JKN (Jakrapong Networks) will probably IPO sometime this year. While there is limited info at this stage, we did a couple of back-of-the-envelope valuations on this stock and picked the rough price target of Bt10.8/sh, using the "bootstrap" method. If the real IPO price comes in below this, we will try our best to participate and advise you to do the same. In a nutshell, the company makes most of its revenues from Asian series (Korean and Indian), around 20% from cartoons, and the rest from variety shows such as their proprietary The Andrew Show hosted by the founder himself. They also co-produce royal documentaries with National Geographic and are bringing the rather expensive CNBC franchise to Thailand in a first 10-yr contract. Profitable listed media companies are becoming a rarity these days with even state-owned MCOT losing money, and JKN will be one of them. Enjoy the Show!

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