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CJ ENM headquarters (photo= provided by CJ) |
[Alpha Biz= Reporter Kim Minyoung] Hyundai Motor Securities told CJ ENM on the 8th that the number of paid subscribers to TVing is rapidly increasing with the opening of the regular baseball league, and the spread of the advertising rate system will accelerate. It is also expected that the comeback of new girl group MIRAI, audition program 'I-Land2' and ZB1 will create a long-term growth engine for the entertainment business. The target price was 110,000 won, and the investment opinion 'buy' was maintained.
Hyundai Motor Securities Co. expected CJ ENM's expected sales to rise 6.8 percent on-year to KRW 1.139 trillion in the first quarter and operating profit to KRW 19.7 billion, a turnaround from a year earlier.
Hyundai Motor Securities said, "With the opening of the regular baseball league, the number of DAUs is hitting a new high every day," adding, "We are chasing Netflix, which has fallen to 2.8 million."
"The spread of the advertising rate system is expected to accelerate further in the second quarter," Hyundai Motor Securities Co. said. "This is because baseball broadcasts will be paid from May 1."
"Although gains and losses are expected to deteriorate slightly due to a drop in distribution sales, we expect to expand the scale of organized sales from the second quarter," said Hyundai Motor Securities Co. "10 more dramas will be supplied by the end of the year."
Alphabiz Kim Minyoung (kimmy@alphabiz.co.kr)
