AfreecaTV (067160 KQ) Platform offers same explosive potential as LINE and KakaoTalk

IT S/W & SVC User-generated live content broadcast service continues to attract viewers AfreecaTV, a streaming service, has been gaining rapid popularity. The site Company Report primarily retransmits TV channels, and allows users (Broadcast Jockeys – BJ) to upload January 28, 2014 their own or shows. The range of live content is broadening (music, sports, current affairs, education and games), as viewership is expanding and the average age

group of viewers is widening from 10s-20s to 30s-40s.

Not Rated We attribute the company’s ongoing growth of traffic to its unique business ecosystem, which enourages BJs to continuously develop content that attracts more viewers. We Target Price (12M, W) - expect the increase in traffic to boost sales of Star Balloons (virtual currency), which viewers gift to BJs as a form of gratitude, and further drive ad revenue growth. Already, Share Price (01/27/14, W) 9,730 the share of ad revenue is seeing a pickup, with item-to-ad sales ratio estimated to have changed from 7/3 in 2012 to 6/4 in 2013 (roughly 5/5 in 2015F). Expected Return - Another popular feature offered by AfreecaTV is its unique game platform. As game

channels are accessible via its own game center (like mobile messenger KakaoTalk Game OP (13F, Wbn) 4 Center), where BJs partner with other BJs (the “clan”) to engage in combat games, it is Consensus OP (13F, Wbn) 4 attracting combat game developers that want to use its platform. Given the game EPS Growth (13F, %) - center’s huge popularity (more than half of the broadcast channels and viewers are Market EPS Growth (13F, %) 4.4 dedicated to games), we believe the clan-based games community will further drive P/E (13F, x) 158.1 success of AfreecaTV’s game platform. Market P/E (13F, x) 12.4 KOSDAQ 507.51 Game unit likely to pose short-term risk AfreecaTV’s online game Tales Runner has been a steady source of revenue for the Market Cap (Wbn) 96 company, but it has recently seen a visible decline. Nevertheless, it continues to serve as Shares Outstanding (mn) 10 a cash cow for the company. As the company in recent years invested aggressively in Free Float (%) 75.4 mobile game development, we may, in the short term, see earnings volatility. While the Foreign Ownership (%) 6.3 contraction in game revenues is likely to slow thanks to its core users, it should affect Beta (12M) 1.24 52-Week Low 6,390 the company’s earnings visibility for . 52-Week High 13,200 Deeply undervalued to peers (%) 1M 6M 12M Trading at 2014F P/E of 17.0x, AfreecaTV appears deeply undervalued compared to its Absolute 7.0 -26.3 35.1 peers (video sharing/streaming service providers). Indeed, Netflix is trading at a 2014F Relative 4.8 -20.8 35.0 P/E of 66.3x. Given that the company’s operating expenses are mostly fixed costs (high

190 AfreecaTV KOSDAQ operating leverage), we expect top-line growth to improve profitability. 170 150 130 110 90 70 1.13 5.13 9.13 1.14

Daewoo Securities Co., Ltd. FY (12) 12/11 12/12 12/13F 12/14F 12/15F Revenue (Wbn) 48 49 49 63 77 [Small Cap] OP (Wbn) 4 4 4 10 19

Daewoo Lee OP Margin (%) 8.3 8.2 8.2 15.9 24.7 +822-768-4132 NP (Wbn) 1 1 1 6 16 [email protected] EPS (W) 87 58 58 573 1,335 ROE (%) 2.7 1.6 1.6 15.5 30.9

P/E (x) 90.5 158.1 158.1 17.0 7.3 P/B (x) 2.4 2.5 2.5 2.3 2.1 Note: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates

Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the U.S. PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES & DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT.

January 28, 2014 AfreecaTV

Overview

AfreecaTV is Korea’s largest live broadcast TV platform with practically no rivals. The company was initially a collection of many businesses, including web hard, P2P, and (CDN). However, it now leverages its knowhow in traffic management/distribution to live broadcasting and games.

After the sale of its web hard and CDN businesses in 2012, the company took a 20% stake in Rhaon Entertainment, the developer of the company’s cash cow game, Tales Runner, and gained control of BLUEWIND, a mobile game developer. Recent drastic changes in the company’s overall businesses (except for Tales Runner) have caused a rise in non-operating one-offs, which will likely persist for the time being.

The company’s operations are mainly divided into the platform and game businesses. The platform business generates revenues from 1) sales of Star Balloons (virtual currency that is exchangeable for real cash), a gift that viewers give BJs in the form of gratitude, 2) ads, and 3) fees from gaming companies (which account for only a minimal portion). The game business is driven by domestic and overseas revenues from its own online game Tales Runner. In addition, the company has recently invested in developing mobile games and offers its mobile games on the highly popular mobile messenger KakaoTalk Game Center.

Figure 1. Shareholding structure Figure 2. Business model

Platform Game Mobile gamesMobile

Saint Items International 21%

Treasury Advertisement shares Onlinegames

3% s Other 76% commissionsGame

Source: AfreecaTV, KDB Daewoo Securities Research Source: AfreecaTV, KDB Daewoo Securities Research

Platform business

Broadcast platform AfreecaTV started its live broadcast platform business in 2005. The company attributes the successful launch of the live broadcast business model in Korea to 1) its traffic distribution/management knowhow and 2) Korea’s widespread access to low-cost broadband internet. The broadcast platform business division has recently started to cover its fixed costs amid steady traffic growth. In addition, we expect traffic to continue to increase in the near term, given 1) its growing reputation as a source of quality live broadcasts and 2) upcoming major sporting events.

Internet companies that rely on traffic without a profit model need to endure the burden of heavy marketing expenditures, until traffic reaches significant levels. As such, those with a weak capital base will likely struggle to stabilize their business.

However, AfreecaTV was able to weather the cost burden during its early stage, backed by 1) stable cash flow from online gaming, webhard, P2P and CDN services, and 2) Star Balloon sales. A Star Balloon, valued at W100 each, are gifted to BJs in the form of gratitude. Popular Star BJs can earn several hundred million won annually. When BJs decide to exchange the Star Balloons for real cash, AfreecaTV takes a cut of 30-40%, depending on the BJs sales volume. Recently, applications to become BJs have soared amid the rising public recognition of BJs. This has fueled competitiveness among BJs, leading to qualitative/quantitative improvement in live broadcast content and the emergence of new live broadcast genres.

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January 28, 2014 AfreecaTV

AfreecaTV appears to have attracted new viewers in their 30s and 40s, by securing broadcast rights to major league Korean baseball players in the US in 2013. Furthermore, we expect viewer traffic to get a boost as major sporting events are slated to be held this year, including the Winter Olympics, the World Cup finals, and Asian Games. We also note the steady expansion of AfreecaTV’s viewing age group, which is leading to greater diversification of broadcast content

AfreecaTV has made great strides to improve its reputation and legitimacy as a provider of quality content for the general public. The company does not permit adult or non-licensed content, and has the ability to block such content within five to ten minutes. Given the company’s strong monitoring capability, which is even superior to YouTube, we believe AfreecaTV’s valuation should not receive a discount for concerns of adult or non-licensed content distribution.

Noteworthy is that the broadcasting platform’s revenue driver is shifting from Star Balloon sales to advertising sales. The percentage of advertising sales in total broadcasting platform revenue is estimated to rise from 30% in 2012 and 40% in 2013 to 50% in 2015. We believe further growth in advertising sales will require 1) steady traffic growth and 2) greater public trust in the company’s content. We are optimistic about the company’s traffic growth this year on the back of major sporting events scheduled for 2014, and rising popularity of its services. The company’s concurrent unique visitors (UV), which currently stands at under 3mn, are projected to increase to over 4mn this year. The reputation of AfreecaTV’s broadcasting services are also improving with its viewer base expanding to people in their 30s and 40s. Furthermore, its recent partnership with YouTube should further lift the reputation of its services, and boost traffic.

Figure 3. Online and mobile traffic trends

('000 persons) 3,000 Peak mobile daily UV Peak PC daily UV 2,500

2,000

1,500

1,000

500

0 1/12 3/12 5/12 7/12 9/12 11/12 1/13 3/13 5/13 7/13 9/13 11/13 Source: AfreecaTV, KDB Daewoo Securities Research

Considering the nature of user-created (personal) content, the company is likely to see limitations in domestic traffic growth peak. However, its current concurrent UV levels suggest that there remains significant room for traffic growth. In an effort to maintain traffic growth, the company is turning to the overseas markets, including North America, China, and Japan.

Game center AfreecaTV launched its own game center, a similar service as KakaoTalk’s Game Center, which hosts games developed by independent studios and receives a percentage of revenue as commission. Noteworthy is that AfreecaTV’s game center has adopted a system in which BJs partner with other BJs (the “clan”) to engage in combat games. In light of the rising popularity of the system, developers are likely to prefer the company’s game center as a distribution channel for their games. The reason for this is that the life cycle of a real-time combat game increases in line with the stability and bond of the game’s user community, extending the revenue stream to game developers.

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Games

AfreecaTV had maintained conservative investment approaches. However, it recently executed aggressive investments in the mobile game segment.

Table 1. Details of investment by game developer (Wmn,%) Date of Investment Developer Stake Game investment amount Big 4 Games 05/10/12 999 20 Sailing Is Fun Bliss Software 07/09/12 400 10 Mouse Fishing, Pig Runner Nchap Soft 08/02/12 400 10 Star Poker Road Complete 08/21/12 100 14 Tap Tap Hero, Disco Panda So New 09/25/12 799 22 Charge! Gomorrah Fighters, I Love Chicken Holloween 10/09/12 400 21 Band for Everyone Laon Entertainment 12/12/12 6,999 20 Tales Runner Quiz King (15mn downloads) Blue Wind 03/05/13 3,200 40 2013 Crosswords Aspect (No.1 on ) Source: AfreecaTV, KDB Daewoo Securities Research

Given the company’s own mobile game development and investments in game developers, we believe that the company has plans to connect its game center and BJs to the ecosystem. Most of all, in the near term, building and stabilizing this ecosystem will be most crucial for the company. Since the company’s core strength is its superior ecosystem, we believe the company should focus more on improving its ecosystem than content for now.

In order for a mobile game company to succeed, it must have broad know-how of online games (e.g., timing of content update, traffic management of promotions). Given that AfreecaTV has extensive experience operating Tales Runner, we believe the company’s outlook for mobile games is solid. However, we are not overly reliant on the mobile game business, as market conditions remain bleak and mobile game revenues can be highly volatile.

Table 2. AfreecaTV earnings estimates (Wbn) 1Q12 2Q12 3Q12 4Q12 2012 1Q13 2Q13 3Q13 4Q13F 2013F 2014F 2015F Platform Item sales 3.3 4.0 4.2 4.5 16.0 5.1 5.2 5.1 5.0 20.4 26.5 31.8 Ad sales 1.2 1.6 1.9 2.3 7.0 2.9 3.3 3.5 3.9 13.7 21.4 30.6 Total 4.5 5.7 6.0 6.9 23.0 7.9 8.6 8.6 8.9 34.1 47.9 62.4 Game 7.8 4.1 4.0 3.3 19.2 3.8 2.3 4.2 4.4 14.7 15.0 15.0 Revenue (operating 14.9 12.1 10.7 11.4 49.1 11.7 10.9 12.8 13.3 48.7 62.9 77.4 revenue) YoY (%) 2.5 -0.8 29.2 23.0 Operating profit 1.7 0.1 0.1 -0.8 1.0 1.1 1.0 1.3 1.1 4.4 9.7 18.9 YoY (%) -66.3 329.7 122.6 94.2 OP margin (%) 2.1 9.0 15.5 24.4 Source: AfreecaTV, KDB Daewoo Securities Research estimates

While domestic traffic to Tales Runner game has recently declined, overseas traffic continues to grow, albeit slowly. Still, we estimate that the slowdown in domestic traffic outstripped overseas growth as well as new mobile game revenues in 2013. As such, we estimate that 2013 game revenue continued to decrease YoY. Over the long run, we expect Tales Runner’s revenue to slow. Nevertheless, the game will likely remain the largest component for top-line estimate in the near term.

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Valuation

AfreecaTV’s business model works ideally in Korea thanks to the country’s low-cost and widespread access to broadband internet. As such, there is no comparable global peer. Although (Japan) and (US) are similar businesses, they are too small to be compared with AfreecaTV. Live user-created content broadcasting services are in its infancy around the world. Nevertheless, it should be noted that rising earnings of related companies are an indication of the growing popularity of these services.

Still, we take note of overhang risks. The company’s unexercised warrants (1,125,826 shares; strike price of W7,550) could dilute the company’s share price by 10.2% (based on 9,897,743 shares issued).

Figure 4. Niconico earnings

(JPYmn) 5,000 Revenue Operating profit 4,000

3,000

2,000

1,000

0 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13 13 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q -1,000

Source: Dwango (parent company of Niconico), KDB Daewoo Securities Research

Assuming that the company’s peers include video sharing and video streaming service providers, we found AfreecaTV’s shares to be deeply undervalued to its peers. Rather, its valuation is similar to that of existing media firms such as terrestrial broadcasters.

Figure 5. EV/EBITDA-ROE Figure 6. P/E-ROE

(EV/EBITDA, x) (P/E, x) 200 200 Pandora Media

150 150

Pandora Media 100 100 Netflix

50 50 Netflix AfreecaTV AOL SBS Contents AOL SBS Contents AfreecaTV (ROE, %) (ROE, %) Hub Hub 0 0 0 5 10 15 20 25 0 5 10 15 20 25

Source: Bloomberg, KDB Daewoo Securities Research Source: Bloomberg, KDB Daewoo Securities Research

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January 28, 2014 AfreecaTV

AfreecaTV (067160 KQ/Not Rated)

Comprehensive Income Statement (Summarized) Statement of Financial Condition (Summarized) (Wbn) 12/13F 12/14F 12/15F (Wbn) 12/13F 12/14F 12/15F Revenue 49 63 77 Current Assets 30 38 66 Cost of Sales 0 0 0 Cash and Cash Equivalents 8 9 31 Gross Profit 49 63 77 AR & Other Receivables 15 20 24 SG&A Expenses 44 53 59 Inventories 0 0 0 Operating Profit (Adj) 4 10 19 Other Current Assets 7 9 11 Operating Profit 4 10 19 Non-Current Assets 32 32 33 Non-Operating Profit -3 -3 -1 Investments in Associates 9 11 14 Net Financial Income -1 -1 -1 Property, Plant and Equipment 11 9 8 Net Gain from Inv in Associates -1 0 0 Intangible Assets 8 7 5 Pretax Profit 1 7 18 Total Assets 62 70 99 Income Tax 0 1 2 Current Liabilities 22 26 29 Profit from Continuing Operations 1 6 16 AP & Other Payables 5 6 8 Profit from Discontinued Operations 0 0 0 Short-Term Financial Liabilities 11 11 11 Net Profit 1 6 16 Other Current Liabilities 6 9 10 Controlling Interests 1 6 16 Non-Current Liabilities 5 5 5 Non-Controlling Interests 0 0 0 Long-Term Financial Liabilities 5 5 5 Total Comprehensive Profit 0 6 16 Other Non-Current Liabilities 0 0 0 Controlling Interests 0 6 16 Total Liabilities 27 30 34 Non-Controlling Interests 0 0 0 Controlling Interests 34 39 64 EBITDA 8 13 22 Capital Stock 5 6 8 FCF (Free Cash Flow) 4 5 15 Capital Surplus 28 28 38 EBITDA Margin (%) 16.3 20.6 28.6 Retained Earnings 3 7 20 Operating Profit Margin (%) 8.2 15.9 24.7 Non-Controlling Interests 1 1 1 Net Profit Margin (%) 2.0 9.5 20.8 Stockholders' Equity 35 40 65

Cash Flows (Summarized) Forecasts/Valuations (Summarized) (Wbn) 12/13F 12/14F 12/15F 12/13F 12/14F 12/15F Cash Flows from Op Activities 5 5 15 P/E (x) 158.1 17.0 7.3 Net Profit 1 6 16 P/CF (x) 11.9 8.8 5.2 Non-Cash Income and Expense 7 5 6 P/B (x) 2.5 2.3 2.1 Depreciation 2 2 2 EV/EBITDA (x) 13.2 8.0 3.7 Amortization 1 1 1 EPS (W) 58 573 1,335 Others 4 2 3 CFPS (W) 769 1,103 1,862 Chg in Working Capital -2 -4 -4 BPS (W) 3,708 4,175 4,659 Chg in AR & Other Receivables 5 -2 -2 DPS (W) 110 110 110 Chg in Inventories 0 0 0 Payout ratio (%) 206.6 22.4 9.7 Chg in AP & Other Payables 0 0 0 Dividend Yield (%) 1.2 1.1 1.1 Income Tax Paid 0 -1 -2 Revenue Growth (%) - 28.6 22.2 Cash Flows from Inv Activities -4 -1 -1 EBITDA Growth (%) - 62.5 69.2 Chg in PP&E -1 0 0 Operating Profit Growth (%) - 150.0 90.0 Chg in Intangible Assets -1 0 0 EPS Growth (%) - 887.9 133.0 Chg in Financial Assets -3 -1 -1 Accounts Receivable Turnover (x) 8.5 9.6 9.4 Others 1 0 0 Inventory Turnover (x) 0.0 0.0 0.0 Cash Flows from Fin Activities 0 -1 9 Accounts Payable Turnover (x) 0.0 0.0 0.0 Chg in Financial Liabilities - - - ROA (%) 0.8 8.6 18.7 Chg in Equity 33 0 10 ROE (%) 1.6 15.5 30.9 Dividends Paid -1 -1 -1 ROIC (%) 11.0 24.8 51.3 Others - - - Liability to Equity Ratio (%) 77.2 76.5 52.1 Increase (Decrease) in Cash 2 1 22 Current Ratio (%) 134.0 147.6 228.0 Beginning Balance 6 8 9 Net Debt to Equity Ratio (%) 23.4 17.2 -22.8 Ending Balance 8 9 31 Interest Coverage Ratio (x) 5.0 11.0 21.4 Source: Company data, KDB Daewoo Securities Research estimates

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January 28, 2014 AfreecaTV

APPENDIX 1

Important Disclosures & Disclaimers 2-Year Rating and Target Price History

Disclosures As of the publication date, Daewoo Securities Co., Ltd and/or its affiliates do not have any special interest with the subject company and do not own 1% or more of the subject company's shares outstanding.

Analyst Certification The research analysts who prepared this report (the “Analysts”) are registered with the Korea Financial Investment Association and are subject to Korean securities regulations. They are neither registered as research analysts in any other jurisdiction nor subject to the laws and regulations thereof. Opinions expressed in this publication about the subject securities and companies accurately reflect the personal views of the Analysts primarily responsible for this report. Daewoo Securities Co., Ltd. policy prohibits its Analysts and members of their households from owning securities of any company in the Analyst’s area of coverage, and the Analysts do not serve as an officer, director or advisory board member of the subject companies. Except as otherwise specified herein, the Analysts have not received any compensation or any other benefits from the subject companies in the past 12 months and have not been promised the same in connection with this report. No part of the compensation of the Analysts was, is, or will be directly or indirectly related to the specific recommendations or views contained in this report but, like all employees of Daewoo Securities, the Analysts receive compensation that is impacted by overall firm profitability, which includes revenues from, among other business units, the institutional equities, investment banking, proprietary trading and private client division. At the time of publication of this report, the Analysts do not know or have reason to know of any actual, material conflict of interest of Disclaimers This report is published by Daewoo Securities Co., Ltd. (“Daewoo”), a broker-dealer registered in the Republic of Korea and a member of the Korea Exchange. Information and opinions contained herein have been compiled from sources believed to be reliable and in good faith, but such information has not been independently verified and Daewoo makes no guarantee, representation or warranty, express or implied, as to the fairness, accuracy, completeness or correctness of the information and opinions contained herein or of any translation into English from the Korean language. If this report is an English translation of a report prepared in the Korean language, the original Korean language report may have been made available to investors in advance of this report. Daewoo, its affiliates and their directors, officers, employees and agents do not accept any liability for any loss arising from the use hereof. This report is for general information purposes only and it is not and should not be construed as an offer or a solicitation of an offer to effect transactions in any securities or other financial instruments. The intended recipients of this report are sophisticated institutional investors who have substantial knowledge of the local business environment, its common practices, laws and accounting principles and no person whose receipt or use of this report would violate any laws and regulations or subject Daewoo and its affiliates to registration or licensing requirements in any jurisdiction should receive or make any use hereof. Information and opinions contained herein are subject to change without notice and no part of this document may be copied or reproduced in any manner or form or redistributed or published, in whole or in part, without the prior written consent of Daewoo. Daewoo, its affiliates and their directors, officers, employees and agents may have long or short positions in any of the subject securities at any time and may make a purchase or sale, or offer to make a purchase or sale, of any such securities or other financial instruments from time to time in the open market or otherwise, in each case either as principals or agents. Daewoo and its affiliates may have had, or may be expecting to enter into, business relationships with the subject companies to provide investment banking, market-making or other financial services as are permitted under applicable laws and regulations. The price and value of the investments referred to in this report and the income from them may go down as well as up, and investors may realize losses on any investments. Past performance is not a guide to future performance. Future returns are not guaranteed, and a loss of original capital may occur

Distribution United Kingdom: This report is being distributed by Daewoo Securities (Europe) Ltd. in the United Kingdom only to (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), and (ii) high net worth companies and other persons to whom it may lawfully be communicated, falling within Article 49(2)(A) to (E) of the Order (all such persons together being referred to as “Relevant Persons”). This report is directed only at Relevant Persons. Any person who is not a Relevant Person should not act or rely on this report or any of its contents. United States: This report is distributed in the U.S. by Daewoo Securities (America) Inc., a member of FINRA/SIPC, and is only intended for major institutional investors as defined in Rule 15a-6(b)(4) under the U.S. Securities Exchange Act of 1934. All U.S. persons that receive this document by their acceptance thereof represent and warrant that they are a major institutional investor and have not received this report under any express or implied understanding that they will direct commission income to Daewoo or its affiliates. Any U.S. recipient of this document wishing to effect a transaction in any securities discussed herein should contact and place orders with Daewoo Securities (America) Inc., which accepts responsibility for the contents of this report in the U.S. The securities described in this report may not have been registered under the U.S. Securities Act of 1933, as amended, and, in such case, may not be offered or sold in the U.S. or to U.S. persons absent registration or an applicable exemption from the registration requirements. Hong Kong: This document has been approved for distribution in Hong Kong by Daewoo Securities (Hong Kong) Ltd., which is regulated by the Hong Kong Securities and Futures Commission. The contents of this report have not been reviewed by any regulatory authority in Hong Kong. This report is for distribution only to professional investors within the meaning of Part I of Schedule 1 to the Securities and Futures Ordinance of Hong Kong (Cap. 571, Laws of Hong Kong) and any rules made thereunder and may not be redistributed in whole or in part in Hong Kong to any person. All Other Jurisdictions: Customers in all other countries who wish to effect a transaction in any securities referenced in this report should contact Daewoo or its affiliates only if distribution to or use by such customer of this report would not violate applicable laws and regulations and not subject Daewoo and its affiliates to any registration or licensing requirement within such jurisdiction.

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KDB Daewoo Securities International Network Daewoo Securities Co. Ltd. (Seoul) Daewoo Securities (Hong Kong) Ltd. Daewoo Securities (America) Inc. Head Office Two International Finance Centre 320 Park Avenue, 31st Fl. 34-3 Yeouido-dong, Yeongdeungpo-gu Suites 2005-2012 New York, NY 10022 Seoul 150-716 8 Finance Street, Central Korea Hong Kong United States Tel: 82-2-768-3026 Tel: 85-2-2514-1304 Tel: 1-212-407-1000 Daewoo Securities (Europe) Ltd. Daewoo Securities (Singapore) Pte. Ltd. Tokyo Representative Office Tower 42, Level 41 6 Battery Road, #11-01 7th Floor, Yusen Building 25 Old Broad Street Singapore, 049909 2-3-2 Marunouchi, Chiyoda-ku London EC2N 1HQ Tokyo 100-0005 United Kingdom Japan Tel: 44-20-7982-8016 Tel: 65-6671-9845 Tel: 81-3- 3211-5511 Beijing Representative Office Shanghai Representative Office Ho Chi Minh Representative Office Suite 2602, Twin Towers (East) Unit 13, 28th Floor, Hang Seng Bank Tower Centec Tower B-12 Jianguomenwai Avenue 1000 Lujiazui Ring Road 72-74 Nguyen Thi Minh Khai Street Chaoyang District, Beijing 100022 Pudong New Area, Shanghai 200120 Ward 6, District 3, Ho Chi Minh City China China Vietnam Tel: 86-10-6567-9699 Tel: 86-21-5013-6392 Tel: 84-8-3910-6000

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