Cj Enm(035760

August 9, 2018 Result Comment CJ ENM (035760 KS) Decent performance 2Q consolidated operating profit in line at W79.2bn BUY Price (Aug. 8) (re-initiate) 3Q consolidated operating profit estimated at W86bn; earnings to stay solid W236,200 Re-initiate coverage on CJ ENM with a BUY rating and a target price of W270,000 Target Price % variance W270,000 14.3% 2Q consolidated operating profit in line at W79.2bn CJ ENM posted its first results after the merger on July 1. Consolidated operating profit came in at W79.2bn in 2Q, meeting our forecast of W79.3bn. HeeJin Park SeJong Hong ☎(82-2) 3772-1562 <a href="mailto:[email protected]" target="_blank">[email protected] </a>☎(82-2) 3772-1584 <a href="mailto:[email protected]" target="_blank">[email protected] </a>The E&M division delivered solid earnings with sales up 9.2% YoY and operating profit up 25% YoY. Broadcasting exceeded expectations with operating profit increasing 22% YoY to W29.2bn. Ad sales growth of 10.2 YoY also turned out better than expected. Music and cinema showed mixed results. The music division posted sales of W66.5bn (+41.1% YoY) and operating profit of W4.2bn (+114% YoY) on strengthening IP (intellectual property) business. By contrast, the cinema/performance division remained in the red with an operating loss of W3.9bn due to stagnant growth of moviegoers and weak line-up. The commerce division (CJ O shopping) registered standalone operating profit of W40.3bn and consolidated W33.9bn. The standalone figure was in line with estimate (W40.5bn), whereas the consolidated figure was sluggish due to inventory losses at an overseas subsidiary. <ul style="display: flex;"><li style="flex:1">KOSPI </li><li style="flex:1">2,301.45p </li></ul><ul style="display: flex;"><li style="flex:1">783.81p </li><li style="flex:1">KOSDAQ </li></ul>Market Cap. Par Value W5,179.0bn/ US4,543.0mn W5,000 Outstanding Shares Free Floating Shares 52-Week High/Low 21.9mn 10.3mn(46.9%) W286,400/W191,100 60-Day Avg. Trading Volume 60-Day. Avg. Trading T/O Foreign Ownership 76,069shrs W18,287mn 20.91% 3Q consolidated operating profit estimated at W86bn; earnings to stay solid In 3Q, the E&M division’s operating profit is expected to expand up to W33.8bn (+165.7% YoY) thanks to the subsidiary Studio Dragon. The subsidiary’s consolidated operating profit is projected to surge 251.8% YoY to W23.4bn. Sharp growth should be reported in both the top line and profits. Record quarterly earnings may be anticipated in 3Q on recognition of revenues from the drama title Mr. Sunshine. The cinema division is likely to be able to narrow its losses due to favorable seasonality. The commerce division should see standalone operating profit increase 19% YoY to W36.2bn. We forecast CJ ENM’s consolidated operating profit to reach W86bn in 3Q. Major Shareholders <ul style="display: flex;"><li style="flex:1">CJ Corp and 5 others </li><li style="flex:1">42.71% </li></ul><ul style="display: flex;"><li style="flex:1">9.9% </li><li style="flex:1">Absolute Performance </li><li style="flex:1">3M </li></ul><ul style="display: flex;"><li style="flex:1">6M </li><li style="flex:1">4.5% </li></ul>12M 3M 12.4% 15.9% 14.9% -6.5% Relative performance <ul style="display: flex;"><li style="flex:1">to KOSDAQ </li><li style="flex:1">6M </li></ul>Re-initiate coverage on CJ ENM with a BUY rating and a target price of W270,000 12M We suggest a target price of W270,000 for CJ ENM, reflecting the effect of the merger and the value of individual business units. We recommend a BUY rating in view of: 1) robust broadcasting growth backed by advertising and copyrights (2018F operating profit +91.7% YoY); 2) stable profits generated by CJ O Shopping; and 3) expanding market cap. of Studio Dragon. Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the U.S. Please see Analyst certification and important disclosures & disclaimers at theendof this report. <ul style="display: flex;"><li style="flex:1">Year to Dec. </li><li style="flex:1">Sales </li></ul>(W bn) 1,095.9 1,136.5 1,174.0 1,243.5 1,338.9 OP (W bn) 144.9 157.5 163.8 178.4 192.4 Pre-tax (W bn) 44.8 158.7 174.0 184.4 195.6 NP (W bn) 16.1 128.2 132.9 133.4 142.3 EPS (Won) 2,587 20,621 21,389 21,459 22,894 Growth (%) (73.4) 697.0 3.7 BPS (Won) <ul style="display: flex;"><li style="flex:1">PER EV/EBITDA </li><li style="flex:1">PBR </li></ul>(X) 1.5 1.8 1.6 1.4 1.3 ROE Net Debt to Equity (X) 63.0 11.2 11.0 11.0 10.3 <ul style="display: flex;"><li style="flex:1">(X) </li><li style="flex:1">(%) </li><li style="flex:1">Ratio (%) </li></ul>2016 2017 2018F 2019F 2020F 109,908 129,150 147,628 165,886 185,385 5.6 7.8 28.7 26.2 24.2 <ul style="display: flex;"><li style="flex:1">2.4 </li><li style="flex:1">(19.0) </li></ul>17.3 15.5 13.7 13.0 (13.8) (21.3) (26.0) (28.4) 0.3 6.7 Source: Company data, Shinhan Investment 1CJ ENM Result Comment 2Q18 results (IFRS consolidated) (bn KRW, %) Sales OP NP OPM NPM 2Q18P 1,049.0 79.2 73.8 7.8 2Q17 977.6 88.3 440.0 9.6 YoY 7.3 (10.4) (83.2) 1Q18 1,031.7 89.9 96.4 9.0 QoQ 1.7 (12.0) (23.4) SHIC Consensus <ul style="display: flex;"><li style="flex:1">1,074.2 </li><li style="flex:1">1,044.5 </li></ul>83.9 69.4 8.4 79.3 61.2 7.9 <ul style="display: flex;"><li style="flex:1">7.3 </li><li style="flex:1">47.9 </li><li style="flex:1">9.6 </li><li style="flex:1">6.1 </li><li style="flex:1">7.0 </li></ul>Source: Company data, Shinhan Investment Corp. Earnings forecast revision (IFRS consolidated) Before 2018F 4,410.6 338.8 274.6 8.4 After 2018F 4,388.8 349.8 315.7 8.6 Change (%) 2018F (0.5) 3.3 14.9 (bn KRW, %) Sales OP 2019F 4,721.1 397.1 320.0 9.3 <ul style="display: flex;"><li style="flex:1">2019F </li><li style="flex:1">2019F </li></ul>(0.1) 5.1 4,716.9 417.5 343.5 9.8 <ul style="display: flex;"><li style="flex:1">NP </li><li style="flex:1">7.3 </li></ul>OPM <ul style="display: flex;"><li style="flex:1">NPM </li><li style="flex:1">6.8 </li><li style="flex:1">7.5 </li><li style="flex:1">7.8 </li><li style="flex:1">8.0 </li></ul>Source: Company data, Shinhan Investment Corp. Note: 1) Earnings forecast comparison between post-merger entity and revision made after the 2Q earnings release 2) For the newly merged entity, we believe it is more important to check revised earnings forecasts and quarterly earnings projections provided below than changes in before and after figures. Quarterly earnings (K-IFRS consolidated) <ul style="display: flex;"><li style="flex:1">(bnKRW,%YoY,%) </li><li style="flex:1">1Q17 2Q17 3Q17 4Q17 1Q18 2Q18P 3Q18F 4Q18F 1Q19F 2Q19F 3Q19F 4Q19F 2018F 2019F 2020F </li></ul><ul style="display: flex;"><li style="flex:1">Sales </li><li style="flex:1">940.6 988.7 980.8 1,100.0 1,041.2 1,049.0 1,095.7 1,202.9 1,100.3 1,175.9 1,156.9 1,283.9 4,388.8 4,716.9 4,978.5 </li></ul>394.2 425.4 440.1 490.4 476.5 464.4 530.1 579.5 523.5 578.6 578.8 638.5 2,050.4 2,319.4 2,505.0 285.7 332.1 317.2 359.1 340.4 361.9 381.6 413.6 374.2 451.1 409.5 454.2 1,497.5 1,689.0 1,809.4 CJ E&M Broadcasting <ul style="display: flex;"><li style="flex:1">Cinema </li><li style="flex:1">56.5 </li></ul>52.0 44.5 48.7 47.6 75.3 50.0 81.3 65.6 70.6 36.0 66.5 72.6 75.9 77.7 88.1 82.8 66.5 49.2 78.2 <ul style="display: flex;"><li style="flex:1">79.6 </li><li style="flex:1">80.3 251.8 291.9 </li><li style="flex:1">300.3 </li></ul><ul style="display: flex;"><li style="flex:1">395.4 </li><li style="flex:1">Music/performance </li><li style="flex:1">89.6 104.1 301.1 338.5 </li></ul><ul style="display: flex;"><li style="flex:1">CJ O Shopping (consolidated) </li><li style="flex:1">546.4 563.4 540.7 609.6 564.7 584.6 565.7 623.4 576.8 597.3 578.1 645.3 2,338.4 2,397.5 2,473.5 </li></ul>274.9 290.4 259.0 312.1 272.4 283.9 267.7 319.2 282.2 292.6 276.6 339.6 1,143.2 1,191.0 1,256.8 275.2 275.7 278.2 290.8 286.5 291.3 291.1 295.3 288.2 294.4 294.4 296.8 1,164.2 1,173.8 1,183.0 Commerce (net sales) CJ Hello <ul style="display: flex;"><li style="flex:1">Others/consolidated adjustments </li><li style="flex:1">(3.7) </li></ul>78.8 23.4 37.8 17.6 85.2 9.7 (2.8) 88.4 23.6 45.7 19.1 94.9 8.4 3.5 61.0 12.7 29.8 18.5 67.5 6.7 6.7 62.1 3.5 5.8 90.0 34.5 42.3 13.1 96.5 10.7 20.9 3.3 9.4 79.2 29.5 33.9 15.7 73.8 6.1 6.8 86.0 33.8 35.4 16.7 70.0 11.7 20.4 4.6 <ul style="display: flex;"><li style="flex:1">8.9 </li><li style="flex:1">6.4 </li><li style="flex:1">10.2 </li><li style="flex:1">7.1 </li><li style="flex:1">9.0 </li><li style="flex:1">30.9 </li><li style="flex:1">32.7 </li><li style="flex:1">33.7 </li></ul><ul style="display: flex;"><li style="flex:1">OP </li><li style="flex:1">94.7 103.6 115.2 </li><li style="flex:1">91.8 106.9 349.8 417.5 446.6 </li></ul><ul style="display: flex;"><li style="flex:1">E&M </li><li style="flex:1">33.0 </li></ul>44.2 17.5 75.4 9.4 41.2 45.8 16.7 87.7 5.7 56.2 41.7 17.3 94.5 12.1 24.6 2.2 37.3 37.3 17.2 76.1 5.6 39.8 130.9 174.5 187.1 <ul style="display: flex;"><li style="flex:1">48.1 155.9 172.9 184.8 </li><li style="flex:1">Commerce </li><li style="flex:1">41.1 </li></ul>17.6 68.6 3.9 <ul style="display: flex;"><li style="flex:1">CJ Hello </li><li style="flex:1">19.0 </li><li style="flex:1">63.0 </li><li style="flex:1">70.1 </li><li style="flex:1">74.6 </li></ul><ul style="display: flex;"><li style="flex:1">NP </li><li style="flex:1">85.2 315.7 343.5 367.2 </li></ul><ul style="display: flex;"><li style="flex:1">Sales growth </li><li style="flex:1">6.7 </li></ul>10.2 3.5 9.4 17.2 3.5 7.5 13.1 2.5 5.5 8.0 3.2 5.5 0.8 7.0 7.2 6.9 6.4 6.9 9.0 7.4 <ul style="display: flex;"><li style="flex:1">CJ E&M </li><li style="flex:1">25.7 </li></ul>0.5 19.1 1.5 16.2 0.1 <ul style="display: flex;"><li style="flex:1">0.3 </li><li style="flex:1">9.2 </li><li style="flex:1">18.2 </li></ul>2.3 <ul style="display: flex;"><li style="flex:1">9.9 </li><li style="flex:1">9.2 </li></ul><ul style="display: flex;"><li style="flex:1">CJ O Shopping (consolidated) </li><li style="flex:1">7.0 </li><li style="flex:1">3.8 </li><li style="flex:1">2.1 </li><li style="flex:1">2.2 </li></ul>Commerce (net sales) CJ Hello <ul style="display: flex;"><li style="flex:1">4.1 </li><li style="flex:1">7.2 </li><li style="flex:1">0.4 </li><li style="flex:1">3.1 </li><li style="flex:1">(0.9) </li></ul>4.1 (2.2) 5.6 <ul style="display: flex;"><li style="flex:1">3.4 </li><li style="flex:1">2.3 </li><li style="flex:1">3.6 </li><li style="flex:1">3.1 </li><li style="flex:1">3.3 </li><li style="flex:1">6.4 </li><li style="flex:1">0.6 </li><li style="flex:1">4.2 </li></ul>(0.8) 15.4 162.2 6.6 (1.6) 26.3 <ul style="display: flex;"><li style="flex:1">(0.7) </li><li style="flex:1">11.2 </li><li style="flex:1">4.7 </li><li style="flex:1">1.5 </li><li style="flex:1">0.6 </li><li style="flex:1">1.1 </li><li style="flex:1">1.1 </li><li style="flex:1">0.5 </li><li style="flex:1">4.0 </li><li style="flex:1">0.8 </li></ul>OP growth E&M <ul style="display: flex;"><li style="flex:1">14.5 208.8 </li><li style="flex:1">14.2 (10.5) </li></ul>47.6 12.0 (25.7) <ul style="display: flex;"><li style="flex:1">40.9 </li><li style="flex:1">52.4 </li><li style="flex:1">15.2 </li></ul>19.4 8.1 45.5 90.5 23.0 9.8 <ul style="display: flex;"><li style="flex:1">6.8 </li><li style="flex:1">12.9 </li><li style="flex:1">20.5 </li><li style="flex:1">19.3 </li></ul>33.3 10.9 11.3 8.8 <ul style="display: flex;"><li style="flex:1">67.2 316.3 </li><li style="flex:1">83.4 </li></ul>(14.9) <ul style="display: flex;"><li style="flex:1">25.0 165.7 855.8 </li><li style="flex:1">10.3 </li></ul>5.3 20.4 107.2 8.8 1.0 8.8 (13.5) Commerce CJ Hello 43.7 (20.7) 24.1 8.9 <ul style="display: flex;"><li style="flex:1">12.4 </li><li style="flex:1">19.0 </li></ul>(9.7) 3.7 7.7 (1.0) 9.9 (26.2) 14.1 8.4 <ul style="display: flex;"><li style="flex:1">(22.0) </li><li style="flex:1">TP (25.4) (17.7) </li></ul>13.1 (22.2) 27.1 (9.1) 9.4 2.8 NP growth OPM <ul style="display: flex;"><li style="flex:1">12.9 158.0 </li><li style="flex:1">28.1 </li></ul>9.8 <ul style="display: flex;"><li style="flex:1">8.7 </li><li style="flex:1">13.0 </li><li style="flex:1">(0.2) </li></ul><ul style="display: flex;"><li style="flex:1">8.0 </li><li style="flex:1">6.2 </li></ul>6.9 5.6 6.2 8.6 9.3 7.5 7.0 <ul style="display: flex;"><li style="flex:1">7.8 </li><li style="flex:1">7.9 </li><li style="flex:1">7.9 </li><li style="flex:1">8.3 </li></ul>6.6 8.9 <ul style="display: flex;"><li style="flex:1">NPM </li><li style="flex:1">9.1 </li><li style="flex:1">9.6 </li><li style="flex:1">6.4 </li><li style="flex:1">6.3 </li><li style="flex:1">8.0 </li><li style="flex:1">8.0 </li><li style="flex:1">6.6 </li><li style="flex:1">7.2 </li><li style="flex:1">7.3 </li></ul>Source: Company data, Shinhan Investment Corp. Note: 1) CJ O Shopping and CJ E&M merged on July 1, 2018 2) Quarterly earnings before 2Q18 based on the simple sum of SHIC estimates by business; other operations/consolidated adjustments not reflected, figures may differ from IR data 3) As for full-year 2018, 1Q is based on SHIC estimates and 2Q-4Q based on the newly merged entity 2CJ ENM Result Comment Valuation <ul style="display: flex;"><li style="flex:1">(bn KRW) </li><li style="flex:1">Business value </li><li style="flex:1">Remarks </li></ul><ul style="display: flex;"><li style="flex:1">Broadcasting </li><li style="flex:1">A. 25% discount to Studio Dragon’s market cap.; other mainstay </li></ul>operations valued atW800bn Considering faster ad sales growth vs. terrestrialbroadcasting 2,282.9 Cinema/performance Music 258.2 415.6 B. Market cap. of Showbox C. 25x operating profit D. 11x 12MF profit Considering low profitability vs. high market share Reflecting rapid improvement in profitability <ul style="display: flex;"><li style="flex:1">Reflecting consolidated profit/loss </li><li style="flex:1">Commerce </li><li style="flex:1">1,495.5 </li></ul>Combined business value of media & retailoperations E = A + B+ C + D 4,452.2 Netmarble (game) CJ Hello (cable channel) Combined stake value Total business value Net debt 2,026.7 915.0 F. 25% discount to valueof stakein Netmarble (22.1% equitymethod) G. TargetPBR of 0.7x applied to 2018F BPS 2,941.7 7,393.9 1,469.1 5,924.8 270,215 270,000 236,200 14.3 H = F + G I = E+ H <ul style="display: flex;"><li style="flex:1">J. Based on newly merged entityin 2Q18 (appraisalrights reflected) </li><li style="flex:1">Reflecting CJ Hello’s debt </li></ul>Total enterprise value Valuepershare (KRW) Targetprice (KRW) Currentprice (KRW) Gap (%) K = I + J Total outstanding shares 21,926,384 Previous targetprice W274,000 August 8 close Excluding treasuryshares Source: Shinhan Investment Corp. 2018F EPS growth and PER vs. domestic/overseas contents providers 2018F PBR and ROE vs. domestic/overseas contents providers <ul style="display: flex;"><li style="flex:1">PER (x) </li><li style="flex:1">PBR (x) </li></ul><ul style="display: flex;"><li style="flex:1">6</li><li style="flex:1">40 </li></ul>30 20 10 0News Corp Jcontentree CJ ENM Walt Disney 420Walt Disney CJ ENM Viacom <ul style="display: flex;"><li style="flex:1">Viacom </li><li style="flex:1">News Corp </li></ul>CBS ROE(%) 30 EPSgrowth (%) SBS <ul style="display: flex;"><li style="flex:1">-20 </li><li style="flex:1">-10 </li><li style="flex:1">0</li><li style="flex:1">10 </li><li style="flex:1">20 </li><li style="flex:1">30 </li><li style="flex:1">0</li><li style="flex:1">10 </li><li style="flex:1">20 </li></ul><ul style="display: flex;"><li style="flex:1">Source: Bloomberg consensus, Shinhan Investment Corp. </li><li style="flex:1">Source: Bloomberg consensus, Shinhan Investment Corp. </li></ul>Valuation of domestic and overseas contents providers <ul style="display: flex;"><li style="flex:1">Company </li><li style="flex:1">Market cap. </li><li style="flex:1">2018F </li></ul>PER 2019F <ul style="display: flex;"><li style="flex:1">PER </li><li style="flex:1">Sales </li><li style="flex:1">EPS </li><li style="flex:1">PBR </li><li style="flex:1">EV/ </li></ul>EBITDA <ul style="display: flex;"><li style="flex:1">ROE </li><li style="flex:1">Sales </li><li style="flex:1">EPS </li><li style="flex:1">PBR </li><li style="flex:1">EV/ </li></ul>EBITDA 9.3 ROE <ul style="display: flex;"><li style="flex:1">(%, x) </li><li style="flex:1">(bn KRW) growth growth </li><li style="flex:1">growth growth </li></ul><ul style="display: flex;"><li style="flex:1">CJ ENM </li><li style="flex:1">5,179.0 </li></ul>782.5 73.1 17.9 21.4 7.1 (13.8) 250.0 127.4 25.4 97.6 25.5 3.9 13.0 32.5 15.2 16.3 110.9 10.1 7.2 4.3 4.8 0.8 3.8 29.5 7.1 1.6 0.9 10.3 11.0 6.6 22.7 14.0 5.6 20.6 9.2 (22.9) 3.0 16.9 31.6 14.2 15.4 71.4 9.0 3.5 4.2 0.8 3.3 21.1 5.2 1.3 0.9 22.9 14.2 5.8 Jcontentree SBS 9.5 <ul style="display: flex;"><li style="flex:1">346.8 </li><li style="flex:1">(11.5) </li></ul>2.7 <ul style="display: flex;"><li style="flex:1">6.9 </li><li style="flex:1">6.1 </li></ul>Walt Disney (U.S.) Netflix (U.S.) CBS (U.S.) 194,172.7 171,607.2 22,434.0 13,358.8 9,920.7 11.0 75.9 8.9 25.5 26.7 84.9 23.8 2.4 <ul style="display: flex;"><li style="flex:1">5.7 </li><li style="flex:1">10.9 </li></ul>52.1 8.3 22.4 30.1 64.7 21.3 2.2 35.8 7.0 24.5 7.0 55.2 12.1 <ul style="display: flex;"><li style="flex:1">8.4 </li><li style="flex:1">Viacom (U.S.) </li></ul>News Corp (U.S.) (2.7) 10.4 <ul style="display: flex;"><li style="flex:1">7.3 </li><li style="flex:1">3.6 </li><li style="flex:1">6.6 </li><li style="flex:1">6.9 </li></ul><ul style="display: flex;"><li style="flex:1">20.6 </li><li style="flex:1">34.9 </li><li style="flex:1">7.0 </li><li style="flex:1">17.0 </li><li style="flex:1">2.5 </li><li style="flex:1">34.0 </li><li style="flex:1">5.3 </li></ul>Source: Bloomberg consensus, Shinhan Investment Corp. 3CJ ENM Result Comment 2018F EPS growth and PER vs. domestic/overseas retailers 2018F PBR and ROE vs. domestic/overseas retailers PER (x) 30 PBR (x) 2.0 Seven & i Holdings Walmart 20 GS Retail GS Retail Hanwha Galleria Timeworld Nordstrom GS Home E-mart Shinsegae Hyundai Home 1.0 Shopping Shinsegae Shopping Network 10 0CJ ENM E-mart Hyundai Home Shopping Network QVC Macy's GS Home Shopping Hyundai Department Store Hyundai Department Store Lotte Shopping ROE(%) 20 EPSg rowth (%) 40.0 60.0 0.0 <ul style="display: flex;"><li style="flex:1">0</li><li style="flex:1">5</li><li style="flex:1">10 </li><li style="flex:1">15 </li></ul><ul style="display: flex;"><li style="flex:1">(40.0) </li><li style="flex:1">(20.0) </li><li style="flex:1">0.0 </li><li style="flex:1">20.0 </li></ul><ul style="display: flex;"><li style="flex:1">Source: Bloomberg consensus, Shinhan Investment Corp. </li><li style="flex:1">Source: Bloomberg consensus, Shinhan Investment Corp. </li></ul>Valuation of domestic and overseas retailers <ul style="display: flex;"><li style="flex:1">Company </li><li style="flex:1">Market cap. </li><li style="flex:1">2018F </li></ul>PER 2019F <ul style="display: flex;"><li style="flex:1">PER </li><li style="flex:1">Sales </li><li style="flex:1">EPS </li><li style="flex:1">PBR </li><li style="flex:1">EV/ </li></ul>EBITDA <ul style="display: flex;"><li style="flex:1">ROE </li><li style="flex:1">Sales </li><li style="flex:1">EPS </li><li style="flex:1">PBR </li><li style="flex:1">EV/ </li></ul>EBITDA ROE <ul style="display: flex;"><li style="flex:1">(%, x) </li><li style="flex:1">(bn KRW) growth growth </li><li style="flex:1">growth growth </li></ul>Department store LotteShopping HyundaiDepartmentStore Shinsegae 5,722.8 2,298.1 3,160.3 193.5 (0.7) (8.2) 40.0 3.9 TP 13.8 45.1 TP 41.9 8.3 0.5 0.6 0.9 0.6 2.3 2.5 9.2 0.8 0.5 1.1 0.9 4.3 1.1 - 5.2 6.3 9.8 7.9 6.5 5.6 6.5 12.1 5.1 3.8 3.4 10.3 7.2 8.2 - 1.1 7.1 <ul style="display: flex;"><li style="flex:1">2.3 235.4 </li><li style="flex:1">12.5 </li></ul>7.9 0.5 0.5 0.8 0.6 2.1 1.9 7.3 0.8 0.5 1.1 0.8 3.5 1.0 - 4.2 5.6 10.0 5.7 6.4 6.2 6.5 11.1 5.4 3.5 2.7 9.3 6.4 7.8 - 3.7 <ul style="display: flex;"><li style="flex:1">7.0 </li><li style="flex:1">7.4 </li><li style="flex:1">5.2 </li></ul>12.2 10.9 17.9 10.8 17.2 85.1 16.6 8.9 <ul style="display: flex;"><li style="flex:1">7.5 </li><li style="flex:1">11.1 </li><li style="flex:1">(5.5) </li><li style="flex:1">13.0 </li></ul>13.1 13.5 10.3 14.7 34.4 58.5 10.0 8.7 6.7 HanwhaGalleriaTimeworld Kohl’s <ul style="display: flex;"><li style="flex:1">6.6 </li><li style="flex:1">4.3 (16.7) </li><li style="flex:1">4.8 </li></ul>13,671.6 13,534.7 9,553.1 4,928.3 844.3 <ul style="display: flex;"><li style="flex:1">2.2 </li><li style="flex:1">11.4 </li></ul>21.2 (6.7) 13.1 22.7 56.5 1.0 3.1 1.3 1.7 29.3 1.2 15.9 17.3 51.2 2.3 <ul style="display: flex;"><li style="flex:1">Macy’s </li><li style="flex:1">(3.7) </li></ul><ul style="display: flex;"><li style="flex:1">4.9 </li><li style="flex:1">Nordstrom </li><li style="flex:1">22.6 </li></ul>IsetanMitsukoshi J.C.Penney <ul style="display: flex;"><li style="flex:1">1.2 (106.5) </li><li style="flex:1">(5.0) 1554.8 </li></ul>(2.4) (81.4) 3.6 (11.2) <ul style="display: flex;"><li style="flex:1">(0.3) 175.0 </li><li style="flex:1">0.0 </li><li style="flex:1">0.8 </li></ul><ul style="display: flex;"><li style="flex:1">Home </li><li style="flex:1">GSHomeShopping </li></ul>HyundaiHomeShopping Network CJENM 1,296.8 1,380.0 5,179.0 421.2 (2.7) (3.5) 45.1 52.1 12.9 9.4 11.0 <ul style="display: flex;"><li style="flex:1">9.8 </li><li style="flex:1">shopping </li><li style="flex:1">9.9 </li><li style="flex:1">6.6 </li><li style="flex:1">13.0 </li></ul>73.1 (13.8) 2.8 5.8 36.2 (38.3) 13.0 9.5 22.7 12.7 16.6 12.4 23.2 34.7 6.8 <ul style="display: flex;"><li style="flex:1">20.6 (22.9) </li><li style="flex:1">16.9 </li></ul>9.2 22.9 11.7 20.2 12.7 23.4 30.4 7.5 <ul style="display: flex;"><li style="flex:1">QVC </li><li style="flex:1">3.0 </li></ul>2.8 2.9 12.1 30.4 2.8 <ul style="display: flex;"><li style="flex:1">Happigo </li><li style="flex:1">11,566.4 </li><li style="flex:1">11.7 </li></ul>45.4 18.6 17.5 17.3 21.3 43.0 30.6 19.5 14.7 20.2 32.1 17.4 10.4 34.8 18.1 15.6 14.9 18.7 34.8 28.1 23.2 12.3 18.9 29.1 15.5 <ul style="display: flex;"><li style="flex:1">momo.com </li><li style="flex:1">6,181.8 184.4 367.2 </li><li style="flex:1">4.4 </li></ul>4.3 5.5 1.2 1.6 2.5 8.6 2.3 0.7 3.5 7.7 4.0 19.5 10.6 7.7 3.9 4.2 4.3 1.1 1.6 2.4 8.3 2.4 0.7 3.4 6.7 3.7 <ul style="display: flex;"><li style="flex:1">Convenience BGFRetail </li><li style="flex:1">1,020.6 </li></ul>2,869.1 23.9 - 16.6 - 15.7 8.2 8.6 6.6 15.7 14.3 6.5 9.0 9.1 16.4 8.2 13.7 7.5 8.1 6.3 11.8 13.4 6.7 8.0 9.3 15.3 8.3 <ul style="display: flex;"><li style="flex:1">store </li><li style="flex:1">GSRetail </li><li style="flex:1">12.2 </li></ul>16.6 18.2 16.0 8.8 <ul style="display: flex;"><li style="flex:1">7-Eleven </li><li style="flex:1">2,517.9 </li><li style="flex:1">7.1 </li></ul>3.5 - 15.8 87.2 - 6.0 FamilyMart PresidentChain Lawson 40,566.7 13,730.0 11,897.7 6,749.5 <ul style="display: flex;"><li style="flex:1">8.1 </li><li style="flex:1">10.3 </li></ul>(0.7) 5.2 8.6 <ul style="display: flex;"><li style="flex:1">5.8 </li><li style="flex:1">6.9 </li></ul>9.8 (65.7) 4.1 (26.3) 5.5 (32.7) 23.7 11.9 5.0 29.0 10.4 5.7 Discount store <ul style="display: flex;"><li style="flex:1">E-Mart </li><li style="flex:1">8.2 </li><li style="flex:1">7.3 </li></ul><ul style="display: flex;"><li style="flex:1">Walmart </li><li style="flex:1">6,230.2 </li><li style="flex:1">7.9 </li><li style="flex:1">19.5 </li></ul><ul style="display: flex;"><li style="flex:1">7.3 </li><li style="flex:1">CostcoWholesale </li></ul>Target 296,491.6 109,880.9 49,074.4 3.0 9.3 3.4 2.3 19.9 (6.0) 16.6 25.5 23.4 <ul style="display: flex;"><li style="flex:1">2.8 </li><li style="flex:1">17.6 </li></ul>24.5 24.1 <ul style="display: flex;"><li style="flex:1">7.0 </li><li style="flex:1">10.2 </li></ul><ul style="display: flex;"><li style="flex:1">12.8 </li><li style="flex:1">YounghuiSuperstores </li><li style="flex:1">2.2 </li></ul>

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