Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/8493" target="_blank" data-smartkarma-citation="entities:8493">Interpark Corp</a> announced excellent 1Q16 results on 11 May.We continue to have a positive view on <a href="https://www.smartkarma.com/entities/8493" target="_blank" data-smartkarma-citation="entities:8493">Interpark Corp</a> . </li>
<li>It reported sales of 115 billion won (up 15.8% YoY), operating profit of 6 billion won (up 38.4% YoY), and net profit of 4 billion won (up 40.8% YoY). Its sales and operating profit was 5.2% and 2.3% higher than consensus while its net profit was 3.7% below consensus. Total transaction value rose 13.2% YoY, driven by strong growth of its online shopping unit, especially for mobile…</li>
</ul>



Interpark Corp announced excellent 1Q16 results on 11 May.We continue to have a positive view on Interpark Corp . 
It reported sales of 115 billion won (up 15.8% YoY), operating profit of 6 billion won (up 38.4% YoY), and net profit of 4 billion won (up 40.8% YoY). Its sales and operating profit was 5.2% and 2.3% higher than consensus while its net profit was 3.7% below consensus. Total transaction value rose 13.2% YoY, driven by strong growth of its online shopping unit, especially for mobile…


Rebecca and Mata Hari Musicals Bring in Excellent Results in 1Q16

<ul><li>We start coverage of <a href="https://www.smartkarma.com/entities/8493" target="_blank" data-smartkarma-citation="entities:8493">Interpark Corp</a> with a positive view and a one year price target of 24,200 won (20% upside), based on EV/EBITDA multiple of 18x on estimated EBITDA of 48 billion won in 2017.</li><li><a href="https://www.smartkarma.com/entities/8493" target="_blank" data-smartkarma-citation="entities:8493">Interpark Corp</a> is the Korean version of Ticketmaster. <a href="https://www.smartkarma.com/entities/8493" target="_blank" data-smartkarma-citation="entities:8493">Interpark Corp</a> is the dominant ticketing company for live performances such as concerts and musicals with market share of nearly 70%. The company has a fantastic repeat business and highest brand recognition for performance ticketing services. The company has user base of nearly 21 million people. It is also the leading online airline ticketing company with market share of 47% (B2C, online segment).</li><li>We expect the company's sales and operating profit to increase 7% and 23% YoY in 2016, bolstered by the solid business performance of its entertainment/ticketing, online travel as well as reduced operating losses of its online shopping and book businesses. The company's business should rebound materially in 2016 after some external negative events such as MERS virus fear in 2015.</li><li>Among its four business units, the entertainment and online travel generate most of the cash flow and earnings for the company while its online shopping and book business units have been generating operating losses in the past couple of years.</li><li>There has been some nice foreign ownership build-up from 2% in May 2014 to 20% in May 2016. The stock has been trading sideways during this period. The social commerce companies including Coupang, Tmon, and Wemakeprice have aggressively tried to take away market share in the e-commerce space in the past several years. If we see a greater visibility in problems with securing additional funding needs for one of these social commerce companies, this will have a positive impact on its competitors in the e-commerce sectors such as <a href="https://www.smartkarma.com/entities/8493" target="_blank" data-smartkarma-citation="entities:8493">Interpark Corp</a>.</li><li>As the first online shopping company in Korea, <a href="https://www.smartkarma.com/entities/8493" target="_blank" data-smartkarma-citation="entities:8493">Interpark Corp</a> has seen the rise and fall of many competitors in Korea. The company has been in business for two decades and it has the experience and know how in terms of growing its online travel, online shopping and ticketing businesses profitably.</li></ul>

We start coverage of Interpark Corp with a positive view and a one year price target of 24,200 won (20% upside), based on EV/EBITDA multiple of 18x on estimated EBITDA of 48 billion won in 2017.Interpark Corp is the Korean version of Ticketmaster. Interpark Corp is the dominant ticketing company for live performances such as concerts and musicals with market share of nearly 70%. The company has a fantastic repeat business and highest brand recognition for performance ticketing services. The company has user base of nearly 21 million people. It is also the leading online airline ticketing company with market share of 47% (B2C, online segment).We expect the company's sales and operating profit to increase 7% and 23% YoY in 2016, bolstered by the solid business performance of its entertainment/ticketing, online travel as well as reduced operating losses of its online shopping and book businesses. The company's business should rebound materially in 2016 after some external negative events such as MERS virus fear in 2015.Among its four business units, the entertainment and online travel generate most of the cash flow and earnings for the company while its online shopping and book business units have been generating operating losses in the past couple of years.There has been some nice foreign ownership build-up from 2% in May 2014 to 20% in May 2016. The stock has been trading sideways during this period. The social commerce companies including Coupang, Tmon, and Wemakeprice have aggressively tried to take away market share in the e-commerce space in the past several years. If we see a greater visibility in problems with securing additional funding needs for one of these social commerce companies, this will have a positive impact on its competitors in the e-commerce sectors such as Interpark Corp.As the first online shopping company in Korea, Interpark Corp has seen the rise and fall of many competitors in Korea. The company has been in business for two decades and it has the experience and know how in terms of growing its online travel, online shopping and ticketing businesses profitably.

United States

Live Nation Entertainment, Inc. produces live concerts and sells tickets to those events over the Internet. The Company also offers ticketing services for leading arenas, stadiums, professional sports franchises and leagues, college sports teams, performing arts venues, museums and theaters.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Live Nation Entertainment, Inc (LYV US)

Rebecca and Mata Hari Musicals Bring in Excellent Results in 1Q16

Interpark Corp announced excellent 1Q16 results on 11 May.We continue to have a positive view on Interpark Corp . It reported sales of 115...

Douglas Kim

Interpark - Korea's Ticketmaster

We start coverage of Interpark Corp with a positive view and a one year price target of 24,200 won (20% upside), based on EV/EBITDA multiple of...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)