Our estimates have Loen Entertainment’s operating profit up 35.9% y-y to an in-lineKRW28.1b in 3Q, which will likely owe to approximate net subscriber additions of150,000and increased promotional activities.    Music streaming services are seen representative killer apps amid expansion of thevoice UI market, which should prove most beneficial to Loen since it runs MelOn,Korea's top music-streaming and downloading service.    We maintain the stock at BUY and raise our 12-month target price by 20% toKRW120,000(based on 30x 2018P/E) to reflect upward revisions we made to itsEPS forecasts and valuation multiple. Overhang risk does linger, but we expect thisto be offset by solid earnings momentum.

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