Danny Lee
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Articles by Danny Lee
Oro linijų vadovas: net atpigus naftai, lėktuvų bilietai brangs
„Net ir dvi savaitės yra teigiamas veiksnys, nes tai leis atkurti dalį naftos srautų“, – interviu „Bloomberg Television“ sakė W. Walshas, kuris vėliau šiais metais perims Indijos pigių skrydžių bendrovės „IndiGo“ generalinio direktoriaus pareigas. Tačiau reaktyvinio kuro kainos „kurį laiką išliks aukštos“, sakė jis.
Welcome Back
Is what I'm trying to tell myself. It's been 591 days since my single post on Medium. At that time, it seems like I was struggling with how to embrace all the different pieces of me into one coherent, presentable individual. I have to say that I haven't made a lot of progress in that. I still feel messy and coherent, and still am trying to figure out who I really am.
Naver: Top-line Growth, Cost Efficiency Needed
The author is an analyst of KB Securities. He can be reached at drlee@kbfg.com. -- Ed. Maintain BUY; lower target price to KRW420,000 We maintain BUY but lower our TP 10.6% to KRW420,000. We lower 2022E revenue/OP by 1.0%/5.3%, as OPM improvement has been delayed with slowing growth in key downstream markets (i.e., ad, e-commerce) and continual investment in new business.
Pearl Abyss: Passing Through Trough
The author is an analyst of KB Securities. He can be reached at drlee@kbfg.com. -- Ed. Maintain BUY, lower target price 7.6% to KRW120,000 We maintain BUY on Pearl Abyss but lower our TP by 7.6% to KRW120,000. Our DCF-based TP (7.81% WACC; 2.0% TGR) implies 33.3x 2022E P/E. We revise down 2022E OP by 25.5% to reflect the delayed launches for Black Desert Mobile (China) and Crimson Desert, but 2023E OP is unchanged.
NCsoft: Need to Expand Beyond Domestic Market
The author is an analyst of KB Securities. He can be reached at drlee@kbfg.com. -- Ed. Maintain BUY, lower target price 19.4% to KRW750,000 We maintain BUY on NCsoft but lower our TP by 19.4% to KRW750,000. Our DCF-based TP (7.89% WACC; 2.00% TGR) implies 23.0x P/E. We revise down 2022E OP by 29.1% to reflect a sharper-than-expected decline in revenue for older games (e.g., Lineage M) and higher costs (e.g., labor, marketing).
Studio Dragon: Expect Return to Growth This Year
The author is an analyst of KB Securities. He can be reached at drlee@kbfg.com. -- Ed. Maintain BUY but lower TP by 5.5% to KRW120,000 We maintain BUY on Studio Dragon but lower our TP by 5.5% to KRW120,000. Our TP was derived using the DCF model (7.74% COE; 7.74% WACC; 2.0% TGR) and represents 15.2x 12m fwd implied EV/EBITDA.
CJ ENM: Increasing Investments for Future Growth
The author is an analyst of KB Securities. He can be reached at drlee@kbfg.com. -- Ed. Maintain BUY but lower target price to KRW195,000 We maintain BUY on CJ ENM but lower our TP by 18.8% to KRW195,000. Our TP was derived using the DCF model (9.96% WACC; 1.0% TGR) and represents 22.0x implied P/E. Growing content competitiveness and aggressive digital investments have sustained revenue growth but weigh on profitability. Given the company’s conservative OP guidance, we lower 2022E OP by 19.7%.
Netmarble: Increasing Investments in P2E Games
The author is an analyst of KB Securities. He can be reached at drlee@kbfg.com. -- Ed. Increasing investments in P2E games and blockchain gaming platform — Following its showcase of P2E (play-to-earn) game Champions: Ascension, Netmarble has reportedly been pushing for the acquisition of a blockchain gaming platform ITAM Games (Dec 30, 2021; Korea Economic Daily). — Champions: Ascension, unveiled by the company’s subsidiary Jam City on Dec 23, 2021, is Web3 blockchain-based.
Netmarble: SpinX Games Acquisition to Bolster Earnings Stability
The author is an analyst of KB Securities. He can be reached at drlee@kbfg.com. -- Ed. Maintain HOLD, cut target price 5.5% to KRW138,000 We maintain HOLD on Netmarble but cut our TP by 5.5% to KRW138,000 to accommodate a 7.8% downward revision to 2022E OP that reflects the disappointing performance of cornerstone mobile games, which negatively offsets gains from the SpinX Games acquisition. Derived using the DCF model, our TP is 32.1x 2022E implied P/E, offering 17.9% upside vs.
NCsoft: Prelude to Global Expansion
The author is an analyst of KB Securities. He can be reached at drlee@kbfg.com. -- Ed. Maintain BUY; Raise TP to KRW930,000 We maintain BUY on NCsoft and raise our TP by 17.7% to KRW930,000. Given the success of Lineage W, we have revised up 2021E OP by 28.3% and 2022E by 15.0%. Derived using the DCF model, our TP implies 2022E P/E of 21.5x.
Netmarble: Weak 1H21 but Stronger 2H21 Expected
The author is an analyst of KB Securities. He can be reached at drlee@kbfg.com. -- Ed. 2Q21 review: Earnings shock due to increases in marketing expense, labor cost — Netmarble reported 2Q21 revenue of KRW577.2bn (+1.2% QoQ, -15.8% YoY) and OP of KRW16.2bn (-70.1% QoQ, -80.2% YoY), missing the market consensus by 8.5% and 71.3%, respectively. — 2Q21 revenue of KRW577.2bn is on par with 1Q21 revenue. Revenue from Cross Worlds (Jun 10 release) was reflected in 2Q21.
NCsoft: 2H21 Performance to Determine Future Earnings
The author is an analyst of KB Securities. He can be reached at drlee@kbfg.com. -- Ed. Maintain BUY; lower target price 8.6% to KRW960,000 We maintain BUY on NCsoft but lower our TP by 8.6% to KRW960,000. Our DCF-derived TP represents 20.2x 2022E P/E. We revised down 2021E NP (attributable to controlling interests) by 14.7% given the downtrend in revenue from key IPs (e.g., Lineage M, Lineage 2M) and an expected increase in marketing expense in 2H21 related to new game releases.
Studio Dragon: Margins Continue to Expand
The author is an analyst of KB Securities. He can be reached at drlee@kbfg.com. -- Ed. Maintain BUY, target price of KRW127,000 We maintain BUY and our TP of KRW127,000 on Studio Dragon. There were no significant revisions to 2021E-22E OP. Our DCF-based TP (7.41% WACC; 2.1% TGR) corresponds to 69.0x 12m fwd P/E. Robust margins noteworthy Studio Dragon reported 2Q21 revenue of KRW106.0bn (-34.3% YoY) and OP of KRW13.8bn (-18.2% YoY), missing the market consensus by 9.7% and 8.5%, respectively.
Pearl Abyss: High Expectations for Upcoming Release
The author is an analyst of KB Securities. He can be reached at drlee@kbfg.com. -- Ed. Upgrade to BUY, target price unchanged at KRW69,000 We maintain our TP at KRW69,000 (KRW340,000 prior to stock split), but we upgrade Pearl Abyss to BUY, as upside has increased following the recent pullback. We derived our TP using the P/B-ROE model (12m fwd BVPS of KRW12,352, fair P/B of 5.55x).
Naver: Solid Revenue but Profitability Remains Low
The author is an analyst of KB Securities. He can be reached at drlee@kbfg.com. -- Ed. Maintain BUY and target price of KRW440,000 We maintain BUY and our TP of KRW440,000 for Naver. Reflecting solid performance in Commerce/Fintech, we revise up 2021E revenue by 2.1%, but rising labor costs (increase in stock option expenses) prompted a 2.0% cut to our OP forecast.
NCsoft: Regulatory Risk Already Baked in; Time to Anticipate New Games
The author is an analyst of KB Securities. He can be reached at drlee@kbfg.com. -- Ed. Lineage 2M launched on Mar 24 in Japan/Taiwan — NCsoft released Lineage 2M (L2M) in Japan/Taiwan as a pre-download on the afternoon of Mar 23 followed by game launch at midnight on Mar 24. As of 6 a.m. today, L2M Japan ranked 1st for no. of downloads on Japan’s iOS (22nd for revenue). L2M Taiwan also reached 1st for no. of downloads on Taiwan’s iOS (16th for revenue).
NCsoft: Stock to Eventually Pay Off
The author is an analyst of KB Securities. He can be reached at drlee@kbfg.com. -- Ed. Maintain BUY and raise target price to KRW1.05mn We maintain BUY and raise our TP by 5.0% to KRW1.05mn for NCsoft. Our TP applies 21.0x P/E (peak prior to release of Lineage M) to 2021E EPS of KRW48,883. We expect rapid earnings growth in 2021 given (1) pending new game releases (e.g., Blade & Soul 2 and Trickster M) and (2) the healthy performance of existing games (e.g., Lineage M and Lineage 2M).
Behind the lens: Up close and personal
By Danny Lee | 12 November 2020 I'm not sure if it's the large formidable beak, the massive wingspan, or how they always look so impressively groomed, as if they have just had makeup and eyeliner applied, but ever since I saw my first albatross 20 years ago, I have always been fascinated by them. I call the eastern coastline of Tasmania home, and I find I don't have to go too far into the Tasman Sea to find one of the few different species that rule these parts.
Getting Started With ESLint
An Introduction, Popular Configs Comparison, and Resources source: Flickr, by musicmoon@rogers.com used under CC BY / cropped, text added. What is a Linter? Linters have a long history in software development. Stephen C. Johnson (writings) developed Lint while debugging Yacc (Yet Another Compiler-Compiler), which was written in the C programming language at Bell Labs in 1978.
A Visual Introduction to Git
Local and remote repositories, data movement between layers, and options for hosting repositories source: Presentations — A Visual Introduction to Git (pdf) So, how does a git repo on my computer get to a remote repo like Azure, Bitbucket, GitHub or GitLab? If we abstract out all the network technology, it’ll look like this.
Learning more about Ruby on Rails ActiveRecord
https://upload.wikimedia.org/wikipedia/commons/c/c3/Kayagumplayer2.jpg Before starting at the Flatiron school last year, I had never heard of Ruby or Rails, and the friendliness and human-readable format was strange coming from a background that was scared off from computer science by the C language. After finishing up in January, I found myself returning to the same coding patterns I learned in school, but I felt I was missing out on a lot.
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