Netmarble Games Corporation(251270 KS) Watch for overseas publishing and new domestic releases

Game 2Q17: First official earnings report; Expectations should be lowered For 2Q17, Netmarble Games reported that its revenue, operating profit, and net Results Comment profit grew 53%, 99%, and 140% YoY, respectively. The latest results showed a August 14, 2017 deceleration in revenue from Lineage II: Revolution, which was released in late 2016.

Positives: Overseas revenue was up YoY and QoQ, boosted by the consolidation of (Downgrade) Trading Buy Kabam (acquired in February). Kabam is a well-recognized game developer, with its game Transformers: Forged to Fight winning the Best Game Award at the 2017 Target Price (12M, W) 150,000 Google Play Awards in May. Negatives: Domestic revenue slumped 45% QoQ, affected by softening traffic for Share Price (08/11/17, W) 127,500 key titles like Lineage II: Revolution and Seven Knights. Meanwhile, labor and advertising expenses increased 44% and 9% YoY, pushing up operating expenses. Expected Return 18% 2H17: Lineage II: Revolution overseas publishing and domestic MMORPG

releases OP (17F, Wbn) 518 In 2H17, we believe Netmarble Games could potentially make up for its recent Consensus OP (17F, Wbn) 792 earnings weakness through new title releases. EPS Growth (17F, %) 59.4 Lineage II: Revolution: We believe domestic user metrics have been stabilizing Market EPS Growth (17F, %) 42.1 since June. As for overseas markets, the mobile title was launched in Southeast Asia P/E (17F, x) 31.2 on June 14th and is set for release in Japan on August 23rd and in North America, Market P/E (17F, x) 9.7 Europe, and China in 4Q17. KOSPI 2,319.71 Domestic MMORPG releases: Following its success with Lineage II: Revolution, Market Cap (Wbn) 10,839 Netmarble Games is planning to roll out a number of new mobile MMORPG titles, Shares Outstanding (mn) 85 including Tera M, Blade & Soul Mobile, and Seven Knights MMORPG. For Tera M, Free Float (%) 27.9 the company has already launched a teaser website and will reveal more details on Foreign Ownership (%) 24.8 the timeline of the game’s release at a September 8th showcase. The company also Beta (12M) 0.39 has several new releases lined up in other genres, including Phantom Gate, Knights 52-Week Low 127,500 Chronicle, and Teria Saga. All of the aforementioned new titles are likely to 52-Week High 162,000 contribute to revenue from 4Q17 rather than 3Q17.

(%) 1M 6M 12M Downgrade to Trading Buy and Cut TP to W150,000 Absolute -14.1 0.0 0.0 Relative -11.3 0.0 0.0 We downgrade our rating on Netmarble Games from Buy to Trading Buy. We believe the decline in Lineage II: Revolution user metrics following the game’s 110 Netmarble Games Corporation initial success has been largely priced in. However, with upcoming titles likely to KOSPI 100 contribute to earnings from 4Q17 (rather than 3Q17), we think it is too early to reflect expectations for new releases. 90 We lower our target price from W200,000 to W150,000. We revised down our 2017 80 EPS estimate by 36%, after 1) cutting our 2H17 daily average revenue assumption 70 for Lineage II: Revolution from W1.5bn to W1.4bn and 2) raising labor and 8.16 12.16 4.17 8.17 marketing expense estimates.

FY (12) 12/14 12/15 12/16 12/17F 12/18F 12/19F Mirae Asset Daewoo Co., Ltd. Revenue (Wbn) 362 1,073 1,500 2,286 2,214 2,235

[Internet/Game/Advertising] OP (Wbn) 89 225 295 518 477 473 OP Margin (%) 24.6 21.0 19.7 22.7 21.5 21.2 Jee-hyun Moon NP (Wbn) 25 121 174 348 324 320 +822-3774-1640 [email protected] EPS (W) 457 2,024 2,567 4,092 3,811 3,764 ROE (%) 7.8 14.8 15.3 12.9 7.5 6.9

P/E (x) - - - 31.2 33.5 33.9

P/B (x) - - - 2.6 2.4 2.3

Dividend Yield (%) - - - 0.0 0.0 0.0

Note: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, Mirae Asset Daewoo 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.

August 14, 2017 Netmarble Games Corporation

Earnings forecasts and valuation

Table 1. Annual and quarterly earnings trends (Wbn, %) 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17P 3Q17F 4Q17F 2015 2016 2017F Revenue 326 352 359 463 687 540 496 563 1,073 1,500 2,286 Domestic 168 149 159 268 477 261 205 207 886 744 1,150 Overseas 158 203 200 195 211 279 291 356 187 756 1,137 Mobile games 665 519 475 542 970 1,406 2,200 MMORPG 389 211 155 195 17 150 950 RPG 156 173 176 184 544 638 689 Casual 112 124 130 138 350 561 505 Other 9 11 13 25 59 58 58 Online games 14 13 13 12 82 61 52 Other revenue 8 8 8 8 21 33 34 Operating profit 59 53 65 118 200 105 81 132 225 295 518 OP margin 18.2 15.0 18.0 25.5 29.1 19.5 16.4 23.4 21.0 19.6 22.7 Net profit 55 32 41 81 146 78 63 101 169 209 388 Net margin 16.7 9.2 11.5 17.5 21.3 14.5 12.7 18.0 15.7 13.9 17.0 YoY growth Revenue 110.7 53.5 38.2 21.5 196.1 39.8 52.4 Domestic 183.2 75.3 29.1 -22.7 196.1 -16.0 54.6 Overseas 33.4 37.6 45.4 82.1 195.9 303.6 50.3 Mobile games 252.9 45.0 56.5 MMORPG 39.5 768.8 531.9 RPG 276.8 17.1 8.0 Casual 340.7 60.4 -10.0 Other 51.6 -1.8 0.0 Online games 27.7 -25.3 -15.0 Other revenue -9.1 54.8 3.0 Operating profit 236.9 99.7 26.0 11.4 153.8 30.8 75.9 Net profit 167.5 140.5 52.3 25.3 299.9 24.1 85.6 Note: All figures are based on consolidated K-IFRS; mobile game revenue by genre is based on estimates; other revenue includes rental income; Lineage II: Revolution is included in MMORPGs; 2016 data for revenue by genre is unavailable; net profit refers to net profit attributable to controlling and non-controlling interests Source: Company data, Mirae Asset Daewoo Research estimates

Table 2. Earnings forecast revisions (Wbn, W, %) Previous Revised % chg. Note 17F 18F 17F 18F 17F 18F Revenue 2,374 2,601 2,286 2,214 -3.7 -14.9 - Raised MMORPG estimates, lowered RPG/casual estimates Operating profit 678 740 518 477 -23.6 -35.6 - Raised labor and marketing expenses Net profit 514 568 388 360 -24.5 -36.6 - Lowered non-operating estimates EPS 6,448 7,119 4,092 3,811 -36.5 -46.5

Notes: All figures are based on consolidated K-IFRS; EPS is based on net profit attributable to controlling interests Source: Mirae Asset Daewoo Research estimates

Table 3. 12-month target price calculation (Wbn, x, W) Valuation Notes

Operating value (1) 9,648 12MF NP attributable to Multiple controlling interests Consolidated 336 28.7 9,648 Based on average 12-month forward P/E of peers Investment asset value (2) 800 Available-for-sale financial assets 794 As of end-2Q17 (preliminary) Investments in affiliates 6 As of end-2016 Total asset value (1+2=3) 10,448 Net debt (4) -2,460 As of end-2Q17 (estimate) Net asset value (3-4) 12,908 No. of shares (‘000 shares) 85,018 Total shares outstanding as of August 7th Target price 150,000 Note: Peer group includes NetEase, Tencent, and Zynga Source: Mirae Asset Daewoo Research estimates

Mirae Asset Daewoo Research 2 August 14, 2017 Netmarble Games Corporation

Key factors

Figure 1. Rankings of existing mobile games on Korean Android game charts: Lineage II: Revolution ranks second

1Q13 3Q13 1Q14 3Q14 1Q15 3Q15 1Q16 3Q16 1Q17 3Q17 0

10

20 Lineage II: Revolution 30 Modoo Marble for Kakao Seven Knights for Kakao 40 Marvel Future Fight Monster Taming for Kakao 50 Raven: Awaken Penta Storm for Kakao 60 (rank)

Note: 3Q17 data is based on 2017 August 13th Source: App Annie, Mirae Asset Daewoo Research

Figure 2. Lineage II: Revolution to be released in Japan on August 23rd

Note: Picture of the August 6th Showcase in Japan Source: App.famitsu.com, Mirae Asset Daewoo Research

Figure 3. Tera M to be unveiled in Korea at a September 8th showcase

Source: Company materials, Mirae Asset Daewoo Research

Mirae Asset Daewoo Research 3 August 14, 2017 Netmarble Games Corporation

Netmarble Games Corporation (251270 KS/Trading Buy/TP: W150,000)

Comprehensive Income Statement (Summarized) Statement of Financial Condition (Summarized) (Wbn) 12/16 12/17F 12/18F 12/19F (Wbn) 12/16 12/17F 12/18F 12/19F Revenue 1,500 2,286 2,214 2,235 Current Assets 721 3,618 4,018 4,401 Cost of Sales 751 1,145 1,109 1,120 Cash and Cash Equivalents 273 2,934 3,356 3,733 Gross Profit 749 1,141 1,105 1,115 AR & Other Receivables 247 376 365 368 SG&A Expenses 454 623 628 642 Inventories 2 3 3 3 Operating Profit (Adj) 295 518 477 473 Other Current Assets 199 305 294 297 Operating Profit 295 518 477 473 Non-Current Assets 1,236 1,490 1,434 1,411 Non-Operating Profit -19 1 1 1 Investments in Associates 6 10 9 10 Net Financial Income 2 0 0 0 Property, Plant and Equipment 123 115 107 98 Net Gain from Inv in Associates -3 0 0 0 Intangible Assets 540 518 495 473 Pretax Profit 276 519 478 474 Total Assets 1,957 5,108 5,452 5,812 Income Tax 66 131 118 119 Current Liabilities 421 585 570 574 Profit from Continuing Operations 209 388 360 356 AP & Other Payables 152 231 224 226 Profit from Discontinued Operations 0 0 0 0 Short-Term Financial Liabilities 109 109 0 0 Net Profit 209 388 360 356 Other Current Liabilities 160 245 346 348 Controlling Interests 174 348 324 320 Non-Current Liabilities 226 219 218 218 Non-Controlling Interests 35 40 36 36 Long-Term Financial Liabilities 200 180 0 0 Total Comprehensive Profit 275 388 360 356 Other Non-Current Liabilities 26 39 218 218 Controlling Interests 239 337 312 308 Total Liabilities 647 804 788 793 Non-Controlling Interests 36 51 48 47 Controlling Interests 1,216 4,170 4,494 4,813 EBITDA 325 549 508 504 Capital Stock 7 7 7 7 FCF (Free Cash Flow) 107 438 389 387 Capital Surplus 1,200 3,806 3,806 3,806 EBITDA Margin (%) 21.7 24.0 22.9 22.6 Retained Earnings 294 642 966 1,286 Operating Profit Margin (%) 19.7 22.7 21.5 21.2 Non-Controlling Interests 94 134 170 206 Net Profit Margin (%) 11.6 15.2 14.6 14.3 Stockholders' Equity 1,310 4,304 4,664 5,019

Cash Flows (Summarized) Forecasts/Valuations (Summarized) (Wbn) 12/16 12/17F 12/18F 12/19F 12/16 12/17F 12/18F 12/19F Cash Flows from Op Activities 197 438 389 387 P/E (x) - 31.2 33.5 33.9 Net Profit 209 388 360 356 P/CF (x) - 19.9 21.5 21.7 Non-Cash Income and Expense 130 156 143 144 P/B (x) - 2.6 2.4 2.3 Depreciation 8 8 8 8 EV/EBITDA (x) - 14.8 15.2 14.7 Amortization 22 22 22 22 EPS (W) 2,567 4,092 3,811 3,764 Others 100 126 113 114 CFPS (W) 5,004 6,402 5,920 5,873 Chg in Working Capital -82 19 -2 1 BPS (W) 17,949 49,050 52,860 56,624 Chg in AR & Other Receivables -103 -128 12 -3 DPS (W) 0 0 0 0 Chg in Inventories -2 -1 0 0 Payout ratio (%) 0.0 0.0 0.0 0.0 Chg in AP & Other Payables 0 57 -5 2 Dividend Yield (%) - 0.0 0.0 0.0 Income Tax Paid -67 -131 -118 -119 Revenue Growth (%) 39.8 52.4 -3.1 0.9 Cash Flows from Inv Activities -207 -359 33 -10 EBITDA Growth (%) 31.0 68.9 -7.5 -0.8 Chg in PP&E -89 0 0 0 Operating Profit Growth (%) 31.1 75.6 -7.9 -0.8 Chg in Intangible Assets -7 0 0 0 EPS Growth (%) 26.8 59.4 -6.9 -1.2 Chg in Financial Assets -134 -359 33 -10 Accounts Receivable Turnover (x) 8.1 7.4 6.0 6.2 Others 23 0 0 0 Inventory Turnover (x) 1,374.8 960.7 782.8 799.3 Cash Flows from Fin Activities 63 2,585 0 0 Accounts Payable Turnover (x) 8.5 8.4 6.8 7.0 Chg in Financial Liabilities - - - - ROA (%) 12.3 11.0 6.8 6.3 Chg in Equity 276 2,605 0 0 ROE (%) 15.3 12.9 7.5 6.9 Dividends Paid -4 0 0 0 ROIC (%) 38.9 58.4 57.0 59.1 Others - - - - Liability to Equity Ratio (%) 49.4 18.7 16.9 15.8 Increase (Decrease) in Cash 57 2,661 422 377 Current Ratio (%) 171.3 618.6 705.2 766.6 Beginning Balance 216 273 2,934 3,356 Net Debt to Equity Ratio (%) -8.4 -66.7 -70.4 -73.0 Ending Balance 273 2,934 3,356 3,733 Interest Coverage Ratio (x) 149.2 0.0 0.0 0.0 Source: Company data, Mirae Asset Daewoo Research estimates

Mirae Asset Daewoo Research 4 August 14, 2017 Netmarble Games Corporation

APPENDIX 1

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

Company (Code) Date Rating Target Price (W) Netmarble Games Corporation Netmarble Games Corporation(251270) 08/13/2017 Trading Buy 150,000 250,000 05/01/2017 Buy 200,000 200,000

150,000

100,000

50,000

0 Aug 15 Aug 16 Aug 17

Stock Ratings Industry Ratings Buy : Relative performance of 20% or greater Overweight : Fundamentals are favorable or improving Trading Buy : Relative performance of 10% or greater, but with volatility Neutral : Fundamentals are steady without any material changes Hold : Relative performance of -10% and 10% Underweight : Fundamentals are unfavorable or worsening Sell : Relative performance of -10% Ratings and Target Price History (Share price (─), Target price (▬), Not covered (■), Buy (▲), Trading Buy (■), Hold (●), Sell (◆)) * Our investment rating is a guide to the relative return of the stock versus the market over the next 12 months. * Although it is not part of the official ratings at Mirae Asset Daewoo Co., Ltd., we may call a trading opportunity in case there is a technical or short-term material development. * The target price was determined by the research analyst through valuation methods discussed in this report, in part based on the analyst’s estimate of future earnings. * The achievement of the target price may be impeded by risks related to the subject securities and companies, as well as general market and economic conditions.

Equity Ratings Distribution Buy Trading Buy Hold Sell 69.67% 17.06% 13.27% 0.00% * Based on recommendations in the last 12-months (as of June 30, 2017)

Disclosures As of the publication date, Mirae Asset Daewoo 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. Mirae Asset Daewoo Co., Ltd. (“Mirae Asset Daewoo”) 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 Mirae Asset Daewoo, the Analysts receive compensation that is determined 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 the Analyst or Mirae Asset Daewoo except as otherwise stated herein.

Disclaimers This report is published by Mirae Asset 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 in good faith and from sources believed to be reliable, but such information has not been independently verified and Mirae Asset 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. In case of 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. 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 Mirae Asset Daewoo and its affiliates to registration or licensing requirements in any jurisdiction shall receive or make any use hereof. This report is for general information purposes only and it is not and shall not be construed as an offer or a solicitation of an offer to effect transactions in any securities or other financial instruments. The report does not constitute investment advice to any person and such person shall not be treated as a client of Mirae Asset Daewoo by virtue of receiving this report. This report does not take into account the particular investment objectives, financial situations, or needs of individual clients. The report is not to be relied upon in substitution for the exercise of independent judgment. Information and opinions contained herein are as of the date hereof and are subject to change without notice. The price and value of

Mirae Asset Daewoo Research 5 August 14, 2017 Netmarble Games Corporation

the investments referred to in this report and the income from them may depreciate or appreciate, and investors may incur losses on investments. Past performance is not a guide to future performance. Future returns are not guaranteed, and a loss of original capital may occur. Mirae Asset Daewoo, its affiliates and their directors, officers, employees and agents do not accept any liability for any loss arising out of the use hereof. Mirae Asset Daewoo may have issued other reports that are inconsistent with, and reach different conclusions from, the opinions presented in this report. The reports may reflect different assumptions, views and analytical methods of the analysts who prepared them. Mirae Asset Daewoo may make investment decisions that are inconsistent with the opinions and views expressed in this research report. Mirae Asset 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. Mirae Asset 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. 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 Mirae Asset Daewoo.

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Mirae Asset Daewoo Research 6 August 14, 2017 Netmarble Games Corporation

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Mirae Asset Daewoo Research 7