External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Equity Bottom-Up

<ul><li>We maintain our target price of W100,000 for CJ ENM (based on an EV/EBIT valuation).</li><li>We lowered our 2026 revenue and operating profit forecasts by 6.8% and 4.2%, respectively, reflecting ongoing weakness at Tving.</li><li>However, we reduced our net debt estimate and raised the estimated value of equity holdings (Netmarble, etc.), offsetting the impact of our downward earnings forecast revisions. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We maintain our target price of W100,000 for CJ ENM (based on an EV/EBIT valuation).We lowered our 2026 revenue and operating profit forecasts by 6.8% and 4.2%, respectively, reflecting ongoing weakness at Tving.However, we reduced our net debt estimate and raised the estimated value of equity holdings (Netmarble, etc.), offsetting the impact of our downward earnings forecast revisions. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CJ ENM (035760 KQ/Buy)All Units Likely to Be Profitable in 2H25

South Korea

CJ ENM, Ltd. retails clothes, kitchen utensils, home appliances, and jewelry.  The Company sells its merchandise through TV home shopping channels, catalogs, and the Internet shopping mall.  CJ ENM operates cable television business through a subsidiary.

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CJ ENM (035760 KS)

CJ ENM (035760 KQ/Buy)All Units Likely to Be Profitable in 2H25

We lowered our 2026 revenue and operating profit forecasts by 6.8% and 4.2%, respectively, reflecting ongoing weakness at Tving. However, we...

Mirae Asset Securities

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