DOCSLIB.ORG

J Contentree (036420 KQ ) Growth to Shift from Multiplex to Broadcasting

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
J Contentree (036420 KQ ) Growth to Shift from Multiplex to Broadcasting J Contentree (036420 KQ ) Growth to shift from multiplex to broadcasting Raise TP to W5,800; Focus on broadcasting potential We keep our Buy rating on J Contentree and raise our target price to W5,800 from W5,000 <Table 3>. We believe the strong potential of the broadcasting business’s intellectual property (IP) investments deserves greater attention than the weakness Media of the multiplex business. We value the multiplex business conservatively at around W330bn (aggregate), Company Update which we believe fully reflects the impact of stiffening competition and delays in operational normalization. Given that Megabox was valued at roughly W560bn just July 24, 2017 three months ago in Korea Multiplex Investment Corporation’s (KMIC) stake sale , we see limited downside to our valuation. On the other hand, we believe the broadcasting busines s, including IP investments, has strong room for growth. We see a clear path for quantitative growth, driven by: (Maintain) Buy 1) increasing content production/distribution income due to more drama programming at JTBC, and 2) expansion into other broadcasting channels and Target Price (12M, W) 5,800 platforms (OTT, etc.). We are also positive on content quality . The company has produced a string of hit dramas following the series Strong Woman Do Bong-soon (its first IP investment project). In 2017, the company’s highest drama viewership Share Price (07/21/17, W) 4,040 rate was 4%p higher than the 2016 level <Figure 4>. We see upside risks to our target P/E of 13.5x for the broadcasting business. Earnings growth should gain Expected Return 44% steam in the coming quarters, supporting multiple expansion. In our opinion , the broadcasting business is currently in the initial stages of a re-rating cycle. We view broadcasting as a quantitative growth story, backed by enhanced content quality. OP (17F, Wbn) 59 2Q17 review: Broadcasting better than expected, but multiplex worse Consensus OP (17F, Wbn) 43 than feared For 2Q17, J Contentree reported consolidated revenue of W101.9bn (+45.8% YoY ) EPS Growth (17F, %) 82.5 and operating profit of W10.4bn (+195.3% YoY ). The earnings contribution of Market EPS Growth (17F, %) 43.3 broadcasting increased sharply, as this was the first quarter in which the new P/E (17F, x) 13.1 drama IP investment business was fully reflected in earnings. The multiplex business continued top-line growth, but expenses rose markedly , leading to Market P/E (17F, x) 10.3 weaker-than-expected profits. KOSDAQ 676.60 Broadcasting (broadcasting + IP investment): Revenue and operating profit Market Cap (Wbn) 461 came in at W54.1bn (+178.2% YoY) and W10.3bn (+566.5% YoY), respectively. The strong performance was attributable to: 1) the licensing of drama Man to Man to Shares Outstanding (mn) 114 Netflix (W6bn), 2) higher ancillary/digital revenues (due to the success of dramas), Free Float (%) 66.5 and 3) increased production revenue (amid increased production costs). Foreign Ownership (%) 1.8 Multiplex: Revenue and operating profit came in at W57.8bn (+12.4% YoY) and Beta (12M) 0.65 W1.1bn (-28.3% YoY), respectively. Despite overall theater attendance falling 0.3% 52-Week Low 3,520 YoY, Megabox’s attendance inched up 1.8% YoY on new theater rollouts. However, the ongoing normalization of new sites opened in 2H16 , as well as the rollout of 52-Week High 4,585 two new locations (Yangsan and Songdo) in the quarter, led to a stee p rise in costs, dragging down margins. (%) 1M 6M 12M Absolute 1.5 2.0 -10.6 Both multiplex and broadcasting look promising in 3Q17 Relative -0.1 -6.2 -6.5 For 3Q17, we expect revenue of W126.3b n (+19.6% YoY) and operating profit of W24.7bn (+67.5% YoY) , with strength coming from both broadcasting (including IP) 120 J Contentree KOSDAQ and multiplex. The broadcasting unit will likely be boosted by distribution income th 110 for hit shows Woman of Dignity (first aired on June 16 ) and Hyori's Bed and Breakfast . In particular, the company should take a greater cut for dramas due to 100 its IP investments. The multiplex business should benefit from peak season effects 90 and the release of domestic tentpole films The Battleship Island and A Taxi Driver . 80 Foreign films have also been doing well in the box office this month. We think seasonal effects could buffer the impact of higher costs, helping to ease some of 70 7.16 11.16 3.17 7.17 the negative sentiment on the multiplex business. FY (Dec.) 12/13 12/14 12/15 12/16 12/17F 12/18F Mirae Asset Daewoo Co., Ltd. Revenue (Wbn) 380 369 306 335 429 482 [Media ] OP (Wbn) 38 36 33 29 56 76 OP margin (%) 10.0 9.8 10.8 8.7 13.8 15.8 Jeong -yeob Park NP (Wbn) -10 0 11 19 38 46 +822 -3774 -1652 [email protected] EPS (W) -139 -1 128 169 308 403 ROE (%) -11.1 -0.1 15.0 26.3 34.6 32.4 P/E (x) - - 43.9 22.9 13.1 10.0 P/B (x) 2.8 2.3 9.5 5.0 3.7 2.7 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 July 24, 2017 J Contentree Earnings forecasts and valuation Table 1. Consolidated quarterly and annual earnings (Wbn, %, mn persons, %p) 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17P 3Q17F 4Q17F 2015 2016 2017F Revenue 92 80 106 58 87 102 126 114 350 335 429 Multiplex 64 51 78 61 68 58 90 67 232 255 283 Box office 33 33 49 38 39 33 58 39 143 153 169 Concessions 10 10 15 11 12 10 17 12 43 46 51 Screen ads 7 7 11 8 9 7 13 9 32 34 37 Other 14 2 4 3 8 7 1 8 14 23 25 Broadcasting 19 19 18 26 17 41 33 40 84 83 132 IP investment - - - - 4 13 17 19 0 0 52 Magazines 9 10 10 -28 - - - - 45 1 0 Consolidate d adj . & -1 -1 -1 -1 -2 -10 -14 -12 -11 -4 -38 other Operating profit 12.0 1.8 15.4 -0.2 5.2 10.4 24.8 16.0 31.4 28.9 56.3 OP margin 13.1 2.2 14.6 -0.4 6.0 10.2 19.6 14.1 9.0 8.6 13.1 Multiplex 11.4 2.3 15.4 -6.9 4.3 1.1 16.1 3.6 27.0 22.3 25.0 Broadcasting 2.7 1.5 1.7 2.4 1.0 6.9 2.9 3.8 4.3 8.4 14.6 IP investment - - - - -0.1 3.4 6.9 9.6 0.0 0.0 19.8 Magazines -1.8 -2.1 -1.8 4.2 0.0 0.0 0.0 0.0 -0.4 -1.4 0.0 Pretax profit 8.3 0.9 15.5 10.4 5.1 10.0 25.9 13.3 28.3 35.1 54.4 Net profit 6.6 -0.9 12.3 4.4 3.8 7.7 20.0 10.2 18.1 22.4 41.7 Net margin (%) 7.2 -1.2 11.6 7.6 4.4 7.6 15.8 9.0 5.2 6.7 9.7 Net profit attributable to 5.1 -1.7 11.3 4.5 3.4 7.5 18.3 8.4 11.4 18.2 37.6 controlling interests YoY Revenue 14.5 2.5 2.6 -34.6 -5.3 27.9 19.6 95.8 -11.3 -4.2 27.9 Multiplex 21.1 6.3 9.3 3.9 6.5 12.4 14.6 9.3 -0.1 10.0 10.8 Broadcasting 1.6 -13.1 -21.1 37.7 -13.3 112.9 81.2 53.3 -14.6 -0.5 58.2 Magazines -10.6 -12.9 -2.2 - - - - - -13.1 -97.0 - Operating profit 596.8 -82.2 30.6 TTR -56.8 489.9 60.8 TTB -9.8 -7.8 94.6 Net profit 218.8 TTR 41.2 1,839.6 -42.6 TTB 62.5 130.2 41.0 23.6 86.2 Assumptions Domestic attendance 49.5 45.1 72.4 50.0 52.3 45.0 76.0 49.0 217.3 217.0 222.3 Megabox attendance 9.0 8.5 13.7 9.6 10.2 8.6 14.7 9.5 38.4 40.8 43.1 Megabox share 18.1 18.8 18.9 19.3 19.6 19.2 19.3 19.5 17.7 18.8 19.4 YoY Domestic attendance -2.0 1.2 -0.9 1.7 5.7 -0.3 5.0 -2.0 1.0 -0.1 2.4 Megabox attendance -0.4 9.8 6.4 8.9 14.1 1.8 7.1 -1.0 -2.8 6.1 5.6 Megabox share 0.3 1.5 1.3 1.3 1.5 0.4 0.4 0.2 -0.7 1.1 0.6 Note: Based on consolidated K-IFRS; for YoY comparisons, the magazine business was not reflected as discontinued operations Source: Company data, Mirae Asset Daewoo Research estimates Table 2. Earnings forecast revisions (Wbn, W, %, %p) Previous Revised Change Notes 17F 18F 17F 18F 17F 18F Revenue 404 514 429 482 6.1 -6.3 - Inclusion of broadcasting IP investment earnings Operating profit 43 55 56 70 31.0 27.0 - Margin gains from increased licensing income Net profit 27 33 38 45 40.0 38.3 OP margin 10.6 10.7 13.1 14.5 2.5 3.8 Net margin 6.7 6.4 8.8 9.4 2.1 3.0 Notes: All figures are based on consolidated K-IFRS; net profit is attributable to controlling interests Source: Mirae Asset Daewoo Research estimates Mirae Asset Daewoo Research 2 July 24, 2017 J Contentree Table 3.
Load more

Recommended publications
  • All the Feff Stars 2017
    ALL THE FEFF STARS 2018 Brigitte LIN Ching Hsia, actress, Outside the Window, Cloud of Romance, Red Dust, Dragon Inn, Bride with White Hair, Chungking Express *Golden Mulberry for Lifetime Achievement Award CHINA DING Sheng, director, A Better Tomorrow 2018 ZHANG LinZi, director, Transcendent LIANG Shuang, sound designer, Transcendent FENG Jian, line producer, Transcendent CUI Hongtao, project-in-charge, Transcendent XIN Yukun, director, Wrath of Silence SUN Pei , DJ Pei HONG KONG Nansun SHI, producer Kim ROBINSON, hair-stylist and artist Chapman TO, director, The Empty Hands John SHAM, producer, My Heart is That Eternal Rose Derek CHIU, director, No. 1 Chung Ying Street Johnnie TO, director, producer, Throw Down YEH Ka-lun, director, Fresh Wave: Bright Spring Days HO Chung-ken, director, Fresh Wave: Fires LAM Hei-chun, director, Fresh Wave: Goodbye INDONESIA Arya VASCO, actor, My Generation George TIMOTHY, co-producer, My Generation Emil HERALDI, director, Night Bus JAPAN HIROKI Ryuichi, director, Side Job. TODA Akihiro, director, The Name YOSHIDA Daihachi, director, The Scythian Lamb OOKU Akiko, director, Tremble All You Want UEDA Shinichiro, director, One Cut of the Dead ICHIHASHI Koji, producer, One Cut of the Dead ICHIHARA Hiroshi, actor, One Cut of the Dead OSAWA Sinichiro, actor, One Cut of the Dead SHUHAMA Harumi, actress, One Cut of the Dead TAKEHARA Yoshiko, actress, One Cut of the Dead YOSHIDA Miki, actress, One Cut of the Dead Adam TOREL, representative, One Cut of the Dead TAKAMIYA Eitetsu, DJ THE PHILIPPINES Rae RED, director,
    [Show full text]
  • Korean Webtoons' Transmedia Storytelling
    International Journal of Communication 13(2019), 2094–2115 1932–8036/20190005 Snack Culture’s Dream of Big-Screen Culture: Korean Webtoons’ Transmedia Storytelling DAL YONG JIN1 Simon Fraser University, Canada The sociocultural reasons for the growth of webtoons as snack culture and snack culture’s influence in big-screen culture have received little scholarly attention. By employing media convergence supported by transmedia storytelling as a theoretical framework alongside historical and textual analyses, this article historicizes the emergence of snack culture. It divides the evolution of snack culture—in particular, webtoon culture—to big-screen culture into three periods according to the surrounding new media ecology. Then it examines the ways in which webtoons have become a resource for transmedia storytelling. Finally, it addresses the reasons why small snack culture becomes big-screen culture with the case of Along With the Gods: The Two Worlds, which has transformed from a popular webtoon to a successful big-screen movie. Keywords: snack culture, webtoon, transmedia storytelling, big-screen culture, media convergence Snack culture—the habit of consuming information and cultural resources quickly rather than engaging at a deeper level—is becoming representative of the Korean cultural scene. It is easy to find Koreans reading news articles or watching films or dramas on their smartphones on a subway. To cater to this increasing number of mobile users whose tastes are changing, web-based cultural content is churning out diverse subgenres from conventional formats of movies, dramas, cartoons, and novels (Chung, 2014, para. 1). The term snack culture was coined by Wired in 2007 to explain a modern tendency to look for convenient culture that is indulged in within a short duration of time, similar to how people eat snacks such as cookies within a few minutes.
    [Show full text]
  • The City of Prague Philharmonic Orchestra and Chorus
    WINTER 2017 - SPRING 2018 NEWS www.tadlowmusic.com THE CITY OF PRAGUE PHILHARMONIC ORCHESTRA AND CHORUS EUROPE’S MOST EXPERIENCED AND VERSATILE RECORDING ORCHESTRA: 70 YEARS OF QUALITY MUSIC MAKING The CoPPO have been recording local film and TV scores at Smecky Music Studios since 1946, and a large number of international productions since 1988. Over the years they have worked with many famous composers from Europe and America including: ELMER BERNSTEN * MICHEL LEGRAND * ANGELO BADALAMENTI * WOJCIECH KILAR * CARL DAVIS GABRIEL YARED * BRIAN TYLER * RACHEL PORTMAN * MYCHAEL DANNA * JEFF DANNA * NITIN SAWHNEY JAVIER NAVARRETE * LUDOVIC BOURCE * CHRISTOPHER GUNNING * INON ZUR * JOHANN JOHANNSSON * NATHANIEL MECHALY * PATRICK DOYLE * PHILIP GLASS * BEAR McCREARY * JOE HISAISHI In recent years they have continued this tradition of recording orchestral scores for international productions with composers now recording in Prague from: Australia * New Zealand * Japan * Indonesia * Malaysia * Singapore * China * Taiwan * Russia * Egypt * The Lebanon * Turkey * Brazil * Chile and India PRAGUE HAS BECOME THE CENTRE OF WORLDWIDE SCORING AND ORCHESTRAL RECORDINGS BECAUSE BEING 100% TOTAL BUYOUT ON ALL RECORDINGS AND THE QUALITY OF FINE MUSICIANS AND RECORDING FACILITIES TADLOW MUSIC The Complete Recording Package for FILM, TV, VIDEO GAMES SCORING AND FOR THE RECORD INDUSTRY in LONDON + PRAGUE Music Contractor / Producer : James Fitzpatrick imdb page: http://www.imdb.com/name/nm0280533/ NEW PHONE # : +44 (0) 797 181 4674 “It’s an absolute delight to work with Tadlow Music. The Prague musicians are great and I’ve had many happy experiences recording with them.” - Oscar Winning Composer RACHEL PORTMAN “Always a pleasure to work with James, as i have many times over the years.
    [Show full text]
  • Kscc2018 Abstracts.Pdf
    KSCC2018 Helsinki - presentation abstracts All abstracts in order of the schedule Panel 1: Global audiences "Tailor-made Fest for Presenting the Value of Korean Cinema in London: Korean Film Night between 2012 and 2014" Sungil Ko (University Of Nottingham) This paper will investigate how the Korean Film Night (KFN), regular film showcase event, organised by Korean Cultural Centre UK (KCCUK) is promote Korean culture in London through a case study of KFN’s ‘three-year project’ starting in 2012. Within the context of cultural diplomacy, government-backed cultural centres (e.g. British Council, Institut Français) to promote their cultural aspects in overseas territories. Such agencies have also held regular film screening events as the platform of cultural exchange which enable audiences in foreign nations to experience different culture in their daily life. The KCCUK, which had organised the regular film showcase event (formerly called KFN) since 2008, presented a series of new programmes –‘The Year of 12 Directors’, ‘The Year of 4 Actors’ and ‘The Year of 4 Film Professionals’ - from 2012. This ‘three-year project’ was a new extension that played a cultural diplomatic role to present the value of Korean cinema and film culture. In order to achieve it, the new project was dedicated to particular Korean movie figures whereas previous KFN had simply displayed various genres of Korean cinema. In addition, this ‘three-year project’ increased the number of screenings every week, implemented certain practices, venue hiring outside KCCUK, and Q&A and Masterclasses. Regarding such change of programming concept, this paper argues that KFN’s ‘three-year project’ aims at presenting the quality of the Korean film industry by focusing on the unique savoir-faire of some of unnoticed key figures (like filmmakers, actors, etc.) by the British audience, but whose individual contribution has been primordial in making some Korean film famous internationally.
    [Show full text]
  • 8Th Korean Screen Cultures Conference Conference Programme
    2019 8th Korean Screen Cultures Conference Conference Programme UNIVERSITY OF CENTRAL LANCASHIRE JUNE 5-7 2019 SPONSORED BY THE KOREA FOUNDATION KSCC 2019 Programme Schedule & Panel Plan Wednesday 5th June Time Event Location 16:50-17:05 Meet at Legacy Hotel lobby and walk to UCLan Legacy Hotel 17:05-17:30 Early-bird registration open Mitchell Kenyon Foyer 17:05-17:30 Wine and Pizza Opening Reception Mitchell Kenyon Foyer 17:30-19:30 Film Screening: Snowy Road (2015) Mitchell Kenyon Cinema 19:30-19:55 Director Q&A with Lee, Na Jeong Mitchell Kenyon Cinema 20:00-21:30 Participants invited join an unofficial conference dinner Kim Ji Korean Restaurant Thursday 6th June 08:45-09:00 Meet at Legacy Hotel lobby and walk to UCLan Legacy Hotel 09:00-09:15 Registration & Morning Coffee Foster LT Foyer 09:15-09:30 Opening Speeches FBLT4 09:30-11:00 Panel 1A: Horror Film and Drama FBLT4 09:30-11:00 Panel 1B: Transnational Interactions FBLT3 11:00-12:20 Coffee Break Foster LT Foyer 11:20-11:50 Education Breakout Session FBLT4 11:20-11:50 Research Breakout Session FBLT3 11:50 -13:20 Panel 2A: Industry and Distribution FBLT4 11:50 -13:20 Panel 2B: Diverse Screens FBLT3 13:20-14:20 Buffet Lunch Foster Open Space 14:25-15:55 Panel 3A: History/Memory/Reception FBLT4 14:25-15:55 Panel 3B: Korean Auteurs FBLT3 15:55-16:15 Coffee & Cake Break Foster LT Foyer 16:15-17:15 Keynote: Rediscovering Korean Cinema FBLT4 17:15-18:45 Film Screening: Tuition (1940) Mitchell Kenyon Cinema 18:45-19:15 Q&A with Chunghwa Chong, Korean Film Archive Mitchell Kenyon Cinema
    [Show full text]
  • Menguji Kekuatan Dua Garuda
    RABU, 4 OKTOBER 2017 / 14 MUHARRAM 1439 H HARGA RP 3.000 PNS Ditangkap, Wabup Membantah Terkait Kasus Senjata Ilegal SUKABUMI – Satreskrim Polres Cian- jur menciduk Pegawai Negeri Sipil (PNS) Pemkab Sukabumi. Informasi yang di- PNS...Baca Hal 4 PENANGKAPANPENPENANNAAN PEMBUAT DAN PEMBELI SENJATA ILEGAL TEMPAT KEJADIAN PERKARA Kantor PU Bina Marga Sukabumi, Kantor Desa Nagrak Kecamatan Cisaat serta Salah Satu RS Swasta di Kota Sukabumi. KRONOLOGIS PENANGKAPAN : - Berdasarkan hasil pengembangan dari pelaku yang sudah diamankan, Personil Sat Reskrim Polres Cianjur berhasil menangkap Wawan Gunawan di Kantor PU Bina Marga Sukabumi sekitar Pukul 14.00 WIB - Personil Polres Cianjur kemudian menangkap Sdr Wanda Febrian dan Dadang di Desa Nagrak Kecamatan Cisaat Kabupaten Sukabumi sekitar Pukul 15.00 WIB. - Dari tangan pelaku diamankan empat senjata api One Shot One Gun dan satu pucuk senjata api Pen Gan. - Selanjutnya, 3 orang pelaku tersebut dibawa ke Polres Cianjur untuk dilakukan pemeriksaan dan pengembangan selanjutnya. IDENTITAS PELAKU YANG DIAMANKAN : 1. Wanda Febrian Akbar, S.IP Bin M. Slamet, SE, (28) pekerjaan PNS Alamat Kampung Cibatu RT. 21/04 Desa Nagrak Kecamatan Cisaat Kabupaten Sukabumi. 2. Dadang Sudarman Bin (alm) Muhtar (41), pekerjaan Security Alamat Kampung Sukamanah RT 03/04 Desa Sukamanah Kabupaten Sukabumi. 3. Wawan Gunawan Bin JAJI (42), pekerjaan wiraswasta Alamat Kampung Cibungur RT 05/03 Desa Sindangpalay Kecamatan Cibeureum Kota Sukabumi. BARANG BUKTI : 1 pucuk senjata api One Shot One Gun warna hitam grip besi 1 pucuk senjata api Pen Gun. 1 pucuk senjata api One Shot One Gun warna hitam grip kayu 1 pucuk sentapa api One Shot One Gun warna silver grip piber 1 buah HP merk Samsung (putih).
    [Show full text]
  • BATTLESHIP ISLAND (The Battleship Island)
    METROPOLITAN FILMEXPORT CJ ENTERTAINMENT Présentent une production FILMMAKERS R&K Un film de Ryoo Seung-wan BATTLESHIP ISLAND (The Battleship Island) Hwang Jung-min So Ji-Sub Lee Junghyun Joong-Ki Scénario : Ryoo Seung-wan, Shin Kyoung-ill Durée : 2h12 Sortie nationale : 14 mars 2018 Vous pouvez télécharger l’affiche et des photos du film sur : metrofilms.com Distribution : Relations presse : METROPOLITAN FILMEXPORT PASCAL LAUNAY 29, rue Galilée - 75116 Paris 5, boulevard Lefebvre Tél. 01 56 59 23 25 75015 Paris [email protected] Tél. 01 42 73 00 33 1 L’HISTOIRE Pendant la Seconde Guerre mondiale, plusieurs centaines de Coréens sont emmenés de force sur l’île d’Hashima par les forces coloniales japonaises. L’île est un camp de travail où les prisonniers sont envoyés à la mine. Un résistant infiltré sur l’île élabore un plan d’évasion géant, afin sauver le plus grand nombre de prisonniers possible... 2 REPÈRES HISTORIQUES L'île de Hashima, également appelée "l'île-Cuirassé", est située à 18km environ au sud du port de Nagasaki. Elle a été surnommée ainsi parce qu'elle ressemble au navire de guerre japonais Tosa. S'étendant sur 480 m du nord au sud et 160 m d'est en ouest, elle occupe une superficie équivalant à deux terrains de football. Après la découverte de gisements de houille au XIXème siècle, l'île a été acquise par le conglomérat Mitsubishi et transformée en mine de charbon : des puits de mine ont alors été aménagés plongeant à 1 km au-dessous du niveau de la mer.
    [Show full text]
  • What Really Happened to Korean Wartime Workers in Japan?
    Side Event during 41st Regular Session of the UNHRC What Really Happened to Korean Wartime Workers in Japan? : the Truth of the Battleship Island 2 July 2019 13:00 ~ 14:00 at room XV Palais des Nations United Nations – Geneva Organized by ECOSOC NGO International Career Support Association (ICAS) Mail: [email protected] Address:476-14-204, Hieda-cho,Yamato-Koriyama-shi, Nara JAPAN in cooperation with International Research Institute of Controversial Histories (iRICH) Mail: [email protected] Address: 2-6-3 2F, Suido, Bunkyo-ku, Tokyo JAPAN ========================================================================== Program 1. Opening Statement “Korean Distortion of History of Gunkanjima (Battleship Island)” --- 2 MATSUKI Kunitoshi Senior Research Fellow, International Research Institute of Controversial Histories (iRICH) 2. Message Movie "Reminiscence with Former Hashima Islanders" ----------------------- 5 3. A Message from Gunkanjima ---------------------- 6 SAKAMOTO Michinori Former Resident of Hashima Island Chairman, Japan Society for Gunkanjima as World Heritage 4. The True Circumstance of Mobilized Korean Labor ---------------------------- 16 LEE Wo-youn Ph.D. in Economics (Economic History) Research Fellow, Naksungdae Institute of Economic Research 5. Protest Korean Infringement upon International Conventions and Violation of Human Rights -22 MATSUKI Kunitoshi Senior Research Fellow, iRICH - 1 - １．Opening Remarks “Korean Distortion of History of Gunkanjima (Battleship Island)” MATSUKI Kunitoshi Senior Research Fellow, International Research Institute of Controversial Histories (iRICH) Ladies and gentlemen, thank you for coming. I would like to begin my speech. Koreans maintain that during World War II, the Japanese Government forcibly mobilized Koreans and made them engage in “slave labor” for Japanese companies. However, this is not a historical fact. Such anti-Japanese, Korean propaganda totally distorts historical facts and tremendously damages the honor of the Japanese people and tramples on our human rights.
    [Show full text]
  • Nagasaki's Atomic Bomb Memory and Politics
    GOD AND THE ATOMIC BOMB: NAGASAKI’S ATOMIC BOMB MEMORY AND POLITICS OF SACRIFICE, FORGIVENESS AND RECONCILIATION by Tomoe Otsuki A thesis submitted in conformity with the requirements For the degree of Doctor of Philosophy Graduate Department of Social Justice Education Ontario Institute for Studies in Education University of Toronto © Copyright by Tomoe Otsuki (2016) GOD AND THE ATOMIC BOMB: NAGASAKI’S ATOMIC BOMB MEMORY AND POLITICS OF SACRIFICE, FORGIVENESS AND RECONCILIATION Doctor of Philosophy (2016) Tomoe Otsuki Department of Social Justice Education University of Toronto Abstract There is very little doubt that Hiroshima has become a testament to the destructive capacity of mankind over the last seven decades. Many influential world leaders have visited Hiroshima, pledging themselves to the project of eternal peace. However, very few of them have ever extended their trip to the second atomic bomb city Nagasaki. Likewise, the existing literature and media representations of the atomic bombing of Japan invariably views Japan’s atomic experience through a “Hiroshima first” optic. Studies devoted to the experience of Nagasaki are scarce even within Japan. If Nagasaki is considered at all within the context of these studies, its trauma and its historical significance are assumed to be identical to, or contained within that of Hiroshima. As Greg Mitchell, an American journalist and writer, observed: “no one ever wrote a bestselling novel called Nagasaki or directed a film entitled Nagasaki, Mon Amour.” Nagasaki has been the “forgotten atomic bomb city” (Mitchell, August 9, 2011). My dissertation critically inquires the conception of “forgotten atomic bomb city,” and explores what can account for Nagasaki’s self-effacing attitude from the remembrance of the atomic bomb memory and history and how Nagasaki has become overshadowed by Hiroshima’s powerful symbolism of the nuclear age over the last decades.
    [Show full text]
  • Sites of Japan's Meiji Industrial Revolution and Forced Labor: Korea-Japan NGO Guidebook
    Sites of Japan’s Meiji Industrial Revolution and Forced Labor: Korea-Japan NGO Guidebook The Center for Historical Truth and Justice, Republic of Korea Network for Fact Finding on Wartime Mobilization and Forced Labor, Japan 98 99 Contents Introduction 2 1. Composition and Characteristics of the ‘Sites of Japan’s Meiji Industrial Revolution’ 5 1-1 Composition of the Sites on the World Heritage List 6 1-2 Characteristics and problems of the nominated Sites 9 1-3 Current situation of the explanation of the industrial heritage facili- ties in the Kyushu Area 13 2. The History of the ‘Sites of Japan’s Meiji Industrial Revolution’ – Wars of Aggression, Colonization and Forced Labor 17 2-1 The modernization of Japan in the Meiji period and the aggres- sive wars in Asia 18 2-2 The reality of forced mobilization of Koreans during the colonial period 22 2-3 Forced labor of Chinese and Allied prisoners of war in the Asia- Pacific War period 26 3. Sites of Forced Labor - Steel Works, Shipyard, Coal Mines 31 3-1 Yawata Steel Works: Built with the war reparations of the First Sino- Japanese war (1894-1895) 32 3-2 Mitsubishi Heavy Industries Ltd.’s Nagasaki Shipyard: From tor- pedoes and warships to the Atomic bombing 44 3-3 Takashima and Hashima Coal Mine: Hell Island, a symbol of Mit- subishi Heavy Industries Ltd.’s tyranny 55 3-4. Miike Coal Mine: The growth of Mitsui Group with forced labor 68 4. The History of Forced Labor and World Heritage Sites 79 4-1 Forced labor at World Heritage sites 80 4-2 The unresolved issue of post-war compensation:
    [Show full text]
  • A Bong Joon Ho Film
    A BONG JOON HO FILM - INTERNATIONAL PRESS KIT - FILM INFORMATION English Title PARASITE Original Title GISAENGCHUNG Genre Drama Language Korean Country of Production Republic of Korea Director BONG Joon Ho Screenplay BONG Joon Ho, HAN Jin Won Cast SONG Kang Ho, LEE Sun Kyun, CHO Yeo Jeong, CHOI Woo Shik, PARK So Dam, LEE Jung Eun, CHANG Hyae Jin Presented by CJ Entertainment Production Barunson E&A World Sales CJ Entertainment Production Year 2019 Release Date May 2019 Running Time 131 min Aspect Ratio 2.35:1 Format 4K l Dolby Atmos INTRODUCTION The arrival of a new film from BONG Joon Ho is always an event, but the premiere of Parasite at Cannes is the cause for particularly strong anticipation. Having worked over the last decade on the expansive, internationally-set features Snowpiercer and Okja, BONG now returns to his home country for a film that is more focused in its setting, but perhaps even more ambitious in its execution. Consensus is building that Parasite represents not merely a new film, but the beginning of a new stage in BONG Joon Ho's accomplished career. BONG has taken care not to reveal too much ahead of the film's premiere, but in one sense, no advance knowledge could lessen the experience of watching Parasite for the first time. Completely unpredictable in its development, the film resists categorization and doesn't fit into any established genre. Its mix of black humor, social commentary, satire and suspense is characteristically BONG Joon Ho, and yet it's hard to find another film from his filmography – or from that of any other director – that quite resembles this work.
    [Show full text]
  • On Board for a Dual Track Approach
    JAPAN-KOREA RELATIONS ON BOARD FOR A DUAL TRACK APPROACH DAVID KANG, UNIVERSITY OF SOUTHERN CALIFORNIA KYURI PARK, UNIVERSITY OF SOUTHERN CALIFORNIA With the inauguration of Moon Jae-in in South Korea on May 10, relations between Seoul and Tokyo witnessed a significant turnaround over the summer months of 2017. In particular, the dispute over the “comfort women” agreement reached in 2015 escalated as the Moon administration reversed course, launching a task force on July 31 to review the agreement. Meanwhile, concerns that measures the Park administration had adopted to improve security ties with Japan might be revoked were dispelled when Seoul and Tokyo agreed to maintain close security cooperation on the North Korea issue. In addition, despite the continued tension over Dokdo/Takeshima and Japan’s wartime crimes, Seoul and Tokyo chose to “pursue forward-looking relations” through diplomatic exchanges. Given that the Moon administration has indicated that it wants relations to go smoothly regardless of the comfort women issue, we expect diplomatic exchanges and security cooperation to continue. Sustained improvement will depend on South Korea’s “final” decision on the 2015 comfort women agreement. This article is extracted from Comparative Connections: A Triannual E-Journal on East Asian Bilateral Relations, Vol. 19, No. 2, September 2017. pp 101-114 JAPAN-KOREA RELATIONS | SEPTEMBER 2017 101 From a bundle deal approach to a dual-track government’s capacity in managing the issues approach taking place in the private sector.” Thus, they needed “more time and effort” to solve the Given the new administration and the switch issue. from a conservative to liberal leader in South Korea, changes in the foreign policy stance of The differences continued, first, at their summit the South Korean government were more in Germany on July 7, and then through regular influential.
    [Show full text]