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SM Entertainment (041510 KQ ) Two expectations Entertainment Watch for new artist growth and enhanced shareholder returns; Maintain Buy and TP of W59,000 Company Report SM Entertainment’s stock has struggled since the start of 2019, weighed by May 30, 2019 disappointing 1Q19 earnings, industry-specific risks, and limited visibility on 2019 profit growth. However, we see two tailwinds materializing moving forward. First, we expect the company to see greater artist effects on the back of the growth of new groups . Both NCT and WayV are set to release new albums , building upon their increasing popularity. NCT expanded its global fan base by launching its first world tour just 30 (Maintain) Buy months after its debut, while WayV’s first mini album Take Off has topped the charts . WayV is growing rapidly in China, in terms of both music activities (album/digital Target Price (12M, W) 59,000 music/concerts) and management (ads/broadcasting). Second, we expect talks of shareholder returns to take shape . Several major Share Price (05/29/19, W) 37,650 institutional investors have disclosed stake acquisitions in SM Entertainment this year. Altogether, we believe these institutions hold a roughly 20% stake in the company. Due Expected Return to the continued decline in its share price, the company’s long-term issues (cost 57% savings through the internationalization of outsourced services , shareholder returns through dividend distribution, etc.) have come into focus more frequently and more intensely. Given recent changes in the ownership structure and expectations of strong OP (19F, Wbn) 49 profit improvement (+30% YoY), we think the debate about management efficiency and Consensus OP (19F, Wbn) 54 shareholder returns is more relevant than ever. EPS Growth (19F, %) -15.5 Earnings to regain momentum in 2Q19 Market EPS Growth (19F, %) -20.0 We expect earnings to regain momentum from 2Q19 , as the comeback of the P/E (19F, x) 32.8 company’s leading artists should naturally lead to more activities. EXO (Chen) made a Market P/E (19F, x) 11.6 comeback in April, NCT 127 announced a new album in May, and WayV is set to officially debut in China next month. In particular, EXO is likely to engage in a wide KOSDAQ 691.47 range of activities simultaneously in 2H19, including solo/unit activities, the release of a group regular album, and domestic/overseas tours. With its members set to enter Market Cap (Wbn) 878 military service starting this year, the group is likely to build a more active presence in Shares Outstanding (mn) 23 diversified formats. In all, we expect at least three comebacks (same as last year) and Free Float (%) 76.6 more album/concert ticket sales than last year. Foreign Ownership (%) 17.0 In addition, we see improvements across the company’s subsidiaries . SM C&C should Beta (12M) 1.00 benefit from an increase in new advertisers and the end of the off-season, while 52-Week Low 37,600 KeyEast has a number of dramas airing in 2H19. Overseas subsidiaries should also 52-Week High 56,100 begin to generate new artist revenue. (%) 1M 6M 12M 1Q19 review: Core businesses good, but subsidiaries weak Absolute -6.7 -30.3 -10.4 For 1Q19, SM Entertainment reported consolidated revenue of W130.8bn (+18.2% YoY) Relative 1.3 -29.9 12.8 and operating profit of W2.8bn (-72.9% YoY). Despite the widely anticipated decline in artist activities, the company’s core businesses performed well (operating profit of 160 SM Entertainment KOSDAQ W12.6b n for parent, SM Japan, and Dream Maker combined), mainly thanks to the 140 robust growth of overseas digital music sales at the parent company (+100% YoY to W9.6bn). We believe this partly reflected the effects of the switch in the company’s 120 Chinese distributor to Tencent Music Entertainment. 100 80 Subsidiaries, on the other hand, fared poorly. SM C&C remained in the red (operating loss of W2.1bn), weighed by seasonal weakness in advertising . KeyEast (which was 60 5.18 9.18 1.19 5.19 consolidated in 3Q18) also posted a loss of W2.1bn, due to a drama void . Other subsidiary losses (W6bn on a combined basis) likely stemmed from depreciations on new businesses and expenses related to local new artists. Mirae Asset Daewoo Co., Ltd. [ Media ] FY (Dec.) 12/15 12/16 12/17 12/18 12/19F 12/20F Revenue (Wbn) 322 350 365 612 662 759 Jeong -yeob Park +822 -3774 -1652 OP (Wbn) 38 21 11 48 49 79 [email protected] OP margin (%) 11.8 6.0 3.0 7.8 7.4 10.4 NP (Wbn) 22 4 4 31 27 54 EPS (W) 1,048 169 199 1,361 1,149 2,307 ROE (%) 8.3 1.2 1.3 8.0 6.1 11.1 P/E (x) 41.0 153.0 174.4 38.4 32.8 16.3 P/B (x) 3.1 1.7 2.2 2.8 1.9 1.7 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 30, 2019 SM Entertainment Table 1. Quarterly and annual earnings (Wbn, %, mn) 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19F 3Q19F 4Q19F 2018 2019F 2020F Revenue 111 124 169 209 131 154 190 187 612 662 759 SM Entertainment 59 61 66 96 57 65 81 80 282 283 340 SM Japan 26 16 20 32 15 19 21 26 95 80 94 Dream Maker 7 12 18 21 16 16 16 15 58 63 74 SM C&C 38 52 44 63 35 42 48 66 197 191 203 KeyEast 38 21 23 29 41 22 59 115 122 Operating profit 10.4 10.0 12.1 15.2 2.8 11.3 21.6 13.0 48 49 79 OP margin (%) 9.4 8.0 7.2 7.3 2.1 7.3 11.4 7.0 7.8 7.4 10.4 Pretax profit 15.1 11.1 10.9 8.8 2.7 13.3 20.6 10.6 46 47 82 Net profit 11.4 4.0 7.3 0.7 -3.7 9.7 15.0 7.7 23 29 60 Net margin (%) 10.3 3.2 4.3 0.3 -2.8 6.3 7.9 4.1 3.8 4.3 7.9 Net profit attributable to 11.2 5.1 6.4 8.0 -1.0 8.6 12.4 7.2 30.6 27.2 53.6 controlling interests YoY Revenue 62.5 83.8 94.6 45.9 18.2 23.9 12.4 -10.3 67.6 8.1 14.7 SM Entertainment 46.7 49.6 8.3 28.8 -4.1 6.8 23.9 -17.1 30.3 0.4 20.4 SM Japan 102.3 33.6 74.4 45.7 -43.3 15.5 1.5 -19.9 61.4 -15.7 17.5 Dream Maker 19.6 -22.0 116.2 67.5 143.3 26.4 -12.8 -29.2 37.2 7.5 17.6 SM C&C 151.4 361.7 338.0 20.0 -6.2 -20.6 8.1 5.7 122.5 -3.0 6.5 KeyEast - - - - - - 6.0 6.0 - 93.7 6.0 Operating profit 765.8 626.2 162.8 306.3 -72.9 12.9 77.5 -14.4 336.4 2.0 62.4 Net profit TTB 6.3 -43.2 TTB TTR 140.9 106.3 1,032.6 TTB 22.8 108.4 Key assumption Concert ticket sales in Japan 0.6 0.4 0.4 0.7 0.3 0.5 0.4 0.6 2.1 1.7 2.1 Notes: All figures are based on consolidated K-IFRS; concert ticket sales volume is based on actual timing of concert and includes our estimates Source: Company data, Mirae Asset Daewoo Research estimates Figure 1. Concert attendance in Japan by artist (assumptions) (mn persons) 2.5 SMT NCT128 RedVelvet EXO f(x) Super Junior 2.0 SHINEE Girl's Generation TVXQ BoA 1.5 1.0 0.5 0.0 2011 2012 2013 2014 2015 2016 2017 2018 2019F 2020F Source: Mirae Asset Daewoo Research Mirae Asset Daewoo Research 2 May 30, 2019 SM Entertainment Figure 2. Stake of the largest shareholder has decreased, while those of major institutional investors have expanded after the acquisition of KeyEast Entertainment NPS 8.2% KB Asset Management 6.6% Korea Value Asset Management, 5.1% Mirae Asset Global Etc. Investments 4.8% 55.8% Biggest shareholder & affiliates 19.5% Source: Mirae Asset Daewoo Research Figure 3. Transactions with Like Plan are on a steady rise (Wbn) (%) 16 Transaction value with Like Plan (affiliated party) (L) 6 15 % of parent revenue (R) 12 11 11 5 10 7 8 7 6 5 4 4 0 3 2011 2012 2013 2014 2015 2016 2017 2018 Source: Mirae Asset Daewoo Research Figure 4. WayV’s new song topped China's QQ Music Chart Source: Mirae Asset Daewoo Research Mirae Asset Daewoo Research 3 May 30, 2019 SM Entertainment SM Entertainment (041510 KQ/Buy/TP: W59,000) Comprehensive Income Statement (Summarized) Statement of Financial Condition (Summarized) (Wbn) 12/17 12/18 12/19F 12/20F (Wbn) 12/17 12/18 12/19F 12/20F Revenue 365 612 662 759 Current Assets 441 537 600 747 Cost of Sales 249 410 446 495 Cash and Cash Equivalents 195 237 331 436 Gross Profit 116 202 216 264 AR & Other Receivables 121 124 111 129 SG&A Expenses 105 155 167 185 Inventories 9 12 10 12 Operating Profit (Adj) 11 48 49 79 Other Current Assets 116 164 148 170 Operating Profit 11 48 49 79 Non-Current Assets 357 465 425 391 Non-Operating Profit 13 -2 -3 4 Investments in Associates 81 101 91 105 Net Financial Income 0 0 2 4 Property, Plant and Equipment 93 93 83 71 Net Gain from Inv in Associates 21 -6 -3 0 Intangible Assets 113 186 162 121 Pretax Profit 24 46 46 83 Total Assets 798 1,002 1,026 1,137 Income Tax 29 23 18 22 Current Liabilities 330 394 358 406 Profit from Continuing Operations -5 23 28 60 AP & Other Payables 209 266 238 275 Profit from Discontinued Operations 0 0 0 0 Short-Term Financial Liabilities 49 44 44 44 Net Profit -5 23 28 60 Other Current Liabilities 72 84 76 87 Controlling Interests 4 31 27 54 Non-Current Liabilities 31 32 49 52 Non-Controlling Interests -9 -7 1 6 Long-Term Financial Liabilities 11 10 29 29 Total Comprehensive Profit -12 27 29 60 Other Non-Current Liabilities 20 22 20 23 Controlling Interests -1 35 10 21 Total Liabilities 362 426 407 458 Non-Controlling Interests -10 -8 19 39 Controlling Interests 345 424 459 513 EBITDA 33 88 118 132 Capital Stock 11 12 12 12 FCF (Free Cash Flow) 67 110 88 129 Capital Surplus 170 219 234 234 EBITDA Margin (%) 9.0 14.4 17.8 17.4 Retained Earnings 134 174 201 255 Operating Profit Margin (%) 3.0 7.8 7.4 10.4 Non-Controlling Interests 91 152 160 166 Net Profit Margin (%) 1.1 5.1 4.1 7.1 Stockholders' Equity 436 576 619 679 Cash Flows (Summarized) Forecasts/Valuations (Summarized) (Wbn) 12/17 12/18 12/19F 12/20F 12/17 12/18 12/19F 12/20F Cash Flows from Op Activities 77 120 91
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    June 18 2014 Do The Shore www.DoTheShore.com A33 From exotic animal Knights of Columbus Announce displays to a fierce best- Do The Shore 6/20 - 6/25 dressed pirate contest, 20th Annual Italian American Festival this week at the shore of- fers a number of celebra- tions of our local culture and rich history! Shop treasures of the past, snag the freshest local produce, or even support your local heroes with a scenic run along Cape May's beach. We've got your rundown of upcom- NORTH WILDWOOD – Saint Anthony. Please come 5 PM - Philly Cuzz - Wel- Buon Giorno Amici’s - The and be a part of our pro- come Party ing event highlights here: Knights of Columbus Council cession, everyone is wel- 6 PM - Grand Procession in #2572, a non-profit orga- come. The festival continues honor of Saint Anthony (all five hundred finishers. The run is supported by over two nization, proudly presents throughout the weekend, invited). Followed imme- Sara the Turtle Festival dozen sponsors from the Cape May area and has benefitted The 20th Annual “Original” with entertainment on the diately by Official Opening Thursday, June 19th from 7 to 9 p.m. the Fire Company since 1979. Italian American Festival main stage at 2nd and Olde Ceremonies. Where: Excursion Park Friday, June 27, through New Jersey Avenues. Perfor- 7 PM - Just in Time performs FK Blvd. & Pleasure Ave., Sea Isle City Craft & Flea Market Sunday, June 29, 2014. This mances will include “Lights 8:15 PM - Angelo Venuto Saturday, June 21st from 9 a.m.
  • ARIA DIGITAL ALBUMS CHART WEEK COMMENCING 3 JUNE, 2019 TW LW TI HP TITLE Artist COMPANY CAT NO

    ARIA DIGITAL ALBUMS CHART WEEK COMMENCING 3 JUNE, 2019 TW LW TI HP TITLE Artist COMPANY CAT NO

    CHART KEY TW THIS WEEK LW LAST WEEK TI TIMES IN HP HIGH POSITION * BULLET ARIA DIGITAL ALBUMS CHART WEEK COMMENCING 3 JUNE, 2019 TW LW TI HP TITLE Artist COMPANY CAT NO. * 1 NEW 1 1 ALADDIN Soundtrack WALT/UMA 8741647 * 2 NEW 1 2 ROCKETMAN (MUSIC FROM THE MOTION PICTURE) Cast of Rocketman VIR/EMI 7765922 3 4 5 1 HURTS 2B HUMAN P!nk RCA/SME 19075907192 4 7 9 1 WHEN WE ALL FALL ASLEEP, WHERE DO WE GO? Billie Eilish INR/UMA B002972702 5 1 2 1 LIFE Conrad Sewell SME G010004055792K * 6 27 32 6 DIAMONDS Elton John UMA 5768187 7 2 2 2 RAMMSTEIN Rammstein UNI/UMA 7749397 8 9 14 1 THE GREAT EXPANSE Hilltop Hoods HTH/UMA 7723449 * 9 NEW 1 9 MY SONGS Sting A&M/UMA B003017402 10 5 2 5 DIVINELY UNINSPIRED TO A HELLISH EXTENT Lewis Capaldi UNI/UMA 7747307 11 12 3 1 BACKROAD NATION Lee Kernaghan ABC/UMA 7760261 * 12 17 143 2 GREATEST HITS Queen UNI/UMA 2758364 13 16 77 1 THE GREATEST SHOWMAN Soundtrack ATL/WAR 7567865927 14 3 2 3 I AM EASY TO FIND The National 4AD/INE 4AD0154CD * 15 NEW 1 15 NCT #127 WE ARE SUPERHUMAN - THE 4TH MINI ALBUM NCT 127 IND 888735930041 * 16 NEW 1 16 AMYL AND THE SNIFFERS Amyl and the Sniffers FLL/INE FLT-051CD * 17 NEW 1 17 DISINTEGRATION The Cure PDR/UMA 8393532 * 18 NEW 1 18 NEW SONGS FOR OLD PROBLEMS Middle Kids EMI 7755198 19 6 5 6 EUROVISION SONG CONTEST TEL AVIV 2019 Various UNI/UMA 7751445 20 25 111 1 GREATEST HITS...SO FAR!!! P!nk SME 19075855342 21 11 2 11 GAME OF THRONES: SEASON 8 Ramin Djawadi ADA/WAR 0794043200502 22 23 161 1 GUARDIANS OF THE GALAXY: AWESOME MIX VOL.