Hyundai "SM, 3Q earnings exceeding Expectation...SuperM move expected"

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Sales and operating profit are expected to increase by 7.8 percent and 27.3 percent YoY, respectively. We bought a target price of 45,000 won.Yoo Sung-man, a researcher at the Korea Institute of Music, said, The sales of music are expected to exceed 1.4 million due to EXO, Sehun, Chanyeol unit and Baekhyun solo. Domestic performances are expected to include EXO and HOT performances, and overseas SM Town and EXO Arena performances.The number of Japanese passengers will be reflected at about 300,000. SM C & C expects to continue to win orphanage orders in the third quarter and to make a surplus, said Keith. Keist also expects a slight surplus as one drama is reflected in earnings.Keith is expected to see a surplus increase in 4Q09 as two dramas are reflected in earnings. SUPER M, launched with CMG in the US, has been ranked # 1 on the US Billboard 200 as soon as it is released, he said. We expect to start performing in earnest from November.Regarding 4Q earnings forecasts, he said, We expect to be better than 3Q results due to the increase in sales and performances of music albums due to the large number of comeback schedules of artists including EXO regular and repackage releases.As for investment points, ▲ strong sales of music and increase of domestic and overseas concerts, ▲ surplus of major subsidiaries such as SM C & C and Keith ▲ SUPER M Billboard 200 top spot, and expectations for a new global top star.

Sales and operating profit are expected to increase by 7.8 percent and 27.3 percent YoY, respectively. "We bought a target price of 45,000 won.

Yoo Sung-man, a researcher at the Korea Institute of Music, said, "The sales of music are expected to exceed 1.4 million due to EXO, Sehun, Chanyeol unit and Baekhyun solo." Domestic performances are expected to include EXO and HOT performances, and overseas SM Town and EXO Arena performances. The number of Japanese passengers will be reflected at about 300,000. "

"SM C & C expects to continue to win orphanage orders in the third quarter and to make a surplus," said Keith. "Keist also expects a slight surplus as one drama is reflected in earnings. Keith is expected to see a surplus increase in 4Q09 as two dramas are reflected in earnings. "

"SUPER M, launched with CMG in the US, has been ranked # 1 on the US Billboard 200 as soon as it is released," he said. "We expect to start performing in earnest from November."

Regarding 4Q earnings forecasts, he said, "We expect to be better than 3Q results due to the increase in sales and performances of music albums due to the large number of comeback schedules of artists including EXO regular and repackage releases."

As for investment points, ▲ strong sales of music and increase of domestic and overseas concerts, ▲ surplus of major subsidiaries such as SM C & C and Keith ▲ SUPER M Billboard 200 top spot, and expectations for a new global top star.