CONTENTS Pages Corporate Information 1 Chairman’sStatement 2 Management Discussion and Analysis 4 Corporate Governance Report 20 Biographical Details of Directors and Senior Management 34 Report of the Directors 39 Independent Auditor’sReport 49 Consolidated Income Statement 55 Consolidated Statement of Comprehensive Income 56 Consolidated Balance Sheet 57 Consolidated Cash Flow Statement 59 Consolidated Statement of Changes in Equity 60 Notes to the Consolidated Financial Statements 62 Financial Summary 142 CORPORATE INFORMATION BOARD OF DIRECTORS SOLICITORS Executive Directors Woo Kwan Lee & Lo Guantao Law Firm Mr. WANG Zhongjun (Chairman) Mr. -
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 -
Studio Dragon (253450) Update Long -Awaited Good News
2019. 11. 22 Company Studio Dragon (253450) Update Long -awaited good news ● Studio Dragon yesterday inked a three-years strategic deal with Netflix, in which Minha Choi the: 1) latter will purchase 4.99% of the Korean firm within a year; and 2) former will Analyst provide the US distributor with at least 21 productions starting from next year. [email protected] ● The partnership should allow Studio Dragon to: 1) produce dramas stably before 822 2020 7798 other global OTT platforms enter Korea or make inroads elsewhere in Asia; and 2) Kwak Hoin enjoy margin growth for its content production and distribution rights sale. Research Associate [email protected] ● We keep the stock as our sector top pick on expectations of its overseas 822 2020 7763 expansion gathering pace. WHAT’S THE STORY? Deal with Netflix...: CJ ENM, Studio Dragon, and Netflix yesterday announced that they had entered a multi-year strategic partnership, under which: 1) CJ ENM can sell up to 4.99% [roughly 1.4m shares] of Studio Dragon to Netflix within a year; 2) Studio Dragon will provide at least 21 original series productions to Netflix, along with their distribution rights sales, for three years starting in 2020. Per-show and distribution rights prices will be determined case by case, while titles are to be selected from a library of IP rights owned by Studio Dragon and distribution rights held by CJ ENM. AT A GLANCE … boasts several positives: This deal will give Studio Dragon stability as it provides Netflix with drama productions for at least three years, while the US firm’s massive budget should help those shows compete worldwide. -
Annu Al Guide 17/18
Television Asia Plus Annual Guide 2017/2018 Guide Annual Plus Asia Television ANNUAL GUIDE 17/18 MCI (P) 047/06/2017 PPS 1812/01/2013 (025534) ISSN0219-6166 MCI (P)047/06/2017PPS1812/01/2013 www.onscreenasia.com ONTENTS C TERRITORIES CHANNELS CONTENT PROVIDERS & OTT PLATFORMS Australia 2 BBC Worldwide Asia 40 China 5 CNBC Asia Pacifi c 42 AJA Video Systems 60 Hong Kong 9 The Walt Disney Company 43 Caracol Televisión 63 India & Subcontinent 10 Euronews 44 Deutsche Welle 64 Indochina & Myanmar 14 GMA Worldwide Inc. 45 Keshet International 66 Indonesia 16 NBCUniversal International Networks 46 Telemundo 67 Japan 18 PCCW Media Limited 47 Standard Listings 68 Macau 20 Scripps Networks Interactive 48 Malaysia 21 Sony Pictures Television Networks, Asia 50 SATELLITES & SERVICES New Zealand 24 Turner International Asia Pacifi c 52 ABS 87 Philippines 25 VR Educate 53 STN 88 Singapore 26 Viacom International Media Networks 54 Standard Listings 88 • MediaCorp 29 Standard Listings 56 • StarHub 29 TECHNOLOGY South Korea 30 Standard Listings 91 Taiwan 34 Thailand 37 PUBLISHER MARKETING EXECUTIVE Ficus Zheng FINANCE Annie Tan fi [email protected] | (65) 6521 9775 FINANCE MANAGER Kenny Yeoh [email protected] | (65) 6521 9781 MARKETING EXECUTIVE Kenneth Peh [email protected] | (65) 6521 9740 [email protected] | (65) 6521 9787 EDITORIAL CEO Raymond Wong AD ADMIN EXECUTIVE Koe Shan Chan EDITORIAL DIRECTOR K. Dass [email protected] | (65) 6521 9777 [email protected] | (65) 6521 9741 [email protected] -
A Guide for Canadian Companies II (ASIA and LATIN AMERICA) Table of Contents
£$ € International Digital Media Co-Production A GUIDE FOR CANADIAN COMPANIES II (ASIA AND LATIN AMERICA) taBLE OF CONTENTS INTRODUCTION 4 METHODOLOGY 6 ASIA 7 China 7 India 11 Republic of Korea (South Korea) 13 LATIN AMERICA 16 Argentina 16 Brazil 18 Colombia 21 CONCLUSION 25 International Digital Media Co-Production: A Guide for Canadian Companies II 2 DEtaILED COUNTRY INFORMatION 28 China 29 India 31 Republic of Korea (South Korea) 33 Argentina 35 Brazil 37 Colombia 39 SCHEDULES 41 Schedule ‘A’ – Biography of Kelly Lynne Ashton, Consultant 41 Schedule ‘B’ – Interview Participants 42 Schedule ‘C’ – Project Descriptions 43 Funding for this study was provided by Ontario Media Development Corporation and the Canada Media Fund. Any opinions, findings, conclusions or recommendations expressed in this material are those of the author and do not necessarily reflect the views of Ontario Media Development Corporation, Canada Media Fund, the Government of Ontario or the Government of Canada. The funders, the Governments of Ontario and Canada and their agencies are in no way bound by the recommendations contained in this document. Prepared by Kelly Lynne Ashton for Interactive Ontario. http://interactiveontario.com/ With funding from Ontario Media Development Corporation, the Canada Media Fund and the Bell Fund. International Digital Media Co-Production: A Guide for Canadian Companies II 3 1 INTRODUCTION In September 2014 Interactive Ontario (“IO”) released the original International Digital Media Co-Production: A Guide for Canadian Companies (“Phase 1”) to address the need for greater market intelligence to support digital media companies exploring international business arrangements. The Ontario Media Development Corporation, Bell Fund and the Canada Media Fund funded the study, which was researched and prepared by Kelly Lynne Ashton (the “Consultant”1). -
Emerging Markets Social Core Equity Portfolio As of August 31, 2021 (Updated Monthly) Source: State Street Holdings Are Subject to Change
Emerging Markets Social Core Equity Portfolio As of August 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 and conditions of use in the Legal Notices. Notional Market Asset Cumulative Row Id Security Name Amount USD Value USD Weight Weight Equity 1,776,344,883.40 100.000% 1 TENCENT HOLDINGS LTD COMMON STOCK HKD.00002 64,838,566.94 3.650% 3.650% 2 SAMSUNG ELECTRONICS CO LTD COMMON STOCK KRW100.0 50,982,511.39 2.870% 6.520% 3 TAIWAN SEMICONDUCTOR SP ADR ADR 44,081,304.00 2.482% 9.002% 4 TAIWAN SEMICONDUCTOR MANUFAC COMMON STOCK TWD10.