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

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

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