DOCSLIB.ORG

Kakao Corp. (035720 KS ) Focus on Value of Content and Fintech

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Kakao Corp. (035720 KS ) Focus on Value of Content and Fintech Kakao Corp. (035720 KS ) Focus on value of content and fintech Internet 2Q18 review: Revenue and OP in line with consensus Results Comment Kakao reported 2Q18 earnings results that were broadly in line with consensus expectations. August 10, 2018 Positives: Consolidated revenue grew 26% YoY. In the content segment, PC game revenue roughly doubled YoY, boosted by the switch to paid services at PC cafes for PlayerUnknown's Battlegrounds . The company’s webtoon businesses, KakaoPage and Japan-based Piccoma, recorded robust growth of 55% and 254% YoY, respectively. Commerce revenue also (Upgrade) Buy expanded 52% YoY. Labor and marketing expenses were lower than expected. Negatives: Ad revenue grew 10% YoY, slower than the rate in 1Q18. In the content Target Price (12M, W) ▲ 150,000 segment, mobile game revenue was weaker than anticipated. Operating profit slumped 38% YoY, as operating expenses surged 32% YoY, outpacing revenue growth. In particular, Share Price (08/09/18, W) 125,500 content commissions as a percentage of content revenue was higher than expected. Expected Return 20% Value of content business to come into focus in near term Games: Kakao Games is preparing to go public on KOSDAQ by the end of the year. We forecast Kakao’s consolidated game revenue to reach W457bn in 2018 and W514bn in 2019. OP (18F, Wbn) 102 Based on the proposed IPO price range, Kakao Games’ market value is expected to range Consensus OP (18F, Wbn) 120 between W1.2tr and W1.9tr. Key drivers of revenue growth this year are: 1) the launch of EPS Growth (18F, %) -22.4 paid services for the PC game PlayerUnknown's Battlegrounds ; and 2) a greater number o f Market EPS Growth (18F, %) 10.1 mobile title releases. As of end-March, Kakao held a 61.7% stake in Kakao Games. P/E (18F, x) 101.0 Webtoons: KakaoPage and Piccoma are generating stronger-than-expected revenues. Market P/E (18F, x) 9.0 We believe their business models—i.e., ”wait then free,” paid content, and KOSPI 2,303.71 advertising—are working well. The successful development of the webtoon What’s Market Cap (Wbn) 9,574 Wrong with Secretary Kim into a TV show is also encouraging. Looking ahead, we Shares Outstanding (mn) 76 expect revenue to accelerate, driven by VOD distribution, IP-related projects, and Free Float (%) 64.4 overseas business expansion. Foreign Ownership (%) 24.9 Entertainment: After its merger with Kakao M in September, Kakao intends to spin off Beta (12M) 1.85 its music/video content business (not including the Melon platform). In June, Kakao M 52-Week Low 103,500 made stake acquisitions in BH Entertainment, J Wide Company, a nd Ready 52-Week High 161,000 Entertainment, and also established a strategic partnership with Soop Management. Given that the existing Kakao M was mostly valued for the Melon platform, we believe (%) 1M 6M 12M the entertainment/production business could be properly valued following the spinoff. Absolute 6.8 6.4 15.7 Relative 6.0 9.1 18.9 Focus on value of fintech business in the medium/long term 150 Kakao Corp. KOSPI We view the following as positive to Kakao’s fintech business: 1) the move to ease 130 regulations on the separation of financial and non-financial capital; and 2) the proliferation of offline QR code payments. We believe that policy tailwinds will help 110 bolster monetization at Kakao Bank and Kakao Pay. 90 Upgrade to Buy (from Trading Buy) and raise TP to W150,000 (from W130,000) 70 We upgrade our rating on Kakao to Buy and raise our target price to W150,000. We 8.17 12.17 4.18 8.18 believe the value of the content business will come into focus in the near term and expect the fintech business to bolster growth over the medium and long term. Mirae Asset Daewoo Co., Ltd. [ Internet/Game/Advertising ] FY (Dec.) 12/15 12/16 12/17 12/18F 12/19F 12/20F Revenue (Wbn) 932 1,464 1,972 2,417 2,813 3,115 Jee -hyun Moon +822 -3774 -1640 OP (Wbn) 89 116 165 102 171 185 [email protected] OP margin (%) 9.5 7.9 8.4 4.2 6.1 5.9 NP (Wbn) 76 58 109 94 150 159 EPS (W) 1,269 874 1,602 1,243 1,972 2,089 ROE (%) 3.0 1.9 2.9 2.0 2.8 2.9 P/E (x) 91.2 88.1 85.5 101.0 63.6 60.1 P/B (x) 2.7 1.5 2.3 1.8 1.8 1.7 Dividend yield (%) 0.1 0.2 0.1 0.1 0.1 0.1 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 August 10, 2018 Kakao Corp. Earnings review and forecast Table 1. 2Q18 review (Wbn, %) 2Q18P Growth 2Q17 1Q18 Mirae Asset Preliminary Consensus YoY QoQ Daewoo Revenue 468 555 589 590 589 25.7 6.0 Operating profit 45 10 28 17 29 -38.1 165.2 OP margin (%) 9.5 1.9 4.7 2.9 4.9 Net profit 13 15 25 29 31 103.8 74.0 Notes: All figures are based on consolidated K-IFRS; net profit is attributable to controlling and non-controlling interests Source: Company data, FnGuide, Mirae Asset Daewoo Research estimates Table 2. Earnings trends and forecasts (Wbn, %) 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18P 3Q18F 4Q18F 2017 2018F 2019F Revenue 444 468 515 545 555 589 618 655 1,972 2,417 2,813 1) Ads 133 151 151 160 155 166 168 176 596 665 742 1-1) PC 63 70 64 65 59 65 62 65 267 251 241 1-2) Mobile 71 82 88 94 96 101 105 112 334 415 502 2) Content 224 236 261 266 286 303 315 333 985 1,237 1,427 2-1) Game 80 79 94 89 106 112 116 124 342 457 514 2-2) Music 110 118 122 129 126 130 135 140 479 532 593 2-3) Other 33 39 45 48 54 61 65 69 165 249 321 3) Other 87 83 102 119 115 120 135 145 391 515 643 Operating profit 38 45 47 35 10 28 30 34 165 102 171 OP margin 8.6 9.5 9.2 6.4 1.9 4.7 4.9 5.1 8.4 4.2 6.1 Net profit 54 13 40 21 15 25 42 26 125 108 173 Net margin 12.3 2.7 7.7 3.8 2.6 4.3 6.8 3.9 6.3 4.5 6.1 YoY growth Revenue 83.0 24.4 31.7 20.0 25.2 25.7 19.8 20.2 34.7 22.5 16.4 1) Ads 3.0 11.2 19.4 12.8 16.0 9.9 10.8 10.6 11.6 11.7 11.6 1-1) PC -12.0 -5.3 2.3 -3.7 -6.2 -6.8 -2.0 -1.3 -3.0 -6.0 -4.0 1-2) Mobile 21.3 30.5 35.7 27.9 35.7 24.1 20.0 18.8 29.0 24.0 21.0 2) Content 144.1 24.1 31.8 20.0 27.7 28.1 20.5 25.4 40.4 25.5 15.4 2-1) Game 14.2 0.5 19.7 -4.3 31.5 41.9 23.1 39.2 6.8 33.6 12.4 2-2) Music 3164.8 30.5 27.7 20.6 14.5 10.4 10.4 8.6 61.5 11.1 11.6 2-3) Other 84.4 78.6 86.5 122.9 62.9 57.2 42.6 45.3 93.3 50.7 29.0 3) Other 303.5 65.6 54.9 31.3 32.7 44.9 31.5 21.6 71.3 31.6 25.0 Operating profit 81.8 67.5 56.5 -8.8 -72.9 -38.1 -35.9 -3.2 42.1 -38.2 68.2 Net profit 397.5 -5.6 192.8 -25.2 -73.1 103.8 5.4 25.1 91.0 -13.6 60.1 Notes: All figures are based on consolidated K-IFRS; Game (2-1) revenue includes Kakao VX from 1Q18; other content (2-3) revenue includes webtoons, web novels, and emoticons; other (3) revenue includes commerce, Kakao Friends, Pay, and Mobility; net profit is attributable to controlling and non-controlling interests Source: Company data, Mirae Asset Daewoo Research estimates Table 3. Earnings forecast revisions (Wbn, W, %) Previous Revised % chg. Notes 18F 19F 18F 19F 18F 19F Ad estimates revised down ward; other revenue Revenue 2,446 2,806 2,417 2,813 -1.2 0.2 estimates revised upward Operating profit 100 176 102 171 2.0 -2.6 Content commission estimates revised up ward Non -operating income estimates revised Net profit 113 167 108 173 -4.4 3.6 downwards , effective tax rate revised upwards EPS (W) 1,297 1,900 1,243 1,972 -4.2 3.8 OP margin 4.1 6.3 4.2 6.1 Net margin 4.6 6.0 4.5 6.1 Notes: All figures are based on consolidated K-IFRS; net profit is attributable to controlling and non-controlling interests; EPS is attributable to controlling interests Source: Mirae Asset Daewoo Research estimates Mirae Asset Daewoo Research 2 August 10, 2018 Kakao Corp.
Load more

Recommended publications
  • Investor Relations I August 2015 Company Mission & Business Area
    Investor Relations I August 2015 Company Mission & Business Area A Mobile Lifestyle Platform Daum Kakao provides mobile lifestyle services that make everyday connections boundless and better Our mission is to “Connect Everything” Connecting users, businesses, and more together on our platform in a way that touches every aspect of our lives Communication & Search & Media & Commerce & Taxi & Community Recommendation Content Games Fintech Others Media 2 Created Through the Merger of Leading Internet & Mobile Platforms Feb 1995 1999 2005 2009 2013 Established Daum Café Daum Blog Map. Mobile Global Utility Apps Daum “Tistory” Service “SolMail” Communications “SolCalendar” 1997 2000 2006 Jun 2015 Daum E-mail Daum Search Daum TV Kakao#Search Jan 2015 May 2015 “Hanmail” “TV Pot” KakaoChannel K Venture Group Path KakaoTV Mobile Lifestyle Platform Oct. 1, 2014 Merger between Daum and Kakao Nov 2014 Mar 2015 May 2015 BankWalletKakao KakaoTaxi LOC&ALL (KimGiSa) Mar 2010 Mar 2012 Aug 2014 KakaoTalk KakaoStory YellowID Dec 2006 Sep 2010 Jul 2012 Sep 2014 Established Changed company KakaoGames KakaoPay IWILAB Name to Kakao 3 Diversified Platform Leveraging Content, Social Graph and User Traffic Daum Kakao’s Assets and Expertise Diverse Platforms Leading to Growth and Monetization #1 Communications Kakao Kakao Kakao Contents & Community Talk Story Hello #2 Advertising Kakao Platform Daum Story YellowID #3 Assets Recommendation Daum Kakao(#) KakaoTalk & Search Search Search Channel Social by advertising monetizing Traffic Graph User &engagementand base growth #4 Media & Content Daum Media KakaoTV KakaoPage n Contents: 14 years of accumulated contents of Daum #5 Search and continued creation of contents by Kakao Games Kakao Kakao Daum platforms including KakaoStory, Brunch, Plain, etc.
    [Show full text]
  • Masaryk University
    Masaryk University Faculty of Social Science Diffusion of Social Media in East Asia How sociocultural context influenced the diffusion of social media innovation in South Korea, Japan, and Mainland China? Bachelor thesis Michal Španěl Brno 2018 1 I declare that I have worked on this thesis independently, using only the primary and secondary sources listed in the bibliography. ……………………………. Brno, 1. 12. 2018 2 Abstract This work is dedicated to a comprehensive analysis of sociocultural context influencing a diffusion of innovations. Diffusion of innovation and related theory is applied to a specific case of spread of social media in East Asia countries, all having and developing unique and distinctive media ecosystems: Japan, South Korea and Mainland China. The thesis aims to analyse how might have sociocultural factors influenced the diffusion of the media innovation in these countries and in which direction, based on the related innovation and media theory. Key words: diffusion of innovation, Carl Rogers, Bass Diffusion Model, Hofsfede cultural dimensions, Hall low-context high-context dimensions, innovativeness, social media, Mainland China, South Korea, Japan 3 Table of Contents 1. Introduction ........................................................................................................................ 5 2. Everett Rogers and innovations .......................................................................................... 7 3. Bass Model and Critical Mass .........................................................................................
    [Show full text]
  • Managing a High Tech Company: the CEO Perspective
    Minor changes/updates will be made for Fall 2019. Spring 2019 INFO-GB.2332 Managing a High Tech Company: The CEO Perspective Prof. Jihoon Rim, [email protected] Tuesdays & Thursdays, 9:00-10:20am Office Hour: After class or By appointment Course Description: We are living in an era where “technology” companies are totally changing our lifestyle and it is obvious that artificial intelligence will push this trend further. As it is clear that each and every industry will be disrupted by technology, understanding this mass transformation is crucial. Students will study how ‘management’ is done in high tech companies and understand the differences between managing a high tech company and a traditional company. This course will cover mega trends in the technology sector and a number of real word business cases. Topic Examples in this course include: (1) How to manage innovation; (2) Critical success factors in tech companies; (3) Technology’s role in platform business (two sided business, content platform business); (4) Culture & Talent management in tech industry; (5) Tech M&As. On top of U.S tech companies, Asian tech companies, well known for their advanced implementation of technology, will also be discussed. (Baidu, Tencent, Alibaba in China and Kakao, Naver in Korea) Additionally, the lecturer will share his experience working as CEO at Kakao Corp., and help students understand the “CEO Perspective”. Course Objective: ● To understand basic concepts and underlying principles that apply to the technology industries. ● To analyze and discuss success factors of technology companies that are changing our everyday life. ● To understand how technology companies operate.
    [Show full text]
  • Webtoons: the Next Frontier in Global Mobile Content
    Media Webtoons: The next frontier in global mobile content Overweight (Maintain) Webtoons: No. 1 in Korea = No. 1 in the world Korea is the birthplace of webtoons. As a “snack-culture” format optimized to Industry Report smartphones, Korea’s webtoons have made significant progress over the years and September 20, 2019 now boast the strongest platform/content competitiveness in the world. As demand for mobile entert ainment continues to grow, webtoons are capturing the eyes and wallets of an increasing number of users, presenting a significant opportunity for Korean platform providers. Mirae Asset Daewoo Co., Ltd. Webtoons to take shape as a distinct market [Media ] Webtoons are more than just an online conversion of paper-based comic books. They Jeong -yeob Park represent a new form of content created by the mobile internet ecosystem. Not only is +822 -3774 -1652 the potential audience larger, but the time spent on webtoons tends to be longer than [email protected] time spent reading paper comics. In Kor ea, webtoons already account for the second largest share of time spent on apps, after videos. When assuming full monetization, the size of the webtoon market is on a completely different level than the traditional comic book market. Webtoons are also gai ning traction among younger people in the global market, similar to what we saw in Korea five to 10 years ago. With the help of marketing and a well-established user/writer base, webtoons look likely to take root as a new culture in overseas markets. Of note, LINE Webtoon has seen impressive user growth in the US , with 8mn monthly active users (MAU).
    [Show full text]
  • June 2020 | Investor Relations Disclaimer Table of Contents
    June 2020 | Investor Relations Disclaimer Table of Contents Kakao Ecosystem 4 Kakao Business 12 Talk Biz 13 Mobility 16 Techfin(Pay) 17 Techfin(Bank) 18 Music 19 Game 20 Paid Content 21 IP Business(M) 22 IP Business(IX) 23 B2B Business 24 Financial Overview 25 Kakao ecosystem Kakao business Financial overview 4 Vision “Connect Everything” Innovating the way we connect for a better tomorrow 5 History ● Interactive Business Platform 2013 100million Subscribers Kakao talk 2014 Kakao & Daum Merger 2010 2010 2014 2015 2016 2016 2017 Kakao Kakao Kakao Kakao Kakao Kakao Kakao Talk Talk Gift Pay Taxi Makers Driver Bank 2006 KaKao (I.W.I LAB) Established 2018 Kakao & LOEN 2012 2012 2013 2016 2016 Merger Kakao Kakao Kakao LOEN Kakao Japan Game Friends Page Acquisition Piccoma ● Content Ecosystem & Global Expansion Kakao M Spin off 6 Undisputed Market Leader No1. Mobile Messenger Service in Korea Kakao Talk Monthly Active Users 45 Million MAU in Korea 96% Market Share 45,188 87% Population Penetration 44,731 44,859 44,417 44,076 43,526 43,577 43,662 43,812 #1 Brand Power Across 220 Industries in Korea Most Admired Workplace Among Top 100 Companies in Korea by Market Cap. 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 #1 Social Contribution Index Korea 43,526 43,577 43,662 43,812 44,076 44,417 44,731 44,859 45,188 Among the 57 Largest Conglomerate Groups in Korea Global 50,348 50,113 50,187 50,219 50,547 50,882 51,374 51,495 51,768 Average of monthly MAUs.
    [Show full text]
  • Media/Entertainment Rise of Webtoons Presents Opportunities in Content Providers
    Media/Entertainment Rise of webtoons presents opportunities in content providers The rise of webtoons Overweight (Maintain) Webtoons are emerging as a profitable new content format, just as video and music streaming services have in the past. In 2015, webtoons were successfull y monetized in Korea and Japan by NAVER (035420 KS/Buy/TP: W241,000/CP: W166,500) and Kakao Industry Report (035720 KS/Buy/TP: W243,000/CP: W158,000). In late 2018, webtoon user number s April 9, 2020 began to grow in the US and Southeast Asia, following global monetization. This year, NAVER Webtoon’s entry into Europe, combined with growing content consumption due to COVID-19 and the success of several webtoon-based dramas, has led to increasing opportunities for Korean webtoon companies. Based on Google Trends Mirae Asset Daewoo Co., Ltd. data, interest in webtoons is hitting all-time highs across major regions. [Media ] Korea is the global leader in webtoons; Market outlook appears bullish Jeong -yeob Park Korea is the birthplace of webtoons. Over the past two decades, Korea’s webtoon +822 -3774 -1652 industry has created sophisticated platforms and content, making it well-positioned for [email protected] growth in both price and volume. 1) Notably, the domestic webtoon industry adopted a partial monetization model, which is better suited to webtoons than monthly subscriptions and ads and has more upside potent ial in transaction volume. 2) The industry also has a well-established content ecosystem that centers on platforms. We believe average revenue per paying user (ARPPU), which is currently around W3,000, can rise to over W10,000 (similar to that of music and video streaming services) upon full monetization.
    [Show full text]
  • Internet AI Roadmap: Smart Speakers in B2C and Cloud Services in B2B
    Internet AI roadmap: Smart speakers in B2C and cloud services in B2B Internet firms’ AI businesses taking shape Overweight (Maintain) The artificial intelligence (AI) businesses of global and domestic internet companies are increasingly taking shape and entering the execution phase. The most notable Industry Report development in the B2C space is the launch of AI-based voice-controlled speakers. In the B2B space, cloud services supported by AI are gaining increasing attention. June 19, 2017 B2C: Launch of voice-activated speakers and everyday services Mirae Asset Daewoo Co., Ltd. An increasing number of everyday services integrated with voice-controlled speakers and AI platforms are coming onto the scene. Amazon (NASDAQ: AMZN, [Internet/Game/Advertising] CP: US$995.17) is the current leader of this market, with its Echo smart speaker and Jee-hyun Moon Alexa virtual assistant. Last week, the company launched an Alexa-enabled smart +822-3774-1640 shopping device called Dash Wand the same day it announced its US$13.7bn [email protected] acquisition of the Whole Foods grocery chain. Also last week, NAVER’s Japanese subsidiary, LINE, unveiled smart speakers, named Wave and Champ, to which LINE will tie services like shopping and delivery. Domestically, both NAVER (035420 KS, BUY, TP: W1,160,000, CP: W878,000) and Kakao (035720 KQ, BUY, TP: W125,000, CP: W103,800) plan to release their own voice-controlled speakers this summer. B2B: Rapid growth of cloud services among firms strong in AI IT companies with strong AI capabilities are seeing rapid growth in their cloud revenue. Amazon , IBM (NYSE: IBM, CP: US$154.84), and Microsoft (NASDAQ: MSFT, CP: US$70.87) - with the Alexa, Watson, and Cortana, respectively - are enjoying double-digit growth in cloud revenue, which now makes up a meaningful percentage of overall revenue at all three companies.
    [Show full text]
  • Kakao Games to Overshoot to the Upside
    [Korea] September 10, 2020 Game s (Overweight/Maintain) Kakao Games to overshoot to the upside Mirae Asset Daewoo Co., Ltd. Chang-kwean Kim [email protected] HeeSeok Lim [email protected] Game performance trends Analysis of game performance trends in July and August (Sensor Tower data) We analyzed the revenue trends of major titles using data from mobile app data provider Sensor Tower. Our figures are based on a statistical analysis and may differ from actual revenue, depending on the time series and sample size. Thus, our figures should be viewed as a reference for the performance trends of each title, rather than as absolute values. New title expectations to drive Initiate our coverage on Kakao Games with a Buy rating and TP of W42,000 momentum The release schedule for blockbuster titles is the most important variable in the valuation of game companies. Generally speaking, game stocks trade at high P/Es when frequent new releases provide sustained momentum. Shares of NCsoft, Netmarble (251270 KS/CP: W189,000), and Pearl Abyss (263750 KQ/CP: W196,700) have traded at average P/Es of 24x, 50x, and 14x, respectively, since their IPOs. Notably, expectations for blockbuster titles caused the valuations of Netmarble and Pearl Abyss to surge right after their IPOs (with P/Es reaching 80x and 200x, respectively). Kakao Games’ offering price implies a 2020F P/E of 19x; our target price implies a P/E of 30x. Notable stocks in 3Q20: Webzen Small/mid -sized game stocks to monitor in 2H20: Webzen and JoyCity and JoyCity The market is expecting both Webzen (069080 KQ/CP: W36,750) and JoyCity (067000 KQ/CP: W22,250) to deliver record revenue, backed by the solid performance of existing titles and the commercial success of new titles.
    [Show full text]
  • Emerging Challengers and Incumbent Operators Battle for Asia Pacific's
    Emerging Challengers and Incumbent Operators Battle for Asia Pacific’s Digital Banking Opportunity June 2021 By Jungkiu Choi, Yashraj Erande, Yang Yu and Camille Jasmine Aquino Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we helpwe work clients closely with with total clients transformation—inspiring to embrace a complextransformational change, enablingapproach organizations aimed at benefiting to grow, all buildingstakeholders—empowering competitive advantage, organizations and driving to grow, bottom-linebuild sustainable impact. competitive advantage, and drive positive societal impact. To succeed, organizations must blend digital and humanOur diverse, capabilities. global teams Our diverse, bring deep global industry teams and bringfunctional deep expertiseindustry andand functionala range of expertiseperspectives andthat aquestion range of the perspectives status quo to and spark spark change. change. BCG delivers solutions through leading-edge management consultingconsulting, alongtechnology with technology and design, and design,corporate corporate and digital and ventures. digital ventures— We work in a anduniquely business collaborative purpose. modelWe work across in a uniquelythe firm and collaborativethroughout all model levels across of the theclient firm organization, and throughoutfueled by the all goal levels of helpingof the client our
    [Show full text]
  • Kakaotalk Notifications Not Working
    Kakaotalk Notifications Not Working Bull-necked Barney complexifies, his deaf-aids reposed cremating blasphemously. Potential Purcell beardfricasseed imprecisely? dingily, he ventriloquise his sequela very endemically. Is Reynolds jurant when Philbert Among other notification in a walk. You can follow add status to your profile. Press enter a new messages that i reply a group members in korea cannot mark them as expected. CNN to Comedy Central. Performing a free guide, i fixed my current time. Only from scammers by clicking or bank is? Fi source if one is available, and relaunch Voxer. New notifications not working, there you like a fee after setup with a free call? These issues always backed up in preview of them of their friends from now on set up as building on kakao. But pepper also provide enhanced coverage and useful information from all over the world if necessary find science of fraud or relevance to our global audience. After few minutes without carrying bills for many people read yet there was released by reservation time. Since it sort a video calling app, the quality of your call poison help but depend in your network signal and speed. What comes after confirming your bank account is another confirmation process to add an extra layer of security to your money. The Financial Supervisory Service can also enjoy the effect of saving budget and reducing civil petition processing work. This user base is an answer site contains user reported crash with that have pictures and url into my kakaotalk notifications not working with. RECOMMENDED CONFIGURATION VARIABLES: EDIT AND UNCOMMENT THE SECTION BELOW TO INSERT DYNAMIC VALUES FROM YOUR PLATFORM OR CMS.
    [Show full text]
  • ICIS 2017 Program Book
    Transforming Society with Digital Innovation Welcome to Seoul Dear friends and colleagues of the AIS Community: It is our great pleasure to welcome you for ICIS 2017 to Seoul, a vibrant city that has been the capital city of Korea, for more than 600 years! ICIS 2017 promises to be an exciting and intellectually stimulating event, with a program that features 406 paper presentations and 42 ancillary meetings of SIGs and chapters. The conference is also introducing a number of innovations. We are inaugurating the first paper-a-thon with 46 papers where co-authors will meet and create new knowledge in real-time, during the conference. In addition to the continuing tradition of the doctoral consortium, the conference includes a doctoral student corner and doctoral student reunion for the first time. The junior faculty consortium, mid-career faculty workshop, and senior scholar’s college will help colleagues at every stage of career development. We hope that the diverse spectrum of activities at ICIS 2017 will be an invaluable experience, enriching your interactions and knowledge exchange, and providing numerous opportunities to renew old relationships and build new ones. The theme of ICIS2017 is “Transforming Society with Digital Innovation.” All countries across the globe are moving in this direction. Korea has also been growing fast based on its manufacturing and operational capability for the past 50 years, and the Korean government and companies have expended considerable effort in developing digital capability to make the country grow further to benefit its citizens. Germany has initiated the industry 4.0 and platform industry 4.0, the U.S.A.
    [Show full text]
  • ICIS 2017, Seoul 1 Welcome to Seoul
    ICIS 2017, Seoul 1 Welcome to Seoul Dear friends and colleagues of the AIS Community: It is our great pleasure to welcome you for ICIS 2017 to Seoul, a vibrant city that has been the capital city of Korea, for more than 600 years! ICIS 2017 promises to be an exciting and intellectually stimulating event, with a program that features 406 paper presentations and 42 ancillary meetings of SIGs and chapters. The conference is also introducing a number of innovations. We are inaugurating the first paper-a-thon with 46 papers where co-authors will meet and create new knowledge in real-time, during the conference. In addition to the continuing tradition of the doctoral consortium, the conference includes a doctoral student corner and doctoral student reunion for the first time. The junior faculty consortium, mid-career faculty workshop, and senior scholar’s college will help colleagues at every stage of career development. We hope that the diverse spectrum of activities at ICIS 2017 will be an invaluable experience, enriching your interactions and knowledge exchange, and providing numerous opportunities to renew old relationships and build new ones. The theme of ICIS2017 is “Transforming Society with Digital Innovation.” All countries across the globe are moving in this direction. Korea has also been growing fast based on its manufacturing and operational capability for the past 50 years, and the Korean government and companies have expended considerable effort in developing digital capability to make the country grow further to benefit its citizens. Germany has initiated the industry 4.0 and platform industry 4.0, the U.S.A.
    [Show full text]