October PMIs Near 50 Index Points, Signal Improved Economic Activities in Q3 2020

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Freshly released Purchasing Managers’ Index (PMI) survey report by Central Bank of Nigeria (CBN) showed that the manufacturing and non-manufacturing sectors witnessed further recovery from contraction, nearing 50 index points (which indicates neutrality), as production level and business activities picked amid improved new orders.

Specifically, the manufacturing composite PMI printed slower contraction to 49.4 index points in October (from 46.9 in September), the sixth consecutive contraction. The slower contraction in manufacturing composite PMI was chiefly driven by an increase in new orders index, to 51.2 in October 2020 (from 46.4 in September 2020), which resulted in higher production – the production index pointed to 50.0 (from 47.3).

October PMIs Near 50 Index Points, Signal Improved Economic Activities in Q3 2020 Brandspurng1
Source: National Bureau of Statistics, 0pec, Cowry Research; *Cowry Research Estimates

October PMIs Near 50 Index Points, Signal Improved Economic Activities in Q3 2020

Producers’ costs of production increased slightly (input prices index rose to 70.9 from 69.8) and they were able to pass on costs to customers (output prices index increased to 60.0 from 58.8), suggesting a possible rise in inflation rate going forward even as festivities beacon.

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Also, supplies of raw materials to manufacturers slowed amid increasing demand from producers – supplier delivery time index fell to 51.8 in October (from 53.5 in September). Given the delay from suppliers’ end, manufacturers stocked up raw materials – raw materials/work-in-progress index moved up, to 46.2 from 43.0 – reflected by the quantity of purchases index which inched up to 47.8 from 42.9.

We saw the stock of finished goods fall – its index rose to 44.9 in October 2020 from 45.8 in September 2020 – on account of improved sales. Similarly, contraction in staffing levels in the manufacturing space slowed given the increase in production volume – employment index rose further to 46.0 points in October 2020 (compared to 44.1 points in September 2020).

Of the fourteen manufacturing subsectors, Transportation equipment sub-sector index expanded to 59.6 points in October 2020 from 58.1 points in September 2020 while the Printing & related support activities, Chemical & pharmaceutical products and Textile, apparel, leather & footwear sub-sectors recovered from contractions to 52.9 points (from 43.3 points), 52.6 points (47.8 points) and 50.9 points (47.5 points) respectively. Meanwhile, the non-manufacturing sector also recorded slower contraction as its composite PMI increased to 46.8 index points in October 2020 (from 41.9 index points in September 2020).

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This was chiefly driven by improved business activity to 48.7 (from 43.7) as incoming business index jumped to 47.8 from 39.5. Consequently, the employment index point further increased, to 44.2 (from 37.4). The incoming business still improved in spite of the rise in the average price of inputs, to 52.9 index points in October 2020 (from 51.2 index points in September 2020).

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Elsewhere, crude oil prices at the international oil market fell further amid slower demand from Europe and Asian refiners as well as a 0.89% weekly rise in U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) to 492.43 million barrels as at October 23, 2020 (inventories have risen by 12.21% y-o-y from 438.85 million barrels as at October 25, 2019).

WTI crude price moderated week-on-week (w-o-w) by 11.36% to USD36.02 a barrel; in spite of 2.78% w-o-w rise in US crude oil input to refineries to 13.39 mb/d as at October 23, 2020 (albeit, It has declined y-o-y by 16.31% from 15.99 mb/d as at October 25, 2019). Elsewhere, Brent price also tanked by 11.47% to USD37.65 a barrel as at Thursday, October 29, 2020; also, Bonny Light fell by 11.42% to USD37.23 a barrel.

In line with our expectations, PMIs improved in the month of October 2020 amid progressive ease in lockdown. Nevertheless, we expect GDP in Q3 2020 to still herald the anticipated economic recession even as economic growth may partly be dented by the recent riots across the country.

COWRY RESEARCH

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October PMIs Near 50 Index Points, Signal Improved Economic Activities in Q3 2020 - Brand SpurOctober PMIs Near 50 Index Points, Signal Improved Economic Activities in Q3 2020 - Brand Spur

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October PMIs Near 50 Index Points, Signal Improved Economic Activities in Q3 2020 - Brand SpurOctober PMIs Near 50 Index Points, Signal Improved Economic Activities in Q3 2020 - Brand Spur

Latest News

Spackman Entertainment Group’s Upcoming Musical Film THE BOX, Starring EXO’s Chanyeol, Scheduled To Be Released In The Spring Of 2021

  • Following the art film STONE SKIPPING, THE BOX is the next film production of the Company's wholly‐owned indirect subsidiary, Studio Take, founded by veteran movie producer, Mr. Song Dae‐chan
  • THE BOX will be EXO's Chanyeol's first lead acting role in a film
  • Directed by Yang Jung Woong, the Executive Producer of the 2018 PyeongChang Winter Olympics opening and closing ceremonies, THE BOX is set to be screened in Korea in the spring of 2021

SINGAPORE - Media OutReach - 3 March 2021 - Spackman Entertainment Group Limited ("Spackman Entertainment Group" or the "Company" and together with its subsidiaries, the "Group"), one of Korea's leading entertainment production groups, wishes to announce that its upcoming musical film THE BOX, produced by the Company's indirect wholly-owned subsidiary, Studio Take Co., Ltd. ("Studio Take"), is set to be released in Korea in the spring of 2021.


Following the art film STONE SKIPPING, THE BOX is the next film production of Studio Take, which was founded by veteran movie producer, Mr. Song Dae‐chan.

THE BOX is about the musical journey of an aspiring singer and a once popular producer.

Directed by Yang Jung Woong, the Executive Producer of the 2018 PyeongChang Winter Olympics opening and closing ceremonies, THE BOX stars EXO's Chanyeol who plays the aspiring singer and Jo Dal Hwan who acts as the once popular producer. This is Chanyeol's first lead role for a Korean commercial film. Jo Dal Hwan is known for his role in SECRET HEALER (2016), TRAFFICKERS (2012) and THE CON ARTISTS (2014).


About Spackman Entertainment Group Limited

Spackman Entertainment Group Limited ("SEGL" or the "Company"), and together with its subsidiaries, (the "Group"), founded in 2011 by Charles Spackman, is one of Korea's leading entertainment production groups. SEGL is primarily engaged in the independent development, production, presentation, and financing of theatrical motion pictures in Korea. According to Variety, Korea was the world's fourth largest box office market in 2019, behind only North America, China and Japan.

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The Group also invests into and produces Korean television dramas. In addition to our content business, we also own equity stakes in entertainment-related companies and film funds that can financially and strategically complement our existing core operations. SEGL is listed on the Catalist of the Singapore Exchange Securities Trading Limited under the ticker 40E.

Production Labels

SEGL's wholly-owned Zip Cinema Co., Ltd. ("Zip Cinema") is one of the most recognised film production labels in Korea and has originated and produced some of Korea's most commercially successful theatrical films, consecutively producing 10 profitable movies since 2009 representing an industry leading track record. Recent theatrical releases of Zip Cinema's motion pictures include some of Korea's highest grossing and award-winning films such as CRAZY ROMANCE (2019), DEFAULT (2018), MASTER (2016), THE PRIESTS (2015), COLD EYES (2013), and ALL ABOUT MY WIFE (2012). For more information on Zip Cinema, do visit http://zipcine.com


SEGL also owns Novus Mediacorp Co., Ltd. ("Novus Mediacorp"), an investor, presenter, and/or post-theatrical distributor for a total of 79 films (58 Korean and 21 foreign) including ROSE OF BETRAYAL, THE OUTLAWS and SECRETLY, GREATLY, which was one of the biggest box office hits of 2013 starring Kim Soo-hyun of MY LOVE FROM THE STARS, as well as FRIEND 2: THE GREAT LEGACY. In 2012, Novus Mediacorp was also the post-theatrical rights distributor of ALL ABOUT MY WIFE, a top-grossing romantic comedy produced by Zip Cinema. In 2018, THE OUTLAWS, co-presented by Novus Mediacorp broke the all-time highest Video On Demand ("VOD") sales records in Korea. For more information on Novus Mediacorp, do visit http://novusmediacorp.com.


The Company owns a 100% equity interest in Simplex Films Limited ("Simplex Films") which is an early stage film production firm. The maiden film of Simplex Films, JESTERS: THE GAME CHANGERS (2019), was released in Korea on 21 August 2019. Simplex Films has several line-up of films including A BOLT FROM THE BLUE (working title).


The Company owns a 100% equity interest in Take Pictures Pte. Ltd. ("Take Pictures") which produced STONE SKIPPING (2020) and shall release THE BOX and GUARDIAN (working title) in 2021 tentatively.


The Company owns a 100% equity interest in Greenlight Content Limited ("Greenlight Content") which is mainly involved in the business of investing into dramas and movies, as well as providing consulting services for the production of Korean content. Through the acquisition of Greenlight Content, the Group's first co-produced drama, MY SECRET TERRIUS, starring top Korean star, So Ji Sub, achieved #1 in drama viewership ratings for its time slot and recorded double digits for its highest viewership ratings. Greenlight Content was one of the main investors of MY SECRET TERRIUS.


The Company owns a 20% equity interest in The Makers Studio Co. Ltd., which plans to produce and release four upcoming films, the first of which will be THE ISLAND OF THE GHOST'S WAIL, a comedy horror film.


Our films are theatrically distributed and released in Korea and overseas markets, as well as for subsequent post-theatrical worldwide release in other forms of media, including online streaming, cable TV, broadcast TV, IPTV, video-on-demand, and home video/DVD, etc. We release all of our motion pictures into wide-theatrical exhibition initially in Korea, and then in overseas and ancillary markets.

Talent Representation

The Company holds an effective shareholding interest of 43.88% in Spackman Media Group Limited ("SMGL"). SMGL, a company incorporated in Hong Kong, together with its subsidiaries, is collectively one of the largest entertainment talent agencies in Korea in terms of the number of artists under management, including some of the top names in the Korean entertainment industry. SMGL operates its talent management business through renowned agencies such as MSteam Entertainment Co., Ltd. (Son Ye-jin, Lee Min-jung, Ko Sung-hee), UAA&CO Inc. (Song Hye-kyo, Yoo Ah-in, Park Hyung-sik), Fiftyone K Inc. (So Ji Sub, Ok Taec-yeon), SBD Entertainment Inc. (Son Suk-ku), and Kook Entertainment Co., Ltd. (Kim Sang-kyung, Kim Ji-young). Through these full-service talent agencies in Korea, SMGL represents and guides the professional careers of a leading roster of award-winning actors/actresses in the practice areas of motion pictures, television, commercial endorsements, and branded entertainment. SMGL leverages its unparalleled portfolio of artists as a platform to develop, produce, finance and own the highest quality of entertainment content projects, including theatrical motion pictures, variety shows and TV dramas. This platform also creates and derives opportunities for SMGL to make strategic investments in development stage businesses that can collaborate with SMGL artists. SMGL is an associated company of the Company.


The Company owns a 100% equity interest in Constellation Agency Pte. Ltd. ("Constellation Agency"). Constellation Agency, which owns The P Factory Co., Ltd. ("The P Factory") and Platform Media Group Co., Ltd. ("PMG"), is primarily involved in the business of overseas agency for Korean artists venturing into the overseas market. The P Factory is an innovative marketing solutions provider specializing in event and branded content production. PMG is a talent management agency which represents and manages the careers of major artists in film, television, commercial endorsements and branded entertainment.

Strategic Businesses

The Company owns a 100% equity interest in Frame Pictures Co., Ltd. ("Frame Pictures"). Frame Pictures is a leader in the movie/drama equipment leasing business in Korea. Established in 2014, Frame Pictures has worked with over 25 top directors and provided the camera and lighting equipment for some of Korea's most notable drama and movie projects including ITAEWON CLASS (2020), HOW TO BUY A FRIEND (2020), KIM JI-YOUNG, BORN 1982 (2019), FOUR MEN (2019) and ASADAL CHRONICLES (2019).

We also operate a café-lounge called Upper West, in the Gangnam district of Seoul and own a professional photography studio, noon pictures Co., Ltd.

For more details, do visit http://www.spackmanentertainmentgroup.com/

October PMIs Near 50 Index Points, Signal Improved Economic Activities in Q3 2020 - Brand Spur
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