2015 2H Outlook : Korean Media industry

2H15
Outlook
Report
May 28, 2015
Overweight
(Maintain)
2
4
13
21
25
45
[Summary]
I. 2H15 outlook: A big jump forward
II. Themes and issues
III. Valuation and investment strategies
IV. Top pick and stocks to watch
CJ E&M
Cheil Worldwide, Nasmedia
KT Skylife, CJ HelloVision
KTH, SBS Contents Hub, J Contentree
[Conclusion] Not just recovering, but leaping forward
Media
A big jump forward
Jee-hyun Moon
+822-2-768-3615
jeehyun.moon@dwsec.com

2H15 Outlook 2
Source: Cheil Worldwide, KOCCA, Thomson Reuters, KDB Daewoo Securities Research
[Summary] A big jump forward for the media sector
Media sector to take a leap forward in 2H
Structural growth
New market, new Model
Increase in Chinese sales
Establishment of local companies
M&A activities
Decrease in content sales
to Japan Decrease in
advertising sales
to EU Incurred one-off costs
0
550
1,100
1,650
2,200
2,750
3,300
25
50
75
100
125
150
01 02 03 04 05 06 07 08 09 10 11 12 13 14 15F 16F 17F
(Wbn)(p)
Total overseas revenue from broadcasting content and advertising (R)
Media sector index (L)
[Domestic market focus]
Limited growth in advertising
and high sensitivity to
domestic economy and seasonality
Structural growth
New market, new Model
Increase in Chinese sales
Establishment of local companies
M&A activities
Decrease in content sales to Japan
Decrease in advertising salesto EU
Incurred one-off costs

2H15 Outlook 3
Media sector to take a leap forward in 2H
• Note stocks that are likely to advance further after share price recovery
• Following ad market recovery, additional momentum from ad-oriented
deregulation
• Overseas marketability already confirmed; Strategy to ensure
sustainable growth needs to be formulated
1) Beyond boundaries
• Digital conversion tearing down boundaries
• More opportunities for the ad, content, and pay-TV businesses likely to arise
2) Beyond regulations
• Broadcast ad-oriented deregulation to take effect
• Lifting of advertising restrictions on specific items to stimulate overall
ad market growth
3) Beyond the domestic market
• Expansion into global markets is essential
• Overseas marketability, and ability to expand into overseas markets,
already confirmed
• Time to devise a thorough strategy to ensure sustainable growth
Major themes and issues
• We highlight four themes under the keyword J.U.M.P.
J: Jungle – Changes in the competitive environment
• Competition has mounted due to FTAs and an increase in the
number of players
• Collaboration and consolidation likely to arise from deregulation
and M&As
U: UHD – Commoditization of UHD TV
• Picture quality improvement in TV gaining momentum
• UHD content is increasing across the media value chain
(terrestrial TV networks, cable PPs, and satellite broadcasters)
M: Monetization – Monetization of new business models
• Monetization is important after expansion into new markets
• Tailored business strategies, more sophisticated consumer billing
models, and additional content-related businesses
P: Personalization – Single-person households’ media
consumption
• Media consumption in an era of increasing focus on single-person
households and personalization
• Advertisers have been shifting to new ad media in line with changing
consumer behavior
[Summary] A big jump forward for the media sector

2H15 Outlook 4
Media
Notes: Media sector’s OP margin based on nine companies under our coverage
Source: Company data, Thomson Reuters, KDB Daewoo Securities Research
Korean media sector’s OP margin and index performance
Media sector to take a
leap forward
• Focus on likelihood of media shares not just recovering, but advancing sharply
• In addition to the ad market recovery, deregulation will likely boost media shares.
• Overseas marketability has already confirmed; Strategy to ensure sustainable growth needs to be
formulated.
Easing of advertising
regulations: Enforcement
decree of revised broadcasting
law to take effect between July
and August this year
Overseas revenue
fell in 2014 due to Japan’s
weakness; Chinese revenue to
increase starting in 2015
TIP
3
4
5
6
7
8
9
60
70
80
90
100
110
120
130
2011 2012 2013 2014 2015F 2016F
(%)(p) OP margin (R) Media sector index (L)
Falling profitability
Sideways stock price trend in 2013,
followed by plunge in 2014
OP margin to recover in 2015
Dissipation of one-off costs
Additional momentum sources:
1) Easing of domestic regulations on advertising
2) Increase in overseas revenue

2H15 Outlook 5
Media
62%
74%
2%
63%
0%
20%
40%
60%
80%
05 06 07 08 09 10 11 12 13 14
Digital/total pay TV
LTE/total wireless telecom
Source: Ministry of Science, ICT and Future Planning, Statistics Korea, KDB Daewoo Securities Research
Note opportunities as pay-TV digital conversion and spread of LTE services reach the final stage
1) Beyond boundaries • Digital conversion tearing down existing business boundaries
• Pay-TV digital conversion (household level) and spread of mobile LTE (individual level)
• Digital conversion reaching the final stage: Focus on opportunities rather than risks
(including capex and costs).
Time taken to reach 60%
penetration: 10 years for digital
conversion of pay TV vs. three
years for LTE conversion of
mobile phones
TIP

2H15 Outlook 6
Media
Source: KDB Daewoo Securities Research
Expansion of broadcasting value chain in the digital era
1) Beyond boundaries
• In the broadcasting value chain, new revenue sources have formed around the pay-TV platform.
• Platform: Commission markets for VOD distribution and T-commerce transmission
• Content: The VOD market is growing on the back of the availability of various kinds of services,
including fixed monthly schemes, packaged products, and mobile clip services.
• Advertising: In-program ad market, including products in placement (PPL) and IPTV ads (which
play before VOD content begins)
The pay-TV digital conversion
is bringing new business
opportunities:
1) The conventional
broadcasting value chain is
horizontal
2) The digital conversion has
expanded the value chain
and brought new revenue
sources, including VOD ads
and T-commerce
TIP
Advertising
Home shopping,
T-commerce
Production/
programming
Service/distribution Devices
Subscribers
Content providers
- Terrestrial TV
- Program providers
Pay TV
- System operators
- Satellite TV
- IPTV operator (telcos)
- OTT operators
Broadcasting
fees
Service
fees
Revenue RevenueRevenue

2H15 Outlook 7
Media
Note: Decided on April 24th
, 2015 ; Virtual ads, indirect advertising, and sponsorship notices are all in-program ads
Source: KCC, KDB Daewoo Securities Research
Details on easing of advertising regulations (enforcement decree of the Broadcasting Act)
2) Beyond regulations
Ad type Details
Total amount
of advertising
★ Total ad time regulation introduced; Total ad time is based on program hours.
- Terrestrial broadcasters, etc.: Total ad time per program hour raised to maximum of 18%
(previously 10% maximum); Average of 15% (9 min. on average; 10 min. 48 sec. maximum)
- Pay TV, etc.: Ads allowed to take up a maximum of 20% (17% on average) per program hour
(10 min. 12 sec. on average; 12 min. maximum)
Virtual ads
★ Ad-eligible programs to expand from only sporting events to sporting events, entertainment shows,
and sports coverage programs
★ Time allowance to expand (for pay TV, etc.): 5% per program hour  7%
Indirect
advertising
★ Time allowance to expand (for pay TV, etc.): 5% per program hour  7%
Sponsorship
notices
★ Easing of restrictions
- Sponsorship notices will be allowed for producers of ad-ineligible products.
★ Expansion of eligible products
- For ad-ineligible products of public institutions, public service ads will be allowed.
• Easing of ad regulations appears imminent, mostly on broadcasting ads
• Intention is to strengthen financial conditions of broadcasters that produce “killer content”
and to create a fair business environment.
• Total ad time: KCC to abolish individual TV ad regulations, putting a limit only on total ad time;
This will mainly benefit terrestrial broadcasters.
• Virtual ads: Advertising opportunities will expand as virtual ads will be allowed on more types of programs.
• Indirect advertising and sponsorship notices: Lifting of ad ban on certain items will help expand accounts.
Regulations related to terrestrial
broadcasters:
1) In-program ads (commercial
breaks) remain prohibited
(but allowed in the case of
sporting events and
cultural/art events).
2) Virtual and indirect ads:
Current allowance
(5% of the program hour)
will remain unchanged.
3) Regulations on sponsorship
notices will ease
(e.g., expansion of eligible
items/accounts).
TIP

2H15 Outlook 8
Media
Domestic ad market growth and outlook
2) Beyond regulations • The government is working to devise policies to boost the overall ad market.
• Loosening of regulations on ads for alcoholic beverages, powdered infant formula, formulated milk,
medical services, and prescription drugs
• Boosting new media advertising (based on smart media)
• Discussions are underway on ways to improve the smart ad production environment, promote
standardization, assess advertising effects (statistics), and nurture relevant professionals.
Domestic ad market grew only
0.6% YoY in 2014, to W9.6tr.
For 2015, we expect the market
to expand 3.9% YoY to W10tr.
TIP
Source: Company data, PwC, KDB Daewoo Securities Research
-40
-20
0
20
40
0
3
6
9
12
91 93 95 97 99 01 03 05 07 09 11 13 15F 17F
(%, YoY)(Wtr) Domestic ad market size (L)
Growth rate (R)
Market recovery
Deregulation
Korea/Japan World Cup
Economic recovery;
South Africa
World Cup
Sewol ferry disaster;
decrease in SEC
earnings

2H15 Outlook 9
Media
Source: Cheil Worldwide, KOCCA, Thomson Reuters, KDB Daewoo Securities Research
Increasing correlation between media share prices and overseas revenue
3) Beyond the
domestic market
• The most effective way to sidestep the impact of domestic regulations is to go global.
• The correlation between media share prices and overseas revenue has increased since 2010.
• Overseas revenue helps ease the impacts of macro conditions and seasonality on earnings and
share prices.
In 2014, overseas revenue
stagnated; Broadcast content
business was hurt by drop in
Japanese revenue, while ad
business was weighed down by
decrease in European revenue.
For 2015, we expect both the
content and ad businesses to
show revenue growth in China.
Also, M&A deals and overseas
network expansion should
provide an additional boost.
TIP
0
550
1,100
1,650
2,200
2,750
25
50
75
100
125
150
01 02 03 04 05 06 07 08 09 10 11 12 13 14 15F
(Wbn)(p)
Total overseas revenue from broadcasting content and advertising (R)
Correlation between overseas revenue
and media sector performance has
increased since 2010

2H15 Outlook 10
Media
Evolution of the Korean Wave: Currently in the third phase (i.e., expansion into China)
3) Beyond the
domestic market
• Thanks to the evolution of the “Korean Wave,” Korea’s cultural phenomenon is developing
into an industry.
• Among global markets, Japan is the main market for offline dramas, while the US and Europe are
strong markets for online music.
• Currently, the industry is paying keen attention to the Chinese content/ad market
(both online and offline).
Korean Wave content market in
China encompasses online and
offline channels:
- Online: Youku
(e.g., right to
transmit content)
- Offline: TV broadcasters
and film box office
TIP
China
My Love from the
Star;
Running Man
Online/offline
US/EU
„Gangnam Style‰
Online
Japan
Popularity of
Bae Yong-joon
Offline
First Second Third
Cultural phenomenon
(fads, temporary)
Potential revenue
(industry development,
sustainability)

2H15 Outlook 11
Media
Sustainable business lineup is necessary to ensure overseas expansion
3) Beyond the domestic
market
• For overseas projects, marketability and likelihood of success in expansion have already
been confirmed.
• The success of overseas projects is inherently unpredictable
• It is time to form detailed strategies for establishing sustainable business lineups and ensuring
overseas growth.
• Companies need to make steady business plans and lineups.
Overseas projects are hard to
reflect in enterprise value due
to their highly unpredictable
business nature, no matter how
well they perform.
Only if overseas subsidiaries
are established and provide a
sustainable business lineup can
overseas business be reflected
in enterprise value.
TIP

2H15 Outlook 12
Media
Two-track strategy: JV + direct operations
3) Beyond the
domestic market
• Two-track strategy: Joint venture (JV) + overseas subsidiaries
• A JV can lead to faster monetization and reduce errors in the early stages.
• Establishing an overseas subsidiary can help ensure business sustainability and stronger growth
over the medium to long term.
KEEP
CALM
AND
SET UP
SHOP
Joint ventures help improve
short-term results, but
restrictions on equity ownership
and business flexibility may limit
growth.
Establishing an overseas
subsidiary can be riskier than
forming a JV, but the prospect
of full revenue recognition can
be attractive.
TIP

2H15 Outlook 13
Media
Key themes in 2H15
II. Themes and issues: J.U.M.P.
J.U.M.P. • 2H15 keyword: J.U.M.P.
• J: Jungle - Changes in the competitive environment
• U: UHD - Commoditization of UHD TV
• M: Monetization - Monetization of new business models and new markets
• P: Personalization - Changes in content and ad market driven by single-person households
2H15 media industry trends:
Changing competitive
landscape, earnings
improvement, higher pixel
counts, and personalization
TIP
U
M
Jungle
: Rapidly changing competitive landscape
UHD
: Rising penetration
Monetization
: With growth story in place,
monetization now the key
Personalization
: Media consumption by
single-person households
J
P

2H15 Outlook 14
Media
Media industry to undergo major changes in competitive structure starting in 2H
II. Themes and issues: 1) Jungle
1) Jungle:
A dog-eat-dog world
• Jungle: Changes in the competitive landscape to pick up speed
• Media content: Opening of the program provider (PP) market under the ROK-US FTA;
Growing demand from China
• Pay-TV competition variables: 1) Telcos’ expansion into the pay-TV market and 2) digital
conversion
• Deregulation, M&As, and partnerships may result in industry cooperation/consolidation.
Changes in market competition
may lead to higher ARPU for
media content.
Korea’s pay-TV ARPU is
among the lowest in the world.
Netflix may enter the Korean
market next year.
TIP
Market integration
Easing uncertainty
Evolving domestic
Platform strategy
Expansion into China
Overseas services
entering Korean market
Establishment of a new
segment
New entrants
OTT
Netflix
Content-platform
integration
Domestic:
Exclusive
content
China:
Broadcasting, film
Pay TV:
C&M
Multiplex:
Megabox
ContentM&A

2H15 Outlook 15
Media
Source: Broadcast industry status report, KCTA, KDB Daewoo Securities Research
Pay-TV market consolidation is underway, but still has a long way to go (19 operators)
II. Themes and issues: 1) Jungle
1) Jungle:
Industry consolidation
• The Korean pay-TV market has been weighed down by stiff competition.
• The digital broadcast conversion has caused investments and costs to rise;
ARPU growth has stagnated due to price discount pressures amid competition.
• Some companies (C&M, etc.) were placed on the M&A market amid deregulation, signaling
industry consolidation.
• A successful merger would likely improve the involved firms’ enterprise values.
The pay-TV industry’s history is
marked by consolidation.
TIP
21
20
25 23
23
21
18 19
11 10
0
10
20
30
40
05 06 07 08 09 10 11 12 13 14
(no.)
IPTV Satellite Cable SO (individual) Cable MSO

2H15 Outlook 16
Media
Source: Display Search, LG Display, KDB Daewoo Securities Research
UHD TV penetration to exceed 10% in 2015, as more UHD TV content becomes available
II. Themes and issues: 2) UHD
2) UHD:
“My neighbor’s got a
UHD TV!”
• UHD: Early stage of UHD TV commoditization
• Higher pixel counts are catching on with consumers more quickly than past TV trends.
• UHD TV penetration is anticipated to exceed 10% this year.
• Starting in 2H, terrestrial TV networks, cable PPs (CJ E&M), and satellite TV operators (KT Skylife)
are anticipated to step up UHD TV content operations
Content providers’ big shift:
- Terrestrial TV networks to
begin UHD content production
and programming in 2H
- CJ E&M (Korea’s largest
cable PP) launched UXN, a
channel dedicated to UHD
content
- Skylife TV launched two UHD
content channels
TIP
5%
13%
21%
28%
32%
0
10
20
30
40
210
220
230
240
250
260
2014 2015F 2016F 2017F 2018F
(%)(mn units)
Global TV shipments (L)
UHD TV penetration rate (R)

2H15 Outlook 17
Media
Monetization to begin in 2015
II. Themes and issues: 3) Monetization
3) Monetization • Monetization: Businesses start to make money after a growth story is in place.
• Monetization is important after forming and entering into new markets.
• Strategies to strengthen business sustainability are under review.
• More sophisticated monetization models and more diverse business models are needed.
2014 2015 2016
Formation of story
- Confirmation of
Chinese market viability
- Policy easing proposals
Monetization
- Strategies for Chinese
operations
- Realization of regulatory easing
- Business model diversification
Business lineup
- Localization efforts
- Recovery of market growth
- Increase in contribution of
new businesses

2H15 Outlook 18
Media
Source: CJ E&M, Thomson Reuters, KDB Daewoo Securities Research
CJ E&M shares are rallying as the company has delivered profit for two straight quarters
II. Themes and issues: 3) Monetization
3) Monetization:
Share prices to trend
upward if earnings
continue to improve
• Share prices should trend upward in line with improving earnings over the long term
• CJ E&M could be a case in point:
• Despite improvement in the recognized competitiveness of content, CJ E&M turned to red on a
quarterly basis two times in the past two years.
• This year, however, the company remained in the black in 1Q despite unfavorable seasonality,
leading to a share price rally.
Improvement in recognized
competitiveness is leading to
earnings growth.
TIP
1,000
1,500
2,000
2,500
3,000
-8
-4
0
4
8
1Q13 3Q13 1Q14 3Q14 1Q15 3Q15F
(Wbn)(%)
CJ E&M OP margin (L)
CJ E&M market cap (R)

2H15 Outlook 19
Media
Note: Survey of 308 single households in 2015; Displaying the most chosen answers and percentage
Source: Job Korea, Visual Dive, KDB Daewoo Securities Research
Single people spend the largest share of time consuming media content
II. Themes and issues: 4) Personalization
4) Personalization:
Single-person
households’ media
consumption
• Personalization of media driven by increasing focus on single-person households
• Increasing focus on single-person households’ media consumption changing the media content
market landscape
• The ad market is also developing and expanding as advertisers shift focus to single people with
large purchasing power.
Single people spend the largest
share of time consuming media
content.
TIP
63.6%
Satisfied with daily
routine
56.5%
Satisfied
overall
with single-
person
household life
83.7%
Encountered
feelings of loneliness
29.9%
Watch TV/movies to
relieve loneliness

2H15 Outlook 20
Media
Source: KISDI, Nasmedia, Cable TV VOD, KDB Daewoo Securities Research
VOD market’s growth is driving up fixed-rate monthly subscription sales and the IPTV ad market
II. Themes and issues: 4) Personalization
4) Personalization:
Single-person
households’ media
consumption
• Major indicator for personalized media consumption is VOD consumption.
• VOD market’s growth is driving up digital conversion in the pay-TV market and the unit price of
VOD content.
• Recently, fixed-rate monthly subscription package sales and IPTV ad billings have also been on
the rise.
VOD: Video on demand
IPTV ad slots have been
completely sold out since July
2014
TIP
0
40
80
120
160
0
200
400
600
800
2011 2012 2013 2014 2015F
(Wbn)(Wbn)
Cable VOD revenue (L)
IPTV VOD revenue (L)
IPTV monthly plans revenue (R)
IPTV ad billings (R)

2H15 Outlook 21
Media
Note: Based on the data of nine media companies under our Universe,
Source: Each company, Korea Creative Content Agency, Thomson Reuters, KDB Daewoo Securities Research
Shares gaining momentum in 2015 on the back of growth in margins and overseas revenue
III. Valuation and investment strategies
Riding the wave of margin
growth and overseas
expansion
• Media sector’s share performance depends on policy, short-term earnings, and long-term growth story.
• Revenue is still largely swayed by policy factors due to high concentration on domestic market
• In the short term, shares likely have limited upside potential without earnings growth.
• Share re-rating is unlikely without long-term growth potential.
• Three determinants of share performance all likely to be favorable in 2015 
Easing of regulations, recovery of margins, and improved long-term growth potential
(confirmed by overseas success)
Media sector’s OP margin and
overseas revenue to improve
simultaneously in 2015
TIP
0
5
10
15
20
25
30
35
60
70
80
90
100
110
120
130
2011 2012 2013 2014 2015F 2016F
(%)(p)
OP margin (R)
Overseas revenue growth (R)
2014: shares and
profitability slumped;
overseas revenue growth
also fell
2015: expectations for
profitability as well as
acceleration of overseas
revenue growth

2H15 Outlook 22
Media
CJ E&M’s 12-month forward P/B band
Major global media companies’ earnings forecast and valuation (Wbn, %, x)
J Contentree’s 12-month forward P/B band
Notes: KDB Daewoo Securities estimates for CJ E&M and J Contentree; Data for other companies are based on the consensus
Source: Bloomberg, KDB Daewoo Securities Research
III. Valuation and strategies: Global peer group
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
10 11 12 13 14 15 16 17
(W) 8.0x
4.0x
2.7x
2.0x
1.5x
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
10 11 12 13 14 15 16 17
(W) Adj. price
1.8x
1.5x
1.2x
1.0x
0.7x
Company
Revenue (Wbn) OP (Wbn) OP margin (%) NP (Wbn) PE (x) P/B (x) ROE (%)
14 15F 16F 14 15F 16F 14 15F 16F 14 15F 16F 14 15F 16F 14 15F 16F 14 15F 16F
CJ E&M (Korea) 1,233 1,306 1,370 -13 41 49 -1.0 3.2 3.5 233 117 69 6.6 23.3 39.5 1.0 1.6 1.5 16.4 7.1 4.0
SBS Media Holdings 450 463 500 29 34 39 6.5 7.4 7.8 17 30 32 42.2 23.3 21.8 1.1 1.0 1.0 2.5 4.4 4.5
J Contentree 394 398 411 35 39 45 8.9 9.8 10.9 15 25 27 - 23.9 21.8 2.4 2.6 2.4 -0.1 12.3 12.0
Fuji Media Holdings (Japa
n)
6,227 6,033 6,113 248 262 298 4.0 4.3 4.9 193 194 223 20.3 18.5 16.3 0.6 0.7 0.6 3.3 3.6 4.0
Walt Disney (US) 51,102 57,019 61,713 11,902 14,866 16,541 23.3 26.1 26.8 7,853 9,401 10,367 23.4 21.8 19.3 4.0 3.9 3.5 17.7 18.2 21.5
Time Warner 28,818 31,184 33,288 6,294 7,817 9,076 21.8 25.1 27.3 4,031 4,240 5,038 18.6 18.2 14.7 2.9 2.6 2.4 12.9 16.1 20.1
Viacom 14,429 15,091 15,626 4,273 4,177 4,814 29.6 27.7 30.8 2,503 2,426 2,795 11.7 11.4 10.0 11.4 7.5 7.5 53.2 60.3 73.7
Discovery 6,599 7,145 7,582 2,171 2,301 2,433 32.9 32.2 32.1 1,200 1,286 1,431 18.2 17.6 15.2 2.7 4.0 3.8 17.3 20.4 23.0
ITV (EU) 4,491 4,993 5,316 1,266 1,361 1,482 28.2 27.3 27.9 808 1,077 1,176 23.0 17.0 15.5 10.6 8.6 6.6 49.8 52.3 46.2
RTL Group 8,122 7,204 7,397 1,401 1,362 1,422 17.3 18.9 19.2 913 881 918 19.5 17.7 16.8 4.5 4.5 4.4 21.8 25.1 26.6
Huayi Brothers (China) 406 560 692 146 221 283 35.9 39.5 40.9 153 187 235 75.2 57.1 45.6 9.8 9.0 7.8 15.2 16.3 16.7
Beijing Enlight Media 207 290 380 65 117 160 31.2 40.3 42.0 56 91 123 131.1 76.6 58.9 13.9 12.1 10.4 12.2 13.4 15.1
Zhejiang Huace Film & TV 326 550 667 73 142 190 22.4 25.9 28.5 67 119 156 77.7 50.6 38.5 9.3 5.5 4.8 15.3 14.8 13.7
Shanghai New Culture 106 273 361 26 72 95 24.2 26.2 26.4 21 55 71 110.4 67.4 51.3 16.2 8.7 7.3 12.4 16.9 14.6
Average 8,779 9,465 10,102 1,994 2,344 2,638 20.4 22.4 23.5 1,290 1,438 1,619 45.8 31.7 27.5 6.5 5.1 4.6 17.9 20.1 21.1

2H15 Outlook 23
Media
Cheil Worldwide’s 12-month forward P/E band
Major global ad agencies’ earnings forecast and valuation (Wbn, %, x)
Cheil Worldwide’s 12-month forward P/B band
III. Valuation and strategies: Global peer group
Notes: KDB Daewoo Securities estimates for Cheil Worldwide; Data for other companies are based on the consensus
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
10 11 12 13 14 15 16 17
(W)
31.4x
26.4x
21.4x
16.4x
11.4x
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
10 11 12 13 14 15 16 17
(W)
3.4x
2.9x
2.5x
2.1x
1.7x
Company name
Revenue (Wbn) OP (Wbn) OP margin (%) NP (Wbn) P/E (x) P/B (x) ROE (%)
14 15F 16F 14 15F 16F 14 15F 16F 14 15F 16F 14 15F 16F 14 15F 16F 14 15F 16F
Cheil Worldwide (Korea) 2,666 2,673 2,863 127 157 174 4.8 5.9 6.1 102 124 136 19.5 20.3 18.6 2.0 2.2 2.0 13.2 13.1 12.6
Dentsu (Japan) 7,053 6,058 7,080 1,281 890 1,195 18.2 14.7 16.9 773 527 740 41.7 30.1 22.3 1.9 1.7 1.6 4.9 5.7 7.4
Hakuhodo DY holdings 10,948 10,656 10,974 356 362 385 3.3 3.4 3.5 192 198 209 25.0 22.9 21.6 1.9 1.8 1.7 7.9 8.6 8.4
Asatsu-DK 3,517 3,222 3,344 41 42 49 1.2 1.3 1.5 37 39 44 33.5 30.7 27.4 1.1 1.0 - 3.3 2.9 -
BlueFocus (China) 19,993 19,888 20,999 2,463 2,683 2,912 12.3 13.5 13.9 1,868 2,046 2,221 18.9 16.5 15.0 2.8 2.5 2.4 14.3 15.5 16.2
Guangdong Advertising 16,135 16,467 17,088 2,048 2,089 2,207 12.7 12.7 12.9 1,163 1,173 1,241 17.5 17.3 16.0 7.7 6.8 6.7 35.6 36.4 40.1
WPP PLC (UK) 10,146 11,724 12,436 1,582 1,733 1,900 15.6 14.8 15.3 1,007 1,195 1,317 23.4 17.2 15.5 2.6 2.6 2.4 12.9 16.2 17.0
Omnicom Group (US) 7,939 8,211 8,548 830 931 1,031 10.5 11.3 12.1 503 513 577 20.2 18.1 15.8 4.5 4.1 4.0 24.5 21.7 24.5
Publicis Groupe (EU) 1,017 1,526 1,909 136 220 286 13.4 14.4 15.0 122 167 222 75.6 38.7 29.3 8.4 6.8 5.7 11.6 19.0 20.4
Interpublic Group (US) 1,078 1,545 1,833 103 185 233 9.6 12.0 12.7 73 129 162 63.2 42.7 32.8 13.5 11.3 8.2 23.1 30.8 27.5
Average 8,049 8,200 8,711 897 929 1,037 10.1 10.4 11.0 584 611 687 33.9 25.4 21.4 4.6 4.1 3.9 15.1 17.0 19.4

2H15 Outlook 24
Media
Major global pay-TV companies’ earnings forecast and valuation (Wbn, %, x)
III. Valuation and strategies: Global Peer Group
Notes: KDB Daewoo Securities estimates for CJ HelloVision and KT Skylife; Data for other companies are based on the consensus
0
6,000
12,000
18,000
24,000
30,000
10 11 12 13 14 15 16 17
(W)
57.0x
30.0x
20.0x
15.0x
10.0x
0
10,000
20,000
30,000
40,000
50,000
10 11 12 13 14 15 16 17
(W)
Adj. price
30.3x
25.5x
20.8x
16.0x
11.3x
Company
Revenue (Wbn) OP (Wbn) OP margin (%) NP (Wbn) P/E (x) P/B (x) ROE (%)
14 15F 16F 14 15F 16F 14 15F 16F 14 15F 16F 14 15F 16F 14 15F 16F 14 15F 16F
CJ HelloVision (Korea) 1,270 1,279 1,350 102 126 140 8.0 9.8 10.4 26 69 80 29.3 15.0 13.0 0.8 1.1 1.0 2.9 7.3 7.8
KT Skylife 623 621 640 78 89 94 12.5 14.3 14.7 56 68 72 15.8 13.0 12.3 2.0 1.8 1.6 13.2 14.8 14.0
Hyundai HCN 306 298 299 57 56 57 18.5 18.8 18.9 44 46 47 11.9 10.7 10.4 0.9 0.8 0.8 7.9 8.1 7.8
Sky Perfect JSAT (japan) 1,581 1,766 1,859 190 248 253 12.0 14.0 13.6 131 154 159 15.9 13.7 12.3 1.1 1.0 0.9 7.1 - -
Comcast (US) 72,443 79,040 84,814 15,699 17,654 19,032 21.7 22.3 22.4 8,827 9,153 10,003 19.2 17.7 15.5 2.8 2.7 2.5 16.6 15.4 15.8
Time Warner Cable 24,029 26,274 27,692 4,879 5,208 5,777 20.3 19.8 20.9 2,139 2,292 2,619 24.6 25.0 21.3 6.4 6.1 5.5 26.4 24.6 26.8
Liberty Global 19,221 20,152 21,238 2,347 3,075 3,817 12.2 15.3 18.0 -732 166 803 - 197.1 71.9 3.9 3.8 4.0 -9.4 0.8 4.5
Charter Communications 9,594 10,804 11,631 1,023 1,474 1,829 10.7 13.6 15.7 -193 138 478 - 185.0 44.4 261.5 90.8 - - 113.0 32.6
Cablevision 6,806 7,176 7,254 970 1,030 1,074 14.3 14.4 14.8 328 260 288 36.5 29.8 27.1 - - - - -4.4 -4.2
DirecTV (US) 35,034 37,737 39,218 5,401 5,969 6,236 15.4 15.8 15.9 2,903 3,256 3,439 15.7 15.5 14.5 - - 111.1 - -86.0 427.4
Dish Network 15,424 16,534 17,092 1,922 2,022 2,016 12.5 12.2 11.8 995 947 881 30.1 37.2 40.2 13.9 10.5 8.2 65.5 34.0 22.5
Shaw Communications (C
anada)
5,116 4,922 5,014 1,405 1,330 1,381 27.5 27.0 27.5 836 730 783 15.1 15.9 14.9 2.7 2.5 2.3 17.3 17.0 16.5
British Sky (UK) 13,241 18,163 20,142 2,014 2,350 2,717 15.2 12.9 13.5 1,501 1,545 1,837 11.5 19.9 16.8 6.9 6.4 5.4 84.2 40.9 31.5
Beijing Gehua (China) 414 479 530 16 79 136 3.8 16.5 25.7 97 142 186 69.1 53.1 39.2 6.6 6.1 5.4 10.0 11.7 13.4
Average 14,650 16,089 17,055 2,579 2,908 3,183 14.6 16.2 17.4 1,211 1,355 1,548 24.7 46.3 25.3 25.8 11.1 12.4 22.0 15.2 47.4
CJ HelloVision's 12-month forward P/E band KT Skylife’s 12-month forward P/E band

2H15 Outlook 25
Media
IV. Top pick and stocks to watch
Top pick
Buy
Buy
Trading Buy
[Content] CJ E&M
[Advertising] Cheil Worldwide, Nasmedia
[Platform] KT Skylife , CJ HelloVision , KTH
SBS Contents Hub, J Contentree

2H15 Outlook 26
Media
Taking a leap forward
Notes: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to
controlling interests; based on May 27th
closing price
FY (Dec.) 12/12 12/13 12/14 12/15F 12/16F 12/17F
Revenue (Wbn) 1,395 1,246 1,233 1,306 1,370 1,429
OP (Wbn) 39 -9 -13 41 49 56
OP margin (%) 2.8 -0.7 -1.1 3.1 3.6 3.9
NP (Wbn) 37 5 225 111 66 78
EPS (W) 975 133 5,796 2,869 1,695 2,026
ROE (%) 3.1 0.4 16.4 7.1 4.0 4.5
P/E (x) 27.2 229.0 6.6 22.4 37.9 31.7
P/B (x) 0.8 1.0 1.0 1.5 1.5 1.4
(Maintain) Buy
Target Price (12M, W) 80,000
Share Price (5/27/15, W) 64,300
Expected Return 24%
OP (15F, Wbn) 41
Consensus OP (15F, Wbn) 54
EPS Growth (15F, %) -50.5
Market EPS Growth (15F, %) 38.9
P/E (15F, x) 22.4
Market P/E (15F, x) 11.0
KOSDAQ 699.19
Market Cap (Wbn) 2,490
Shares Outstanding (mn) 39
Free Float (%) 56.7
Foreign Ownership (%) 12.7
Beta (12M) 1.94
52-Week Low 32,300
52-Week High 68,500
(%) 1M 6M 12M
Absolute 11.6 72.4 38.4
Relative 11.7 34.6 8.5
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14.5 14.9 15.1 15.5
CJ E&M KOSDAQ
Investment points
• Domestic: Profitability is strengthening on the back of competitive content.
• Overseas: Momentum is likely to pick up after Chinese and Vietnamese subsidiaries are
established this year.
• Robust earnings growth of the mobile games subsidiary will serve as a reliable buttress amid
the growing amount of risk-taking associated with business expansion.
• As each business segment has gained competitiveness, the firm’s diversified business portfolio
has begun to reduce earnings volatility.
Risk factors
• Difficulty estimating earnings due to the complex nature of the business
• Regulatory uncertainty in China and Vietnam
• Earnings volatility associated with commercial success of content
CJ E&M (130960 KQ)Top pick

2H15 Outlook 27
Media
Note: 2015-16 figures are our estimates
Source: CJ E&M, KDB Daewoo Securities Research
Mobile games to drive 2Q-3Q earningsBroadcasting operating profit on the rise
Notes: Release months clockwise from top left: 3/15, 4/15, 6/15, and 7/15
Source: Netmarble Games, KDB Daewoo Securities Research
Higher growth in both
broadcasting and games
• Broadcasting (parent): Operating profit to recover after two years of slowdown, aided by tighter
cost control (production and personnel) and enhanced content competitiveness.
• Games (subsidiary): Diversification in genres (from casual to RPG, etc.) and game publishing
platforms (from KakaoTalk to NAVER), and the “Global One Build” strategy
(i.e., releasing mobile games simultaneously worldwide in multiple languages
0
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800
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11 12 13 14 15F 16F
(Wbn)(Wbn) Broadcasting revenue (L)
Broadcasting operating profit (R)

2H15 Outlook 28
Media
0
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91 94 97 00 03 06 09 12 15F
(US$)(US$bn)
Viacom market cap (L)
Viacom EPS (R)
2014
Rise in revenue
led by success of
films in China
2005
Separation from CBS;
focused on cable PP
and film businesses
1995
Began entry into China;
Chinese MTV channel
1999-2000
China CCTV-MTV
music show
2001
Launch of Nickelodeon
channel in China;
entered film business
Share price rose sharply
on pickup of localized
programming/operations
Overseas momentum
imminent
• CJ E&M will establish subsidiaries in Vietnam and China this year.
• Since starting businesses in Vietnam and China in 2004, the company has accumulated project-
oriented experience and relationships.
• JV negotiations are already underway; Eight movies with localized content are in the pipeline
in Vietnam and China.
• Focus on case of Viacom: Shares soared as its Chinese operations took off.
Source: Viacom, Thomson Reuters, Yahoo Finance, KDB Daewoo Securities Research
Correlation between share performance and Chinese operations of US company Viacom
Viacom
- Music: MTV, etc.
- Broadcast: Nickelodeon, etc.
- Movies: Paramount Pictures
CJ E&M
- Music : Mnet, etc.
- Broadcast: tvN, OCN,
Tooniverse, etc.
- Movies : CJ Entertainment
Viacom’s Chinese operations
began with music, as the
business required relatively
small investments, before
expanding to broadcast and
then to movies.
CJ E&M is following a similar
path.
TIP

2H15 Outlook 29
Media
Note: Based on May 27th
closing price
Source: Company data, KDB Daewoo Securities Research
Comprehensive Income Statement (Summarized)
(Wbn) 12/14 12/15F 12/16F 12/17F
Revenue 1,233 1,306 1,370 1,429
Cost of Sales 977 1,019 1,069 1,115
Gross Profit 256 287 301 314
SG&A Expenses 268 246 253 259
Operating Profit (Adj) -13 41 49 56
Operating Profit -13 41 49 56
Non-Operating Profit -37 114 44 55
Net Financial Income -6 1 1 3
Net Gain from Inv in Associates 10 133 66 72
Pretax Profit -50 155 93 111
Income Tax 7 38 24 29
Profit from Continuing Operations -57 117 69 82
Profit from Discontinued Operation 290 0 0 0
Net Profit 233 117 69 82
Controlling Interests 225 111 66 78
Non-Controlling Interests 9 5 3 4
Total Comprehensive Profit 228 117 69 82
EBITDA 290 325 341 354
FCF (Free Cash Flow) 176 202 306 299
EBITDA Margin (%) 23.5 24.9 24.9 24.8
Operating Profit Margin (%) -1.1 3.1 3.6 3.9
Net Profit Margin (%) 18.2 8.5 4.8 5.5
Statement of Financial Condition (Summarized)
(Wbn) 12/14 12/15F 12/16F 12/17F
Current Assets 1,039 1,043 1,094 1,064
Cash and Cash Equivalents 34 49 50 68
AR & Other Receivables 368 419 439 457
Inventories 5 6 6 7
Other Current Assets 632 569 599 532
Non-Current Assets 1,318 1,425 1,465 1,496
Investments in Associates 377 453 475 496
Property, Plant and Equipment 88 89 81 75
Intangible Assets 695 725 745 758
Total Assets 2,357 2,468 2,558 2,560
Current Liabilities 581 571 591 510
AP & Other Payables 215 244 256 267
Short-Term Financial Liabilities 148 157 157 57
Other Current Liabilities 218 170 178 186
Non-Current Liabilities 271 275 276 277
Long-Term Financial Liabilities 253 253 253 253
Other Non-Current Liabilities 18 22 23 24
Total Liabilities 852 846 867 787
Controlling Interests 1,510 1,620 1,686 1,765
Capital Stock 194 194 194 194
Capital Surplus 973 973 973 973
Retained Earnings 316 427 493 572
Non-Controlling Interests -4 2 5 9
Stockholders' Equity 1,506 1,622 1,691 1,774
Forecasts/Valuations (Summarized)
12/14 12/15F 12/16F 12/17F
P/E (x) 6.6 23.3 39.5 33.0
P/CF (x) 4.4 8.5 8.1 7.8
P/B (x) 1.0 1.6 1.5 1.5
EV/EBITDA (x) 4.7 7.8 7.3 6.9
EPS (W) 5,796 2,869 1,695 2,026
CFPS (W) 8,719 7,858 8,231 8,632
BPS (W) 39,100 41,969 43,665 45,691
DPS (W) 0 0 0 0
Payout ratio (%) 0.0 0.0 0.0 0.0
Dividend Yield (%) 0.0 0.0 0.0 0.0
Revenue Growth (%) -1.0 5.9 4.9 4.3
EBITDA Growth (%) -19.7 12.1 4.9 3.8
Operating Profit Growth (%) - - 19.5 14.3
EPS Growth (%) 4,257.9 -50.5 -40.9 19.5
Accounts Receivable Turnover (x) 3.3 3.5 3.3 3.3
Inventory Turnover (x) 209.5 232.9 224.1 223.4
Accounts Payable Turnover (x) 11.7 14.1 13.5 13.5
ROA (%) 10.2 4.8 2.7 3.2
ROE (%) 16.4 7.1 4.0 4.5
ROIC (%) -1.4 3.3 3.7 4.2
Liability to Equity Ratio (%) 56.6 52.1 51.3 44.4
Current Ratio (%) 178.9 182.6 184.9 208.5
Net Debt to Equity Ratio (%) -7.5 -4.4 -6.9 -9.2
Interest Coverage Ratio (x) -0.8 2.9 3.4 4.5

2H15 Outlook 30
Media
closing price
FY (Dec.) 12/12 12/13 12/14 12/15F 12/16F 12/17F
Revenue (Wbn) 2,365 2,709 2,666 2,673 2,863 3,071
OP (Wbn) 126 130 127 157 174 193
OP margin (%) 5.3 4.8 4.8 5.9 6.1 6.3
NP (Wbn) 94 99 102 123 135 149
EPS (W) 817 857 883 1,072 1,172 1,297
ROE (%) 13.6 14.7 13.2 13.1 12.6 12.3
P/E (x) 26.4 32.1 19.5 19.6 17.9 16.2
P/B (x) 3.1 3.5 2.0 2.1 1.9 1.7
(Maintain) Buy
Share Price (5/27/15, W) 20,950
Expected Return 43%
OP (15F, Wbn) 157
EPS Growth (15F, %) 21.3
P/E (15F, x) 19.6
KOSPI 2,107.50
Free Float (%) 59.7
Beta (12M) 1.16
52-Week Low 15,600
52-Week High 25,000
(%) 1M 6M 12M
Absolute -12.3 8.3 -13.6
Relative -10.3 1.8 -18.1
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Cheil Worldwide KOSPI
Investment points
• Cheil Worldwide’s growth potential will likely pick up this year, driven by European and Chinese
businesses.
• Positives: Recovery of domestic ad market, lifting of advertising ban on certain items
• Acquired overseas subsidiaries have performed well in taking orders from non-affiliates;
Additional M&A deals likely.
• The value of Pengtai, a Chinese digital marketing subsidiary, could be reflected in Cheil’s
enterprise value.
Risks
• Share volatility could increase due to changes in governance of major accounts (e.g., SEC and
Samsung Group).
• Earnings visibility is weak due to heavy dependence on overseas revenue.
• IPO of Innocean, the second-largest ad agency in Korea, might affect share liquidity.
Growth engines secured
Cheil Worldwide (030000 KS)
Stocks
to watch

2H15 Outlook 31
Media
Note: For ad agencies, gross profits reflects top line better than revenue; 2015 data is our estimate.
Focus on the value of PengtaiTop-line and net profit to improve in 2015
Source: Company data, Pengtai, KDB Daewoo Securities Research
Enterprise value hinges
on growth potential and
China
• Cheil Worldwide’s top-line growth is likely to accelerate on the back of M&A deals.
Net profit is also anticipated to grow thanks to limited SG&A growth.
• Pengtai, a Chinese digital marketing subsidiary, is the third-largest digital ad agency in China.
Pay attention to partnerships with major Chinese internet companies and the value of large
accounts.
Among local Chinese advertisers, four are Fortune 100 companies;
Solid relationships with 180 partners, including video content
providers, portals, and online shopping malls
Stocks
to watch
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1,200
11 12 13 14 15F
(Wbn)(Wbn)
Gross profit (L)
Net profit (R)

2H15 Outlook 32
Media
closing price
(Wbn) 12/14 12/15F 12/16F 12/17F
Revenue 2,666 2,673 2,863 3,071
Cost of Sales 1,873 1,711 1,832 1,965
Gross Profit 793 962 1,031 1,106
SG&A Expenses 666 805 857 913
Operating Profit (Adj) 127 157 174 193
Operating Profit 127 157 174 193
Non-Operating Profit 13 14 13 14
Net Financial Income 3 9 11 14
Pretax Profit 140 171 187 207
Profit from Continuing Operations 102 124 136 150
Net Profit 102 124 136 150
Non-Controlling Interests 1 -1 -1 -1
EBITDA 160 186 204 223
EBITDA Margin (%) 6.0 7.0 7.1 7.3
Operating Profit Margin (%) 4.8 5.9 6.1 6.3
(Wbn) 12/14 12/15F 12/16F 12/17F
Current Assets 1,523 1,683 1,874 2,094
AR & Other Receivables 899 905 969 1,039
Inventories 0 0 0 0
Non-Current Assets 321 292 303 307
Total Assets 1,844 1,974 2,177 2,401
Current Liabilities 905 911 974 1,044
Total Liabilities 961 967 1,035 1,109
Controlling Interests 879 1,002 1,136 1,285
Retained Earnings 857 980 1,115 1,264
Stockholders' Equity 883 1,007 1,142 1,292
12/14 12/15F 12/16F 12/17F
P/E (x) 19.5 20.3 18.6 16.8
P/CF (x) 11.4 13.1 12.2 11.3
P/B (x) 2.0 2.2 2.0 1.8
EV/EBITDA (x) 9.5 10.2 8.7 7.4
EPS (W) 883 1,072 1,172 1,297
CFPS (W) 1,506 1,663 1,783 1,937
BPS (W) 8,704 9,776 10,948 12,245
DPS (W) 0 0 0 0
Payout ratio (%) 0.0 0.0 0.0 0.0
Dividend Yield (%) 0.0 0.0 0.0 0.0
Revenue Growth (%) -1.6 0.3 7.1 7.3
EBITDA Growth (%) 1.9 16.3 9.7 9.3
Operating Profit Growth (%) -2.3 23.6 10.8 10.9
EPS Growth (%) 3.0 21.4 9.3 10.7
ROA (%) 5.8 6.5 6.5 6.6
ROE (%) 13.2 13.1 12.6 12.3
ROIC (%) 24.6 29.0 32.9 35.4
Current Ratio (%) 168.3 184.7 192.4 200.7
Interest Coverage Ratio (x) 68.8 81.9 91.0 101.0
Stocks
to watch

2H15 Outlook 33
Media
Notes: All figures are based on non-consolidated K-IFRS; NP refers to net profit attributable to
closing price
FY (Dec.) 12/12 12/13 12/14 12/15F 12/16F 12/17F
Revenue (Wbn) 23 25 30 40 47 55
OP (Wbn) 8 6 9 13 16 20
OP margin (%) 34.8 24.0 30.0 32.5 34.0 36.4
NP (Wbn) 6 6 8 11 14 16
EPS (W) 887 681 965 1,370 1,679 1,987
ROE (%) 15.7 11.2 13.4 16.9 17.9 18.2
P/E (x) - 16.6 24.7 30.6 25.0 21.1
P/B (x) - 1.7 3.1 4.8 4.2 3.6
(Maintain) Buy
Share Price (5/27/15, W) 41,900
Expected Return 24%
OP (15F, Wbn) 13
P/E (15F, x) 30.6
KOSDAQ 699.19
Market Cap (Wbn) 346
Free Float (%) 30.0
Beta (12M) 1.11
52-Week Low 14,900
52-Week High 43,400
(%) 1M 6M 12M
Absolute 31.3 62.4 141.5
Relative 31.4 26.8 89.3
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14.5 14.9 15.1 15.5
Nasmedia KOSDAQ
Investment points
• Well-positioned to benefit from growing demand for new media
• The company’s internet ad unit is being driven by growing mobile display/video ad market and
account expansion.
• IPTV ad revenue is likely to double this year. The company is likely to see structural benefits
from the digital conversion of the media market.
• Indeed, Verizon acquired AOL because of its digital advertising capabilities (including its
patented technology for programmatic buying).
Risks
• Intensifying competition in the media representative market could drag down market share and
margins.
• Steady investments are likely necessary to respond to the changing new media market.
• Personnel expenses are increasing.
Well-positioned ad media rep
Nasmedia (089600 KQ)
Stocks
to watch

2H15 Outlook 34
Media
closing price
(Wbn) 12/14 12/15F 12/16F 12/17F
Revenue 30 40 47 55
Cost of Sales 0 0 0 0
Gross Profit 30 40 47 55
SG&A Expenses 21 27 31 35
Income Tax 2 3 4 5
Net Profit 8 11 14 16
EBITDA 9 13 17 20
EBITDA Margin (%) 30.0 32.5 36.2 36.4
(Wbn) 12/14 12/15F 12/16F 12/17F
Current Assets 90 111 131 154
Inventories 0 0 0 0
Total Assets 98 118 138 161
Stockholders' Equity 63 71 83 97
12/14 12/15F 12/16F 12/17F
P/E (x) 24.7 30.6 25.0 21.1
P/CF (x) 18.3 25.1 20.2 17.0
P/B (x) 3.1 4.8 4.2 3.6
EV/EBITDA (x) 18.5 23.5 18.5 15.0
EPS (W) 965 1,370 1,679 1,987
CFPS (W) 1,304 1,671 2,071 2,472
BPS (W) 7,587 8,668 10,057 11,753
DPS (W) 290 290 290 290
Payout ratio (%) 30.1 21.2 17.3 14.6
Dividend Yield (%) 1.2 0.7 0.7 0.7
Revenue Growth (%) 20.0 33.3 17.5 17.0
EBITDA Growth (%) 50.0 44.4 30.8 17.6
Operating Profit Growth (%) 50.0 44.4 23.1 25.0
EPS Growth (%) 41.7 42.0 22.6 18.3
ROA (%) 8.2 10.5 10.8 11.0
ROE (%) 13.4 16.9 17.9 18.2
ROIC (%) 23.5 27.3 28.7 30.3
Current Ratio (%) 269.9 248.2 249.3 251.4
Nasmedia (089600 KQ)
Stocks
to watch

2H15 Outlook 35
Media
closing price
FY (Dec.) 12/12 12/13 12/14 12/15F 12/16F 12/17F
Revenue (Wbn) 551 600 623 621 640 655
OP (Wbn) 67 102 78 89 94 96
OP margin (%) 12.2 17.0 12.5 14.3 14.7 14.7
NP (Wbn) 56 73 56 68 72 74
EPS (W) 1,178 1,526 1,162 1,428 1,503 1,545
ROE (%) 17.6 19.3 13.2 14.8 14.0 13.1
P/E (x) 28.4 19.4 15.8 12.9 12.3 11.9
P/B (x) 4.6 3.4 2.0 1.8 1.6 1.5
(Maintain) Buy
Share Price (5/27/15, W) 18,450
Expected Return 30%
OP (15F, Wbn) 89
P/E (15F, x) 12.9
KOSPI 2,107.50
Free Float (%) 49.3
Beta (12M) 0.46
52-Week Low 15,150
52-Week High 27,400
(%) 1M 6M 12M
Absolute -1.6 -1.9 -21.5
Relative 0.7 -7.7 -25.6
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KT Skylife KOSPI
Leader in UHD broadcasting
Investment points
• Pay-TV operator capable of nationwide simultaneous UHD broadcasting; Subscriber numbers
will likely rise due to differentiated strategies.
• Incurred large one-off costs last year; Earnings to normalize this year
• Most aggressive in the pursuit of T-commerce channel programs; Such platform business is
directly tied to profitability.
• Dividend yield of 2.3%, the highest level in the media sector
Risks
• Volatility arising from changes in KT Group’s media strategies
• An increase in the cancellation of KT’s bundled products (OTS; Olleh TV Skylife) might lead to a
decrease in subscribers.
• Limited increase in ARPU
KT Skylife (053210 KS)
Stocks
to watch

2H15 Outlook 36
Media
closing price
(Wbn) 12/14 12/15F 12/16F 12/17F
Revenue 623 621 640 655
Cost of Sales 0 0 0 0
Gross Profit 623 621 640 655
SG&A Expenses 545 532 546 559
Non-Operating Profit -9 -3 -4 -4
EBITDA 149 157 152 146
EBITDA Margin (%) 23.9 25.3 23.8 22.3
(Wbn) 12/14 12/15F 12/16F 12/17F
Inventories 3 3 3 4
Total Assets 670 730 706 762
Short-Term Financial Liabilities 80 20 -60 -60
12/14 12/15F 12/16F 12/17F
P/E (x) 15.8 13.0 12.3 12.0
P/CF (x) 5.6 5.8 6.2 6.6
P/B (x) 2.0 1.8 1.6 1.5
EV/EBITDA (x) 5.4 4.7 4.2 3.9
EPS (W) 1,162 1,428 1,503 1,545
CFPS (W) 3,287 3,172 2,988 2,817
BPS (W) 9,266 10,346 11,421 12,519
DPS (W) 350 430 450 470
Payout ratio (%) 30.0 29.9 29.8 30.2
Dividend Yield (%) 1.9 2.3 2.4 2.5
Revenue Growth (%) 3.8 -0.3 3.1 2.3
EBITDA Growth (%) -9.7 5.4 -3.2 -3.9
EPS Growth (%) -23.9 22.9 5.3 2.8
ROA (%) 8.3 9.8 10.0 10.1
ROE (%) 13.2 14.8 14.0 13.1
ROIC (%) 20.6 23.5 28.1 32.4
Current Ratio (%) 112.6 203.8 380.3 451.8
KT Skylife (053210 KS)
Stocks
to watch

2H15 Outlook 37
Media
controlling interests; as of closing price at 5/27/2015
FY (Dec.) 12/12 12/13 12/14 12/15F 12/16F 12/17F
Revenue (Wbn) 891 1,160 1,270 1,279 1,350 1,405
OP (Wbn) 149 116 102 126 140 153
OP margin (%) 16.7 10.0 8.0 9.9 10.4 10.9
NP (Wbn) 104 77 26 68 79 87
EPS (W) 1,347 994 332 879 1,014 1,126
ROE (%) 15.5 9.6 2.9 7.3 7.8 8.1
P/E (x) 10.4 19.3 29.3 15.1 13.1 11.8
P/B (x) 1.5 1.7 0.8 1.1 1.0 0.9
(Maintain) Buy
Share Price (5/27/15, W) 13,250
Expected Return 21%
OP (15F, Wbn) 126
P/E (15F, x) 15.1
KOSPI 2,107.50
Free Float (%) 45.2
Beta (12M) 0.74
52-Week Low 8,640
52-Week High 15,450
(%) 1M 6M 12M
Absolute 9.1 26.8 -13.4
Relative 11.6 19.2 -17.9
50
60
70
80
90
100
110
120
14.5 14.9 15.1 15.5
CJ Hellovision KOSPI
On the cusp of a turnaround
Investment points
• Leading cable SO and MVNO; Share price moves closely in line with regulatory issues (and is
particularly sensitive to favorable changes).
• Broadcasting business to enjoy positive policy momentum, including regulations on excessive
discounts on bundled plans, amid accelerating digital conversion
• MVNO losses to narrow thanks to the government’s cut to network wholesale prices
• Earnings to improve sharply this year thanks to the low base of comparison
(due to one-off costs, including an asset charge, recorded in 2014)
Risks
• Continued competition in the pay-TV and mobile telecom market
• Average revenue per subscriber (ARPS) for the broadcasting business is recovering slowly
following plunge
• Losses from new businesses (MVNO and Tving)
CJ HelloVision (037560 KS)
Stocks
to watch

2H15 Outlook 38
Media
Note: As of closing price at 5/27/2015
(Wbn) 12/14 12/15F 12/16F 12/17F
Revenue 1,270 1,279 1,350 1,405
Cost of Sales 809 815 860 895
Gross Profit 461 464 490 510
SG&A Expenses 359 339 350 357
Net Financial Income -25 -21 -20 -17
Net Gain from Inv in Associates -1 0 0 0
EBITDA 387 423 456 483
EBITDA Margin (%) 30.5 33.1 33.8 34.4
(Wbn) 12/14 12/15F 12/16F 12/17F
Inventories 19 20 22 22
Non-Current Assets 1,757 1,741 1,756 1,717
Total Assets 2,170 2,249 2,157 2,252
Total Liabilities 1,267 1,282 1,116 1,128
Controlling Interests 903 965 1,037 1,118
Stockholders' Equity 904 967 1,041 1,124
12/14 12/15F 12/16F 12/17F
P/E (x) 29.3 15.1 13.1 11.8
P/CF (x) 1.8 2.5 2.3 2.2
P/B (x) 0.8 1.1 1.0 0.9
EV/EBITDA (x) 4.3 4.4 3.9 3.5
EPS (W) 332 879 1,014 1,126
CFPS (W) 5,289 5,318 5,733 6,030
BPS (W) 11,653 12,457 13,395 14,447
DPS (W) 75 75 75 75
Payout ratio (%) 22.6 8.4 7.3 6.5
Dividend Yield (%) 0.8 0.6 0.6 0.6
Revenue Growth (%) 9.5 0.7 5.6 4.1
EBITDA Growth (%) 13.2 9.3 7.8 5.9
EPS Growth (%) -66.6 164.8 15.4 11.0
ROA (%) 1.2 3.1 3.6 4.0
ROE (%) 2.9 7.3 7.8 8.1
ROIC (%) 4.2 5.3 5.9 6.5
Current Ratio (%) 81.0 97.0 112.6 145.8
Net Debt to Equity Ratio (%) 99.8 85.3 73.7 57.6
CJ HelloVision (037560 KS)
Stocks
to watch

2H15 Outlook 39
Media
closing price
FY (Dec.) 12/12 12/13 12/14 12/15F 12/16F 12/17F
Revenue (Wbn) 127 130 136 159 179 197
OP (Wbn) -7 2 7 10 18 23
OP margin (%) -5.5 1.5 5.1 6.3 10.1 11.7
NP (Wbn) -11 2 12 11 17 22
EPS (W) -306 64 341 302 479 617
ROE (%) -6.4 1.4 6.5 5.4 7.9 9.4
P/E (x) - 121.1 22.4 33.6 21.2 16.4
P/B (x) 1.8 1.6 1.4 1.8 1.6 1.5
(Maintain) Buy
Share Price (5/27/15, W) 10,150
Expected Return 67%
OP (15F, Wbn) 10
EPS Growth (15F, %) -11.4
P/E (15F, x) 33.6
KOSDAQ 699.19
Free Float (%) 32.9
Beta (12M) 0.69
52-Week Low 7,100
52-Week High 14,800
(%) 1M 6M 12M
Absolute -23.4 19.1 31.3
Relative -23.4 -7.0 2.9
80
100
120
140
160
180
200
14.5 14.9 15.1 15.5
KTH KOSDAQ
Leader in the T-commerce market
Investment points
• Content and commerce  Greatest contributors to the pay-TV business
• Robust medium- to long-term growth potential of the T-commerce business on the back of
favorable policy environment and KT Group’s media strategy
• Efforts to expand T-commerce channel coverage likely to widen the user base
• Content revenue to grow YoY thanks to expanded film VOD lineup
Risks
• Uncertainties at the early stages of new businesses
• Downward pressure on margins due to increased costs from carrying out T-commerce business
• Intensifying competition in the T-commerce and VOD markets
KTH (036030 KQ)
Stocks
to watch

2H15 Outlook 40
Media
Note: As of closing price at 5/27/2015
(Wbn) 12/14 12/15F 12/16F 12/17F
Revenue 136 159 179 197
Cost of Sales 120 138 150 165
Income Tax 0 1 2 2
EBITDA 23 26 34 39
EBITDA Margin (%) 16.9 16.4 19.0 19.8
(Wbn) 12/14 12/15F 12/16F 12/17F
Inventories 1 1 1 1
Total Assets 227 243 265 291
Retained Earnings -69 -58 -41 -19
12/14 12/15F 12/16F 12/17F
P/E (x) 22.4 33.6 21.2 16.4
P/CF (x) 19.3 14.3 11.2 9.6
P/B (x) 1.4 1.8 1.6 1.5
EV/EBITDA (x) 9.4 12.0 9.1 7.7
EPS (W) 341 302 479 617
CFPS (W) 396 708 904 1,058
BPS (W) 5,487 5,790 6,268 6,886
DPS (W) 0 0 0 0
Payout ratio (%) 0.0 0.0 0.0 0.0
Dividend Yield (%) 0.0 0.0 0.0 0.0
Revenue Growth (%) 4.6 16.9 12.6 10.1
EBITDA Growth (%) 21.1 13.0 30.8 14.7
Operating Profit Growth (%) 250.0 42.9 80.0 27.8
EPS Growth (%) 432.8 -11.4 58.6 28.8
ROA (%) 5.6 4.6 6.7 7.9
ROE (%) 6.5 5.4 7.9 9.4
ROIC (%) 8.2 10.9 18.1 22.0
Current Ratio (%) 405.4 354.3 347.1 357.5
KTH (036030 KQ)
Stocks
to watch

2H15 Outlook 41
Media
closing price
FY (Dec.) 12/12 12/13 12/14 12/15F 12/16F 12/17F
Revenue (Wbn) 193 196 198 229 256 276
OP (Wbn) 28 28 13 16 18 19
OP margin (%) 14.5 14.3 6.6 7.0 7.0 6.9
NP (Wbn) 22 25 9 11 12 13
EPS (W) 1,009 1,156 412 500 554 622
ROE (%) 18.2 17.7 5.8 6.8 7.2 7.8
P/E (x) 12.9 13.5 35.2 34.0 30.7 27.4
P/B (x) 2.2 2.2 2.0 2.3 2.2 2.1
(Maintain) Trading Buy
Share Price (5/27/15, W) 17,000
Expected Return 18%
OP (15F, Wbn) 16
P/E (15F, x) 34.0
KOSDAQ 699.19
Free Float (%) 35.0
Beta (12M) 1.77
52-Week Low 11,500
52-Week High 20,050
(%) 1M 6M 12M
Absolute -0.9 2.1 -12.4
Relative -0.8 -20.3 -31.3
50
60
70
80
90
100
110
120
130
140
14.5 14.9 15.1 15.5
SBS Contents Hub KOSDAQ
Pay attention to Chinese business strategy
Investment points
• Distributes content of SBS Media Group and plays a major role in the group’s profitability
• Stock is sensitive to structural momentum related to the content environment.
• Domestic VOD rate hikes and rise in exports of dramas and entertainment show formats to
China are positive.
• In 2H, mid- to long-term projects, including the establishment of a subsidiary and expansion into
the e-commerce business in China, will likely take shape.
Risks
• Content fee paid to SBS has been hiked, putting downward pressure on earnings
• Increase in in-house content investments/production likely to raise costs in the short term
• Uncertainties from overseas content regulations, particularly in China and Japan
SBS Contents Hub (046140 KQ)
Stocks
to watch

2H15 Outlook 42
Media
closing price
(Wbn) 12/14 12/15F 12/16F 12/17F
Revenue 198 229 256 276
Cost of Sales 178 205 229 247
Income Tax 8 8 9 10
EBITDA 16 18 21 22
EBITDA Margin (%) 8.1 7.9 8.2 8.0
(Wbn) 12/14 12/15F 12/16F 12/17F
Inventories 0 0 0 0
Total Assets 221 236 252 266
12/14 12/15F 12/16F 12/17F
P/E (x) 35.2 34.0 30.7 27.4
P/CF (x) 17.5 17.2 15.7 14.2
P/B (x) 2.0 2.3 2.2 2.1
EV/EBITDA (x) 11.5 12.5 10.4 9.3
EPS (W) 412 500 554 622
CFPS (W) 830 987 1,080 1,197
BPS (W) 7,253 7,503 7,807 8,179
DPS (W) 250 250 250 250
Payout ratio (%) 60.7 50.0 45.1 40.2
Dividend Yield (%) 1.7 1.5 1.5 1.5
Revenue Growth (%) 1.0 15.7 11.8 7.8
EBITDA Growth (%) -48.4 12.5 16.7 4.8
EPS Growth (%) -64.4 21.4 10.8 12.3
ROA (%) 4.2 4.7 4.9 5.1
ROE (%) 5.8 6.8 7.2 7.8
ROIC (%) 19.5 40.7 65.0 103.5
Current Ratio (%) 266.1 254.4 248.6 249.6
SBS Contents Hub (046140 KQ)
Stocks
to watch

2H15 Outlook 43
Media
closing price
FY (Dec.) 12/12 12/13 12/14 12/15F 12/16F 12/17F
Revenue (Wbn) 393 380 394 398 411 423
OP (Wbn) 43 38 35 39 45 48
OP margin (%) 10.9 10.0 8.9 9.8 10.9 11.3
NP (Wbn) 12 -10 0 12 13 13
EPS (W) 177 -152 -1 178 196 204
ROE (%) 13.2 -11.1 -0.1 12.3 12.0 11.1
P/E (x) 21.9 - - 23.9 21.8 20.9
P/B (x) 2.6 3.0 2.4 2.6 2.4 2.1
(Maintain) Trading Buy
Share Price (5/27/15, W) 4,265
Expected Return 10%
OP (15F, Wbn) 39
EPS Growth (15F, %) -
P/E (15F, x) 23.9
KOSDAQ 699.19
Free Float (%) 64.0
Beta (12M) 0.73
52-Week Low 3,220
52-Week High 4,325
(%) 1M 6M 12M
Absolute 21.0 21.9 12.2
Relative 21.0 -4.8 -12.0
60
70
80
90
100
110
120
130
140
14.5 14.9 15.1 15.5
Jcontentree KOSDAQ
Acquisition of Megabox finalized
Investment points
• Uncertainties arising from Megabox to dissipate due to the company’s decision to acquire the
multiplex theater; Net profit attributable to controlling interests to increase
• The company produces and distributes content for JTBC; Its value deserves attention in light of
JTBC’s rising content competiveness.
• Restructuring of magazine and other less profitable businesses being pursued
• Serves as a core part of the JoongAng Media Network’s governance structure
Risks
• Rights offering and convertible bond issuance
• Rights offering: Aimed at acquiring the remaining stake in Megabox: 43mn new shares to be
listed on August 11th
, 2015
• Convertible bonds: Issued in October 2013; Number of shares that can be converted stood at
4.68mn as of May 2015, before rights offering
J Contentree (036420 KQ)
Stocks
to watch

2H15 Outlook 44
Media
closing price
(Wbn) 12/14 12/15F 12/16F 12/17F
Revenue 394 398 411 423
Cost of Sales 206 209 215 222
Gross Profit 188 189 196 201
SG&A Expenses 153 150 151 153
Net Financial Income -4 0 0 0
Profit from Discontinued Operation -1 0 0 0
EBITDA 57 61 67 70
EBITDA Margin (%) 14.5 15.3 16.3 16.5
(Wbn) 12/14 12/15F 12/16F 12/17F
Inventories 7 7 8 8
Total Assets 481 507 538 570
12/14 12/15F 12/16F 12/17F
P/E (x) - 23.9 21.8 20.9
P/CF (x) 3.4 4.8 4.5 4.4
P/B (x) 2.4 2.6 2.4 2.1
EV/EBITDA (x) 7.6 7.6 6.8 6.1
EPS (W) -1 178 196 204
CFPS (W) 1,002 882 938 964
BPS (W) 1,438 1,617 1,812 2,016
DPS (W) 0 0 0 0
Payout ratio (%) 0.0 0.0 0.0 0.0
Dividend Yield (%) 0.0 0.0 0.0 0.0
Revenue Growth (%) 3.7 1.0 3.3 2.9
EBITDA Growth (%) -6.6 7.0 9.8 4.5
EPS Growth (%) - - 10.1 4.1
ROA (%) 2.9 5.0 5.2 5.1
ROE (%) -0.1 12.3 12.0 11.1
ROIC (%) 10.0 11.4 13.4 15.0
Current Ratio (%) 73.6 87.8 102.3 117.0
Net Debt to Equity Ratio (%) 78.7 52.2 31.0 13.9
J Contentree (036420 KQ)
Stocks
to watch

2H15 Outlook 45
Media
Media sector to take a big jump forward
[Conclusion] Not just recovering, but leaping forward
Top pick:
CJ E&M: A content firm that will
take a leap forward via global
expansion and rising domestic
profitability
Stocks to watch:
1) Ad market recovery and growth:
Cheil Worldwide, Nasmedia
2) Changing pay-TV market:
KT Skylife, CJ HelloVision
3) New markets: KTH
4) Dissipation of uncertainties:
J Contentree , SBS Contents Hub
Underperformers
Those that have not set a
clear strategy yet

Important Disclosures & Disclaimers
2-Year Rating and Target Price History
Company (Code) Date Rating Target Price Company (Code) Date Rating Target Price
CJ E&M(130960) 05/11/2015 Buy 80,000 10/30/2014 Trading Buy 23,000
03/29/2015 Buy 70,000 10/05/2014 Trading Buy 25,000
02/06/2015 Buy 51,000 07/28/2014 Buy 29,000
11/26/2014 Buy 48,000 04/29/2014 Buy 30,000
No Coverage 10/29/2013 Trading Buy 34,000
03/19/2013 Buy 42,000 10/02/2013 Trading Buy 32,000
SBS(034120) 05/17/2015 Buy 55,000 07/30/2013 Buy 41,000
04/26/2015 Buy 51,000 07/22/2013 Buy 45,000
02/22/2015 Buy 42,000 05/03/2013 Buy 50,000
07/25/2014 Buy 34,000 CJ HelloVision(037560) 05/28/2015 Buy 16,000
06/01/2014 Buy 40,000 05/07/2015 Buy 15,000
10/02/2013 Buy 50,000 04/24/2015 Buy 16,000
08/29/2013 Buy 56,000 11/06/2014 Buy 13,000
04/19/2013 Buy 58,000 08/12/2014 Buy 20,000
Cheil Worldwide(030000) 04/24/2015 Buy 30,000 11/08/2013 Buy 22,000
10/24/2014 Buy 27,000 07/22/2013 Buy 23,000
10/13/2014 Buy 31,000 KTH(036030) 04/24/2015 Buy 17,000
04/21/2014 Buy 32,000 03/10/2015 Trading Buy 14,000
04/29/2013 Buy 34,000 11/26/2014 Trading Buy 10,000
Nasmedia(089600) 05/28/2015 Buy 52,000 No Coverage
05/17/2015 Buy 44,000 SBS Contents Hub(046140) 05/28/2015 Trading Buy 20,000
04/24/2015 Buy 40,000 11/26/2014 Buy 20,000
11/26/2014 Buy 33,000 No Coverage
KT Skylife(053210) 04/24/2015 Buy 24,000 Jcontentree(036420) 05/28/2015 Trading Buy 4,700
01/28/2015 Trading Buy 20,000 11/26/2014 Buy 4,700

Analyst Certification
The research analysts who prepared this report (the “Analysts”) are registered with the Korea Financial Investment Association and are subject to Korean securities regulations. They are neither
registered as research analysts in any other jurisdiction nor subject to the laws and regulations thereof. Opinions expressed in this publication about the subject securities and companies accurately
reflect the personal views of the Analysts primarily responsible for this report. Daewoo Securities Co., Ltd. policy prohibits its Analysts and members of their households from owning securities of any
company in the Analyst’s area of coverage, and the Analysts do not serve as an officer, director or advisory board member of the subject companies. Except as otherwise specified herein, the
Analysts have not received any compensation or any other benefits from the subject companies in the past 12 months and have not been promised the same in connection with this report. No part
of the compensation of the Analysts was, is, or will be directly or indirectly related to the specific recommendations or views contained in this report but, like all employees of Daewoo Securities, the
Stock Ratings Industry Ratings
Buy : Relative performance of 20% or greater Overweight : Fundamentals are favorable or improving
Trading Buy : Relative performance of 10% or greater, but with volatility Neutral : Fundamentals are steady without any material changes
Hold : Relative performance of -10% and 10% Underweight : Fundamentals are unfavorable or worsening
Sell : Relative performance of -10%
Ratings and Target Price History (Share price (─), Target price (▬), Not covered (■), Buy (▲), Trading Buy (■), Hold (●), Sell (◆))
* Our investment rating is a guide to the relative return of the stock versus the market over the next 12 months.
* Although it is not part of the official ratings at Daewoo Securities, we may call a trading opportunity in case there is a technical or short-term material development.
* The target price was determined by the research analyst through valuation methods discussed in this report, in part based on the analyst’s estimate of future earnings.
* The achievement of the target price may be impeded by risks related to the subject securities and companies, as well as general market and economic conditions.
Disclosures
As of the publication date, Daewoo Securities Co., Ltd. has been acting as a financial advisor to Cheil Worldwide for its treasury share buyback program, and other than this, Daewoo Securities has
no other special interests in the companies covered in this report.
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(W) CJ E&M
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Analysts receive compensation that is impacted by overall firm profitability, which includes revenues from, among other business units, the institutional equities, investment banking, proprietary
trading and private client division. At the time of publication of this report, the Analysts do not know or have reason to know of any actual, material conflict of interest of the Analyst or Daewoo
Securities Co., Ltd. except as otherwise stated herein.
Disclaimers
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herein have been compiled from sources believed to be reliable and in good faith, but such information has not been independently verified and Daewoo makes no guarantee, representation or
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If this report is an English translation of a report prepared in the Korean language, the original Korean language report may have been made available to investors in advance of this report. Daewoo,
its affiliates and their directors, officers, employees and agents do not accept any liability for any loss arising from the use hereof. This report is for general information purposes only and it is not and
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London EC2N 1HQ
United Kingdom
Six Battery Road #11-01
Singapore, 049909
7th Floor, Yusen Building
2-3-2 Marunouchi, Chiyoda-ku
Tokyo 100-0005
Japan
Tel: 44-20-7982-8000 Tel: 65-6671-9845 Tel: 81-3- 3211-5511
Beijing Representative Office Shanghai Representative Office Ho Chi Minh Representative Office
2401A, 24th Floor, East Tower, Twin Towers
B-12 Jianguomenwai Avenue
Chaoyang District, Beijing 100022
China
Room 38T31, 38F SWFC
100 Century Avenue
Pudong New Area, Shanghai 200120
China
Suite 2103, Saigon Trade Center
37 Ton Duc Thang St,
Dist. 1, Ho Chi Minh City,
Vietnam
Tel: 86-10-6567-9299 Tel: 86-21-5013-6392 Tel: 84-8-3910-6000
Daewoo Investment Advisory (Beijing) Co., Ltd. Daewoo Securities (Mongolia) LLC PT. Daewoo Securities Indonesia
2401B, 24th Floor, East Tower, Twin Towers
B-12 Jianguomenwai Avenue,
Chaoyang District, Beijing 100022
China
#406, Blue Sky Tower, Peace Avenue 17
1 Khoroo, Sukhbaatar District
Ulaanbaatar 14240
Mongolia
Equity Tower Building Lt.50
Sudirman Central Business District Jl.
Jendral Sudirman Kav. 52-53, Jakarta Selatan
Indonesia 12190
Tel: 86-10-6567-9699 Tel: 976-7011-0807 Tel: 62-21-515-1140

2015 2H Outlook : Korean Media industry

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