[Korea] Media

CJ CGV Sell (079160 KS) (Downgrade)

Far from breakeven TP: W15,000 Downside: 20.2%

Mirae Asset Daewoo Co., Ltd. Jeong-yeob Park [email protected]

2Q20 review Consolidated revenue of W41.6bn (-91.4% YoY) and operating loss of W130.5bn (turning to loss YoY); worse than expected  CJ CGV fared worse than expected in 2Q20, hurt by a heavy fixed cost burden amid theater shutdowns and the absence of new releases around the world.  Revenue plunged 91% YoY, as COVID-19 caused theater attendance to plummet across regions.  SG&A expenses fell 51% YoY on improved operating efficiency (reduced lease/labor expenses).  By country, operating loss amounted to W70.1bn in Korea, W29.8bn in , W1.6bn in , and W8.3bn in .  Due to financing expenses, net loss came in at W174.9bn (net loss attributable to owners of the parent of W143.2bn).

Theater business is far from Demand hit a bottom, but a YoY recovery is unlikely anytime soon breakeven  Following global demand contraction in 1H20, the domestic box office recovered 46% MoM in Jul., supported by an increase in new releases.  By title, theater attendance was 1.9mn for #Alive (Jun.) and 3.6mn for Train to Busan 2 (Jul.).  Blockbuster lineup in 2H20: Tenet (Aug. 26), The King's Man (Sep.), Black Widow (Nov.), and 007: No Time to Die (Nov.)  QoQ improvements should continue, but the outlook for YoY performance remains murky, given the lingering impact of the pandemic and the decline in content lineup.

Recommendation and valuation Downgrade to Sell (from Hold) and present TP of W15,000  Our target price is based on the sum of the values of the domestic operation (W376.1bn), the stake in CGI (W500.4bn), and the Turkey operation (W156bn), minus net debt (W509bn).  Short-term outlook: With the reopening of theaters, the pace of the box office recovery is a key variable (75% and 80% of theaters are back in business in China and Turkey, respectively).  Long-term outlook: We believe CJ CGV needs to consider downsizing its multiplex business, given the risks to its business model. We expect the theater market to be smaller in size two years from now, given: 1) likely shifts in consumer behavior post-COVID-19; 2) the rise of alternative platforms (e.g., direct-to-OTT releases); and 3) declining investments in traditional movie production.  CJ CGV’s 30% reduction in fixed costs should lead to leverage effects upon a recovery in attendance. However, breakeven seems to be a long way off. We estimate the domestic theater business needs attendance to be at 180mn to break even (2020F attendance: 110mn).

Key data Current price (8/7/20, W) 18,800 Market cap (Wbn) 660 140 CJ CGV KOSPI OP (20F, Wbn) -250 Shares outstanding (mn) 35 120

100 Consensus OP (20F, Wbn) -103 Free float (%) 55.7

80 EPS growth (20F, %) - Foreign ownership (%) 5.4

60 P/E (20F, x) - Beta (12M) 1.68

40 Market P/E (20F, x) 16.5 52-week low (W) 12,835 8.19 12.19 4.20 8.20 KOSPI 2,351.67 52-week high (W) 35,739

Share performance Earnings and valuation metrics (%) 1M 6M 12M (Dec.) 2016 2017 2018 2019 2020F 2021F Absolute -6.5 -28.5 -37.0 Revenue (Wbn) 1,432 1,714 1,769 1,942 809 1,340 Relative -13.9 -32.8 -48.8 OP (Wbn) 70 86 78 122 -250 -49 OP margin (%) 4.9 5.0 4.4 6.3 -30.9 -3.7 NP (Wbn) 12 -1 -141 -153 -451 -254 EPS (W) 583 -66 -6,647 -7,213 -21,303 -12,016 ROE (%) 3.1 -0.4 -49.6 -57.6 -1,132.4 80.0 P/E (x) 109.5 - - - - - P/B (x) 3.6 4.6 3.0 2.5 - - Dividend yield (%) 0.5 0.5 0.5 0.0 0.0 0.0 Notes: Under consolidated K-IFRS; NP is attributable to owners of the parent Source: Company data, Mirae Asset Daewoo Research estimates Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the US. PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES AND DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT. August 10, 2020 CJ CGV

Table 1. Valuation (Wbn, x) Valuation Notes Parent fair value (a) 376 NOPLAT 37.6 2017-19 avg. Target P/NOPLAT 10.0 CGI Holdings (China, Vietnam, ) 500 71.43% ownership Valuation reflecting stake sale 1,168 Discount rate 40.0 Turkey business fair value 156 50% of acquisition price Turkey business acquisition price 312 Total valuation of W796bn at acquisition; 39% stake Total value 1,033 Net debt of W730.2bn (as of 2Q20) minus proceeds Net debt 509 from equity issuance (W221bn) Fair value 524 TP (W) 14,917 Reflected increase in share count Downside (%) -20.7 Source: Mirae Asset Daewoo Research estimates

Table 2. Consolidated earnings and forecasts (Wbn, %, mn, %p) 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20P 3Q20F 4Q20F 2019 2020F 2021F Revenue 465 482 497 498 243 42 214 311 1,942 809 1,340 Parent 249 266 282 257 128 36 167 203 1,054 534 846 Subsidiaries 216 216 215 242 115 6 47 107 888 275 494 China (consolidated) 84 75 81 79 13 1 27 52 320 93 242 Turkey 39 26 26 55 34 0 11 51 146 96 125 Vietnam 46 53 45 42 30 6 19 33 186 89 142 4DPLEX 21 32 28 32 21 1 9 17 113 49 79 OP 23.5 23.5 31.0 45.2 -71.6 -130.5 -45.5 -2.0 122 -250 -49 OP margin 5.1 4.9 6.2 9.1 -29.4 -313.8 -21.3 -0.7 6.3 -30.9 -3.7 Parent 7.3 9.3 26.5 25.4 -32.9 -70.1 -14.9 8.5 68 -110 9 Subsidiaries 16.3 14.2 4.5 19.8 -38.7 -60.4 -30.6 -10.5 55 -140 -58 China (consolidated) 6.6 1.1 1.6 3.0 -30.2 -29.8 -7.3 -4.6 12 -72 -22 Turkey (excluding PPA) 2.3 -2.9 -5.0 12.2 0.5 -1.6 -5.8 6.3 7 -1 9 Vietnam 7.2 6.4 4.1 2.5 0.6 -8.3 -3.4 1.2 20 -10 4 4DPLEX -0.5 4.6 1.6 -4.4 -3.2 -9.4 -2.8 -2.1 1 -18 -8 Pretax profit -9.1 -8.6 -3.2 -207.7 -120.5 -177.4 -85.8 -41.8 -229 -426 -225 NP -8.6 -9.8 -7.1 -213.5 -118.6 -174.9 -84.6 -41.2 -239 -419 -222 Net margin -1.8 -2.0 -1.4 -42.9 -48.7 -420.5 -39.6 -13.3 -12.3 -51.8 -16.7 NP (owners of the parent) -6.9 -8.8 1.8 -138.7 -95.5 -143.2 -75.8 -136.4 -152.6 -450.8 -254 YoY Revenue 5.3 19.1 5.2 10.6 -47.6 -91.4 -57.1 -37.7 9.8 -58.3 65.7 Parent 13.0 20.3 0.0 2.2 -48.6 -86.5 -40.8 -20.8 8.1 -49.3 58.5 Subsidiaries -2.3 17.6 12.8 21.3 -46.5 -97.4 -78.3 -55.5 11.8 -69.0 79.6 China (consolidated) -8.5 7.8 -6.8 12.5 -84.3 -98.9 -67.1 -34.1 0.2 -70.9 160.0 Turkey -38.3 -17.0 20.8 5.6 -12.9 -100.0 -55.3 -7.1 -13.2 -33.9 30.0 Vietnam 42.8 32.5 30.7 36.0 -33.7 -88.2 -57.6 -20.7 35.2 -52.2 60.0 4DPLEX 22.6 8,719.9 -5.1 76.6 TTR TTR TTR TTR 58.5 TTR RR OP TTR RR RR RR RR RR RR RR RR RR RR Key assumptions China attendance 480 329 473 437 61 - 142 306 1,719 509 0 CGV share 2.3 2.6 2.4 2.5 2.5 - 2.5 2.5 2.4 2.5 0.0 Turkey attendance 19 10 8 23 17 - 3 16 59 36 0 CGV share 40.0 43.4 42.4 39.8 38.7 - 42.4 39.8 40.8 39.6 0.0 Note: M/S figures are based on avg. data. Source: Company data, Mirae Asset Daewoo Research estimates

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Table 3. Parent earnings and forecasts (Wbn, %, mn, %p) 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20P 3Q20F 4Q20F 2019 2020F 2021F Revenue 249 266 282 257 128 36 167 203 1,054 534 846 Box office 169 172 185 166 79 20 112 133 691 345 554 Concessions 44 48 52 47 22 5 28 33 191 88 128 Screen ads 19 28 29 28 17 3 18 22 104 60 97 Other 17 19 16 16 10 8 9 14 68 41 67 OP 7 9 26 25 -33 -70 -15 8 68 -110 9 OP margin 2.9 3.5 9.4 9.9 -25.8 -194.7 -8.9 4.2 6.5 -20.5 1.0 Pretax profit -2 1 15 -72 -45 -87 -32 -8 -58 -172 -54 NP -2 0 13 -77 -44 -85 -29 -7 -66 -165 -52 Net margin -0.8 0.0 4.6 -30.0 -34.3 -237.3 -17.1 -3.7 -6.2 -31.0 -6.1 YoY Revenue 13.0 20.3 0.0 2.2 -48.6 -86.5 -40.8 -20.8 8.1 -49.3 58.5 Box office 13.5 16.7 -2.8 1.7 -53.1 -88.5 -39.3 -19.4 6.5 -50.1 60.8 Concessions 18.3 29.7 4.7 13.8 -51.3 -90.0 -45.9 -28.3 15.7 -54.0 45.3 Screen ads -11.7 19.7 4.6 1.2 -9.3 -88.8 -39.6 -21.6 3.7 -42.3 62.3 Other 32.7 34.1 12.7 -17.4 -40.5 -55.4 -43.9 -12.4 12.3 -38.9 61.6 OP 551.8 TTB 3.5 139.1 TTR TTR TTR -66.7 89.5 TTR TTB NP RR TTB TTB RR RR TTR TTR RR RR RR RR Key assumptions Domestic attendance 55 54 61 56 26 6 37 45 227 114 182 CGV attendance 26 26 29 26 13 3 17 21 107 54 87 CGV share 47.5 47.2 47.0 47.0 48.4 49.2 47.0 47.0 47.2 47.4 47.4 YoY Domestic attendance 7.4 20.4 -8.0 5.2 -52.7 -88.3 -40.0 -20.0 4.8 -49.7 60.0 CGV attendance 6.5 18.8 -6.2 5.0 -51.9 -87.8 -40.0 -20.0 4.9 -49.4 60.0 CGV share -0.4 -0.6 0.9 -0.1 0.9 2.0 0.0 0.0 0.1 0.2 0.0 Note: M/S figures are based on avg. data. Source: Company data, Mirae Asset Daewoo Research estimates

Figure 1. Domestic box office to display negative growth for the first time in 13 years

(%) 60 ATP YoY Attendance YoY 40 Box office YoY

20

0

-20

-40

-60 2005 2007 2009 2011 2013 2015 2017 2019 2021F

Source: KOFIC, Mirae Asset Daewoo Research

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CJ CGV (079160 KS)

Income statement (summarized) Balance sheet (summarized) (Wbn) 2018 2019 2020F 2021F (Wbn) 2018 2019 2020F 2021F Revenue 1,769 1,942 809 1,340 Current assets 497 677 445 483 Cost of revenue 857 1,157 428 825 Cash & equivalents 185 352 243 142 Gross profit 912 785 381 515 AR & other receivables 190 201 125 214 SG&A expenses 835 663 631 564 Inventory 19 22 13 22 OP (adj.) 78 122 -250 -49 Other current assets 103 102 64 105 OP 78 122 -250 -49 Non-current assets 1,737 3,847 3,582 3,395 Non-operating profit -288 -351 -176 -176 Investments in associates 50 54 34 56 Net financial income -42 -152 0 0 PP&E 832 924 696 486 Net income from associates 5 5 -1 0 Intangible assets 500 336 310 294 Pretax profit -210 -229 -426 -225 Total assets 2,234 4,524 4,027 3,879 Income tax -22 11 -6 -3 Current liabilities 861 1,120 998 1,035 Profit from continuing operations -189 -239 -419 -222 AP & other payables 257 281 175 290 Profit from discontinued operations 0 0 0 0 Short-term financial liabilities 435 666 715 566 NP -189 -239 -419 -222 Other current liabilities 169 173 108 179 Attributable to owners -141 -153 -451 -254 Non-current liabilities 822 2,803 2,858 2,894 Attributable to minority interests -48 -86 32 32 Long-term financial liabilities 721 2,714 2,803 2,803 Total comprehensive income -360 -247 -427 -222 Other non-current liabilities 101 89 55 91 Attributable to owners -200 -148 -352 -183 Total liabilities 1,684 3,923 3,856 3,929 Attributable to minority interests -161 -98 -75 -39 Equity attributable to owners 259 270 -191 -445 EBITDA 237 490 68 178 Capital stock 11 11 11 11 FCF -140 84 -204 89 Capital surplus 90 90 90 90 EBITDA margin (%) 13.4 25.2 8.4 13.3 Retained earnings 182 15 -437 -691 OP margin (%) 4.4 6.3 -30.9 -3.7 Minority interests 291 331 362 394 Net margin (%) -8.0 -7.9 -55.7 -19.0 Shareholders' equity 550 601 171 -51

Cash flow statement (summarized) Key valuation metrics/ratios (Wbn) 2018 2019 2020F 2021F 2018 2019 2020F 2021F Operating cash flow 105 283 -167 89 P/E (x) - - - - NP -189 -239 -419 -222 P/CF (x) 3.0 1.3 - 852.4 Non-cash income/expenses 447 750 365 222 P/B (x) 3.0 2.5 - - Depreciation 139 326 301 210 EV/EBITDA (x) 8.9 8.3 62.8 24.1 Amortization 21 42 17 16 EPS (W) -6,647 -7,213 -21,303 -12,016 Other 287 382 47 -4 CFPS (W) 12,220 24,143 -2,557 22 Chg. in working capital -107 -50 -74 85 BPS (W) 12,271 12,777 -9,014 -21,030 Chg. in AR & other receivables -4 -14 65 -74 DPS (W) 200 0 0 0 Chg. in inventory 5 -3 5 -9 Dividend payout ratio (%) -2.2 0.0 0.0 0.0 Chg. in AP & other payables -72 -20 -82 49 Dividend yield (%) 0.5 0.0 0.0 0.0 Income tax -15 -30 1 3 Revenue growth (%) 3.2 9.8 -58.3 65.6 Cash flow from investing activities -40 -228 17 -19 EBITDA growth (%) -7.4 106.8 -86.1 161.8 Chg. in PP&E -35 -185 -36 0 OP growth (%) -9.3 56.4 - - Chg. in intangible assets -9 -25 -4 0 EPS growth (%) - - - - Chg. in financial assets 22 -11 18 -19 AR turnover (x) 10.5 11.2 5.5 9.0 Other -18 -7 39 0 Inventory turnover (x) 96.5 96.3 46.2 75.0 Cash flow from financing activities -6 105 18 -149 AP turnover (x) 7.2 9.6 4.4 8.2 Chg. in financial liabilities 37 2,225 138 -149 ROA (%) -8.0 -7.1 -9.8 -5.6 Chg. in equity 0 0 0 0 ROE (%) -49.6 -57.6 -1,132.4 80.0 Dividends -12 -12 -2 0 ROIC (%) 4.5 5.3 -7.5 -1.2 Other -31 -2,108 -118 0 Debt-to-equity ratio (%) 306.0 652.6 2,253.8 -7,733.7 Chg. in cash 53 166 -108 -101 Current ratio (%) 57.7 60.4 44.6 46.7 Beginning balance 133 185 352 243 Net debt-to-equity ratio (%) 175.1 503.0 1,912.2 -6,342.0 Ending balance 185 352 243 142 Interest coverage ratio (x) 1.6 0.8 0.0 0.0 Source: Company data, Mirae Asset Daewoo Research estimates

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Appendix 1

Important disclosures and disclaimers Two-year rating and TP history

Company Date Rating TP (W) (W) CJ CGV CJ CGV (079160) 08/09/20 Sell 15,000 80,000 02/12/20 Hold 08/09/19 Buy 48,075 60,000 05/13/19 Buy 47,168 40,000 11/09/18 Buy 50,796 08/10/18 Buy 72,566 20,000 06/07/18 Buy 80,730

0 Aug 18 Aug 19 Aug 20

Stock ratings Sector ratings Buy Expected 12-month performance: +20% or greater Overweight Expected to outperform the market over 12 months Trading Buy Expected 12-month performance: +10% to +20% Neutral Expected to perform in line with the market over 12 months Hold Expected 12-month performance: -10% to +10% Underweight Expected to underperform the market over 12 months Sell Expected 12-month performance: -10% or worse

Rating and TP history: Share price (─), TP (▬), Not Rated (■), Buy (▲), Trading Buy (■), Hold (●), Sell (◆) * Our investment rating is a guide to the expected return of the stock over the next 12 months. * Outside of the official ratings of Mirae Asset Daewoo Co., Ltd., analysts may call trading opportunities should technical or short-term material developments arise. * The TP was determined by the research analyst through valuation methods discussed in this report, in part based on estimates of future earnings. * TP achievement may be impeded by risks related to the subject securities and companies, as well as general market and economic conditions.

Ratings distribution and investment banking services Buy Trading Buy Hold Sell Ratings distribution 76.22% 11.59% 11.59% 0.60% Investment banking services 75.00% 10.00% 15.00% 0% * Based on recommendations in the last 12 months (as of June 30, 2020)

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 divisions. 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 . 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 Korean language. 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 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 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

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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. For further information regarding company-specific information as it pertains to the representations and disclosures in this Appendix 1, please contact [email protected] or +1 (212) 407-1000.

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 report is distributed in Hong Kong by Mirae Asset Securities (HK) Limited, 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.

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Mirae Asset Daewoo International Network

Mirae Asset Daewoo Co., Ltd. () Mirae Asset Securities (HK) Ltd. Mirae Asset Securities (UK) Ltd. One-Asia Equity Sales Team Units 8501, 8507-8508, 85/F 41st Floor, Tower 42 Mirae Asset Center 1 Building International Commerce Centre 25 Old Broad Street, 26 Eulji-ro 5-gil, Jung-gu, Seoul 04539 1 Austin Road West London EC2N 1HQ Korea Kowloon United Kingdom Hong Kong Tel: 82-2-3774-2124 Tel: 852-2845-6332 Tel: 44-20-7982-8000

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