Company update Korea / Entertainment 11 April 216 BUY 16, 13, Upside/downside 4.6 KOSPI 1,972. 2,19 68,8-138, 23.3 1.1 Forecast earnings & valuation Fiscal year ending Dec-14 Dec-1 Dec-16 E Dec-17 E 1,39 1,194 1,46 1,738 2.1 66.9 83.2 13.6 16. 2.2 6.6 72. 16.7 1.9 6.6 72. 787 2,4 2,672 3,428 29. 211.8 8.9 28.3 68.6 1.3 38.7 3.2 11.1 17.7 13. 11.3.6.3.3.3 3. 6.3 4.7 4.1 4.4 12.9 12.7 14.4 89.9 98.3 11. 117.9 Performance (KRW) Price (LHS) Rel. to KOSPI (RHS) 146, 136, 126, 116, 16, 96, 86, 76, 66, Apr1 Jul1 Oct1 Jan16 Performance 1M 3M 12M (1.4) (19.8).4 (11.7) (22.6) 4.7, Analyst 3774 191 yoonmi.jung@miraeasset.com 23 21 19 17 1 13 11 9 See the last page of this report for important disclosures
, Analyst, 3774 191, yoonmi.jung@miraeasset.com Figure 1 CJ CGV 의중국연결대상법인매출액및비중추이 Figure 2 CJ CGV 의중국매출및영업이익비중및전망 (KRW bn) (KRW bn) 4 4 3 3 China (lhs) % of total revenue (rhs) 3 2 2 4 3 China OP (lhs) China OPM (rhs) 1 2 2 1 2 1 () (1) 1 1 1 (1) (1) (2) 213 214 21 216E 217E (2) 213 214 21 216E 217E 218E 219E (2) Figure 3 CJ CGV 의사이트수추이및전망 Figure 4 중국박스오피스및관람객추이및전망 (Unit) (CNY bn) (1m) 2 2 1 1 New sites Existing sites 7 6 4 3 2 1 9 BO (lhs) 16 11 21 Moviegoers (rhs) 6 44 29 18 16 14 12 1 8 6 4 21 211 212 213 214 21 216E 217E 218E 219E 22E 21 211 212 213 214 21 216E 2 Figure 도시등급별스크린수증가 Figure 6 1-4 선도시스크린수 M/S (') 1st 2nd 3rd 4th 1 3rd-4th 1st-2nd 3.8 9 8 37 39 41 4 2.4 1.4 1.8 7.7 1.2.7 4.2 7.2 9..8 4. 4.7.8 7.1 8.4 212 213 214 21 7 6 4 3 2 1 63 61 9 212 213 214 21 2
, Analyst, 3774 191, yoonmi.jung@miraeasset.com Figure 7 중국국산영화 BO 증가추세 (RMB bn) 4 Domestic Overseas 4 3 3 2 2 1 1 212 213 214 21 Figure 9 연도별 1 억 RMB 돌파영화 213 214 21 Mar-16 # of movies 1 2 3 Total BO (RMB m) 1,246 2,216 8,28,74 Moviegoers (mil) 31 9 233 16 Average BO per movie 1,246 1,18 1,66 1,91 Figure 8 편당중국국산영화 BO 증가추세 7 6 4 3 2 1 Figure 1 21 년중국박스오피스상위 1 위현황 Rank (RMB bn) Movie BO CAGR 212-21: 48% 212 213 214 21 Revenue (CNY bn) BO M/S Admission (m) 1 몬스터헌터 2.4 6 6.6 2 분노의질주 7 2.4 6 62. 3 Lost in Hongkong 1.6 4 49.1 4 어벤져스 2 1. 3 36.6 굿바이미스터루저 1.4 3 44.8 6 쥬라기월드 1.4 3 37.1 7 The Ghouls 1.4 3 37.7 8 A HERO OR NOT 1.2 3 3. 9 마카오풍운 2 1. 2 24.9 1 Monkey King 1. 2 27.6 Figure 11 연도별대형개발상사이트확보현황 Figure 12 오픈연도별스크린당 BO (RMB m) 4% 3% 3% 2% 2% 1% 1% ~211 212 213 214 21E Open year 214 21 YoY ~211 3. 4.1 17 212 2.9 3.7 27 213 2.2 2.8 27 214. 1.9 739 1H1-2. - > Annualized 2.7 - China total 1.3 1.4 11 3
, Analyst, 3774 191, yoonmi.jung@miraeasset.com Figure 13 CGV 사이트 ( 청두진니우점 ) Figure 14 CGV 사이트 ( 청두진니우점 ) Figure 14 CGV 청두진니우점 4DX 관입구 Figure 1 CGV 청두온장점 VIP lounge Figure 16 CGV 청두룽후점어린이전용관앞어린이라운지 Figure 17 CGV 청두룽후점셀프티케팅 4
, Analyst, 3774 191, yoonmi.jung@miraeasset.com Figure 18 경쟁사방문 (Stella International Cineplex) Figure 9 경쟁사방문 (Stella International Cineplex) Figure 1 경쟁사방문 (Stella International Cineplex) Figure 11 경쟁사방문 (Wanda Cinema) Figure 12 경쟁사방문 (Wanda Cinema) Figure 13 경쟁사방문 (Wanda Cinema VIP lounge)
, Analyst, 3774 191, yoonmi.jung@miraeasset.com Summary financial statements 214 21 216E 217E 1,39 1,194 1,46 1,738 27 9 698 882 12 99 78 86 46 32 62 73 2 67 83 14 2 67 83 14 (17) (16) (18) (19) 4 8 1 12 () 14 () 3 73 7 97 19 21 19 24 16 2 7 73 17 2 7 73 EPS ( 지배주주지분, 원 ) 787 2,4 2,672 3,428 214 21 216E 217E 13. 14.8 17.8 23.6 9. 16.8 18.3 2.9 1.1 28.4 24.3 24. 31.3 211.8 8.9 28.3 29. 211.8 8.9 28.3 49.3.2.4 49.3..6.9 6. 1.6 4.4 4. 4.2 214 21 216E 217E 3 3 328 38 19 139 81 67 13 3 3 3 137 136 16 24 11 14 16 2 3 64 64 64 9 1,62 1,281 1,486 88 676 86 1,69 7 84 122 127 286 32 294 29 1,2 1,418 1,69 1,844 474 447 87 7 19 192 281 348 161 126 176 276 123 129 13 131 39 26 28 29 313 43 43 43 77 72 74 76 864 972 1,11 1,28 382 421 47 3 9 24 24 24 391 44 494 9 18,48 19,899 22,221 2,298 214 21 216E 217E 147 84 11 99 16 2 7 73 82 19 127 148 33 (77) (128) (146) 1 9 2 (189) (16) (216) (2) (144) (18) (168) (192) (4) 2 (48) (13) 9 16 43 93 (7) (7) (7) (7) 66 118 1 86 19 139 81 19 139 81 67 214 21 216E 217E 4.4 12.9 12.7 14.4 1.4 3.9 3.7 4.2 4. 3.8 3.9 3.8 42.3 41.9 39.1 38.7 6.4 8. 61.4 66.1 89.9 98.3 11. 117.9 3.1 4.2 4.7.6 6
, Analyst, 3774 191, yoonmi.jung@miraeasset.com Recommendations Distribution of Ratings Compliance Notice Target Price and Recommendation Chart (KRW) Stock Price Target Price 181, 161, 141, 121, 11, 81, 61, 41, Apr14 Oct14 Apr1 Oct1 Apr16 Date Recommendation 12m target price 214-8-29 BUY (Initiate) 7, 214-1-2 BUY 7, 214-11-11 BUY 7, 21-2-27 BUY 78, (Up) 21-3-13 BUY 78, 21-4-6 BUY 78, 21-4-2 BUY 78, 21--11 BUY 1, (Up) 21-7-1 BUY 14, (Up) 21-8-12 BUY 14, 21-11-9 BUY 14, 216-1-14 BUY 16, (Up) 216-2- BUY 16, 216-4- BUY 16, 216-4-11 BUY 16, 7