2015 2H Outlook : Korean Media industry

2H15Outlook Report

May 28, 2015

Overweight(Maintain)

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[Summary]

I. 2H15 outlook: A big jump forward

II. Themes and issues

III. Valuation and investment strategies

IV. Top pick and stocks to watchCJ E&MCheil Worldwide, NasmediaKT Skylife, CJ HelloVision KTH, SBS Contents Hub, J Contentree

[Conclusion] Not just recovering, but leaping forward

MediaA big jump forward

Jee-hyun [email protected]

2H15 Outlook 2

Source: Cheil Worldwide, KOCCA, Thomson Reuters, KDB Daewoo Securities Research

[Summary] A big jump forward for the media sectorMedia sector to take a leap forward in 2H

Structural growthNew market, new Model

Increase in Chinese salesEstablishment of local companiesM&A activities

Decrease in content salesto Japan Decrease inadvertising salesto EU Incurred one-off costs

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(Wbn)(p)Total overseas revenue from broadcasting content and advertising (R)

Media sector index (L)

[Domestic market focus]Limited growth in advertising and high sensitivity to domestic economy and seasonality

Structural growthNew market, new Model

Increase in Chinese sales Establishment of local companiesM&A activities

Decrease in content sales to Japan Decrease in advertising salesto EUIncurred one-off costs

2H15 Outlook 3

Media sector to take a leap forward in 2H

• Note stocks that are likely to advance further after share price recovery

• Following ad market recovery, additional momentum from ad-oriented deregulation

• Overseas marketability already confirmed; Strategy to ensure sustainable growth needs to be formulated

1) Beyond boundaries

• Digital conversion tearing down boundaries

• More opportunities for the ad, content, and pay-TV businesses likely to arise

2) Beyond regulations

• Broadcast ad-oriented deregulation to take effect

• Lifting of advertising restrictions on specific items to stimulate overallad market growth

3) Beyond the domestic market

• Expansion into global markets is essential

• Overseas marketability, and ability to expand into overseas markets, already confirmed

• Time to devise a thorough strategy to ensure sustainable growth

Major themes and issues

• We highlight four themes under the keyword J.U.M.P.

J: Jungle – Changes in the competitive environment

• Competition has mounted due to FTAs and an increase in the number of players

• Collaboration and consolidation likely to arise from deregulationand M&As

U: UHD – Commoditization of UHD TV

• Picture quality improvement in TV gaining momentum

• UHD content is increasing across the media value chain(terrestrial TV networks, cable PPs, and satellite broadcasters)

M: Monetization – Monetization of new business models

• Monetization is important after expansion into new markets

• Tailored business strategies, more sophisticated consumer billing models, and additional content-related businesses

P: Personalization – Single-person households’ media consumption

• Media consumption in an era of increasing focus on single-person households and personalization

• Advertisers have been shifting to new ad media in line with changing consumer behavior

[Summary] A big jump forward for the media sector

2H15 Outlook 4

Media

Notes: Media sector’s OP margin based on nine companies under our coverageSource: Company data, Thomson Reuters, KDB Daewoo Securities Research

Korean media sector’s OP margin and index performance

Media sector to take aleap forward

• Focus on likelihood of media shares not just recovering, but advancing sharply

• In addition to the ad market recovery, deregulation will likely boost media shares.

• Overseas marketability has already confirmed; Strategy to ensure sustainable growth needs to be formulated.


Easing of advertising regulations: Enforcement decree of revised broadcasting law to take effect between July and August this year

Overseas revenuefell in 2014 due to Japan’s weakness; Chinese revenue to increase starting in 2015

TIP

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2011 2012 2013 2014 2015F 2016F

(%)(p) OP margin (R) Media sector index (L)

Falling profitabilitySideways stock price trend in 2013, followed by plunge in 2014

OP margin to recover in 2015Dissipation of one-off costsAdditional momentum sources:1) Easing of domestic regulations on advertising 2) Increase in overseas revenue

2H15 Outlook 5

Media

62%

74%

2%

63%

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80%

05 06 07 08 09 10 11 12 13 14

Digital/total pay TV

LTE/total wireless telecom

Source: Ministry of Science, ICT and Future Planning, Statistics Korea, KDB Daewoo Securities Research

Note opportunities as pay-TV digital conversion and spread of LTE services reach the final stage

1) Beyond boundaries • Digital conversion tearing down existing business boundaries

• Pay-TV digital conversion (household level) and spread of mobile LTE (individual level)

• Digital conversion reaching the final stage: Focus on opportunities rather than risks(including capex and costs).


Time taken to reach 60% penetration: 10 years for digital conversion of pay TV vs. three years for LTE conversion of mobile phones

TIP

2H15 Outlook 6

Media

Source: KDB Daewoo Securities Research

Expansion of broadcasting value chain in the digital era

1) Beyond boundaries


• In the broadcasting value chain, new revenue sources have formed around the pay-TV platform.

• Platform: Commission markets for VOD distribution and T-commerce transmission

• Content: The VOD market is growing on the back of the availability of various kinds of services, including fixed monthly schemes, packaged products, and mobile clip services.

• Advertising: In-program ad market, including products in placement (PPL) and IPTV ads (which play before VOD content begins)

The pay-TV digital conversion is bringing new business opportunities:

1) The conventional broadcasting value chain is horizontal

2) The digital conversion has expanded the value chain and brought new revenue sources, including VOD ads and T-commerce

TIP

AdvertisingHome shopping,

T-commerce

Production/ programming

Service/distribution Devices

Subscribers

Content providers

- Terrestrial TV- Program providers

Pay TV

- System operators- Satellite TV- IPTV operator (telcos)- OTT operators

Broadcasting fees

Servicefees

Revenue RevenueRevenue

2H15 Outlook 7

Media

Note: Decided on April 24th, 2015 ; Virtual ads, indirect advertising, and sponsorship notices are all in-program adsSource: KCC, KDB Daewoo Securities Research

Details on easing of advertising regulations (enforcement decree of the Broadcasting Act)

2) Beyond regulations


Ad type Details

Total amount of advertising

★ Total ad time regulation introduced; Total ad time is based on program hours.

- Terrestrial broadcasters, etc.: Total ad time per program hour raised to maximum of 18%(previously 10% maximum); Average of 15% (9 min. on average; 10 min. 48 sec. maximum)

- Pay TV, etc.: Ads allowed to take up a maximum of 20% (17% on average) per program hour(10 min. 12 sec. on average; 12 min. maximum)

Virtual ads ★ Ad-eligible programs to expand from only sporting events to sporting events, entertainment shows,

and sports coverage programs

★ Time allowance to expand (for pay TV, etc.): 5% per program hour 7%

Indirect advertising ★ Time allowance to expand (for pay TV, etc.): 5% per program hour 7%

Sponsorship notices

★ Easing of restrictions- Sponsorship notices will be allowed for producers of ad-ineligible products.

★ Expansion of eligible products - For ad-ineligible products of public institutions, public service ads will be allowed.

• Easing of ad regulations appears imminent, mostly on broadcasting ads

• Intention is to strengthen financial conditions of broadcasters that produce “killer content”and to create a fair business environment.

• Total ad time: KCC to abolish individual TV ad regulations, putting a limit only on total ad time;This will mainly benefit terrestrial broadcasters.

• Virtual ads: Advertising opportunities will expand as virtual ads will be allowed on more types of programs.

• Indirect advertising and sponsorship notices: Lifting of ad ban on certain items will help expand accounts.

Regulations related to terrestrial broadcasters:

1) In-program ads (commercial breaks) remain prohibited (but allowed in the case of sporting events and cultural/art events).

2) Virtual and indirect ads: Current allowance(5% of the program hour)will remain unchanged.

3) Regulations on sponsorship notices will ease(e.g., expansion of eligible items/accounts).

TIP

2H15 Outlook 8

Media

Domestic ad market growth and outlook

2) Beyond regulations • The government is working to devise policies to boost the overall ad market.

• Loosening of regulations on ads for alcoholic beverages, powdered infant formula, formulated milk, medical services, and prescription drugs

• Boosting new media advertising (based on smart media)

• Discussions are underway on ways to improve the smart ad production environment, promote standardization, assess advertising effects (statistics), and nurture relevant professionals.


Domestic ad market grew only 0.6% YoY in 2014, to W9.6tr.

For 2015, we expect the market to expand 3.9% YoY to W10tr.

TIP

Source: Company data, PwC, KDB Daewoo Securities Research

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(%, YoY)(Wtr) Domestic ad market size (L)Growth rate (R)

Market recoveryDeregulation

Korea/Japan World Cup Economic recovery;

South AfricaWorld Cup

Sewol ferry disaster;decrease in SEC

earnings

2H15 Outlook 9

Media

Source: Cheil Worldwide, KOCCA, Thomson Reuters, KDB Daewoo Securities Research

Increasing correlation between media share prices and overseas revenue

3) Beyond thedomestic market

• The most effective way to sidestep the impact of domestic regulations is to go global.

• The correlation between media share prices and overseas revenue has increased since 2010.

• Overseas revenue helps ease the impacts of macro conditions and seasonality on earnings and share prices.


In 2014, overseas revenue stagnated; Broadcast content business was hurt by drop in Japanese revenue, while ad business was weighed down by decrease in European revenue.

For 2015, we expect both the content and ad businesses to show revenue growth in China. Also, M&A deals and overseas network expansion should provide an additional boost.

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Total overseas revenue from broadcasting content and advertising (R)

Media sector index (L)

Correlation between overseas revenue and media sector performance has increased since 2010

2H15 Outlook 10

Media


Evolution of the Korean Wave: Currently in the third phase (i.e., expansion into China)


• Thanks to the evolution of the “Korean Wave,” Korea’s cultural phenomenon is developing into an industry.

• Among global markets, Japan is the main market for offline dramas, while the US and Europe are strong markets for online music.

• Currently, the industry is paying keen attention to the Chinese content/ad market(both online and offline).


Korean Wave content market in China encompasses online and offline channels:

- Online: Youku(e.g., right totransmit content)

- Offline: TV broadcastersand film box office

TIP

China

My Love from the Star;

Running Man

Online/offline

US/EU

„Gangnam Style‰

Online

Japan

Popularity ofBae Yong-joon

Offline

First Second Third

Cultural phenomenon(fads, temporary)

Potential revenue(industry development,

sustainability)

2H15 Outlook 11

Media


Sustainable business lineup is necessary to ensure overseas expansion

3) Beyond the domestic market

• For overseas projects, marketability and likelihood of success in expansion have already been confirmed.

• The success of overseas projects is inherently unpredictable

• It is time to form detailed strategies for establishing sustainable business lineups and ensuring overseas growth.

• Companies need to make steady business plans and lineups.


Overseas projects are hard to reflect in enterprise value due to their highly unpredictable business nature, no matter how well they perform.

Only if overseas subsidiaries are established and provide a sustainable business lineup can overseas business be reflected in enterprise value.

TIP

2H15 Outlook 12

Media


Two-track strategy: JV + direct operations


• Two-track strategy: Joint venture (JV) + overseas subsidiaries

• A JV can lead to faster monetization and reduce errors in the early stages.

• Establishing an overseas subsidiary can help ensure business sustainability and stronger growth over the medium to long term.


KEEPCALM

AND

SET UPSHOP

Joint ventures help improve short-term results, but restrictions on equity ownership and business flexibility may limit growth.

Establishing an overseas subsidiary can be riskier than forming a JV, but the prospect of full revenue recognition can be attractive.

TIP

2H15 Outlook 13

Media


Key themes in 2H15

II. Themes and issues: J.U.M.P.

J.U.M.P. • 2H15 keyword: J.U.M.P.

• J: Jungle - Changes in the competitive environment

• U: UHD - Commoditization of UHD TV

• M: Monetization - Monetization of new business models and new markets

• P: Personalization - Changes in content and ad market driven by single-person households

2H15 media industry trends: Changing competitive landscape, earnings improvement, higher pixel counts, and personalization

TIP

U

M

Jungle: Rapidly changing competitive landscape

UHD: Rising penetration

Monetization: With growth story in place, monetization now the key

Personalization: Media consumption by

single-person households

J

P

2H15 Outlook 14

Media


Media industry to undergo major changes in competitive structure starting in 2H

II. Themes and issues: 1) Jungle

1) Jungle:A dog-eat-dog world

• Jungle: Changes in the competitive landscape to pick up speed

• Media content: Opening of the program provider (PP) market under the ROK-US FTA;Growing demand from China

• Pay-TV competition variables: 1) Telcos’ expansion into the pay-TV market and 2) digital conversion

• Deregulation, M&As, and partnerships may result in industry cooperation/consolidation.

Changes in market competition may lead to higher ARPU for media content.

Korea’s pay-TV ARPU is among the lowest in the world.

Netflix may enter the Korean market next year.

TIP

Market integration

Easing uncertainty

Evolving domesticPlatform strategy

Expansion into China

Overseas services entering Korean market

Establishment of a newsegment

New entrants

OTTNetflix

Content-platformintegration

Domestic:Exclusivecontent

China:Broadcasting, film

Pay TV: C&M

Multiplex:Megabox

ContentM&A

2H15 Outlook 15

Media

Source: Broadcast industry status report, KCTA, KDB Daewoo Securities Research

Pay-TV market consolidation is underway, but still has a long way to go (19 operators)

II. Themes and issues: 1) Jungle

1) Jungle:Industry consolidation

• The Korean pay-TV market has been weighed down by stiff competition.

• The digital broadcast conversion has caused investments and costs to rise;ARPU growth has stagnated due to price discount pressures amid competition.

• Some companies (C&M, etc.) were placed on the M&A market amid deregulation, signaling industry consolidation.

• A successful merger would likely improve the involved firms’ enterprise values.

The pay-TV industry’s history is marked by consolidation.

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IPTV Satellite Cable SO (individual) Cable MSO

2H15 Outlook 16

Media

Source: Display Search, LG Display, KDB Daewoo Securities Research

UHD TV penetration to exceed 10% in 2015, as more UHD TV content becomes available

II. Themes and issues: 2) UHD

2) UHD:“My neighbor’s got aUHD TV!”

• UHD: Early stage of UHD TV commoditization

• Higher pixel counts are catching on with consumers more quickly than past TV trends.

• UHD TV penetration is anticipated to exceed 10% this year.

• Starting in 2H, terrestrial TV networks, cable PPs (CJ E&M), and satellite TV operators (KT Skylife) are anticipated to step up UHD TV content operations

Content providers’ big shift:

- Terrestrial TV networks tobegin UHD content productionand programming in 2H

- CJ E&M (Korea’s largestcable PP) launched UXN, achannel dedicated to UHDcontent

- Skylife TV launched two UHDcontent channels

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Global TV shipments (L)

UHD TV penetration rate (R)

2H15 Outlook 17

Media


Monetization to begin in 2015

II. Themes and issues: 3) Monetization

3) Monetization • Monetization: Businesses start to make money after a growth story is in place.

• Monetization is important after forming and entering into new markets.

• Strategies to strengthen business sustainability are under review.

• More sophisticated monetization models and more diverse business models are needed.

2014 2015 2016

Formation of story- Confirmation of

Chinese market viability

- Policy easing proposals

Monetization- Strategies for Chinese

operations

- Realization of regulatory easing

- Business model diversification

Business lineup- Localization efforts

- Recovery of market growth

- Increase in contribution of new businesses

2H15 Outlook 18

Media

Source: CJ E&M, Thomson Reuters, KDB Daewoo Securities Research

CJ E&M shares are rallying as the company has delivered profit for two straight quarters

II. Themes and issues: 3) Monetization

3) Monetization:Share prices to trendupward if earningscontinue to improve

• Share prices should trend upward in line with improving earnings over the long term

• CJ E&M could be a case in point:

• Despite improvement in the recognized competitiveness of content, CJ E&M turned to red on a quarterly basis two times in the past two years.

• This year, however, the company remained in the black in 1Q despite unfavorable seasonality, leading to a share price rally.

Improvement in recognized competitiveness is leading to earnings growth.

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(Wbn)(%)

CJ E&M OP margin (L)

CJ E&M market cap (R)

2H15 Outlook 19

Media

Note: Survey of 308 single households in 2015; Displaying the most chosen answers and percentageSource: Job Korea, Visual Dive, KDB Daewoo Securities Research

Single people spend the largest share of time consuming media content

II. Themes and issues: 4) Personalization

4) Personalization:Single-personhouseholds’ mediaconsumption

• Personalization of media driven by increasing focus on single-person households

• Increasing focus on single-person households’ media consumption changing the media content market landscape

• The ad market is also developing and expanding as advertisers shift focus to single people with large purchasing power.

Single people spend the largest share of time consuming media content.

TIP

63.6%

Satisfied with daily routine

56.5%

Satisfied overall

with single-person

household life

83.7%

Encounteredfeelings of loneliness

29.9%

Watch TV/movies to relieve loneliness

2H15 Outlook 20

Media

Source: KISDI, Nasmedia, Cable TV VOD, KDB Daewoo Securities Research

VOD market’s growth is driving up fixed-rate monthly subscription sales and the IPTV ad market

II. Themes and issues: 4) Personalization

4) Personalization:Single-personhouseholds’ mediaconsumption

• Major indicator for personalized media consumption is VOD consumption.

• VOD market’s growth is driving up digital conversion in the pay-TV market and the unit price of VOD content.

• Recently, fixed-rate monthly subscription package sales and IPTV ad billings have also been on the rise.

VOD: Video on demand

IPTV ad slots have been completely sold out since July 2014

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Cable VOD revenue (L)

IPTV VOD revenue (L)

IPTV monthly plans revenue (R)

IPTV ad billings (R)

2H15 Outlook 21

Media

Note: Based on the data of nine media companies under our Universe, Source: Each company, Korea Creative Content Agency, Thomson Reuters, KDB Daewoo Securities Research

Shares gaining momentum in 2015 on the back of growth in margins and overseas revenue

III. Valuation and investment strategies

Riding the wave of margin growth and overseas expansion

• Media sector’s share performance depends on policy, short-term earnings, and long-term growth story.

• Revenue is still largely swayed by policy factors due to high concentration on domestic market

• In the short term, shares likely have limited upside potential without earnings growth.

• Share re-rating is unlikely without long-term growth potential.

• Three determinants of share performance all likely to be favorable in 2015 Easing of regulations, recovery of margins, and improved long-term growth potential(confirmed by overseas success)

Media sector’s OP margin and overseas revenue to improve simultaneously in 2015

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(%)(p)Media sector index (L)OP margin (R)Overseas revenue growth (R)

2014: shares and profitability slumped;overseas revenue growth also fell

2015: expectations for profitability as well as acceleration of overseasrevenue growth

2H15 Outlook 22

Media

CJ E&M’s 12-month forward P/B band

Major global media companies’ earnings forecast and valuation (Wbn, %, x)

J Contentree’s 12-month forward P/B band

Notes: KDB Daewoo Securities estimates for CJ E&M and J Contentree; Data for other companies are based on the consensusSource: Bloomberg, KDB Daewoo Securities Research

III. Valuation and strategies: Global peer group

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Company Revenue (Wbn) OP (Wbn) OP margin (%) NP (Wbn) PE (x) P/B (x) ROE (%)14 15F 16F 14 15F 16F 14 15F 16F 14 15F 16F 14 15F 16F 14 15F 16F 14 15F 16F

CJ E&M (Korea) 1,233 1,306 1,370 -13 41 49 -1.0 3.2 3.5 233 117 69 6.6 23.3 39.5 1.0 1.6 1.5 16.4 7.1 4.0 SBS Media Holdings 450 463 500 29 34 39 6.5 7.4 7.8 17 30 32 42.2 23.3 21.8 1.1 1.0 1.0 2.5 4.4 4.5 J Contentree 394 398 411 35 39 45 8.9 9.8 10.9 15 25 27 - 23.9 21.8 2.4 2.6 2.4 -0.1 12.3 12.0 Fuji Media Holdings (Japan) 6,227 6,033 6,113 248 262 298 4.0 4.3 4.9 193 194 223 20.3 18.5 16.3 0.6 0.7 0.6 3.3 3.6 4.0

Walt Disney (US) 51,102 57,019 61,713 11,902 14,866 16,541 23.3 26.1 26.8 7,853 9,401 10,367 23.4 21.8 19.3 4.0 3.9 3.5 17.7 18.2 21.5 Time Warner 28,818 31,184 33,288 6,294 7,817 9,076 21.8 25.1 27.3 4,031 4,240 5,038 18.6 18.2 14.7 2.9 2.6 2.4 12.9 16.1 20.1 Viacom 14,429 15,091 15,626 4,273 4,177 4,814 29.6 27.7 30.8 2,503 2,426 2,795 11.7 11.4 10.0 11.4 7.5 7.5 53.2 60.3 73.7 Discovery 6,599 7,145 7,582 2,171 2,301 2,433 32.9 32.2 32.1 1,200 1,286 1,431 18.2 17.6 15.2 2.7 4.0 3.8 17.3 20.4 23.0 ITV (EU) 4,491 4,993 5,316 1,266 1,361 1,482 28.2 27.3 27.9 808 1,077 1,176 23.0 17.0 15.5 10.6 8.6 6.6 49.8 52.3 46.2 RTL Group 8,122 7,204 7,397 1,401 1,362 1,422 17.3 18.9 19.2 913 881 918 19.5 17.7 16.8 4.5 4.5 4.4 21.8 25.1 26.6 Huayi Brothers (China) 406 560 692 146 221 283 35.9 39.5 40.9 153 187 235 75.2 57.1 45.6 9.8 9.0 7.8 15.2 16.3 16.7 Beijing Enlight Media 207 290 380 65 117 160 31.2 40.3 42.0 56 91 123 131.1 76.6 58.9 13.9 12.1 10.4 12.2 13.4 15.1

Zhejiang Huace Film & TV 326 550 667 73 142 190 22.4 25.9 28.5 67 119 156 77.7 50.6 38.5 9.3 5.5 4.8 15.3 14.8 13.7

Shanghai New Culture 106 273 361 26 72 95 24.2 26.2 26.4 21 55 71 110.4 67.4 51.3 16.2 8.7 7.3 12.4 16.9 14.6 Average 8,779 9,465 10,102 1,994 2,344 2,638 20.4 22.4 23.5 1,290 1,438 1,619 45.8 31.7 27.5 6.5 5.1 4.6 17.9 20.1 21.1

2H15 Outlook 23

Media

Cheil Worldwide’s 12-month forward P/E band

Major global ad agencies’ earnings forecast and valuation (Wbn, %, x)

Cheil Worldwide’s 12-month forward P/B band

III. Valuation and strategies: Global peer group

Notes: KDB Daewoo Securities estimates for Cheil Worldwide; Data for other companies are based on the consensusSource: Bloomberg, KDB Daewoo Securities Research

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Company nameRevenue (Wbn) OP (Wbn) OP margin (%) NP (Wbn) P/E (x) P/B (x) ROE (%)

14 15F 16F 14 15F 16F 14 15F 16F 14 15F 16F 14 15F 16F 14 15F 16F 14 15F 16F

Cheil Worldwide (Korea) 2,666 2,673 2,863 127 157 174 4.8 5.9 6.1 102 124 136 19.5 20.3 18.6 2.0 2.2 2.0 13.2 13.1 12.6

Dentsu (Japan) 7,053 6,058 7,080 1,281 890 1,195 18.2 14.7 16.9 773 527 740 41.7 30.1 22.3 1.9 1.7 1.6 4.9 5.7 7.4

Hakuhodo DY holdings 10,948 10,656 10,974 356 362 385 3.3 3.4 3.5 192 198 209 25.0 22.9 21.6 1.9 1.8 1.7 7.9 8.6 8.4

Asatsu-DK 3,517 3,222 3,344 41 42 49 1.2 1.3 1.5 37 39 44 33.5 30.7 27.4 1.1 1.0 - 3.3 2.9 -

BlueFocus (China) 19,993 19,888 20,999 2,463 2,683 2,912 12.3 13.5 13.9 1,868 2,046 2,221 18.9 16.5 15.0 2.8 2.5 2.4 14.3 15.5 16.2

Guangdong Advertising 16,135 16,467 17,088 2,048 2,089 2,207 12.7 12.7 12.9 1,163 1,173 1,241 17.5 17.3 16.0 7.7 6.8 6.7 35.6 36.4 40.1

WPP PLC (UK) 10,146 11,724 12,436 1,582 1,733 1,900 15.6 14.8 15.3 1,007 1,195 1,317 23.4 17.2 15.5 2.6 2.6 2.4 12.9 16.2 17.0

Omnicom Group (US) 7,939 8,211 8,548 830 931 1,031 10.5 11.3 12.1 503 513 577 20.2 18.1 15.8 4.5 4.1 4.0 24.5 21.7 24.5

Publicis Groupe (EU) 1,017 1,526 1,909 136 220 286 13.4 14.4 15.0 122 167 222 75.6 38.7 29.3 8.4 6.8 5.7 11.6 19.0 20.4

Interpublic Group (US) 1,078 1,545 1,833 103 185 233 9.6 12.0 12.7 73 129 162 63.2 42.7 32.8 13.5 11.3 8.2 23.1 30.8 27.5

Average 8,049 8,200 8,711 897 929 1,037 10.1 10.4 11.0 584 611 687 33.9 25.4 21.4 4.6 4.1 3.9 15.1 17.0 19.4

2H15 Outlook 24

Media

Major global pay-TV companies’ earnings forecast and valuation (Wbn, %, x)

III. Valuation and strategies: Global Peer Group

Notes: KDB Daewoo Securities estimates for CJ HelloVision and KT Skylife; Data for other companies are based on the consensusSource: Bloomberg, KDB Daewoo Securities Research

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Company Revenue (Wbn) OP (Wbn) OP margin (%) NP (Wbn) P/E (x) P/B (x) ROE (%)

14 15F 16F 14 15F 16F 14 15F 16F 14 15F 16F 14 15F 16F 14 15F 16F 14 15F 16FCJ HelloVision (Korea) 1,270 1,279 1,350 102 126 140 8.0 9.8 10.4 26 69 80 29.3 15.0 13.0 0.8 1.1 1.0 2.9 7.3 7.8 KT Skylife 623 621 640 78 89 94 12.5 14.3 14.7 56 68 72 15.8 13.0 12.3 2.0 1.8 1.6 13.2 14.8 14.0 Hyundai HCN 306 298 299 57 56 57 18.5 18.8 18.9 44 46 47 11.9 10.7 10.4 0.9 0.8 0.8 7.9 8.1 7.8 Sky Perfect JSAT (japan) 1,581 1,766 1,859 190 248 253 12.0 14.0 13.6 131 154 159 15.9 13.7 12.3 1.1 1.0 0.9 7.1 - -Comcast (US) 72,443 79,040 84,814 15,699 17,654 19,032 21.7 22.3 22.4 8,827 9,153 10,003 19.2 17.7 15.5 2.8 2.7 2.5 16.6 15.4 15.8 Time Warner Cable 24,029 26,274 27,692 4,879 5,208 5,777 20.3 19.8 20.9 2,139 2,292 2,619 24.6 25.0 21.3 6.4 6.1 5.5 26.4 24.6 26.8 Liberty Global 19,221 20,152 21,238 2,347 3,075 3,817 12.2 15.3 18.0 -732 166 803 - 197.1 71.9 3.9 3.8 4.0 -9.4 0.8 4.5 Charter Communications 9,594 10,804 11,631 1,023 1,474 1,829 10.7 13.6 15.7 -193 138 478 - 185.0 44.4 261.5 90.8 - - 113.0 32.6 Cablevision 6,806 7,176 7,254 970 1,030 1,074 14.3 14.4 14.8 328 260 288 36.5 29.8 27.1 - - - - -4.4 -4.2 DirecTV (US) 35,034 37,737 39,218 5,401 5,969 6,236 15.4 15.8 15.9 2,903 3,256 3,439 15.7 15.5 14.5 - - 111.1 - -86.0 427.4 Dish Network 15,424 16,534 17,092 1,922 2,022 2,016 12.5 12.2 11.8 995 947 881 30.1 37.2 40.2 13.9 10.5 8.2 65.5 34.0 22.5 Shaw Communications (Canada) 5,116 4,922 5,014 1,405 1,330 1,381 27.5 27.0 27.5 836 730 783 15.1 15.9 14.9 2.7 2.5 2.3 17.3 17.0 16.5

British Sky (UK) 13,241 18,163 20,142 2,014 2,350 2,717 15.2 12.9 13.5 1,501 1,545 1,837 11.5 19.9 16.8 6.9 6.4 5.4 84.2 40.9 31.5 Beijing Gehua (China) 414 479 530 16 79 136 3.8 16.5 25.7 97 142 186 69.1 53.1 39.2 6.6 6.1 5.4 10.0 11.7 13.4 Average 14,650 16,089 17,055 2,579 2,908 3,183 14.6 16.2 17.4 1,211 1,355 1,548 24.7 46.3 25.3 25.8 11.1 12.4 22.0 15.2 47.4

CJ HelloVision's 12-month forward P/E band KT Skylife’s 12-month forward P/E band

2H15 Outlook 25

Media


IV. Top pick and stocks to watch

Top pick

Buy

Buy

Trading Buy

[Content] CJ E&M

[Advertising] Cheil Worldwide, Nasmedia

[Platform] KT Skylife , CJ HelloVision , KTH

SBS Contents Hub, J Contentree

2H15 Outlook 26

Media

Taking a leap forward

Notes: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests; based on May 27th closing priceSource: KDB Daewoo Securities Research

FY (Dec.) 12/12 12/13 12/14 12/15F 12/16F 12/17F

Revenue (Wbn) 1,395 1,246 1,233 1,306 1,370 1,429

OP (Wbn) 39 -9 -13 41 49 56

OP margin (%) 2.8 -0.7 -1.1 3.1 3.6 3.9

NP (Wbn) 37 5 225 111 66 78

EPS (W) 975 133 5,796 2,869 1,695 2,026

ROE (%) 3.1 0.4 16.4 7.1 4.0 4.5

P/E (x) 27.2 229.0 6.6 22.4 37.9 31.7

P/B (x) 0.8 1.0 1.0 1.5 1.5 1.4

(Maintain) Buy

Target Price (12M, W) 80,000

Share Price (5/27/15, W) 64,300

Expected Return 24%

OP (15F, Wbn) 41Consensus OP (15F, Wbn) 54

EPS Growth (15F, %) -50.5

Market EPS Growth (15F, %) 38.9

P/E (15F, x) 22.4

Market P/E (15F, x) 11.0KOSDAQ 699.19

Market Cap (Wbn) 2,490

Shares Outstanding (mn) 39

Free Float (%) 56.7

Foreign Ownership (%) 12.7

Beta (12M) 1.94

52-Week Low 32,30052-Week High 68,500

(%) 1M 6M 12M

Absolute 11.6 72.4 38.4Relative 11.7 34.6 8.5

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CJ E&M KOSDAQ

Investment points• Domestic: Profitability is strengthening on the back of competitive content.

• Overseas: Momentum is likely to pick up after Chinese and Vietnamese subsidiaries are established this year.

• Robust earnings growth of the mobile games subsidiary will serve as a reliable buttress amid the growing amount of risk-taking associated with business expansion.

• As each business segment has gained competitiveness, the firm’s diversified business portfolio has begun to reduce earnings volatility.

Risk factors• Difficulty estimating earnings due to the complex nature of the business

• Regulatory uncertainty in China and Vietnam

• Earnings volatility associated with commercial success of content

CJ E&M (130960 KQ)Top pick

2H15 Outlook 27

Media

Note: 2015-16 figures are our estimatesSource: CJ E&M, KDB Daewoo Securities Research

Mobile games to drive 2Q-3Q earningsBroadcasting operating profit on the rise

Notes: Release months clockwise from top left: 3/15, 4/15, 6/15, and 7/15Source: Netmarble Games, KDB Daewoo Securities Research

Higher growth in bothbroadcasting and games

• Broadcasting (parent): Operating profit to recover after two years of slowdown, aided by tightercost control (production and personnel) and enhanced content competitiveness.

• Games (subsidiary): Diversification in genres (from casual to RPG, etc.) and game publishing platforms (from KakaoTalk to NAVER), and the “Global One Build” strategy(i.e., releasing mobile games simultaneously worldwide in multiple languages


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(Wbn)(Wbn) Broadcasting revenue (L)Broadcasting operating profit (R)

2H15 Outlook 28

Media

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(US$)(US$bn)Viacom market cap (L)

Viacom EPS (R)2014Rise in revenue led by success of films in China

2005Separation from CBS;focused on cable PPand film businesses

1995Began entry into China;

Chinese MTV channel

1999-2000China CCTV-MTV

music show

2001Launch of Nickelodeonchannel in China;entered film business

Share price rose sharplyon pickup of localizedprogramming/operations

Overseas momentum imminent

• CJ E&M will establish subsidiaries in Vietnam and China this year.

• Since starting businesses in Vietnam and China in 2004, the company has accumulated project-oriented experience and relationships.

• JV negotiations are already underway; Eight movies with localized content are in the pipelinein Vietnam and China.

• Focus on case of Viacom: Shares soared as its Chinese operations took off.

Source: Viacom, Thomson Reuters, Yahoo Finance, KDB Daewoo Securities Research

Correlation between share performance and Chinese operations of US company Viacom


Viacom- Music: MTV, etc.- Broadcast: Nickelodeon, etc.- Movies: Paramount Pictures

CJ E&M

- Music : Mnet, etc. - Broadcast: tvN, OCN, Tooniverse, etc.- Movies : CJ Entertainment

Viacom’s Chinese operations began with music, as the business required relatively small investments, before expanding to broadcast and then to movies.

CJ E&M is following a similar path.

TIP

2H15 Outlook 29

Media

Note: Based on May 27th closing priceSource: Company data, KDB Daewoo Securities Research

Comprehensive Income Statement (Summar ized)

(Wbn) 12/14 12/15F 12/16F 12/17F

Revenue 1,233 1,306 1,370 1,429

Cost of Sales 977 1,019 1,069 1,115

Gross Profit 256 287 301 314

SG&A Expenses 268 246 253 259

Operating Prof it (Adj) - 13 41 49 56

Operating Prof it - 13 41 49 56

Non-Operat ing Prof it - 37 114 44 55

Net Financial Income -6 1 1 3

Net Gain from Inv in Associates 10 133 66 72

Pretax Profit -50 155 93 111

Income Tax 7 38 24 29

Profit from Continuing Operations -57 117 69 82

Profit from Discontinued Operation 290 0 0 0

Net Profit 233 117 69 82

Controlling Interests 225 111 66 78

Non-Controlling Interests 9 5 3 4

T otal Comprehensive Prof it 228 117 69 82



EBITDA 290 325 341 354

FCF (Free Cash Flow) 176 202 306 299

EBITDA Margin (%) 23.5 24.9 24.9 24.8

Operating Profit Margin (%) -1.1 3.1 3.6 3.9

Net Profit Margin (%) 18.2 8.5 4.8 5.5

Statement of F inancial Condit ion (Summar ized)

(Wbn) 12/14 12/15F 12/16F 12/17F

Cur rent Assets 1,039 1,043 1,094 1,064

Cash and Cash Equivalents 34 49 50 68

AR & Other Receivables 368 419 439 457

Inventories 5 6 6 7

Other Current Assets 632 569 599 532

Non-Cur rent Assets 1,318 1,425 1,465 1,496

Investments in Associates 377 453 475 496

Property, Plant and Equipment 88 89 81 75

Intangible Assets 695 725 745 758

T otal Assets 2,357 2,468 2,558 2,560

Cur rent L iab ilit ies 581 571 591 510

AP & Other Payables 215 244 256 267

Short-Term Financial Liabilities 148 157 157 57

Other Current Liabilities 218 170 178 186

Non-Cur rent L iabilit ies 271 275 276 277

Long-Term Financial Liabilities 253 253 253 253

Other Non-Current Liabilities 18 22 23 24

T otal L iab ilit ies 852 846 867 787

Controlling Interests 1,510 1,620 1,686 1,765

Capital Stock 194 194 194 194

Capital Surplus 973 973 973 973

Retained Earnings 316 427 493 572

Non-Controlling In terests -4 2 5 9

Stockholders' Equity 1,506 1,622 1,691 1,774

F or ecasts/Valuat ions (Summar ized)

12/14 12/15F 12/16F 12/17F

P/E (x) 6.6 23.3 39.5 33.0

P/CF (x) 4.4 8.5 8.1 7.8

P/B (x) 1.0 1.6 1.5 1.5

EV/EBITDA (x) 4.7 7.8 7.3 6.9

EPS (W) 5,796 2,869 1,695 2,026

CFPS (W) 8,719 7,858 8,231 8,632

BPS (W) 39,100 41,969 43,665 45,691

DPS (W) 0 0 0 0

Payout ratio (%) 0.0 0.0 0.0 0.0

Dividend Yield (%) 0.0 0.0 0.0 0.0

Revenue Growth (%) -1.0 5.9 4.9 4.3

EBITDA Growth (%) -19.7 12.1 4.9 3.8

Operating Profit Growth (%) - - 19.5 14.3

EPS Growth (%) 4,257.9 -50.5 -40.9 19.5

Accounts Receivable Turnover (x) 3.3 3.5 3.3 3.3

Inventory Turnover (x) 209.5 232.9 224.1 223.4

Accounts Payable Turnover (x) 11.7 14.1 13.5 13.5

ROA (%) 10.2 4.8 2.7 3.2

ROE (%) 16.4 7.1 4.0 4.5

ROIC (%) -1.4 3.3 3.7 4.2

Liability to Equity Ratio (%) 56.6 52.1 51.3 44.4

Current Ratio (%) 178.9 182.6 184.9 208.5

Net Debt to Equity Ratio (%) -7.5 -4.4 -6.9 -9.2

Interest Coverage Ratio (x) -0.8 2.9 3.4 4.5


2H15 Outlook 30

Media


FY (Dec.) 12/12 12/13 12/14 12/15F 12/16F 12/17F

Revenue (Wbn) 2,365 2,709 2,666 2,673 2,863 3,071

OP (Wbn) 126 130 127 157 174 193

OP margin (%) 5.3 4.8 4.8 5.9 6.1 6.3

NP (Wbn) 94 99 102 123 135 149

EPS (W) 817 857 883 1,072 1,172 1,297

ROE (%) 13.6 14.7 13.2 13.1 12.6 12.3

P/E (x) 26.4 32.1 19.5 19.6 17.9 16.2

P/B (x) 3.1 3.5 2.0 2.1 1.9 1.7

(Maintain) Buy


Share Price (5/27/15, W) 20,950

Expected Return 43%


EPS Growth (15F, %) 21.3


P/E (15F, x) 19.6

Market P/E (15F, x) 11.0KOSPI 2,107.50



Free Float (%) 59.7


Beta (12M) 1.16


(%) 1M 6M 12M

Absolute -12.3 8.3 -13.6Relative -10.3 1.8 -18.1

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Cheil Worldwide KOSPI

Investment points

• Cheil Worldwide’s growth potential will likely pick up this year, driven by European and Chinese businesses.

• Positives: Recovery of domestic ad market, lifting of advertising ban on certain items

• Acquired overseas subsidiaries have performed well in taking orders from non-affiliates; Additional M&A deals likely.

• The value of Pengtai, a Chinese digital marketing subsidiary, could be reflected in Cheil’s enterprise value.

Risks

• Share volatility could increase due to changes in governance of major accounts (e.g., SEC and Samsung Group).

• Earnings visibility is weak due to heavy dependence on overseas revenue.

• IPO of Innocean, the second-largest ad agency in Korea, might affect share liquidity.

Growth engines secured

Cheil Worldwide (030000 KS)Stocksto watch

2H15 Outlook 31

Media

Note: For ad agencies, gross profits reflects top line better than revenue; 2015 data is our estimate. Source: Company data, KDB Daewoo Securities Research

Focus on the value of PengtaiTop-line and net profit to improve in 2015

Source: Company data, Pengtai, KDB Daewoo Securities Research

Enterprise value hinges on growth potential and China

• Cheil Worldwide’s top-line growth is likely to accelerate on the back of M&A deals.Net profit is also anticipated to grow thanks to limited SG&A growth.

• Pengtai, a Chinese digital marketing subsidiary, is the third-largest digital ad agency in China. Pay attention to partnerships with major Chinese internet companies and the value of large accounts.

Among local Chinese advertisers, four are Fortune 100 companies; Solid relationships with 180 partners, including video content

providers, portals, and online shopping malls

Cheil Worldwide (030000 KS)Stocks to watch

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(Wbn)(Wbn)Gross profit (L)Net profit (R)

2H15 Outlook 32

Media



(Wbn) 12/14 12/15F 12/16F 12/17F

Revenue 2,666 2,673 2,863 3,071

Cost of Sales 1,873 1,711 1,832 1,965

Gross Profit 793 962 1,031 1,106

SG&A Expenses 666 805 857 913

Operating Prof it (Adj) 127 157 174 193

Operating Prof it 127 157 174 193

Non-Operat ing Prof it 13 14 13 14

Net Financial Income 3 9 11 14


Pretax Profit 140 171 187 207


Profit from Continuing Operations 102 124 136 150


Net Profit 102 124 136 150





Non-Controlling Interests 1 -1 -1 -1

EBITDA 160 186 204 223


EBITDA Margin (%) 6.0 7.0 7.1 7.3

Operating Profit Margin (%) 4.8 5.9 6.1 6.3



(Wbn) 12/14 12/15F 12/16F 12/17F

Cur rent Assets 1,523 1,683 1,874 2,094


AR & Other Receivables 899 905 969 1,039

Inventories 0 0 0 0


Non-Cur rent Assets 321 292 303 307




T otal Assets 1,844 1,974 2,177 2,401

Cur rent L iab ilit ies 905 911 974 1,044







T otal L iab ilit ies 961 967 1,035 1,109

Controlling Interests 879 1,002 1,136 1,285



Retained Earnings 857 980 1,115 1,264

Non-Controlling In terests 4 5 6 7

Stockholders' Equity 883 1,007 1,142 1,292


12/14 12/15F 12/16F 12/17F

P/E (x) 19.5 20.3 18.6 16.8

P/CF (x) 11.4 13.1 12.2 11.3

P/B (x) 2.0 2.2 2.0 1.8

EV/EBITDA (x) 9.5 10.2 8.7 7.4

EPS (W) 883 1,072 1,172 1,297

CFPS (W) 1,506 1,663 1,783 1,937

BPS (W) 8,704 9,776 10,948 12,245

DPS (W) 0 0 0 0

Payout ratio (%) 0.0 0.0 0.0 0.0

Dividend Yield (%) 0.0 0.0 0.0 0.0

Revenue Growth (%) -1.6 0.3 7.1 7.3

EBITDA Growth (%) 1.9 16.3 9.7 9.3

Operating Profit Growth (%) -2.3 23.6 10.8 10.9

EPS Growth (%) 3.0 21.4 9.3 10.7




ROA (%) 5.8 6.5 6.5 6.6

ROE (%) 13.2 13.1 12.6 12.3

ROIC (%) 24.6 29.0 32.9 35.4


Current Ratio (%) 168.3 184.7 192.4 200.7


Interest Coverage Ratio (x) 68.8 81.9 91.0 101.0

Cheil Worldwide (030000 KS)Stocks to watch

2H15 Outlook 33

Media

Notes: All figures are based on non-consolidated K-IFRS; NP refers to net profit attributable to controlling interests; based on May 27th closing priceSource: KDB Daewoo Securities Research

FY (Dec.) 12/12 12/13 12/14 12/15F 12/16F 12/17F

Revenue (Wbn) 23 25 30 40 47 55

OP (Wbn) 8 6 9 13 16 20

OP margin (%) 34.8 24.0 30.0 32.5 34.0 36.4

NP (Wbn) 6 6 8 11 14 16

EPS (W) 887 681 965 1,370 1,679 1,987

ROE (%) 15.7 11.2 13.4 16.9 17.9 18.2

P/E (x) - 16.6 24.7 30.6 25.0 21.1

P/B (x) - 1.7 3.1 4.8 4.2 3.6

(Maintain) Buy


Share Price (5/27/15, W) 41,900

Expected Return 24%




P/E (15F, x) 30.6


Market Cap (Wbn) 346


Free Float (%) 30.0


Beta (12M) 1.11


(%) 1M 6M 12M

Absolute 31.3 62.4 141.5Relative 31.4 26.8 89.3

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Nasmedia KOSDAQ

Investment points

• Well-positioned to benefit from growing demand for new media

• The company’s internet ad unit is being driven by growing mobile display/video ad market and account expansion.

• IPTV ad revenue is likely to double this year. The company is likely to see structural benefits from the digital conversion of the media market.

• Indeed, Verizon acquired AOL because of its digital advertising capabilities (including its patented technology for programmatic buying).

Risks

• Intensifying competition in the media representative market could drag down market share and margins.

• Steady investments are likely necessary to respond to the changing new media market.

• Personnel expenses are increasing.

Well-positioned ad media rep

Nasmedia (089600 KQ)Stocks to watch

2H15 Outlook 34

Media



(Wbn) 12/14 12/15F 12/16F 12/17F

Revenue 30 40 47 55

Cost of Sales 0 0 0 0

Gross Profit 30 40 47 55

SG&A Expenses 21 27 31 35







Income Tax 2 3 4 5



Net Profit 8 11 14 16






EBITDA 9 13 17 20


EBITDA Margin (%) 30.0 32.5 36.2 36.4




(Wbn) 12/14 12/15F 12/16F 12/17F

Cur rent Assets 90 111 131 154



Inventories 0 0 0 0






T otal Assets 98 118 138 161














Stockholders' Equity 63 71 83 97


12/14 12/15F 12/16F 12/17F

P/E (x) 24.7 30.6 25.0 21.1

P/CF (x) 18.3 25.1 20.2 17.0

P/B (x) 3.1 4.8 4.2 3.6

EV/EBITDA (x) 18.5 23.5 18.5 15.0

EPS (W) 965 1,370 1,679 1,987

CFPS (W) 1,304 1,671 2,071 2,472

BPS (W) 7,587 8,668 10,057 11,753

DPS (W) 290 290 290 290

Payout ratio (%) 30.1 21.2 17.3 14.6

Dividend Yield (%) 1.2 0.7 0.7 0.7

Revenue Growth (%) 20.0 33.3 17.5 17.0

EBITDA Growth (%) 50.0 44.4 30.8 17.6

Operating Profit Growth (%) 50.0 44.4 23.1 25.0

EPS Growth (%) 41.7 42.0 22.6 18.3




ROA (%) 8.2 10.5 10.8 11.0

ROE (%) 13.4 16.9 17.9 18.2

ROIC (%) 23.5 27.3 28.7 30.3


Current Ratio (%) 269.9 248.2 249.3 251.4



Nasmedia (089600 KQ)Stocks to watch

2H15 Outlook 35

Media

Notes: All figures are based on non-consolidated K-IFRS; NP refers to net profit attributable to controlling interests; based on May 27th closing price Source: KDB Daewoo Securities Research

FY (Dec.) 12/12 12/13 12/14 12/15F 12/16F 12/17F

Revenue (Wbn) 551 600 623 621 640 655

OP (Wbn) 67 102 78 89 94 96

OP margin (%) 12.2 17.0 12.5 14.3 14.7 14.7

NP (Wbn) 56 73 56 68 72 74

EPS (W) 1,178 1,526 1,162 1,428 1,503 1,545

ROE (%) 17.6 19.3 13.2 14.8 14.0 13.1

P/E (x) 28.4 19.4 15.8 12.9 12.3 11.9

P/B (x) 4.6 3.4 2.0 1.8 1.6 1.5

(Maintain) Buy


Share Price (5/27/15, W) 18,450

Expected Return 30%




P/E (15F, x) 12.9




Free Float (%) 49.3


Beta (12M) 0.46


(%) 1M 6M 12M

Absolute -1.6 -1.9 -21.5Relative 0.7 -7.7 -25.6

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KT Skylife KOSPI

Leader in UHD broadcasting

Investment points • Pay-TV operator capable of nationwide simultaneous UHD broadcasting; Subscriber numbers

will likely rise due to differentiated strategies.

• Incurred large one-off costs last year; Earnings to normalize this year

• Most aggressive in the pursuit of T-commerce channel programs; Such platform business is directly tied to profitability.

• Dividend yield of 2.3%, the highest level in the media sector

Risks • Volatility arising from changes in KT Group’s media strategies

• An increase in the cancellation of KT’s bundled products (OTS; Olleh TV Skylife) might lead to a decrease in subscribers.

• Limited increase in ARPU

KT Skylife (053210 KS)Stocks to watch

2H15 Outlook 36

Media



(Wbn) 12/14 12/15F 12/16F 12/17F

Revenue 623 621 640 655

Cost of Sales 0 0 0 0

Gross Profit 623 621 640 655

SG&A Expenses 545 532 546 559



Non-Operat ing Prof it - 9 -3 -4 -4













EBITDA 149 157 152 146


EBITDA Margin (%) 23.9 25.3 23.8 22.3




(Wbn) 12/14 12/15F 12/16F 12/17F




Inventories 3 3 3 4






T otal Assets 670 730 706 762



Short-Term Financial Liabilities 80 20 -60 -60













12/14 12/15F 12/16F 12/17F

P/E (x) 15.8 13.0 12.3 12.0

P/CF (x) 5.6 5.8 6.2 6.6

P/B (x) 2.0 1.8 1.6 1.5

EV/EBITDA (x) 5.4 4.7 4.2 3.9

EPS (W) 1,162 1,428 1,503 1,545

CFPS (W) 3,287 3,172 2,988 2,817

BPS (W) 9,266 10,346 11,421 12,519

DPS (W) 350 430 450 470

Payout ratio (%) 30.0 29.9 29.8 30.2

Dividend Yield (%) 1.9 2.3 2.4 2.5

Revenue Growth (%) 3.8 -0.3 3.1 2.3

EBITDA Growth (%) -9.7 5.4 -3.2 -3.9


EPS Growth (%) -23.9 22.9 5.3 2.8




ROA (%) 8.3 9.8 10.0 10.1

ROE (%) 13.2 14.8 14.0 13.1

ROIC (%) 20.6 23.5 28.1 32.4


Current Ratio (%) 112.6 203.8 380.3 451.8



KT Skylife (053210 KS)Stocks to watch

2H15 Outlook 37

Media

Notes: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests; as of closing price at 5/27/2015 Source: KDB Daewoo Securities Research

FY (Dec.) 12/12 12/13 12/14 12/15F 12/16F 12/17F

Revenue (Wbn) 891 1,160 1,270 1,279 1,350 1,405

OP (Wbn) 149 116 102 126 140 153

OP margin (%) 16.7 10.0 8.0 9.9 10.4 10.9

NP (Wbn) 104 77 26 68 79 87

EPS (W) 1,347 994 332 879 1,014 1,126

ROE (%) 15.5 9.6 2.9 7.3 7.8 8.1

P/E (x) 10.4 19.3 29.3 15.1 13.1 11.8

P/B (x) 1.5 1.7 0.8 1.1 1.0 0.9

(Maintain) Buy


Share Price (5/27/15, W) 13,250

Expected Return 21%




P/E (15F, x) 15.1




Free Float (%) 45.2


Beta (12M) 0.74


(%) 1M 6M 12M

Absolute 9.1 26.8 -13.4Relative 11.6 19.2 -17.9

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CJ Hellovision KOSPI

On the cusp of a turnaround

Investment points

• Leading cable SO and MVNO; Share price moves closely in line with regulatory issues (and is particularly sensitive to favorable changes).

• Broadcasting business to enjoy positive policy momentum, including regulations on excessive discounts on bundled plans, amid accelerating digital conversion

• MVNO losses to narrow thanks to the government’s cut to network wholesale prices

• Earnings to improve sharply this year thanks to the low base of comparison(due to one-off costs, including an asset charge, recorded in 2014)

Risks

• Continued competition in the pay-TV and mobile telecom market

• Average revenue per subscriber (ARPS) for the broadcasting business is recovering slowly following plunge

• Losses from new businesses (MVNO and Tving)

CJ HelloVision (037560 KS)Stocks to watch

2H15 Outlook 38

Media

Note: As of closing price at 5/27/2015 Source: Company data, KDB Daewoo Securities Research


(Wbn) 12/14 12/15F 12/16F 12/17F

Revenue 1,270 1,279 1,350 1,405

Cost of Sales 809 815 860 895

Gross Profit 461 464 490 510

SG&A Expenses 359 339 350 357




Net Financial Income -25 -21 -20 -17

Net Gain from Inv in Associates -1 0 0 0











EBITDA 387 423 456 483


EBITDA Margin (%) 30.5 33.1 33.8 34.4




(Wbn) 12/14 12/15F 12/16F 12/17F




Inventories 19 20 22 22


Non-Cur rent Assets 1,757 1,741 1,756 1,717




T otal Assets 2,170 2,249 2,157 2,252








T otal L iab ilit ies 1,267 1,282 1,116 1,128

Controlling Interests 903 965 1,037 1,118





Stockholders' Equity 904 967 1,041 1,124


12/14 12/15F 12/16F 12/17F

P/E (x) 29.3 15.1 13.1 11.8

P/CF (x) 1.8 2.5 2.3 2.2

P/B (x) 0.8 1.1 1.0 0.9

EV/EBITDA (x) 4.3 4.4 3.9 3.5

EPS (W) 332 879 1,014 1,126

CFPS (W) 5,289 5,318 5,733 6,030

BPS (W) 11,653 12,457 13,395 14,447

DPS (W) 75 75 75 75

Payout ratio (%) 22.6 8.4 7.3 6.5

Dividend Yield (%) 0.8 0.6 0.6 0.6

Revenue Growth (%) 9.5 0.7 5.6 4.1

EBITDA Growth (%) 13.2 9.3 7.8 5.9


EPS Growth (%) -66.6 164.8 15.4 11.0




ROA (%) 1.2 3.1 3.6 4.0

ROE (%) 2.9 7.3 7.8 8.1

ROIC (%) 4.2 5.3 5.9 6.5


Current Ratio (%) 81.0 97.0 112.6 145.8

Net Debt to Equity Ratio (%) 99.8 85.3 73.7 57.6


CJ HelloVision (037560 KS)Stocks to watch

2H15 Outlook 39

Media


FY (Dec.) 12/12 12/13 12/14 12/15F 12/16F 12/17F

Revenue (Wbn) 127 130 136 159 179 197

OP (Wbn) -7 2 7 10 18 23

OP margin (%) -5.5 1.5 5.1 6.3 10.1 11.7

NP (Wbn) -11 2 12 11 17 22

EPS (W) -306 64 341 302 479 617

ROE (%) -6.4 1.4 6.5 5.4 7.9 9.4

P/E (x) - 121.1 22.4 33.6 21.2 16.4

P/B (x) 1.8 1.6 1.4 1.8 1.6 1.5

(Maintain) Buy


Share Price (5/27/15, W) 10,150

Expected Return 67%


EPS Growth (15F, %) -11.4


P/E (15F, x) 33.6




Free Float (%) 32.9


Beta (12M) 0.69


(%) 1M 6M 12M

Absolute -23.4 19.1 31.3Relative -23.4 -7.0 2.9

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KTH KOSDAQ

Leader in the T-commerce market

Investment points• Content and commerce Greatest contributors to the pay-TV business

• Robust medium- to long-term growth potential of the T-commerce business on the back of favorable policy environment and KT Group’s media strategy

• Efforts to expand T-commerce channel coverage likely to widen the user base

• Content revenue to grow YoY thanks to expanded film VOD lineup

Risks• Uncertainties at the early stages of new businesses

• Downward pressure on margins due to increased costs from carrying out T-commerce business

• Intensifying competition in the T-commerce and VOD markets

KTH (036030 KQ)Stocks to watch

2H15 Outlook 40

Media

Note: As of closing price at 5/27/2015 Source: Company data, KDB Daewoo Securities Research


(Wbn) 12/14 12/15F 12/16F 12/17F

Revenue 136 159 179 197

Cost of Sales 120 138 150 165









Income Tax 0 1 2 2









EBITDA 23 26 34 39


EBITDA Margin (%) 16.9 16.4 19.0 19.8




(Wbn) 12/14 12/15F 12/16F 12/17F




Inventories 1 1 1 1






T otal Assets 227 243 265 291












Retained Earnings -69 -58 -41 -19




12/14 12/15F 12/16F 12/17F

P/E (x) 22.4 33.6 21.2 16.4

P/CF (x) 19.3 14.3 11.2 9.6

P/B (x) 1.4 1.8 1.6 1.5

EV/EBITDA (x) 9.4 12.0 9.1 7.7

EPS (W) 341 302 479 617

CFPS (W) 396 708 904 1,058

BPS (W) 5,487 5,790 6,268 6,886

DPS (W) 0 0 0 0

Payout ratio (%) 0.0 0.0 0.0 0.0

Dividend Yield (%) 0.0 0.0 0.0 0.0

Revenue Growth (%) 4.6 16.9 12.6 10.1

EBITDA Growth (%) 21.1 13.0 30.8 14.7

Operating Profit Growth (%) 250.0 42.9 80.0 27.8

EPS Growth (%) 432.8 -11.4 58.6 28.8




ROA (%) 5.6 4.6 6.7 7.9

ROE (%) 6.5 5.4 7.9 9.4

ROIC (%) 8.2 10.9 18.1 22.0


Current Ratio (%) 405.4 354.3 347.1 357.5



KTH (036030 KQ)Stocks to watch

2H15 Outlook 41

Media


FY (Dec.) 12/12 12/13 12/14 12/15F 12/16F 12/17F

Revenue (Wbn) 193 196 198 229 256 276

OP (Wbn) 28 28 13 16 18 19

OP margin (%) 14.5 14.3 6.6 7.0 7.0 6.9

NP (Wbn) 22 25 9 11 12 13

EPS (W) 1,009 1,156 412 500 554 622

ROE (%) 18.2 17.7 5.8 6.8 7.2 7.8

P/E (x) 12.9 13.5 35.2 34.0 30.7 27.4

P/B (x) 2.2 2.2 2.0 2.3 2.2 2.1

(Maintain) Trading Buy


Share Price (5/27/15, W) 17,000

Expected Return 18%




P/E (15F, x) 34.0




Free Float (%) 35.0


Beta (12M) 1.77


(%) 1M 6M 12M

Absolute -0.9 2.1 -12.4Relative -0.8 -20.3 -31.3

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SBS Contents Hub KOSDAQ

Pay attention to Chinese business strategy

Investment points

• Distributes content of SBS Media Group and plays a major role in the group’s profitability

• Stock is sensitive to structural momentum related to the content environment.

• Domestic VOD rate hikes and rise in exports of dramas and entertainment show formats to China are positive.

• In 2H, mid- to long-term projects, including the establishment of a subsidiary and expansion into the e-commerce business in China, will likely take shape.

Risks

• Content fee paid to SBS has been hiked, putting downward pressure on earnings

• Increase in in-house content investments/production likely to raise costs in the short term

• Uncertainties from overseas content regulations, particularly in China and Japan

SBS Contents Hub (046140 KQ)Stocks to watch

2H15 Outlook 42

Media



(Wbn) 12/14 12/15F 12/16F 12/17F

Revenue 198 229 256 276

Cost of Sales 178 205 229 247









Income Tax 8 8 9 10









EBITDA 16 18 21 22


EBITDA Margin (%) 8.1 7.9 8.2 8.0




(Wbn) 12/14 12/15F 12/16F 12/17F




Inventories 0 0 0 0






T otal Assets 221 236 252 266
















12/14 12/15F 12/16F 12/17F

P/E (x) 35.2 34.0 30.7 27.4

P/CF (x) 17.5 17.2 15.7 14.2

P/B (x) 2.0 2.3 2.2 2.1

EV/EBITDA (x) 11.5 12.5 10.4 9.3

EPS (W) 412 500 554 622

CFPS (W) 830 987 1,080 1,197

BPS (W) 7,253 7,503 7,807 8,179

DPS (W) 250 250 250 250

Payout ratio (%) 60.7 50.0 45.1 40.2

Dividend Yield (%) 1.7 1.5 1.5 1.5

Revenue Growth (%) 1.0 15.7 11.8 7.8

EBITDA Growth (%) -48.4 12.5 16.7 4.8


EPS Growth (%) -64.4 21.4 10.8 12.3




ROA (%) 4.2 4.7 4.9 5.1

ROE (%) 5.8 6.8 7.2 7.8

ROIC (%) 19.5 40.7 65.0 103.5


Current Ratio (%) 266.1 254.4 248.6 249.6



SBS Contents Hub (046140 KQ)Stocks to watch

2H15 Outlook 43

Media


FY (Dec.) 12/12 12/13 12/14 12/15F 12/16F 12/17F

Revenue (Wbn) 393 380 394 398 411 423

OP (Wbn) 43 38 35 39 45 48

OP margin (%) 10.9 10.0 8.9 9.8 10.9 11.3

NP (Wbn) 12 -10 0 12 13 13

EPS (W) 177 -152 -1 178 196 204

ROE (%) 13.2 -11.1 -0.1 12.3 12.0 11.1

P/E (x) 21.9 - - 23.9 21.8 20.9

P/B (x) 2.6 3.0 2.4 2.6 2.4 2.1

(Maintain) Trading Buy


Share Price (5/27/15, W) 4,265

Expected Return 10%


EPS Growth (15F, %) -


P/E (15F, x) 23.9




Free Float (%) 64.0


Beta (12M) 0.73


(%) 1M 6M 12M

Absolute 21.0 21.9 12.2Relative 21.0 -4.8 -12.0

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Jcontentree KOSDAQ

Acquisition of Megabox finalized

Investment points

• Uncertainties arising from Megabox to dissipate due to the company’s decision to acquire the multiplex theater; Net profit attributable to controlling interests to increase

• The company produces and distributes content for JTBC; Its value deserves attention in light of JTBC’s rising content competiveness.

• Restructuring of magazine and other less profitable businesses being pursued

• Serves as a core part of the JoongAng Media Network’s governance structure

Risks

• Rights offering and convertible bond issuance

• Rights offering: Aimed at acquiring the remaining stake in Megabox: 43mn new shares to be listed on August 11th, 2015

• Convertible bonds: Issued in October 2013; Number of shares that can be converted stood at 4.68mn as of May 2015, before rights offering

J Contentree (036420 KQ)Stocks to watch

2H15 Outlook 44

Media



(Wbn) 12/14 12/15F 12/16F 12/17F

Revenue 394 398 411 423

Cost of Sales 206 209 215 222

Gross Profit 188 189 196 201

SG&A Expenses 153 150 151 153




Net Financial Income -4 0 0 0





Profit from Discontinued Operation -1 0 0 0







EBITDA 57 61 67 70


EBITDA Margin (%) 14.5 15.3 16.3 16.5




(Wbn) 12/14 12/15F 12/16F 12/17F




Inventories 7 7 8 8






T otal Assets 481 507 538 570
















12/14 12/15F 12/16F 12/17F

P/E (x) - 23.9 21.8 20.9

P/CF (x) 3.4 4.8 4.5 4.4

P/B (x) 2.4 2.6 2.4 2.1

EV/EBITDA (x) 7.6 7.6 6.8 6.1

EPS (W) -1 178 196 204

CFPS (W) 1,002 882 938 964

BPS (W) 1,438 1,617 1,812 2,016

DPS (W) 0 0 0 0

Payout ratio (%) 0.0 0.0 0.0 0.0

Dividend Yield (%) 0.0 0.0 0.0 0.0

Revenue Growth (%) 3.7 1.0 3.3 2.9

EBITDA Growth (%) -6.6 7.0 9.8 4.5


EPS Growth (%) - - 10.1 4.1




ROA (%) 2.9 5.0 5.2 5.1

ROE (%) -0.1 12.3 12.0 11.1

ROIC (%) 10.0 11.4 13.4 15.0


Current Ratio (%) 73.6 87.8 102.3 117.0

Net Debt to Equity Ratio (%) 78.7 52.2 31.0 13.9


J Contentree (036420 KQ)Stocks to watch

2H15 Outlook 45

Media

Media sector to take a big jump forward


[Conclusion] Not just recovering, but leaping forward

Top pick:

CJ E&M: A content firm that will take a leap forward via global expansion and rising domestic

profitability

Stocks to watch:

1) Ad market recovery and growth:Cheil Worldwide, Nasmedia

2) Changing pay-TV market:KT Skylife, CJ HelloVision

3) New markets: KTH

4) Dissipation of uncertainties: J Contentree , SBS Contents Hub

Underperformers

Those that have not set a clear strategy yet

Important Disclosures & Disclaimers 2-Year Rating and Target Price History

Company (Code) Date Rating Target Price Company (Code) Date Rating Target Price

CJ E&M(130960) 05/11/2015 Buy 80,000 10/30/2014 Trading Buy 23,000

03/29/2015 Buy 70,000 10/05/2014 Trading Buy 25,000

02/06/2015 Buy 51,000 07/28/2014 Buy 29,000

11/26/2014 Buy 48,000 04/29/2014 Buy 30,000

No Coverage 10/29/2013 Trading Buy 34,000

03/19/2013 Buy 42,000 10/02/2013 Trading Buy 32,000

SBS(034120) 05/17/2015 Buy 55,000 07/30/2013 Buy 41,000

04/26/2015 Buy 51,000 07/22/2013 Buy 45,000

02/22/2015 Buy 42,000 05/03/2013 Buy 50,000

07/25/2014 Buy 34,000 CJ HelloVision(037560) 05/28/2015 Buy 16,000

06/01/2014 Buy 40,000 05/07/2015 Buy 15,000

10/02/2013 Buy 50,000 04/24/2015 Buy 16,000

08/29/2013 Buy 56,000 11/06/2014 Buy 13,000

04/19/2013 Buy 58,000 08/12/2014 Buy 20,000

Cheil Worldwide(030000) 04/24/2015 Buy 30,000 11/08/2013 Buy 22,000

10/24/2014 Buy 27,000 07/22/2013 Buy 23,000

10/13/2014 Buy 31,000 KTH(036030) 04/24/2015 Buy 17,000

04/21/2014 Buy 32,000 03/10/2015 Trading Buy 14,000

04/29/2013 Buy 34,000 11/26/2014 Trading Buy 10,000

Nasmedia(089600) 05/28/2015 Buy 52,000 No Coverage

05/17/2015 Buy 44,000 SBS Contents Hub(046140) 05/28/2015 Trading Buy 20,000

04/24/2015 Buy 40,000 11/26/2014 Buy 20,000

11/26/2014 Buy 33,000 No Coverage

KT Skylife(053210) 04/24/2015 Buy 24,000 Jcontentree(036420) 05/28/2015 Trading Buy 4,700

01/28/2015 Trading Buy 20,000 11/26/2014 Buy 4,700

Analyst Certification The research analysts who prepared this report (the “Analysts”) are registered with the Korea Financial Investment Association and are subject to Korean securities regulations. They are neither registered as research analysts in any other jurisdiction nor subject to the laws and regulations thereof. Opinions expressed in this publication about the subject securities and companies accurately reflect the personal views of the Analysts primarily responsible for this report. Daewoo Securities Co., Ltd. policy prohibits its Analysts and members of their households from owning securities of any company in the Analyst’s area of coverage, and the Analysts do not serve as an officer, director or advisory board member of the subject companies. Except as otherwise specified herein, the Analysts have not received any compensation or any other benefits from the subject companies in the past 12 months and have not been promised the same in connection with this report. No part of the compensation of the Analysts was, is, or will be directly or indirectly related to the specific recommendations or views contained in this report but, like all employees of Daewoo Securities, the

Stock Ratings Industry Ratings

Buy : Relative performance of 20% or greater Overweight : Fundamentals are favorable or improving

Trading Buy : Relative performance of 10% or greater, but with volatility Neutral : Fundamentals are steady without any material changes

Hold : Relative performance of -10% and 10% Underweight : Fundamentals are unfavorable or worsening

Sell : Relative performance of -10%

Ratings and Target Price History (Share price (─), Target price (▬), Not covered (■), Buy (▲), Trading Buy (■), Hold (●), Sell (◆)) * Our investment rating is a guide to the relative return of the stock versus the market over the next 12 months. * Although it is not part of the official ratings at Daewoo Securities, we may call a trading opportunity in case there is a technical or short-term material development. * The target price was determined by the research analyst through valuation methods discussed in this report, in part based on the analyst’s estimate of future earnings. * The achievement of the target price may be impeded by risks related to the subject securities and companies, as well as general market and economic conditions.

Disclosures As of the publication date, Daewoo Securities Co., Ltd. has been acting as a financial advisor to Cheil Worldwide for its treasury share buyback program, and other than this, Daewoo Securities has no other special interests in the companies covered in this report.

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Analysts receive compensation that is impacted by overall firm profitability, which includes revenues from, among other business units, the institutional equities, investment banking, proprietary trading and private client division. At the time of publication of this report, the Analysts do not know or have reason to know of any actual, material conflict of interest of the Analyst or Daewoo Securities Co., Ltd. except as otherwise stated herein. Disclaimers This report is published by Daewoo Securities Co., Ltd. (“Daewoo”), a broker-dealer registered in the Republic of Korea and a member of the Korea Exchange. Information and opinions contained herein have been compiled from sources believed to be reliable and in good faith, but such information has not been independently verified and Daewoo makes no guarantee, representation or warranty, express or implied, as to the fairness, accuracy, completeness or correctness of the information and opinions contained herein or of any translation into English from the Korean language. If this report is an English translation of a report prepared in the Korean language, the original Korean language report may have been made available to investors in advance of this report. Daewoo, its affiliates and their directors, officers, employees and agents do not accept any liability for any loss arising from the use hereof. This report is for general information purposes only and it is not and should not be construed as an offer or a solicitation of an offer to effect transactions in any securities or other financial instruments. The intended recipients of this report are sophisticated institutional investors who have substantial knowledge of the local business environment, its common practices, laws and accounting principles and no person whose receipt or use of this report would violate any laws and regulations or subject Daewoo and its affiliates to registration or licensing requirements in any jurisdiction should receive or make any use hereof. Information and opinions contained herein are subject to change without notice and no part of this document may be copied or reproduced in any manner or form or redistributed or published, in whole or in part, without the prior written consent of Daewoo. Daewoo, its affiliates and their directors, officers, employees and agents may have long or short positions in any of the subject securities at any time and may make a purchase or sale, or offer to make a purchase or sale, of any such securities or other financial instruments from time to time in the open market or otherwise, in each case either as principals or agents. Daewoo and its affiliates may have had, or may be expecting to enter into, business relationships with the subject companies to provide investment banking, market-making or other financial services as are permitted under applicable laws and regulations. The price and value of the investments referred to in this report and the income from them may go down as well as up, and investors may realize losses on any investments. Past performance is not a guide to future performance. Future returns are not guaranteed, and a loss of original capital may occur. Distribution United Kingdom: This report is being distributed by Daewoo Securities (Europe) Ltd. in the United Kingdom only to (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), and (ii) high net worth companies and other persons to whom it may lawfully be communicated, falling within Article 49(2)(A) to (E) of the Order (all such persons together being referred to as “Relevant Persons”). This report is directed only at Relevant Persons. Any person who is not a Relevant Person should not act or rely on this report or any of its contents. United States: This report is distributed in the U.S. by Daewoo Securities (America) Inc., a member of FINRA/SIPC, and is only intended for major institutional investors as defined in Rule 15a-6(b)(4) under the U.S. Securities Exchange Act of 1934. 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The contents of this report have not been reviewed by any regulatory authority in Hong Kong. This report is for distribution only to professional investors within the meaning of Part I of Schedule 1 to the Securities and Futures Ordinance of Hong Kong (Cap. 571, Laws of Hong Kong) and any rules made thereunder and may not be redistributed in whole or in part in Hong Kong to any person. All Other Jurisdictions: Customers in all other countries who wish to effect a transaction in any securities referenced in this report should contact Daewoo or its affiliates only if distribution to or use by such customer of this report would not violate applicable laws and regulations and not subject Daewoo and its affiliates to any registration or licensing requirement within such jurisdiction.

KDB Daewoo Securities International Network

Daewoo Securities Co. Ltd. (Seoul) Daewoo Securities (Hong Kong) Ltd. Daewoo Securities (America) Inc. Head Office 34-3 Yeouido-dong, Yeongdeungpo-gu Seoul 150-716 Korea

Two International Finance Centre Suites 2005-2012 8 Finance Street, Central Hong Kong, China

320 Park Avenue 31st Floor New York, NY 10022 United States

Tel: 82-2-768-3026 Tel: 85-2-2845-6332 Tel: 1-212-407-1000

Daewoo Securities (Europe) Ltd. Daewoo Securities (Singapore) Pte. Ltd. Tokyo Branch 41st Floor, Tower 42 25 Old Broad St. London EC2N 1HQ United Kingdom

Six Battery Road #11-01 Singapore, 049909

7th Floor, Yusen Building 2-3-2 Marunouchi, Chiyoda-ku Tokyo 100-0005 Japan

Tel: 44-20-7982-8000 Tel: 65-6671-9845 Tel: 81-3- 3211-5511

Beijing Representative Office Shanghai Representative Office Ho Chi Minh Representative Office 2401A, 24th Floor, East Tower, Twin Towers B-12 Jianguomenwai Avenue Chaoyang District, Beijing 100022 China

Room 38T31, 38F SWFC 100 Century Avenue Pudong New Area, Shanghai 200120 China

Suite 2103, Saigon Trade Center 37 Ton Duc Thang St, Dist. 1, Ho Chi Minh City, Vietnam

Tel: 86-10-6567-9299 Tel: 86-21-5013-6392 Tel: 84-8-3910-6000

Daewoo Investment Advisory (Beijing) Co., Ltd. Daewoo Securities (Mongolia) LLC PT. Daewoo Securities Indonesia

2401B, 24th Floor, East Tower, Twin Towers B-12 Jianguomenwai Avenue, Chaoyang District, Beijing 100022 China

#406, Blue Sky Tower, Peace Avenue 17 1 Khoroo, Sukhbaatar District Ulaanbaatar 14240 Mongolia

Equity Tower Building Lt.50 Sudirman Central Business District Jl. Jendral Sudirman Kav. 52-53, Jakarta Selatan Indonesia 12190

Tel: 86-10-6567-9699 Tel: 976-7011-0807 Tel: 62-21-515-1140

2015 2H Outlook : Korean Media industry

Presentations & Public Speaking

forward media

new ad media

media sector media sector

content sales

new markets

overall ad market growth

ad market recovery

h structural growth