[Alpha Biz= Reporter Kim Minyoung] Daishin Securities maintained its investment opinion 'buy' and target stock price of 78,000 won for Studio Dragon.
Daishin Securities analyzed that Studio Dragon could change its growth strategy and cause temporary sales and profit stagnation. Investment opinion 'buy' and target stock price remained at 78,000 won.
"Studio Dragon has grown from 2017 to last year, 80% of its Captive (affiliated channels), 20% of its own planning, and supply for global OTT has grown as a strategy of annual contract supply," Daishin Securities said. "From this year, less than 50% of its own planning, more than 50% of its own planning, and the supply for global OTT will be changed in the form of contracts that seek additional profits in addition to annual contracts."
Daishin Securities predicted that "temporary sales and profit stagnation may occur in the process of strategic change, but the direction is positive."
"We expect Studio Dragon's sales in the first quarter of this year to fall 34% year-on-year, 13% to 140 billion won from the previous quarter, operating profit of 21% year-on-year, and a surplus of 17.2 billion won from the previous quarter," Daishin Securities said.
Alphabiz Kim Minyoung (kimmy@alphabiz.co.kr)
