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August 19, 2015 KOREA Company News & Analysis Major Indices Close Chg Chg (%) J Contentree (036420/Buy/TP: W7,000) Raise TP KOSPI 1,939.38 -16.88 -0.86 Theater franchise and TV content to drive growth following business restructuring KOSPI 200 234.27 -0.93 -0.40 KOSDAQ 670.55 -29.25 -4.18 Korea Investment Holdings (071050/Buy/TP: W80,000) Better positioned to take advantage of online-only banks and ISAs Turnover ('000 shares, Wbn) Volume Value Nongshim (004370/Buy/TP: W400,000) Upgrade rating & Raise TP KOSPI 498,925 7,108 Back at last KOSPI 200 103,501 4,800 KOSDAQ 567,017 3,858 Lotte Foods (002270/Buy/TP: W1,200,000) Raise TP Market Cap (Wbn) Long-term growth drivers abound Value KOSPI 1,211,664 KOSDAQ 185,941 Economy & Strategy Update KOSPI Turnover (Wbn) Index Watcher: KOSPI 200 Buy Sell Net Special reconstitution: Samsung C&T out, Hyundai Green Food in Foreign 1,787 1,812 -26 Institutional 1,620 1,453 168 Retail 3,629 3,815 -186 KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 329 306 23 Institutional 234 396 -162 Retail 3,279 3,144 135 Program Buy / Sell (Wbn) Buy Sell Net KOSPI 1,537 1,426 111 KOSDAQ 79 86 -7 Advances & Declines Advances Declines Unchanged KOSPI 148 703 16 KOSDAQ 112 956 15 KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Samsung Electronics 1,154,000 23,000 465 Schnell 6,820 -110 322 Biopharmaceuticals Hynix 33,000 -2,050 294 KODEX LEVERAGE 9,250 -140 193 KODEX 200 23,360 -180 189 KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Kolon Life Science 206,100 -5,200 176 Daum Communications 126,400 -4,900 119 Celltrion 73,600 -4,100 117 ViroMed 147,000 -16,000 82 CJ E&M 80,000 -2,900 65 Note: As of August 19, 2015 This document is a summary of a report prepared by Daewoo Securities Co., Ltd. (“Daewoo”) and published on our website. Please review the compliance notices contained in the original report. Information and opinions contained herein have been compiled in good faith from sources deemed to be reliable. However, the information has not been independently verified. Daewoo makes no guarantee, representation or warranty, express or implied, as to the fairness, accuracy or completeness of the information and opinions contained in this document. Daewoo accepts no responsibility or liability whatsoever for any loss arising from the use of this document or its contents or otherwise arising in connection therewith. Information and opinions contained herein are subject to change without notice. This document is for informational purposes only. It is not and should not be construed as an offer or solicitation of an offer to purchase or sell any securities or other financial instruments. This document may not be reproduced, further distributed or published in whole or in part for any purpose. J Contentree (036420 KQ) Theater franchise and TV content to drive growth following business restructuring Media 2Q15 review: Top line contracts, but profits grow by double digits In 2Q, J Contentree’s revenue declined YoY, but operating profit and net profit Results Comment expanded 30% and 86% YoY, respectively, backed by restructuring effects and cost control. August 19, 2015 The theater franchise business (Megabox) contributed 62% of 2Q consolidated revenue. Theater attendance fell in 2Q as a result of the MERS outbreak and the temporary closure of a theater site (due to construction). However, market conditions have been (Maintain) Buy picking up in 3Q, with nationwide theater attendance increasing 18% YoY in July and two domestic films performing very well in the box office in August. Meanwhile, the Target Price (12M, W) 7,000 Megabox site construction is expected to be completed in September. The TV content business accounted for 29% of 2Q consolidated revenue. Drama Share Price (08/18/15, W) 5,690 production revenue contracted, mainly because of JTBC’s recent programming overhaul. We believe a total of four dramas will be produced for JTBC this year, down Expected Return 23% from six in 2014. On the other hand, content distribution revenue should grow. Domestically, the distribution of JTBC content is steadily increasing, while on the overseas front, revenue from the entertainment show Off to School , which was co- OP (15F, Wbn) 36 produced with the Chinese firm iQiyi, should be booked from 3Q. Consensus OP (15F, Wbn) 39 More authority over Megabox and restructuring-driven profitability gains EPS Growth (15F, %) - Looking forward, we believe investors should closely watch 1) the company’s post- Market EPS Growth (15F, %) 25.6 acquisition business plan for Megabox, and 2) business restructuring, which shou ld lead P/E (15F, x) 31.8 to profitability improvements. Market P/E (15F, x) 11.0 Megabox: On August 6 th , J Contentree purchased a 96% stake in Korea Multiplex KOSDAQ 699.80 Investment Corporation (KMIC), the largest shareholder of Megabox, essentially raising Market Cap (Wbn) 649 its stake in the multiplex operator from 46% to 98%. The acquisition should boost J Contentree’s net profit attributable to controlling interests and also give it more Shares Outstanding (mn) 114 management authority over the theater chain. The company plans to upgrade Free Float (%) 66.0 Megabox’s aging domestic sites and also add new sites (mostly small and mid-sized ). In Foreign Ownership (%) 3.3 the long term, the multiplex operator is looking to move into overseas markets, such as Beta (12M) 1.17 China and Southeast Asia. 52-Week Low 2,833 Business restructuring: J Contentree is taking steps to improve management efficiency 52-Week High 6,190 for its loss-making magazine and other businesses . For the magazine business, the (%)(%)(%) 1M1M1M 6M6M6M 12M12M12M company has discontinued several publications and is downsizing the related workforce. Absolute 0.5 86.7 79.4 For other businesses, the company plans to transfer them entirely to affiliates by the end of the year. The cable channel Qtv will be merged into affiliate JTBC Plus on August Relative 11.1 62.5 43.8 25 th and will subsequently be excluded from consolidated earnings. 230 Jcontentree KOSDAQ Maintain Buy and Raise TP by 16% to W7,000 180 We keep our Buy rating on J Contentree. While revenue is temporarily declining in t he process of the Megabox acquisition and business restructuring, we note that margins 130 are improving. In 2016, we expect operations to stabilize and growth to resume in both the theater franchise and TV content businesses. We lift our target price to W7,000 80 (from W6,000), as we upped our net profit estimate and raised our target multiple in 8.14 12.14 4.15 8.15 light of the company’s greater management authority over the theater business. Daewoo Securities CCo.,o., Ltd. FY (Dec.) 12/12 12/13 12/14 12/15F 12/16F 12/17F Revenue (Wbn) 393 380 394 358 371 384 [Telecom Service / Media] OP (Wbn) 43 38 35 36 40 43 Jee-hyun Moon OP margin (%) 10.9 10.0 8.9 10.1 10.8 11.2 +822-768-3615 NP (Wbn) 12 -10 0 20 25 26 [email protected] EPS (W) 161 -139 -1 179 215 230 ROE (%) 13.2 -11.1 -0.1 20.4 20.0 17.7 P/E (x) 21.1 - - 31.8 26.4 24.8 P/B (x) 2.5 2.8 2.3 5.6 4.6 3.9 Notes: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including t he U.S. PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURESDISCLOSURES & DISCLAIMERS IN APPENDIX 1 AATT THE END OF REPORT. Korea Investment Holdings (071050 KS) Better positioned to take advantage of online-only banks and ISAs 2Q15 review: Net profit of W148.8bn (+42.8% QoQ) Securities Korea Investment Holdings (KIH) reported 2Q net profit of W148.8bn, significantly beating our expectation. Profit growth was well diversified across all subsidiaries. Results Comment The brokerage subsidiary delivered its highest-ever quarterly profit, bolstered by a more than 30% QoQ increase in brokerage and wealth management commissions. Non- August 19, 2015 brokerage subsidiaries also performed strongly. The hedge fund business was boosted by increased valuations of its portfolios (as well as KIH’s seed capital), while the venture capital subsidiary saw gains from liquidated funds. The savings bank subsidiary benefited (Maintain) Buy from the reversal of provisions. Meanwhile, KIH’s interest expenses declined thanks to refinancing. Target Price (12M, W) 80,000 Online-only banks and ISAs present growth opportunities Share Price (8/18/15, W) 65,100 KIH is currently working to establish an online-only bank. We believe online-only banks present an opportunity for brokerage firms to expand their assets and customers. In a near-zero interest rate environment, online-only banks can act as gateways for Expected Return 23% brokerage firms to capture customers moving away from bank deposits and other interest rate-linked products. In Japan, many online banks have achieved growth by taking advantage of synergies with their brokerage affiliates. For example, Daiwa Next OP (15F, Wbn) 560 Bank, one of Japan’s fastest-growing online banks, has found success by luring Consensus OP (15F, Wbn) 453 customers with higher interest rates and deposit insurance and then cross-selling the high-margin products of its parent company, Daiwa Securities.
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