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[Alpha Biz=(Chicago) Reporter Paul Lee] Hyundai Motor Securities Co. raised its target stock price of CJ ENM to 90,000 won on the 15th, saying its earnings will improve next year due to a TVing merger and a reduced deficit in its U.S. studio "Piff Season."
"ZB1, which debuted in July, has accumulated more than 4 million copies with two mini albums," Hyundai Motor Securities said. "Next year, artists from two teams, including girl groups, will be added, and we expect 7,021 billion won in sales and 60.3 billion won in operating profit."
In particular, TVing has been gradually improving profits and losses this year by streamlining investment in original content and increasing traffic through the introduction of real-time free viewing.
"By signing a memorandum of understanding for the merger with Wave earlier this month, it is expected to emerge as the only competitor with a 70-80% appearance compared to Netflix when the merger is completed," Hyundai Motor Securities said. "We expect 1.3,839 trillion won in media platform sales and 40.9 billion won in operating profit next year."
"The Fifth season delivered four units in the third quarter, breaking away from the aftermath of the strike by U.S. writers, and operating losses were greatly reduced to 12 billion won in the third quarter," Hyundai Motor Securities said. "The delivery is expected to increase in the fourth quarter compared to the previous quarter," adding, "We will be able to supply an average of three to four units in the next quarter."
Meanwhile, on the KOSDAQ market on the 14th, CJ ENM is trading at 70,000 won, up 1.75% from the previous trading day at 9:07 am.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
