Narrow-Moat Loen’s 2017 Earnings Will Benefit from Significant Price Hike, but Shares Fairly Valued
We are initiating coverage of Loen with a fair value estimate of KRW 89,000 per share and a high uncertainty rating. We assign narrow moat and stable moat trend ratings to this firm, mainly owing to intangible assets and network effect. MelOn, Loen’s online music streaming platform, owns the largest market share in South Korea in terms of the number of paying users and unique users as well as user time spent. We believe that it will further expand its user base and strengthen its social networki...Kakao M Corp., formerly LOEN ENTERTAINMENT, INC., is a Korea-based company engaged in manufacturing and distributing album. Its main product is compact disc used for listening to music The Company operates its business through two segments: digital music segment, which provides digital music and online music under the brand of MelOn, and album segment which plans, manufactures and distributes albums.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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