[Click eStock] "Contentsree Joongang Expected to Miss 4Q Consensus"

Meritz Securities forecasted on the 17th that Contentree Joongang will record a consolidated operating loss of 19.5 billion KRW in the fourth quarter, falling short of market consensus.

SLL's broadcasting performance is expected to show sales of 110.5 billion KRW and an operating loss of 10.2 billion KRW. Captive works such as "Jeongsookhan Sales," "Okssi Buinjeon," and "Joripsik Gajok" totaling 36 episodes, along with non-captive works like "Hellbound 2," "Namib," and "Mr. Plankton" were aired; however, due to a relatively small number of works, the operating leverage effect is expected to be minimal.

Wiip is expected to record an operating loss close to 10 billion KRW in the fourth quarter due to no work deliveries. Megabox's movie sales are projected at 73.3 billion KRW with an operating loss of 7.2 billion KRW. The nationwide movie attendance in the fourth quarter was 26.28 million, a decrease of 7.64 million compared to the previous quarter, and due to the poor box office performance of Plus M distributed films, the deficit is expected to widen compared to the previous year.

The consolidated performance for 2025 is forecasted at sales of 968.6 billion KRW and operating profit of 23.7 billion KRW. From 2025, when contract renewal conditions with domestic and international OTT platforms apply, SLL is expected to expand the number of productions and improve recoupment rates, while the operating loss trend is expected to continue until the first quarter results, which are scheduled to have a relatively small number of productions. Among Wiip's works, the high-budget production "The Summer I Turned Pretty S3" is also scheduled for delivery in the second quarter, contributing to the improvement of broadcasting division performance. Megabox's major 2025 movie lineup includes Hollywood blockbusters such as "Captain America: Brave New World" and "Mickey 17," which are expected to contribute to box office success. The space business Playtime is also expected to see full-scale results from 2025 with the withdrawal of underperforming stores and expansion into overseas markets.