Introduction
JCE ü, ǥδ Ÿ ֽϴ. Ÿ Ÿ , 2005 Ͽ ߱, 븸 ϰ ֽϴ. 뷫 60% ̰, Ÿ ϳ 80% ̻ âǰ ֽϴ.
ŸϿ κ ϱ ǽɹҰ,
ٴ ƿԴ JCEϴ. ̹ Ÿ Ŵ, Ÿ Dz, Ÿ 2
Ӱ ε, ӵ ƴϴ Ÿ
ָ ߰ Ǵ ȲԴϴ.
Investment Idea
1. ο 3, 1 . 1~2 Ӹ Ÿ ص 2谡 .
1.1 ο 3 Ʈ
2010~2011 Ÿ Ŵ, Ÿ Dz, Ʈ 3 űԷ Դϴ.
1.1.1. Ÿ Ŵ
Ÿ Ŵ Ÿ 1 ÷ Դϴ. Ÿ 3:3 ⺻ 6 ÷̾ ߴٸ, Ÿ Ŵ ȥڼ 3 ij ؼ и ϴ ˴ϴ. ؼ 1ο Ÿ̶ ϸ ˴ϴ. ŸϺ ̵ Ȱ ۰ մϴ. ŴƮ ý Ͽ ϴ ̸ ϰ ֽϴ.
1.1.2. Ÿ Dz
Ÿ Dz Ÿ ౸ ϸ ˴ϴ. 4:4, 5:5 尡 ϴµ, ÷̾ ݼ, ̵ʴ, ϳ ؼ ֽϴ. Ű۴ ǻͰ ִµ FIFA ౸ ϱ ٴ Ҹ Ͽ ְ Ư¡Դϴ.
1.1.3. Ÿ 2
Ÿ ϰ, ֽϴ. Ƿ Ʈ ٿְڴٴ Ʒ ̹ 2010 10 14Ͽ Ŭν Ÿ ǽմϴ.
1.2. Ӱ õǴ Ÿ شٸ?
1.2.1. Ÿ , ǰ ִ.
Ÿ 2005 200 ܸ ϰ ֽϴ. õ 5 ұϰ ̷ ִ Ÿ 幰, Ÿ ŭ ۰ ִ Դϴ. ؿ 忡 Ǹ, οƼ ͵ ˴ϴ.
ٸ ε ŸϿ ? Դϴ. 5̳ , ȵ ϰ ϱ Դϴ. ٸ ָ 簡 Ӿ, ӿ Ͽ츦 ִٴ Դϴ. õ Ǹ ִ Ȯ ְ, ӿ ߿ ۰ ij ϴ Ͽ츦 ִٴ õ ӿ ۿ Դϴ.
Ÿ 2 Ÿ Űܰ ּ ŸϿ ϴ Ÿ 2 ˴ϴ.
1.2.2. Ÿ Dz, Ÿ Ŵ Ÿ ϴٸ?
Ÿ Dz 2010 8 11Ϻ 20 3 ŬŸ Ͽµ, ڰ Ϻ Ϸ縦 8 21ϱ Ʈ Ͽϴ. 10 ϰ, 15() ڰ 1 ϴ Ŭ Ÿ ֽϴ. Ʈ 巡ī ̾ 2 ũ 븦 ֽϴ.
2005 ڼ 8 ߴ Ÿ 2006 275 âϿµ, Ÿ Dz ְ Ÿ Ÿ2 ⸸ ϴٸ 400 ̻ ˴ϴ.
Ÿ Dz ŬŸ dz 迡 幮 ,
Ǵ ȲԴϴ.
1.2.3. Ÿ 2, Ÿ ϰ ؿ ο ô ȴ.
2010 10 14Ϻ Ÿ 2 CBT ǽõǴµ, Ÿ 2 밨 ȲԴϴ. Ÿ Ȳ, Ÿ Ÿ 2 밨, ο Ÿ 2 ɼ ϴٰ ϴ. غ ϰ, ּ Ÿ Դϴ. ̷ ܼ ̰, Ÿ 2 ؿܷ ߰ Ǵ ȲԴϴ.
Ÿ ؿ 뷫 50 ε, ߱ 10, 븸 3~4, Ϻ 1 մϴ. ߿ ƴ϶ ؿ ʿ ŸϿ ν ɾٴ Դϴ. ٽ Ÿ 2 ؿܿ ִ Ƴٴ Դϴ. Ÿ 2 Ÿ ؿ +@ ̱ Ÿ 2 ÿ ߰ Ǵ ȲԴϴ.
Valuation
¶ ũ PC ij ֽϴ. Ÿ Dz ռ Ÿ 캸 ϰڽϴ. Ÿ 2009 PC ᰡ 30%, ij 70% ϰ ֽϴ. 2009 Ǿ 7õ ̰ 40IP̸ ڰ ٰ ϴ 5,000*70,000(ΰ 10% )*12 = 59, 180 뷫 30% ɴϴ.
120 ij Կ ̶ õ ij Ѵٰ ϸ 뷫 3 3õ ɴϴ. JCE ̶ ϴ Ȯ ڴ 3õ ij Ǵ , 뷫 3 3õ ִٰ ǴϿϴ.
2011 Ÿ 2 Ÿ پ Ұ, Ÿ 2 Ÿ Ͽϴ. , Ÿ 2 ű Ÿ Һ Ÿ 2 Ŭ ҽϴ.
Ÿ Dz αⰡ Ǵ , ּ Ÿ Ͽµ,
켱 PC 2011 10,000, 2012 15,000 Ͽϴ. 2011 5, 201
2 8 Ͽϴ.
ᱹ JCE 2011 2 þ Դϴ. ο ũ Դϴ. ٻġ ϱ ġ Ұϰ ᱹ ο JCE Դϴ. ٸ ְ ϰ ϱ ̶ ˴ϴ.
Ϲ Ӿ ǰ õǰ ʴ ̻ ϰ ˴ϴ. ͷ ȴٰ ص ̸ ̿Ͽ 2011 EPS Ͽϴ. PER 5 PER Ͽ ְ Ͽϴ.
2011 EPS 1170, PER 9 ְ 10530, buy ǰ ϴ Դϴ.
Conclusion
JCE Ӿ Ư JCE ־ ϴ° ֽϴ. ſ ũٰ ֽϴ. ٸ Ÿ Dz αⰡ ǰ Ǵ ȲԴϴ. Ÿ 2 ÷ ο ԵǾ 밡 Դϴ. ̷ 밨 ֱٿ ְ ̷ϴ.
ֽ żϱ ٴ þ Ȯ JCE ֽ żϴ ϴٰ ֽϴ. Valuation ġ Ұϰ, Ư α ū ֱ , Ȯ Ǵ ߿ϴٰ ֽϴ.
ϰ ص, FS2 FSF ° Ǵϴ °,
FSF 3 CB T , ̰ Ǵܵ˴ϴ.
, FSF ߱DZ Ű ߱ ŵ(ټƮ,ٵ)
JCE 湮ϰ ְ, FS ߱ DZ 6 ʿ
FS FS2 ߱ ŵ մϴ.
JCE ټƮ Ʈʷ ϴ , ຸ ְ ֽϴ.
δ FSF FS2 ȭ ϰ ְ,
߱ FS ʷ , 㺸Ұ ϴ.
ڷῡ ϸ JCE μǥ ߱ Ȯ ʰ ְ
FSF,FS2 ɼ ε ּ 3 ̻ ְ Ǿ Ѵٴ
JCE ȸ ġ ߽ɵ ʰ ֽϴ.
1 1ɸ ̶ Ư, ε 밡
̱ 强 ϴٴ ǴԴϴ.
MMORPG ٸ Ư ְ
CBT ܰ迡 Ѵٸ,
Ȯ ܰ迡 ڰ ƴ, ɼ 㺸 ̱ ϳ
Ȥó ϴ ǹ ÿ ǰ ܰ迡 ڰ ̷ Ѵٴ ǴԴϴ.
11 FSF OBT JCE մϴ.