reports
- Peter Yoo
- Peter Yoo
Subscribers and AI speaker offer momentum
- We maintain BUY and raise our target price to KRW120,000. - The number of paying subscribers net-increased by 150,000 helped by the synergy with Kakao (035720.KS, BUY) and milder competition. - Demand for digital music content should grow further as the AI speaker market gains momentum.
- Marie Sun
- Marie Sun
Loen Delivered Strong 1Q Results, and the Paying Users Continue to Gro...
Loen Entertainment released strong first-quarter results with the top-line growth beating our annual growth projection and the operating margin lower than our annual projection. The strong revenue growth of 38.5% is mainly due to the continued growth of MelOn platform with a net add of 120,000 paying users as well as the average revenue per user, or ARPU, growth after the price hike in 2016. The lower-than-expected operating margin, at 17.3%, is mainly due to the talent management business that ...
- Marie Sun
Narrow-Moat Loen’s 2017 Earnings Will Benefit from Significant Price...
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 networ...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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