The author is an analyst for NH Investment & Securities. She can be reached at hzl.lee@nhqv.com -- Ed.Uncertainties over airing on a captive channel have already been fully reflected in Studio Dragon’s share price. It is time to focus on mid/long-term growth potential through diversification of sale
South Korean President Yoon Suk-yeol and Netflix CEO Ted Sarandos met in Washington D.C. on April 25. The CEO said that his company would invest US$2.5 billion in the South Korean market over the next four years. This is in contrast to the US$1.3 billion or so Netflix previously invested in the mark
French luxury brand Louis Vuitton will hold a fashion show on April 29 at Jamsu Bridge over the Han River in Seoul.According to Louis Vuitton Korea on April 19, Louis Vuitton will unveil its 2023 Pre-fall Collection for the first time under the lights of Jamsu Bridge over the Han River in Seoul. The
The author is an analyst of NH Investment & Securities. She can be reached at hzl.lee@nhqv.com -- Ed.Adhering to a Buy rating, we raise our TP to W310,000 for HYBE, our sector top pick. In addition to ongoing solid quarterly earnings thanks to its successful multi-label system, HYBE’s status as a pl
The author is an analyst of NH Investment & Securities. She can be reached at hzl.lee@nhqv.com -- Ed.We lower our TP on Nasmedia by 22% to W35,000 on downwardly adjusted earnings estimates to reflect weaker profitability due to increased structural costs. However, we maintain a Buy rating, foreseein
The author is an analyst of NH Investment & Securities. She can be reached at hzl.lee@nhqv.com -- Ed.We lower our TP on ContentreeJoongAng to W33,000 in light of repeated delivery gaps and a slow recovery in cinema demand. The firm’s 1Q23 release will likely show another quarterly earnings disappoin
The author is an analyst of KB Securities. He can be reached at yonghyun.choi@kbfg.com. -- Ed.4Q22 review: OP misses market consensus— Studio Dragon posted 4Q22 revenue of KRW190.5bn (+28.8% YoY) and OP of KRW1.2bn (-81.4% YoY; 0.6% OPM), missing the market consensus.— The no. of aired episodes was
The author is an analyst of NH Investment & Securities. She can be reached at hzl.lee@nhqv.com. -- Ed. We expect Studio Dragon to report a 4Q22 earnings shock due to subsidiary-related PPA amortization expense and the limited reflection of Island sales. However, the firm has plenty of global OTT ori
The author is an analyst of KB Securities. He can be reached at yonghyun.choi@kbfg.com. -- Ed. Maintain BUY; raise target price to KRW93,000 We maintain BUY on Studio Dragon and raise our TP to KRW93,000 (+3.3%) to reflect a change to applied year and WACC adjustment (10.66→9.26%). Our DCF-based TP
Korean cosmetics companies have started localization work in Europe and North America, the home of cosmetics. So far, Korean cosmetics companies have sought to penetrate the Asian cosmetics market. But now, they are beginning to target the global cosmetics market. Analysts say Korean cosmetics compa
The author is an analyst of NH Investment & Securities. She can be reached at hzl.lee@nhqv.com. -- Ed. Amid heightened concerns over an economic slowdown, the sluggish performance of targeting advertising platforms has been added, resulting in the share prices of media/ad companies coming in flat. H
The author is an analyst of NH Investment & Securities. He can be reached at jaemin.ahn@nhqv.com. -- Ed. This year, telecom stocks have fared relatively well within a challenging stock market. While they have lost momentum as high-dividend plays amid interest rate hikes in 2H22, we maintain a Positi
For the first time, Samsung Electronics ranked first among the world's top brands selected by YouGov, a global polling company. Google, which was No. 1 in 2021, fell to second place.Samsung Electronics earned 127 points to top YouGov Global Best Brand Rankings 2022, which was announced on Nov. 2
Lawmaker Kim Seung-soo remarked on Oct. 25 that Netflix Korea’s 2019 to 2021 sales amounted to 1.233 trillion won and 77.8 percent of the sales were sent to its parent company in the United States. “The figures were 185.9 billion won and 65.7 percent in 2019, 415.5 billion won and 77.1 percent in 20
The author is an analyst of KB Securities. She can be reached at leesunhwa@kbfg.com. -- Ed. Maintain BUY but cut target price by 40.9% (KRW110,000→KRW65,000) We cut our TP by 40.9% (KRW110,000→KRW65,000) for Kakao. 2022E/2023E OP were revised down 6.8%/6.1% given:(1) damage caused by a fire at its d
The author is an analyst of KB Securities. He can be reached at yonghyun.choi@kbfg.com. -- Ed. Maintain BUY but cut target price to KRW90,000 We cut our TP by 18.2% to KRW90,000 (34.6x 2023E P/E; 42.4% upside), as we revise down 2022E OP by 10% and lift WACC (9.17%→10.59%). We maintain BUY, however,
LG Electronics announced on Oct. 6 that it has recently launched webOS Hub, an upgraded version of the webOS platform which is provided to external TV companies.The company expanded popular content such as cloud games and over-the-top (OTT) services, improved ease of use, and introduced the industry
The author is an analyst of NH Investment & Securities. She can be reached at hzl.lee@nhqv.com. -- Ed. We expect Studio Dragon’s consolidated 3Q22 OP to meet consensus. In addition to the sustaining of strong quarterly earnings thanks to the airing of episodes on captive channels, from October, glob
The authors are analysts of Shinhan Investment Corp. They can be reached at sokang@shinhan.com and kimaram@shinhan.com, respectively. -- Ed. 3Q22 preview: Deregulation of web board games and upturn in sales of existing gamesNeowiz is expected to earn operating profit of KRW8.2bn (positive swing YoY,
The author is an analyst of NH Investment & Securities. She can be reached at hzl.lee@nhqv.com. -- Ed. We lower our TP on Contentree to W52,000, reflecting valuation de-rating amid concerns over slowed subscriber growth at downstream clients. But, we adhere to a Buy rating, noting both expectations