0813四大娱乐情况对比研报kdb cjeampm.pdfVIP

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CJ EM (130960 KQ) Dramas and fi to drive earnings in 2016 4Q15 earnings likely boosted by Reply 1988impact Media We believe that CJ EM’s greatest 4Q15 earnings catalyst was the hit drama Reply 1988, the success of which has had a positive impact on ad rates. Ad rates for the Saturday Update 8:00 p.m. time slot have tripled from the same period last year (when the show Misaeng January 13, 2016 was aired). Ad rates have also climbed 50% YoY for the Friday 10 p.m. tentpole (prime time) slot and 125% YoY for the Thursday 11:00 p.m. slot. Reply 1988 has reportedly raked in more than W20bn in revenue from in-program ads, VOD, and soundtrack sales. (Maintain) Buy The film division, however, likely served as a drag on 4Q15 margins. Except for the box- office hit The Priests, we believe the recognized expenses and losses for most Target Price (12M,W) 110,000 of its fi in 4Q15. The Himalayas has performed well at the box office, but the film came out late in the quarter (December 16th ) and the fi

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