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Regional Company Focus CJ ENM Bloomberg: 035760 KS, Reuters: 035760.KS Refer to important disclosures at the end of this report DBS Group Research . Equity 9 Nov 2018 BUY, KRW219,000 KOSDAQ: 693.7 Strength in content business (Closing price as of 08/11/18) underpins earnings Price Target 12-mth: KRW300,000 • If not for IPTV commission hike, 3Q18 earnings would Reason for Report: 3Q18 earnings review have been a positive surprise Potential catalyst: Synergies between its digital channels and • To continue outperforming the market in terms of TV ad commerce business revenue growth Where we differ: We are more optimistic than the market for FY18F, but more conservative for FY19/20F • Commerce margins to recover in near term Analyst • Retain BUY, keep our TP of KRW300,000 Regional Research Team [email protected] Media: Stronger than expected TV and digital ad revenue. CJ ENM’s media division posted its highest-ever quarterly OP of KRW37.2bn (+305% y-o-y) in 3Q18. With the airing of premium content such as Price Relative ‘Boyfriend’ and ‘Memories of the Alhambra’ and several other 350,000 130 popular shows in 4Q18, CJ ENM’s TV ad revenue outperformance 300,000 120 250,000 110 and digital ad revenue growth should persist. Sales to Chinese and 100 200,000 global over-the-top (OTT) service providers also seem likely. 90 150,000 80 Commerce: Temporary dent to margins. Gross merchandise sales 100,000 70 50,000 60 were solid at KRW935.9bn (+5% y-o-y) with KRW80.2bn from T 0 50 commerce (+36% y-o-y) and KRW267.5bn from mobile commerce Nov-14 Jun-15 Jan-16 Aug-16 Mar-17 Oct-17 May-18 Stock price(LHS,KRW) Rel. to KOSDAQ(RHS,pts) (+24% y-o-y). But due to a transmission commission hike by IPTVs Forecasts and Valuation (+KRW13bn y-o-y), CJ ENM’s commerce margins eroded FY Dec (KRW bn) 2017A 2018F 2019F 2020F temporarily. Its margins should recover after 4Q18. Revenue 2,260.0 3,358.8 4,559.7 4,965.8 Overseas expansion likely for movie division; more sub-label EBITDA 469.1 556.5 703.6 819.9 Operating profit 224.5 269.3 397.2 479.8 collaboration for music division. Despite cinema revenue growth, Pre-tax Profit 184.3 273.6 381.2 463.8 the movie unit posted 3Q18 operating losses of KRW2.3bn, Net Profit 143.4 211.6 304.9 371.0 suffering declines in film sales to the ancillary market, Net Pft (Pre Ex.) 143.4 211.6 304.9 371.0 musical/theatrical performance sales, and ‘other’ sales. The unit Net Pft Attributable to plans to expand its business overseas, rather than in Korea where its Controlling Interest 130.9 180.3 243.9 296.8 EPS (KRW) 21,054 15,623 11,124 13,536 earnings have been very volatile. The music unit recorded marked EPS Pre Ex. (KRW) 23,078 18,337 13,905 16,920 revenue growth in concerts (+27% y-o-y) and sub-record labels EPS Gth (%) 458.6 -25.8 -28.8 21.7 (+140% y-o-y). The unit is likely to maintain stable profits, EPS Gth Pre Ex (%) 340.2 -20.5 -24.2 21.7 broadening its collaboration with sub-labels like AOMG, Jellyfish, Diluted EPS (KRW) 21,054 15,623 11,124 13,536 and Swing Entertainment. Net DPS (KRW) 3,000 3,200 3,360 3,530 BV Per Share (KRW) 165,443 93,043 100,968 111,144 Top pick in media sector. Given its development of solid content PE (X) 11.0 14.0 19.7 16.2 line-ups, CJ ENM’s competitiveness should remain strong going PE Pre Ex. (X) 10.0 11.9 15.7 12.9 P/Cash Flow (X) 3.0 5.3 9.4 8.0 forward. Synergies between DIA TV, Dada Studio, digital channels EV/EBITDA (X) 4.1 7.8 6.2 5.3 and its commerce business are expected in 2019 onwards. The Net Div Yield (%) 1.3 1.5 1.5 1.6 possibility of the sale of its investment assets such as CJ Hello P/Book Value (X) 1.4 2.4 2.2 2.0 should be positive for CJ ENM’s short term share price. We retain Net Debt/Equity (X) 0.3 CASH CASH CASH ROE (%) 14.7 13.8 14.3 16.0 the stock as our top pick, and keep our SOTP-based TP of KRW300,000. Earnings Rev (%): (17.1) (14.8) (3.3) Consensus EPS (KRW): 13,096 14,109 15,640 At A Glance Other Broker Recs: B : 13 S : 0 H : 0 Issued Capital (m shrs) 21.93 Mkt. Cap (KRWbn/US$m) 4,802/4,299 ICB Industry: Retail – Discretionary ICB Sector: Consumer Discretionary Major Shareholders Principal Business: CJ ENM provides television shopping services. It CJ Corp and 5 others (%) 42.7 also produces movies, broadcasts, performances, music, and Free Float (%) 46.83 animation. Avg. Daily Vol.(‘000) 125 Source of all data: Company, DBS Bank, Bloomberg Finance L.P ed: KK / sa: LEY, CS Company Focus CJ ENM Media: Stronger than expected TV and digital ad revenue. Against this backdrop, CJ ENM’s media division posted its 3Q18 TV ad revenue of KRW145.3bn (+24% y-o-y) highest-ever quarterly OP of KRW37.2bn (+305% y-o-y) in outpaced market growth. Broadcast of premium content 3Q18. With the airing of premium content such as such as ‘Mr. Sunshine’ boosted viewer ratings and ad ASP. ‘Boyfriend’ and ‘Memories of the Alhambra’ and several Platform in platform (PIP) traffic growth and digital-only other popular shows in 4Q18, CJ ENM’s TV ad revenue content traffic growth helped increase digital ad revenue by outperformance and digital ad revenue growth should 54% y-o-y. Content sales revenue, including overseas sales persist. Sales to Chinese and global over-the-top (OTT) of ‘Mr. Sunshine’, also posted strong growth of 59% y-o-y. service providers also seem likely. Earnings review Unit: KRW bn, % Preliminary earnings Vs. our estimates y-o-y q-o-q Vs. consensus estimates ‘18.09P ‘18.09F Diff. (%) ‘17.09A Diff. (%) ‘18.06A Diff. (%) ‘18.09F Diff. (%) Revenue 1,096.3 1,033.7 6.1 540.7 102.8 585.2 87.3 1,050.6 4.4 OP 76.5 8.0 856.5 49.2 55.6 49.6 54.1 85.4 (10.4) NP 54.3 81.3 (33.2) 26.4 105.4 27.7 95.9 70.0 (22.5) Margin (%) OP margin 7.0 0.8 9.1 8.5 8.1 Net margin 5.0 7.9 4.9 4.7 6.7 Difference (ppts) OP margin 6.2 (2.1) (1.5) (1.1) Net margin (2.9) 0.1 0.2 (1.7) Note 1: Based on consolidated K-IFRS Note 2: 2Q18 numbers are based on CJ O Shopping’s financial statements. CJ ENM’s (merged company) earnings were applied from 3Q18 Source: DBS Bank Page 2 Company Focus CJ ENM CJ ENM: TP calculation 1) Operating value (KRW bn) FY19F revenue OP Post-tax OP Target Multiple Fair value Remarks Media (incl. movies) 1,797.9 152.5 122.0 22.5 2,745.6 30% premium over global media peers' average 2019F PE 10% premium over domestic home shopping peers' average Commerce 1,312.9 141.3 113.0 10.3 1,168.7 2019F PE 10% discount to domestic top 3 entertainment peers' average Music 243.4 21.6 17.2 24.5 422.6 2019F PE Sum of operating value (a) 4,336.8 2) Investment asset value (KRW bn) Fair value Stake Discount Stake value Remarks Netmarble Games 10,230.7 22.0% 20.0% 1,800.6 Based on Netmarble Games' TP (KRW120,000) CJ Hello 941.3 53.9% 20.0% 405.9 30% premium over CJ Hello's current market cap (7 Nov) Samsung Life Insurance 18,380.0 0.5% 20.0% 73.5 Based on Samsung Life Insurance's current market cap (7 Nov) Sum of investment asset value (b) 2,280.0 Total (a) + (b) 6,616.9 No. of shares ('000 shares) 21,926 Fair price (KRW) 301,781 Target price (KRW) 300,000 Rounded off Current price (KRW) 219,000 Based on closing price as of 8 Nov Upside potential 37.0% Source: DBS Bank CJ ENM: Earnings estimates on a consolidated basis (KRW bn) 1Q18 2Q18 3Q18F 4Q18F 1Q19F 2Q19F 3Q19F 4Q19F 2017 2018F 2019F Revenue 1,033.6 1,049.0 1,096.3 1,112.5 1,053.1 1,120.1 1,158.7 1,212.3 3,973.4 4,291.5 4,544.2 Media 332.5 361.9 406.8 385.1 333.9 407.7 425.1 434.4 1,261.9 1,486.3 1,601.1 Ad 119.6 141.9 145.3 150.8 122.5 145.6 142.4 155.6 495.7 557.7 566.2 TV licence fee revenue 50.2 50.1 49.6 54.9 50.7 50.6 50.1 55.4 203.8 204.8 206.9 Others 162.7 169.8 212.0 179.4 160.7 211.5 232.6 223.3 562.4 724.0 828.0 Movie 80.0 36.0 45.0 52.1 62.8 38.2 44.1 51.7 225.2 213.1 196.8 Cinema 41.5 12.4 28.1 22.2 37.6 13.0 27.0 21.4 111.2 104.1 99.1 Ancillary sales (VoD) 10.5 7.4 6.9 7.4 5.7 8.1 6.6 7.1 33.2 32.3 27.4 Performances 14.4 7.4 4.3 10.3 10.1 7.8 4.5 10.4 26.6 36.4 32.8 Others (exports) 13.6 8.8 5.7 12.2 9.5 9.2 6.0 12.8 54.2 40.3 37.5 Music 56.2 66.5 58.2 60.3 55.0 58.0 64.0 66.3 230.7 241.2 243.4 Albums/records 28.2 29.0 23.0 24.4 24.0 26.1 25.3 26.8 92.2 104.6 102.2 Others 28.0 37.5 35.2 35.9 31.0 31.9 38.7 39.5 138.6 136.6 141.1 Commerce 290.9 307.5 295.0 324.2 313.5 325.2 319.7 354.5 1,193.3 1,217.5 1,312.9 TV 154.1 154.1 145.3 164.1 151.7 153.6 148.3 166.1 645.8 617.7 619.8 Digital 96.4 105.5 99.2 107.2 112.5 113.9 110.0 123.2 385.7 408.3 459.6 Others 40.3 47.9 50.3 52.9 49.3 57.6 61.3 65.3 161.7 191.4 233.5 CJ Hello 274.1 277.2 291.4 290.8 287.8 291.0 305.9 305.3 1,062.3 1,133.4 1,190.1 OP 89.9 79.2 76.5 87.7 77.4 99.3 105.0 110.2 287.6 333.3 392.0 Media 24.6 29.2 37.2 27.4 26.7 38.6 44.1 42.3 61.8 118.4 151.7 Movie 7.2 -3.9 -2.3 2.6 0.2 2.0 -1.9 0.5 -10.4 3.6 0.8 Music 2.7 4.2 3.3 4.8 4.7 5.6 5.3 6.1 11.8 15.0 21.6 Commerce 42.3 33.9 17.8 32.4 31.4 35.8 35.2 39.0 151.6 126.5 141.3 CJ Hello 13.1 15.7 20.5 20.5 14.6 17.3 22.4 22.3 72.9 69.8 76.6 OPM 8.7% 7.5% 7.0% 7.9% 7.4% 8.9% 9.1% 9.1% 7.2% 7.8% 8.6% Media 7.4% 8.1% 9.1% 7.1% 8.0% 9.5% 10.4% 9.7% 4.9% 8.0% 9.5% Movie 9.0% -10.7% -5.1% 5.0% 0.3% 5.2% -4.2% 1.0% -4.6% 1.7% 0.4% Music 4.8% 6.3% 5.7% 7.9% 8.5% 9.6% 8.2% 9.2% 5.1% 6.2% 8.9% Commerce 14.6% 11.0% 6.0% 10.0% 10.0% 11.0% 11.0% 11.0% 12.7% 10.4% 10.8% CJ Hello 4.8% 5.7% 7.0% 7.0% 5.1% 6.0% 7.3% 7.3% 6.9% 6.2% 6.4% Pre-tax profit 122.1 97.8 72.5 83.7 73.4 95.3 101.0 106.2 776.6 376.1 376.0 Corporate tax 23.8 19.0 18.3 16.7 14.7 19.1 20.2 21.2 211.2 77.8 75.2 NP 98.4 78.8 54.2 66.9 58.8 76.2 80.8 85.0 565.4 298.3 300.8 NPM 9.5% 7.5% 4.9% 6.0% 5.6% 6.8% 7.0% 7.0% 14.2% 7.0% 6.6% Controlling-interest NP n.a.
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    Songliste Koreanisch (Juli 2018) Sortiert nach Interpreten SONGCODETITEL Interpret 534916 그저 널 바라본것 뿐 1730 534541 널 바라본것 뿐 1730 533552 MY WAY - 533564 기도 - 534823 사과배 따는 처녀 - 533613 사랑 - 533630 안녕 - 533554 애모 - 533928 그의 비밀 015B 534619 수필과 자동차 015B 534622 신인류의 사랑 015B 533643 연인 015B 975331 나 같은 놈 100% 533674 착각 11월 975481 LOVE IS OVER 1AGAIN 980998 WHAT TO DO 1N1 974208 LOVE IS OVER 1SAGAIN 970863기억을 지워주는 병원2 1SAGAIN/FATDOO 979496 HEY YOU 24K 972702 I WONDER IF YOU HURT LIKE ME 2AM 975815 ONE SPRING DAY 2AM 575030 죽어도 못 보내 2AM 974209 24 HOUR 2BIC 97530224소시간 2BIC 970865 2LOVE 2BORAM 980594 COME BACK HOME 2NE1 980780 DO YOU LOVE ME 2NE1 975116 DON'T STOP THE MUSIC 2NE1 575031 FIRE 2NE1 980915 HAPPY 2NE1 980593 HELLO BITCHES 2NE1 575032 I DON'T CARE 2NE1 973123 I LOVE YOU 2NE1 975236 I LOVE YOU 2NE1 980779 MISSING YOU 2NE1 976267 UGLY 2NE1 575632 날 따라 해봐요 2NE1 972369 AGAIN & AGAIN 2PM Seite 1 von 58 SONGCODETITEL Interpret 972191 GIVE IT TO ME 2PM 970151 HANDS UP 2PM 575395 HEARTBEAT 2PM 972192 HOT 2PM 972193 I'LL BE BACK 2PM 972194 MY COLOR 2PM 972368 NORI FOR U 2PM 972364 TAKE OFF 2PM 972366 THANK YOU 2PM 980781 WINTER GAMES 2PM 972365 CABI SONG 2PM/GIRLS GENERATION 972367 CANDIES NEAR MY EAR 2PM/백지영 980782 24 7 2YOON 970868 LOVE TONIGHT 4MEN 980913 YOU'R MY HOME 4MEN 975105 너의 웃음 고마워 4MEN 974215 안녕 나야 4MEN 970867 그 남자 그 여자 4MEN/MI 980342 COLD RAIN 4MINUTE 980341 CRAZY 4MINUTE 981005 HATE 4MINUTE 970870 HEART TO HEART 4MINUTE 977178 IS IT POPPIN 4MINUTE 975346 LOVE TENSION 4MINUTE 575399 MUZIK 4MINUTE 972705 VOLUME UP 4MINUTE 975332 WELCOME
  • Periodo De Reparto : 2019-05 COMUNICACION PUBLICA ( No Identificados )

    Periodo De Reparto : 2019-05 COMUNICACION PUBLICA ( No Identificados )

    Detallado por Tocada, por Asociado, Administrado y Mandante Periodo de Reparto : 2019-05 COMUNICACION PUBLICA ( No Identificados ) [9,999] - ( NO IDENTIFICADOS ) ISRC Titulo Nombre del Artista Sello Track Monto Track 2019-05 PEMG98308008 CARAVELI (REMASTERED) "CHOLO" BERROCAL Mgp 0.03 PEMG98310006 EL HUÉRFANO (REMASTERED) "CHOLO" BERROCAL Mgp 0.01 USA2P1850911 AMERIKKA'S NIGHTMARE #9 Council Music 0.01 ARF410700760 LET'S CALL THE WHOLE THING OFF (G.GERSHWIN/I.GERSHWIN) Unassigned 0.00 ARF411100844 THE MAN I LOVE (GERSHWIN/GERSHWIN) Independiente 0.00 ARF411500943 TENDERLY (GROSS/LAWRENCE) Independiente 0.00 JPPO01704270 Party Work (Groovy Workshop Mix) *Groovy Workshop. 16.98 POP *NSYNC Unassigned 0.00 QM4TW1603169 ...POR HABLAR ...POR HABLAR ...Por Hablar 0.11 USHM81186307 ACHA ?? ??? (SUPER JUNIOR) Independiente 0.00 THE TUNE ???? ??? | ROY DAHAN Unassigned 0.00 USQY51437612 ???? ???? RHYTHM POWER Amoeba Culture 0.00 FR0W61316555 COME AND GET YOUR LOVE ?????? ??????? Rendez-Vous Digital 0.01 ITG270800241 DON'T STOP BELIEVIN' ????? Independiente 0.00 KRA381002291 You & I (Korean Version) ??? 0.14 TR0441211505 GÖZLERIMIN ETRAF?NDAKI ÇIZGILER ?EBNEM FERAH Pasaj Müzik 0.01 TR5411300049 SANA NERDEN GÖNÜL VERDIM ?ECAATTIN TANYERLI Independiente 0.00 TR5411300053 SEVDIM BIR GENÇ KAD?N? ?ECAATTIN TANYERLI Independiente 0.00 TR0331108314 BITER K?R?EHIR'IN GÜLLERI ?SMAIL ALTUNSARAY Kalan Ses Görüntü 0.01 L O V E B U R N (L O V E B U R N) ~ D R E X E R ~ Unassigned 0.00 FR04Q9900077 SANS RETOUR 113 CLAN S.M.A.L.L. 0.01 BEDO61600488 WATER MUSIC,
  • International Producer/Dj, Yultron & Multi-Platinum

    International Producer/Dj, Yultron & Multi-Platinum

    INTERNATIONAL PRODUCER/DJ, YULTRON & MULTI-PLATINUM HIP-HOP ARTIST, JAY PARK RELEASE CROSSOVER EP, ON FIRE ON H1GHR MUSIC Featuring Lead Single, “West Coast” and Three New Tracks The Duo Unveil Music Video for Title Track, “On Fire” Download/Listen to Yultron x Jay Park On Fire EP HERE Watch “On Fire” Music Video HERE Download Album Artwork and Press Images HERE (Credit: H1GHR Music) AUGUST 30, 2019 (LOS ANGELES, CA) – International producer and DJ, Yultron, and multi- platinum hip-hop artist, Jay Park, today released their crossover EP On Fire, along with the music video for their track of the same name “On Fire,” on Park’s label, H1GHR Music. The collaboration mashes up the artists' worlds of dance and hip-hop, east and west, and ranges sonically from smooth pop, energetic dance drops, to hard hip-hop. The EP also includes appearances from emerging Korean artists Sik-K, PH-1, and Haon. “Jay and I have been friends for some time and we really vibe working together,” said Yultron. “All genres inspire me, so I was excited to work on this crossover EP that melds our worlds together. We were both creatively ‘on fire’ throughout the whole process.” “I like to explore new genres and Yultron is a good friend and very chill,” said Jay Park. “We set out to collab using influences of hip-hop, EDM, pop and K-pop. I love the range of the tracks we put out on this EP and its vibe.” Yultron and Jay Park’s kinship spans several years, starting with their first song "BO$$," which hit #1 on Korea's charts in 2015.