9/22/2023 0 Comments D&c webtoon appThe firm’s major global IPs are expected to generate secondary publication sales, and the performance of Tapas Media (webtoon platform in North America) and other clients in North America stands as a further positive. − We maintain a Buy rating and a TP of W50,000 on D&C Media. ![]() In 2H21, earnings should improve, with sales growth rebounding to over 20% y-y in 4Q21 on the reflection of sales at newly-acquired The Ant (3Q21E sales of W1.8bn) from August. The weaker-than-expected earnings are attributable to tepid sales growth for domestic web novels and webtoons, even though overseas earnings proved sound. ![]() − D&C Media’s 2Q21 results arrived slightly below our estimates and consensus, with sales of W16.4bn (+17.1% y-y) and OP of W4bn (+25.0% y-y).
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