Over the Christmas holidays, Master has been a big hit, accumulating over 3m ticket sales and capturing over 55% of Korea’s ticket revenue share just over four days of its release, affirming its status as a blockbuster. Its popularity exceeded our expectations. As such, we raise our ticket sales estimates to 8.5m (from 7.5m), and raise FY16F NPAT by 300%. With the success of the movie validating Spackman’s credentials as a movie producer – and its turnaround – we maintain BUY, lifting our TP to SGD0.32 (from SGD0.22, 68% upside), implying 18x FY17F P/E.
