DOCSLIB.ORG

SM Entertainment

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
SM Entertainment SM Entertainment (041510 KQ ) Despite best efforts, much will depend on external conditions Entertainment 1Q20 review: COVID-19 weighs on subsidiary earnings Results Comment For 1Q20, SM Entertainment reported consolidated revenue of W144.7bn (+10.7% YoY; all growth figures hereafter are YoY) and operating profit of W1.7bn (-40.2%). June 1, 2020 Operating profit disappointed expectations, mainly due to subsidiaries. Parent operating profit fell 9.3% to W7.8bn. Album/digital music revenue jumped 70% to W40.6bn, helped by the growing domestic/overseas fan bases of major artists. In (Downgrade) Trading Buy particular, the overseas mix of digital music revenue (W18.9bn) increased further to 69.8%. However, concert cancellations in March due to COVID-19 weighed on related Target Price (12M, W) ▼ 31,000 subsidiaries, including SM Japan and Dream Maker. KeyEast managed to turn a profit (operating profit of W2.4bn), thanks to sales of its tentpole drama Hyena . At SM C&C Share Price (05/29/20, W) 26,000 (048550 KQ/CP: W1,570), losses widened to W3.5bn due to the travel segment. Doing its best under challenging circumstances Expected Return 19% For the full year, we look for revenue of W546.7bn (-16.9%) and operating profit of W10.6bn (-73.7%). Live performances have essentially come to a halt globally due to the pandemic. With a major source of income now gone, earnings deterioration will be inevitable. OP (20F, Wbn) 11 Consensus OP (20F, Wbn) 26 In response, SM Entertainment launched a paid concert streaming service called “Beyond LIVE” in April in collaboration with V LIVE. The service has so far featured EPS Growth (20F, %) - weekly performances from a number of artists, including SuperM, WayV, NCT Dream, Market EPS Growth (20F, %) 25.9 and NCT 127. We believe the service is not yet as profitable as traditional concerts , P/E (20F, x) 3,684.1 largely due to issues regarding ticket prices, platform commissions, and venue Market P/E (20F, x) 13.8 efficiency. If the company enhances efficiency by expanding audiences, diversifying KOSDAQ 713.68 merchandise offerings, and selling VODs, we think the service could provide a more Market Cap (Wbn) 610 meaningful buffer to earnings. Shares Outstanding (mn) 23 Meanwhile, we find it encouraging that the company is continuing to see strong album Free Float (%) 80.6 sales, even amid limited management activities and the absence of several groups Foreign Ownership (%) 14.9 (EXO and SHINee). In 1Q20, album sales totaled 1.08mn copies. In particular, NCT 127’s Beta (12M) 1.01 newest album sold 760,000 copies (vs. previous record of 460,000 copies), proving the 52-Week Low 16,700 group’s fan base is rapidly expanding. 52-Week High 47,950 Downgrade to Trading Buy and cut TP to W31,000 (%) 1M 6M 12M We downgrade SM Entertainment to Trading Buy and cut our target price to W31,000 . Absolute -6.1 -32.3 -30.9 We derived our target price by applying to our 2021F net profit attributable to controll ing Relative -15.1 -39.9 -33.1 interests (W26.7bn) a P/E of 25x (which takes into account our valuation base year). 150 SM Entertainment KOSDAQ Major tailwinds, such as g rowing global digital music sales (margin improvement), the 130 increasing influence of K-pop (multiple expansion), and new artist debuts in 2H20, have 110 90 all been eclipsed by a massive negative event. 70 The suspension of live performances will inevitably hurt earnings. Moreover, it remains 50 unclear when performances can resume. Without any real solution to the pandemic, the 30 5.19 9.19 1.20 5.20 industry is likely to suffer more damage as time goes by. That said, potential improvements in China-Korea relations and the upcoming IPO of Big Hit Entertainment Mirae Asset Daewoo Co., Ltd. could help the industry buy some time until uncertainties dissipate. We believe investors should pay closer attention to external conditions than individual companies. [ Media ] FY (Dec.) 12/16 12/17 12/18 12/19 12/20F 12/21F Jeong -yeob Park Revenue (Wbn) 350 365 612 658 547 672 +822 -3774 -1652 OP (Wbn) 21 11 48 40 11 47 [email protected] OP Margin (%) 6.0 3.0 7.8 6.1 2.0 7.0 NP (Wbn) 4 4 31 -9 0 28 EPS (W) 169 199 1,361 -390 7 1,193 ROE (%) 1.2 1.3 8.0 -2.1 0.0 6.2 P/E (x) 153.0 174.4 38.4 - - 21.8 P/B (x) 1.7 2.2 2.8 2.0 1.4 1.3 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 June 1, 2020 SM Entertainment Table 1. TP calculation (Wbn, x, %) 20F 21F 12MF Fair market cap 675 675 675 Net profit 0 27 -2 Fair P/E 4,081.1 25.0 -313.9 Fair price (W) 31,043 31,043 31,043 Expected return (%) 19.4 19.4 19.4 Source: Mirae Asset Daewoo Research Table 2. Quarterly and annual earnings (Wbn, %, mn, %p ) 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20F 3Q20F 4Q20F 2018 2019 2020F Revenue 131 160 173 194 145 134 130 138 612 658 547 SM Entertainment 57 65 84 102 68 53 58 63 282 307 242 SM Japan 15 16 20 28 14 6 6 5 95 79 32 Dream Maker 16 14 29 20 5 7 11 10 58 80 33 SM C&C 35 43 40 49 34 45 42 48 197 167 169 KeyEast 23 33 22 22 31 34 22 23 59 100 111 Operating profit 2.8 3.9 19.9 13.8 1.7 3.0 3.8 2.2 48 40 11 OP margin (%) 2.1 2.4 11.5 7.1 1.2 2.2 2.9 1.6 7.8 6.1 1.9 Pretax profit 2.7 4.2 21.6 -17.6 5.2 5.0 3.4 -8.0 46 11 6 Net profit -3.7 0.7 9.3 -22.5 -1.9 3.8 2.6 -6.1 23 -16 -2 Net margin (%) -2.8 0.4 5.4 -11.6 -1.3 2.8 2.0 -4.4 3.8 -2.5 -0.3 Net profit attributable to -1.0 0.5 8.3 -16.9 -0.4 3.0 2.3 -4.8 30.6 -9.1 0.2 controlling interests YoY Revenue 18.2 28.3 2.8 -7.0 10.7 -16.0 -25.1 -28.9 67.6 7.4 -16.9 SM Entertainment -4.1 6.7 27.4 6.5 19.8 -17.4 -30.8 -38.7 30.3 9.2 -21.2 SM Japan -43.3 -1.8 -1.5 -11.0 -4.0 -63.8 -69.0 -81.3 61.4 -16.3 -60.2 Dream Maker 143.3 12.9 64.2 -6.6 -66.9 -50.7 -62.5 -51.8 37.2 36.5 -58.6 SM C&C -6.1 -18.5 -10.5 -21.9 -4.0 4.7 6.1 -1.8 122.5 -15.4 1.3 KeyEast - - -43.6 5.1 34.7 3.0 3.0 3.0 - 69.2 10.4 Operating profit -72.9 -61.3 64.2 -9.4 -40.3 -23.0 -81.1 -84.1 336.4 -15.4 -73.7 Net profit TTR -82.8 28.3 TTR TTR 441.9 -72.6 TTR TTB TTR TTR Key assumption Record sales in Korea 0.1 0.7 1.5 1.9 1.1 1.2 0.8 1.3 5.2 4.2 4.4 Concert ticket sales in Japan 0.3 0.3 0.3 0.4 0.4 0.0 0.0 0.0 2.1 1.4 0.4 Notes: All figures are based on consolidated K-IFRS; concert ticket sales volume is based on the actual timing of each concert and includes our estimates. Source: Company data, Mirae Asset Daewoo Research estimates Mirae Asset Daewoo Research 2 June 1, 2020 SM Entertainment SM Entertainment (041510 KQ/Trading Buy/TP: W31,000) Comprehensive Income Statement (Summarized) Statement of Financial Condition (Summarized) (Wbn) 12/18 12/19 12/20F 12/21F (Wbn) 12/18 12/19 12/20F 12/21F Revenue 612 658 547 672 Current Assets 537 629 551 650 Cost of Sales 410 442 382 451 Cash and Cash Equivalents 237 285 305 347 Gross Profit 202 216 165 221 AR & Other Receivables 124 129 92 113 SG&A Expenses 155 175 154 174 Inventories 12 15 10 13 Operating Profit (Adj) 48 40 11 47 Other Current Assets 164 200 144 177 Operating Profit 48 40 11 47 Non-Current Assets 465 487 439 402 Non-Operating Profit -2 -29 -5 -6 Investments in Associates 101 65 47 57 Net Financial Income 0 0 -1 0 Property, Plant and Equipment 93 106 85 63 Net Gain from Inv in Associates -6 -11 -1 0 Intangible Assets 186 199 166 135 Pretax Profit 46 11 6 41 Total Assets 1,002 1,116 991 1,052 Income Tax 23 27 7 10 Current Liabilities 394 437 324 352 Profit from Continuing Operations 23 -16 -2 31 AP & Other Payables 266 289 205 252 Profit from Discontinued Operations 0 0 0 0 Short-Term Financial Liabilities 44 67 61 28 Net Profit 23 -16 -2 31 Other Current Liabilities 84 81 58 72 Controlling Interests 31 -9 0 28 Non-Current Liabilities 32 46 38 41 Non-Controlling Interests -7 -7 -2 3 Long-Term Financial Liabilities 10 28 25 25 Total Comprehensive Profit 27 -12 4 31 Other Non-Current Liabilities 22 18 13 16 Controlling Interests 35 -6 3 22 Total Liabilities 426 483 362 393 Non-Controlling Interests -8 -6 1 9 Controlling Interests 424 444 441 469 EBITDA 88 104 80 101 Capital Stock 12 12 12 12 FCF (Free Cash Flow) 110 78 25 107 Capital Surplus 219 245 245 245 EBITDA Margin (%) 14.4 15.8 14.6 15.0 Retained Earnings 174 165 165 193 Operating Profit Margin (%) 7.8 6.1 2.0 7.0 Non-Controlling Interests 152 189 187 190 Net Profit Margin (%) 5.1 -1.4 0.0 4.2 Stockholders' Equity 576 633 628 659 Cash Flows (Summarized) Forecasts/Valuations (Summarized) (Wbn) 12/18 12/19 12/20F 12/21F 12/18 12/19 12/20F 12/21F Cash Flows from Op Activities 120 92 28 107 P/E (x) 38.4 - 3,684.1 21.8 Net Profit 23 -16 -2 31 P/CF (x) 11.1 7.4 8.1 6.4 Non-Cash Income and Expense 83 138 77 64 P/B (x) 2.8 2.0 1.4 1.3 Depreciation 13 26 30 22 EV/EBITDA (x) 12.9 7.8 6.4 4.2 Amortization 27 38 39 32 EPS (W) 1,361 -390 7 1,193 Others 43 74 8 10 CFPS (W) 4,725 5,220 3,213 4,038 Chg in Working Capital 52 -5 -38 22 BPS (W) 18,465 18,984 18,848 20,041 Chg in AR & Other Receivables 2 0 42 -21 DPS (W) 0 0 0 0 Chg in Inventories -1 -1 4 -2 Payout ratio (%) 0.0 0.0 0.0 0.0 Chg in AP & Other Payables 46 5 -80 31 Dividend Yield (%) 0.0 0.0 0.0 0.0 Income Tax Paid -39 -25 -8 -10 Revenue Growth (%) 67.7 7.5 -16.9 22.9 Cash Flows from Inv Activities -127 -53 -11 -21 EBITDA Growth (%) 166.7 18.2 -23.1 26.3 Chg in PP&E -10 -13 -3 0 Operating Profit Growth (%) 336.4 -16.7 -72.5 327.3 Chg in Intangible Assets -26 -30 -6 0 EPS Growth (%) 583.9 - - 16,942.9 Chg in Financial Assets -33 -48 36 -21 Accounts Receivable Turnover (x) 5.0 5.2 4.9 6.6 Others -58 38 -38 0 Inventory Turnover (x) 60.8 50.1 43.3
Load more

Recommended publications
  • SM Entertainment (041510 KQ ) Two Expectations
    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.
    [Show full text]
  • Strategi Sm Entertainment Dalam Mengembangkan New Culture Technology Di Pasar China
    STRATEGI SM ENTERTAINMENT DALAM MENGEMBANGKAN NEW CULTURE TECHNOLOGY DI PASAR CHINA SKRIPSI Disusun sebagai salah satu syarat memperoleh gelar Sarjana pada Program Studi Ilmu Hubungan Internasional Oleh: Regita Cahyani Sipayo 45 16 023 041 PROGRAM STUDI ILMU HUBUNGAN INTERNASIONAL FAKULTAS ILMU SOSIAL DAN ILMU POLITIK UNIVERSITAS BOSOWA MAKASSAR 2020 ii DAFTAR ISI HALAMAN PENGESAHAN ................................................................................. i DAFTAR ISI .......................................................................................................... iii ABSTRAK .............................................................................................................. v KATA PENGANTAR ........................................................................................... vi BAB I PENDAHULUAN ...................................................................................... 1 A. Latar Belakang ............................................................................................. 1 B. Batasan dan Rumusan Masalah .................................................................... 5 a. Batasan Masalah ....................................................................................... 5 b. Rumusan Masalah .................................................................................... 6 C. Tujuan dan Kegunaan Penelitian ................................................................. 6 a. Tujuan Penelitian .....................................................................................
    [Show full text]
  • WAYV Air Data Sheet
    WAYV Air Short-Range mmWave IoT Sensor Safety from numbers ADDRESS: 2029 Becker Drive, Lawrence, KS 66047 USA EMAIL: [email protected] PHONE: 785-856-0460 Prologue We are on an unrelenng pursuit to explore and implement new, more reliable sensing technologies that are deliberately considered with your safety top of mind. As the world begins to ease restricons, we must work to minimize any contribuon to the spread of COVID-19 and take proacve measures in support of our communies. Social distancing is part of our new normal, and stores, banks, hospitals and other public venues have a responsibility to protect both staff and patrons by monitoring and maintaining occupancy to prevent a second wave. mmWave radar technology enables accurate counts of people entering and leaving a space, providing a reliable understanding of the changing environment around us. THERE IS NO NEW NORMAL. Just… normal Overview instein’s Short-Range mmWave IoT Sensor is an industry leading 60GHz radar module designed A specifically to collect and provide data about moving objects within a targeted area. It’s the perfect building block to develop innovave new applicaons for building automaon, retail management, facility monitoring, and more! WAYV Air is based on radar sensing technology and features a compact form factor, low cost and power consumpEon. It’s the ideal sensing module for detecEng, and tracking people in indoor environments. WAYV Air is ideal for: Occupancy Detecon People Tracking People Counng ApplicaAons include: Social Distance Monitoring & Reporng Surveillance
    [Show full text]
  • Birth and Evolution of Korean Reality Show Formats
    Georgia State University ScholarWorks @ Georgia State University Film, Media & Theatre Dissertations School of Film, Media & Theatre Spring 5-6-2019 Dynamics of a Periphery TV Industry: Birth and Evolution of Korean Reality Show Formats Soo keung Jung [email protected] Follow this and additional works at: https://scholarworks.gsu.edu/fmt_dissertations Recommended Citation Jung, Soo keung, "Dynamics of a Periphery TV Industry: Birth and Evolution of Korean Reality Show Formats." Dissertation, Georgia State University, 2019. https://scholarworks.gsu.edu/fmt_dissertations/7 This Dissertation is brought to you for free and open access by the School of Film, Media & Theatre at ScholarWorks @ Georgia State University. It has been accepted for inclusion in Film, Media & Theatre Dissertations by an authorized administrator of ScholarWorks @ Georgia State University. For more information, please contact [email protected]. DYNAMICS OF A PERIPHERY TV INDUSTRY: BIRTH AND EVOLUTION OF KOREAN REALITY SHOW FORMATS by SOOKEUNG JUNG Under the Direction of Ethan Tussey and Sharon Shahaf, PhD ABSTRACT Television format, a tradable program package, has allowed Korean television the new opportunity to be recognized globally. The booming transnational production of Korean reality formats have transformed the production culture, aesthetics and structure of the local television. This study, using a historical and practical approach to the evolution of the Korean reality formats, examines the dynamic relations between producer, industry and text in the
    [Show full text]
  • Winter Arrives with a Wallop
    weather Monday: Showers, high 42 degrees monday Tuesday: Partly cloudy, high 42 degrees Wednesday: Rain likely, high in the low 40s THE ARGO Thursday: Rain likely , high in the upper 30s Volume 58 Friday: Chance of rain , high in the low 30s of the Richard Stockton College Number 1 Serving the college community since 1973 m ihh Winter arrives with a wallop Dan G rote ed to engage in snowball fights The Argo despite or perhaps in spite of the decree handed down by the Much like the previous semes- Office of Housing and ter, when Hurricane Floyd barked Residential Life, which stated at Stockton, the new semester has that snowball fighters can expect begun with weather-related can- a one hundred dollar fine and loss cellations. In the past two weeks, of housing. four days of classes have seen One freshman, Bob Atkisson, cancellations, delayed openings, expressed his outrage at the and early closings. imposed rule. "I didn't think we Snowplows have crisscrossed should get fined for throwing the campus, attempting to keep snowballs. I went to LaSalle a the roads clear, while at the same couple days ago, and they actual- time blocking in the cars of resi- ly scheduled snowball fights dents, some of whom didn't real- there." ly seem to mind. Though many students were Optimistic students glued heard grumbling over having to themselves to channel 2 in hopes dig their cars out of the snow due of not having to go to their 8:30 to the plowing, they acknowl- classes, while others called the edged that plant management did campus hotline (extension 1776) an excellent job keeping for word of the same.
    [Show full text]
  • The Globalization of K-Pop: the Interplay of External and Internal Forces
    THE GLOBALIZATION OF K-POP: THE INTERPLAY OF EXTERNAL AND INTERNAL FORCES Master Thesis presented by Hiu Yan Kong Furtwangen University MBA WS14/16 Matriculation Number 249536 May, 2016 Sworn Statement I hereby solemnly declare on my oath that the work presented has been carried out by me alone without any form of illicit assistance. All sources used have been fully quoted. (Signature, Date) Abstract This thesis aims to provide a comprehensive and systematic analysis about the growing popularity of Korean pop music (K-pop) worldwide in recent years. On one hand, the international expansion of K-pop can be understood as a result of the strategic planning and business execution that are created and carried out by the entertainment agencies. On the other hand, external circumstances such as the rise of social media also create a wide array of opportunities for K-pop to broaden its global appeal. The research explores the ways how the interplay between external circumstances and organizational strategies has jointly contributed to the global circulation of K-pop. The research starts with providing a general descriptive overview of K-pop. Following that, quantitative methods are applied to measure and assess the international recognition and global spread of K-pop. Next, a systematic approach is used to identify and analyze factors and forces that have important influences and implications on K-pop’s globalization. The analysis is carried out based on three levels of business environment which are macro, operating, and internal level. PEST analysis is applied to identify critical macro-environmental factors including political, economic, socio-cultural, and technological.
    [Show full text]
  • The K-Pop Wave: an Economic Analysis
    The K-pop Wave: An Economic Analysis Patrick A. Messerlin1 Wonkyu Shin2 (new revision October 6, 2013) ABSTRACT This paper first shows the key role of the Korean entertainment firms in the K-pop wave: they have found the right niche in which to operate— the ‘dance-intensive’ segment—and worked out a very innovative mix of old and new technologies for developing the Korean comparative advantages in this segment. Secondly, the paper focuses on the most significant features of the Korean market which have contributed to the K-pop success in the world: the relative smallness of this market, its high level of competition, its lower prices than in any other large developed country, and its innovative ways to cope with intellectual property rights issues. Thirdly, the paper discusses the many ways the K-pop wave could ensure its sustainability, in particular by developing and channeling the huge pool of skills and resources of the current K- pop stars to new entertainment and art activities. Last but not least, the paper addresses the key issue of the ‘Koreanness’ of the K-pop wave: does K-pop send some deep messages from and about Korea to the world? It argues that it does. Keywords: Entertainment; Comparative advantages; Services; Trade in services; Internet; Digital music; Technologies; Intellectual Property Rights; Culture; Koreanness. JEL classification: L82, O33, O34, Z1 Acknowledgements: We thank Dukgeun Ahn, Jinwoo Choi, Keun Lee, Walter G. Park and the participants to the seminars at the Graduate School of International Studies of Seoul National University, Hanyang University and STEPI (Science and Technology Policy Institute).
    [Show full text]
  • The Korean Wave As a Localizing Process: Nation As a Global Actor in Cultural Production
    THE KOREAN WAVE AS A LOCALIZING PROCESS: NATION AS A GLOBAL ACTOR IN CULTURAL PRODUCTION A Dissertation Submitted to the Temple University Graduate Board In Partial Fulfillment of the Requirements for the Degree DOCTOR OF PHILOSOPHY by Ju Oak Kim May 2016 Examining Committee Members: Fabienne Darling-Wolf, Advisory Chair, Department of Journalism Nancy Morris, Professor, Department of Media Studies and Production Patrick Murphy, Associate Professor, Department of Media Studies and Production Dal Yong Jin, Associate Professor, School of Communication, Simon Fraser University © Copyright 2016 by Ju Oak Kim All Rights Reserved ii ABSTRACT This dissertation research examines the Korean Wave phenomenon as a social practice of globalization, in which state actors have promoted the transnational expansion of Korean popular culture through creating trans-local hybridization in popular content and intra-regional connections in the production system. This research focused on how three agencies – the government, public broadcasting, and the culture industry – have negotiated their relationships in the process of globalization, and how the power dynamics of these three production sectors have been influenced by Korean society’s politics, economy, geography, and culture. The importance of the national media system was identified in the (re)production of the Korean Wave phenomenon by examining how public broadcasting-centered media ecology has control over the development of the popular music culture within Korean society. The Korean Broadcasting System (KBS)’s weekly show, Music Bank, was the subject of analysis regarding changes in the culture of media production in the phase of globalization. In-depth interviews with media professionals and consumers who became involved in the show production were conducted in order to grasp the patterns that Korean television has generated in the global expansion of local cultural practices.
    [Show full text]
  • 'Business .Men's Club 10 Begin Its Loth ,Fear of Op~Ration 1 Uesday
    I 'I ,I f " ' / I' , '. () i' ,I :1 -,- ~ -' I, , ;, 'Business .Men's Club 10 Begin Its lOth ,fear of Op~ration 1uesday " The Petel'sburll' Bualnllllll Men'a ~-'---.;..'------- Club 'flll meet next Tues<\ay even-. ' Ing a.t '1:30 D. tn, e,t ~Il'a Coffee Lights and Power Were Shop In Its regular monthly meet- Off A F ini. ew Hours This liI ' the beQ\\nn1t111' of Its tiven - Uebh yeM of opera.tlon ' !:I}lder the 'E. B,'lberry To present set up of 'prooeedure. In Wednesday Morning ' Mrs',J. 100kltJg back over th18 period Of Petersburg WIlB wlthouL Ilghlti " W dd' S d twenty years, the community and power lOr a lew houl'll Wed­ o en e lng un ay shOuld be proud of the accomplish Jlcsday mornIng due t.o a break In G ld menta a<;.hleved, the SouUlwestem Publlc service J .E. Bllberry wlll ____________ The Olub has worked In cdopera.- Co. feeder litles that lead mto Pet- gOlden weddIng an- L' tlon with our public schools at all ersburg. Aprllill 12N'0:"~~nu2t lfe Saver Ralon times, It, was instrumental ' In se- !-'li'hts and power went ott about 'II.. ".... ,curing the first lire flghLlng equip 8 :30 and were turned On lliain a- formal Invitations 'R 0 d I ment, It was successful In securing. bout l2,OO. In some manner a &hort , SHE SAVORS SABRES - Nf'w town and th" Is eCelVe n a. water workS and sewer BYstem. ooourred· on lihe -line weat ot toWIl York - With a confident grin , , for all their , It also was responsible for securlDi a few mile/! ltid burned out the top Estelline Pike, a sword Rival ­ t~ better telephone system that of a pole and breBklng the linc.
    [Show full text]
  • Interim Report
    INTERIM REPORT (SIX MONTHS) 30 JUNE 2008 INTERIM REPORT TO OUR STOCKHOLDERS The Directors are pleased to present the unaudited results of the Group for the quarter ended June 30, 2008. The Group achieved Revenues for the period of $27,329.9 million (2007: $22,939.9 million), an increase of $4,390 million or 19.1%. The Net Profit Attributable to Equity holders of the Company increased by $55 million over the corresponding period of 2007, moving from $1,106.9 million to $1,161.9 million, an increase of 5.0%. This represents earnings per stock unit of $3.54 (2007: $3.40). GK Foods had a challenging quarter because of rapidly escalating fuel and food prices. Although revenues for the quarter grew by 18%, pretax profit fell below the corresponding period last year. Our expansion efforts outside of Jamaica saw us launching our line of porridges in the U.S. market. Grace Tropical Rhythms Refresher and Grace Snacks were launched in the UK. The new Grace Tropical Rhythms Refresher watermelon and cucumber flavours are made from locally grown fruits. During the quarter, we launched a backyard gardening project to encourage our staff members to grow some of what they eat as a response to changing world conditions. Approximately nine hundred members of staff have expressed interest and they are receiving guidance from the Agro-Grace division. Our sponsorship of the Jamaica Cultural Development Corporation Gospel Festival under our Grace Tropical Rhythms brand was deemed a big success, and we are happy with our continued association with the festival which showcases the wealth of talent in our country.
    [Show full text]
  • A Case Study on the Translation of NCT's Bubble Message Lutfia Rizka Nita FACULTY
    Discourse Analysis on K-Pop Fan's Translation: A Case Study on the Translation of NCT's Bubble Message A thesis by Lutfia Rizka Nita Student Number: 06011181722045 English Education Study Program Department of Language and Art Education FACULTY OF TEACHER TRAINING AND EDUCATION SRIWIJAYA UNIVERSITY 2021 1 ii Discourse Analysis on K-Pop Fan's Translation: A Case Study on the Translation of NCT's Bubble Message Lutfia Rizka Nita Student Number: 06011181722045 This thesis was defended by the writer in the final program examination and was approved the examination committee on: Day: Thursday Date: 22nd April 1. Chairperson : Dr. Mgrt. Dinar Sitinjak, M.A. ( ) 2. Examiner : Machdalena Vianty, M.Pd., M.Ed., Ed.D. ( ) Indralaya, _________ 2021 Certified by Coordinator of English Education Study Program, Hariswan Putera Jaya, S.Pd., M.Pd. NIP. 197408022002121001 iii DECLARATION I, the undersigned, Name : Lutfia Rizka Nita Student’s Number : 06011181722045 Study Program : English Education Certify that the thesis entitled “Discourse Analysis on K-Pop Fan's Translation: A Case Study on the Translation of NCT's Bubble Message” is my own work and I did not do any plagiarism or inappropriate quotation against the ethic and rules commended by Ministry of Education of Republic of Indonesia Number 17, 2010 regarding plagiarism in higher education. Therefore, I deserve to face court if I am found to have plagiarized this work. Indralaya, 2021 The Undersigned, Lutfia Rizka Nita 06011181722045 iv THESIS DEDICATIONS This thesis is dedicated to: ❖ Allah SWT, with the grace and blessings that are given to me in everything. ❖ My lovely parents, Juni and Mastaria who contributed everything included my little sister, Rachmah who always supported me too.
    [Show full text]
  • SM Entertainment
    SM Entertainment (041510 KQ ) Positive on KeyEast/FNC Add Culture acquisitions Acquisition of rivals to strengthen content production business; Maintain positive view Entertainment We reaffirm our Buy call and target price of W50,000 on SM Entertainment. We continue to maintain a positive view on entertainment firms’ entry into content Company Report productio n, and believe SM Entertainment’s latest acquisitions will broaden the company’s opportunities in this area. We believe investors should focus on new March 15, 2018 business prospects rather than dilution (4.2%) from the share issue. Since 2015, the secondary businesse s (F&B, fashion, cosmetics) of entertainment firms (including SM Entertainment) have been largely disappointing, weighing on their overall earnings. However, we think there is clear potential for synergy between SM (Maintain) Buy Entertainment’s core business and content production, especially in terms of the use of artist-creator resources and the financial compatibility of advertising and content Target Price (12M, W) 50,000 production (stability and profitability). Acquiring KeyEast (25.1%) and FNC Add Culture (30.5%) for a total of W80bn Share Price (03/14/18, W) 41,600 Before yesterday’s market opening, SM Entertainment announced that it had agreed to acquire a 25.1% stake in KeyEast for W50bn (W2,570 per share) and a 30.5% stake in Expected Return 20% FNC Add Culture for W30bn. The company will fund the W80bn deal through a combination of p rivate placement, purchase of existing shares, and equity issue participation. More specifically, SM Entertainment will: 1) issue 920,000 new shares OP (17P, Wbn) 11 (W35bn) to Bae Yong-joon, KeyEast’s current largest shareholder; 2) acquire existing Consensus OP (17F, Wbn) 17 shares of KeyEast (W15bn) and FNC Add Culture (W20bn); and 3) participate in FNC Add Culture’s equity issue (W10bn).
    [Show full text]