DOCSLIB.ORG

Voltage / 3639

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Voltage / 3639 Voltage / 3639 COVERAGE INITIATED ON: 2021.04.27 LAST UPDATE: 2021.05.10 Shared Research Inc. has produced this report by request from the company discussed in the report. The aim is to provide an “owner’s manual” to investors. We at Shared Research Inc. make every effort to provide an accurate, objective, and neutral analysis. In order to highlight any biases, we clearly attribute our data and findings. We will always present opinions from company management as such. Our views are ours where stated. We do not try to convince or influence, only inform. We appreciate your suggestions and feedback. Write to us at [email protected] or find us on Bloomberg. Research Coverage Report by Shared Research Inc. Voltage / 3639 RCoverage LAST UPDATE: 2021.05.10 Research Coverage Report by Shared Research Inc. | https://sharedresearch.jp INDEX How to read a Shared Research report: This report begins with the trends and outlook section, which discusses the company’s most recent earnings. First-time readers should start at the business section later in the report. Executive summary ----------------------------------------------------------------------------------------------------------------------------------- 3 Key financial data ------------------------------------------------------------------------------------------------------------------------------------- 5 Recent updates ---------------------------------------------------------------------------------------------------------------------------------------- 6 Highlights ------------------------------------------------------------------------------------------------------------------------------------------------------------ 6 Trends and outlook ----------------------------------------------------------------------------------------------------------------------------------- 7 Quarterly trends and results ----------------------------------------------------------------------------------------------------------------------------------- 7 Business ------------------------------------------------------------------------------------------------------------------------------------------------ 18 Business model --------------------------------------------------------------------------------------------------------------------------------------------------- 18 E-books, video, and consumer operations business ------------------------------------------------------------------------------------------------- 27 Analysis of profitability ----------------------------------------------------------------------------------------------------------------------------------------- 30 Market and value chain---------------------------------------------------------------------------------------------------------------------------- 31 Main competitors ----------------------------------------------------------------------------------------------------------------------------------------------- 34 Strengths and weaknesses ------------------------------------------------------------------------------------------------------------------------------------ 38 Historical performance and financial statements ------------------------------------------------------------------------------------------ 41 Income statement ----------------------------------------------------------------------------------------------------------------------------------------------- 41 Balance sheet ----------------------------------------------------------------------------------------------------------------------------------------------------- 44 Cash flow statement -------------------------------------------------------------------------------------------------------------------------------------------- 45 Historical performance ---------------------------------------------------------------------------------------------------------------------------------------- 46 Other information ---------------------------------------------------------------------------------------------------------------------------------- 51 History -------------------------------------------------------------------------------------------------------------------------------------------------------------- 51 News and topics ------------------------------------------------------------------------------------------------------------------------------------------------- 52 Top management and corporate governance --------------------------------------------------------------------------------------------------------- 53 Dividend policy -------------------------------------------------------------------------------------------------------------------------------------------------- 54 Major shareholders --------------------------------------------------------------------------------------------------------------------------------------------- 55 Employees --------------------------------------------------------------------------------------------------------------------------------------------------------- 55 Terminology (alphabetical) ---------------------------------------------------------------------------------------------------------------------------------- 57 Profile ---------------------------------------------------------------------------------------------------------------------------------------------------------------- 57 02/58 Voltage / 3639 RCoverage LAST UPDATE: 2021.05.10 Research Coverage Report by Shared Research Inc. | https://sharedresearch.jp Executive summary Business overview ◤ Voltage’s business centers on entertainment content, chiefly stories about love and the challenges associated with it. The company plans, produces, develops, sells, and manages this content. The core platform is smartphone apps that distribute romance stories for women. The company classifies its businesses by target audience. The majority of its revenue comes from the distribution of smartphone game apps for Japanese-speaking women. In FY06/20, this business generated revenue of JPY4.0bn (60.3% of total revenue). ◤ Voltage’s romance apps for women are interactive. In the mainstay written story apps, the player herself is the heroine, and she chooses the storyline and character, building her own romance adventure. The company also provides avatar-based apps (game-like apps, the player dresses up her avatar) and card-based apps (players build up card collections and cultivate the characters). Some content is available for free, but the company charges for higher-end content and information services. Players purchase stories, gacha (lottery) prizes, and in-game items, then create virtual romances by choosing a side story and paying to move events along in a favorable way. ◤ The company produces all its own content. Nearly 50% of revenue comes from three core titles: (1) 100 Love Scenes+ (written story, average monthly revenue of around JPY70mn, launched in 2017, with the underlying romance story app launched in 2006); (2) Tenka Touitsu Koi no Ran‒Love Ballad (avatar-based, around JPY80mn, launched in 2014); and (3) Roppongi Sadistic Night (card-based, around JPY90mn, launched in 2015). The company sustains readership of its main titles by offering daily, complete-in-one issues and longer, serial pieces. ◤ In addition to its smartphone game apps offering content for Japanese-speaking women, the company distributes content for English-speaking and Asian women (revenue of JPY1.5bn in FY06/20), and content for men (JPY1.0bn). Voltage also concentrates on building up its intellectual property used in in-person events and merchandise (JPY82mn), as well as console games and videos. In 2019, the company moved into a new genre: e-books. The company runs its own e-comics label and stores (in FY06/20, JPY41mn in revenue from e-books, videos, and consumer operations). ◤ The company’s billing model in Japan is to provide free-to-play mobile content, charging for in-game items mainly on a pay-as-you-go basis (more than 80% of revenue). The remainder (less than 20% of revenue) comes from unit billing, by the story. Voltage says more than 100,000 people download its apps each month, and on average 60,000 of these (in Japan) become paying users. Average revenue per paying user (ARPPU) amounts to JPY7,000 to JPY8,000 per month. Shared Research calculates the company’s average monthly revenue at nearly JPY550mn (JPY6.6bn in FY06/20), including content for English-speaking and Asian women. ◤ Voltage’s target customers are women who enjoy fictional stories (aged 19–44, about 20mn people in Japan). The company estimates its potential market in Japan at around JPY100bn (around 2016–2017). The company breaks down this market into casual customers (market value of JPY10.0bn, monthly average ARPPU of several thousand JPY), casual core customers (JPY40.0bn, several thousand JPY to JPY10,000), and core customers (JPY50.0bn, JPY10,000 to tens of thousands of JPY). Including overseas customers, the company estimates that casual customers (players of written story apps) account for more than 30% of total revenue, casual core customers (avatar-based and card-based apps) for more than 40%, core customers (card-based and voice actor-type apps) for around 20%, and others (in-person events, e-books, consumer operations, and others) for less than 5%. ◤ The company aims to generate sustainable growth by cycling earnings from existing titles back into recently released titles and new areas. By “existing titles,” the company refers to the story apps business (excluding content for Asian women).
Load more

Recommended publications
  • Disruptive Innovation and Internationalization Strategies: the Case of the Videogame Industry Par Shoma Patnaik
    HEC MONTRÉAL Disruptive Innovation and Internationalization Strategies: The Case of the Videogame Industry par Shoma Patnaik Sciences de la gestion (Option International Business) Mémoire présenté en vue de l’obtention du grade de maîtrise ès sciences en gestion (M. Sc.) Décembre 2017 © Shoma Patnaik, 2017 Résumé Ce mémoire a pour objectif une analyse des deux tendances très pertinentes dans le milieu du commerce d'aujourd'hui – l'innovation de rupture et l'internationalisation. L'innovation de rupture (en anglais, « disruptive innovation ») est particulièrement devenue un mot à la mode. Cependant, cela n'est pas assez étudié dans la recherche académique, surtout dans le contexte des affaires internationales. De plus, la théorie de l'innovation de rupture est fréquemment incomprise et mal-appliquée. Ce mémoire vise donc à combler ces lacunes, non seulement en examinant en détail la théorie de l'innovation de rupture, ses antécédents théoriques et ses liens avec l'internationalisation, mais en outre, en situant l'étude dans l'industrie des jeux vidéo, il découvre de nouvelles tendances industrielles et pratiques en examinant le mouvement ascendant des jeux mobiles et jeux en lignes. Le mémoire commence par un dessein des liens entre l'innovation de rupture et l'internationalisation, sur le fondement que la recherche de nouveaux débouchés est un élément critique dans la théorie de l'innovation de rupture. En formulant des propositions tirées de la littérature académique, je postule que les entreprises « disruptives » auront une vitesse d'internationalisation plus élevée que celle des entreprises traditionnelles. De plus, elles auront plus de facilité à franchir l'obstacle de la distance entre des marchés et pénétreront dans des domaines inconnus et inexploités.
    [Show full text]
  • DEVIL SUMMONER®: SOUL HACKERS COMES to EUROPE on NINTENDO 3DS™! Santa Ana, Calif
    April 25, 2013 For immediate release SHIN MEGAMI TENSEI®: DEVIL SUMMONER®: SOUL HACKERS COMES TO EUROPE ON NINTENDO 3DS™! Santa Ana, Calif. (April 25, 2013) – NIS America announced today its plans to partner with ATLUS, a brand of Index Digital Media, Inc., to publish Shin Megami Tensei®: Devil Summoner®: Soul Hackers in Europe this fall, exclusively for the Nintendo 3DS™. Developed by ATLUS and originally released for the Sega Saturn in Japan back in 1997, and for the PlayStation in 1999, Soul Hackers will make its European debut with a variety of new gameplay features, enhancements, and a full English localization. For more information, visit www.atlus.com/soulhackers/. About the game: Soul Hackers delivers a first-person, dungeon-crawling RPG experience set in a future where technology and otherworldly forces meet in a macabre fusion of cyberpunk futurism and gothic Package art not finalized horror. A first-person sci-fi RPG epic, Soul Hackers tells of a city held up as a beacon of humanity's triumph of technology, but with an infernal secret. In this would-be utopia, a group of hackers takes on a centuries-old mystic society, and a battle for control over humanity's fate About NIS America is about to begin. In 2003, NIS America was established in Southern Features: California to bring exciting, Keeping the tradition of Shin Megami Tensei: Players will have the compelling choice one-of-a-kind Japanese throughout their dungeon exploration to fight the enemy demons, or negotiate with them in culture to North America. an attempt to turn them into allies and teammates! NIS America’s team members Classic dungeon-crawling strikes back with more: Players who have already played the original devote themselves to the will also experience 30 newly added demons, along with a new opening animation movie and fans.
    [Show full text]
  • 364 Gaminguistics: Proposing a Framework on The
    Journal of Social Studies Education Research Sosyal Bilgiler Eğitimi Araştırmaları Dergisi 2019:10 (3),364-386 www.jsser.org Gaminguistics: Proposing a Framework on the Communication of Video Game Avatars Giyoto Giyoto1, SF. Luthfie Arguby Purnomo2, Lilik Untari3, SF. Lukfianka Sanjaya Purnama4 & Nur Asiyah5 Abstract This study attempts to construct a communication framework of video game avatars. Employing Aarseth’s textonomy, Rehak’s avatar’s life cycle, and Lury’s prosthetic culture avatar’s theories as the basis of analysis on fifty-five purposively selected games, this study proposes ACTION (Avatars, Communicators, Transmissions, Instruments, Orientations and Navigations). Avatars, borrowing Aarseth’s terms, are classifiable into interpretive, explorative, configurative, and textonic with four systems and sub classifications for each type. Communicators, referring to the participants involved in the communication with the avatars and their relationship, are classifiable into unipolar, bipolar, tripolar, quadripolar, and pentapolar. Transmissions, the ways in which communication is transmitted, are classifiable into restrictive verbal and restrictive non-verbal. Instruments, the graphical embodiment of communications, are realized into dialogue boxes, non-dialogue boxes, logs, expressions, movements and emoticons. Orientations, the methods the game spatiality employs to direct the movement of the avatars, are classifiable into dictative and non-dictative. Navigations, the strategies avatars perform regarding with the information saving system of the games, are classifiable into experimental and non-experimental. Departing from this ACTION, analysts are able to employ this formula as an approach to reveal how the avatars utilize their own ‘linguistics’ to communicate, out of the linguistics benefited by humans. Keywords: framework of communication, game avatars, game studies, video games, prosthetic culture.
    [Show full text]
  • Q3 2018 Earnings Prepared Remarks
    NEXON Co., Ltd. Q3 2018 Earnings Conference Call Prepared Remarks Nov 8, 2018 Owen Mahoney, Representative Director, President and Chief Executive Officer, NEXON Co., Ltd. Thank you all very much for joining us today. I’m pleased to report that we had another great quarter, with our business delivering solid results around the world. The results represent record Q3 revenues, operating income, and net income, and we also delivered the highest quarterly mobile revenues in our history. These excellent results were primarily driven by the continued strength of our biggest franchises across the regions. The credit for the sustained growth in these franchises goes to the outstanding work by our live operations and live development teams around the world. The work by these incredibly talented people is the key to building a sustainably growing, SaaS-like business. We believe Nexon has the best live teams in the world. Our world-class live teams are one way Nexon is different from the traditional games industry model. The games industry has recently been re-tooling to digital online and recurring revenue models. That’s been Nexon’s approach since day 1. Another difference is how we build for the future. In the traditional games approach, most of your revenues comes from games that were recently launched, in the last 1-2 quarters. In an online approach, most of your revenues comes from games you launched well over a year ago. That difference means in the traditional approach, the key point of analysis was to look for catalysts, which means evaluating the pipeline of new product launches.
    [Show full text]
  • Sony Computer Entertainment Inc. Introduces Playstation®4 (Ps4™)
    FOR IMMEDIATE RELEASE SONY COMPUTER ENTERTAINMENT INC. INTRODUCES PLAYSTATION®4 (PS4™) PS4’s Powerful System Architecture, Social Integration and Intelligent Personalization, Combined with PlayStation Network with Cloud Technology, Delivers Breakthrough Gaming Experiences and Completely New Ways to Play New York City, New York, February 20, 2013 –Sony Computer Entertainment Inc. (SCEI) today introduced PlayStation®4 (PS4™), its next generation computer entertainment system that redefines rich and immersive gameplay with powerful graphics and speed, intelligent personalization, deeply integrated social capabilities, and innovative second-screen features. Combined with PlayStation®Network with cloud technology, PS4 offers an expansive gaming ecosystem that is centered on gamers, enabling them to play when, where and how they want. PS4 will be available this holiday season. Gamer Focused, Developer Inspired PS4 was designed from the ground up to ensure that the very best games and the most immersive experiences reach PlayStation gamers. PS4 accomplishes this by enabling the greatest game developers in the world to unlock their creativity and push the boundaries of play through a system that is tuned specifically to their needs. PS4 also fluidly connects players to the larger world of experiences offered by PlayStation, across the console and mobile spaces, and PlayStation® Network (PSN). The PS4 system architecture is distinguished by its high performance and ease of development. PS4 is centered around a powerful custom chip that contains eight x86-64 cores and a state of the art graphics processor. The Graphics Processing Unit (GPU) has been enhanced in a number of ways, principally to allow for easier use of the GPU for general purpose computing (GPGPU) such as physics simulation.
    [Show full text]
  • A Conceptual Model for Video Games and Interactive Media
    A Conceptual Model for Video Games and Interactive Media Jacob Jett Graduate School of Library and Information Science, University of Illinois at Urbana-Champaign 501 E Daniel St, Champaign, IL 61820 +1.217.244.2164 [email protected] Simone Sacchi Center for Digital Research and Scholarship, Columbia University 201 Lehman Library, International Affairs Building, 420 West 118th Street, New York, NY 10027 +1.212.851.7338 [email protected] Jin Ha Lee Information School, University of Washington Mary Gates Hall, Suite 370, Seattle WA 98195 +1.206.685.0153 [email protected] Rachel Ivy Clarke Information School, University of Washington Mary Gates Hall, Suite 370, Seattle WA 98195 +1.206.685.0153 [email protected] ABSTRACT In this article, we describe a conceptual model for video games and interactive media. Existing conceptual models such as the Functional Requirements for Bibliographic Records (FRBR) are not adequate to represent the unique descriptive attributes, levels of variance, and relationships among video games. Previous video game-specific models tend to focus on the development of video games and their technical aspects. Our model instead attempts to reflect how users such as game players, collectors, and scholars understand video games and the relationships among them. We specifically consider use cases of gamers, with future intentions of using this conceptual model as a foundation for developing a union catalog for various libraries and museums. In the process of developing the model, we encountered many challenges, including conceptual overlap with and divergence from FRBR, entity scoping, complex relationships among entities, and the question of how to model additional content for game expansion.
    [Show full text]
  • Q2 2021 Earnings Prepared Remarks
    NEXON Co., Ltd. Q2 2021 Earnings Prepared Remarks August 11, 2021 Owen Mahoney, Representative Director, President and Chief Executive Officer, NEXON Co., Ltd. Thank you, Ara-san, and welcome everyone to Nexon’s Second Quarter 2021 Conference Call. Today I will provide a brief update on our second quarter performance and devote the rest of my time to detailing the strategies that position Nexon for significant growth in the coming quarters and years. Following that I will turn the call over to our CFO, Uemura-san, for a detailed financial review of our quarter and the guidance for Q3. In the second quarter, Nexon delivered revenue that was within our outlook at 56.0Bn yen -- down 13% on an as-reported basis and down 21% on a constant currency basis. The Kingdom of the Winds: Yeon, Mabinogi, and Sudden Attack exceeded our expectations while MapleStory in Korea came in lower-than-expected. On a platform basis, both PC and mobile revenues were in the range of our outlook. In short, some things went better than expected; others not as well; with the net result putting us within our expected range. On today’s call, I will provide context on how the management team has been investing our time in 2021. We see 2021 as an operational inflection point for improving our live games and polishing multiple new projects - each with the potential for enormous returns. Executing on any...one of these initiatives could dramatically change Nexon’s trajectory and bring step- function improvements to our revenue and profitability. I will start with the actions we’ve taken to improve the performance of MapleStory in Korea, which is facing tough comparisons following the last two years of significant growth, including a 98% jump in year-over-year revenue in 2020.
    [Show full text]
  • Business of Video Games
    Business of Video Games Fall Semester, September 6 to December 16, 2016 Course number: MKTG-UB.58.001 Location: T-UC25 Instructor: Joost van Dreunen, [email protected] Class meets on Thursdays, from 4:55 pm to 6:10 pm. COURSE DESCRIPTION Abstract This class discusses the interactive entertainment industry, and looks at how business strategies inform aesthetic practices in the development, distribution, and marketing of video games. Course Summary Video games are now a mainstream form of entertainment. In economic terms, this industry has experienced tremendous growth, despite a grueling recession, growing to an estimated $110 billion worldwide. A key development that has changed the playing field for both the producers and consumers of interactive entertainment is a shift away from physical retail to digital and online game distribution. The audience for games has also shifted—no longer the exclusive practice of hardcore gamers, video games have gained mass appeal in the form of social and casual gaming, on the internet, on consoles, and smartphones. At the same time, the development and publishing of games has become far more accessible. The game behind the game, in a manner of speaking, has changed. In this class, we explore the basic components of the current video game industry. Every week, we review major current events, will hear from people currently working in the industry, examine case studies, and discuss the overall business landscape. Central to each class is the notion that practical business considerations and the design-driven creative process do not have to be in opposition. COURSE OBJECTIVE This course aims to provide students with: ★ An understanding of games industry characteristics, its drivers and major players; ★ An overview of historical and current strategy questions confronted by game companies; ★ A rudimentary set of games business-related solutions applicable toward the developed, publishing, and distribution of interactive entertainment; ★ Enough information about the video games industry to formulate a credible business plan.
    [Show full text]
  • Nintendo Co., Ltd
    Nintendo Co., Ltd. Earnings Release for Fiscal Year Ended March 2018 Supplementary Information [Note] Forecasts announced by Nintendo Co., Ltd. herein are prepared based on management's assumptions with information available at this time and therefore involve known and unknown risks and uncertainties. Please note such risks and uncertainties may cause the actual results to be materially different from the forecasts (earnings forecast, dividend forecast and other forecasts). Nintendo Co., Ltd. Consolidated Statements of Income Transition million yen FY3/2014 FY3/2015 FY3/2016 FY3/2017 FY3/2018 Net sales 571,726 549,780 504,459 489,095 1,055,682 Cost of sales 408,506 335,196 283,494 290,197 652,141 Gross profit 163,219 214,584 220,965 198,898 403,540 (Gross profit ratio) (28.5%) (39.0%) (43.8%) (40.7%) (38.2%) Selling, general and administrative expenses 209,645 189,814 188,083 169,535 225,983 Operating profit -46,425 24,770 32,881 29,362 177,557 (Operating profit ratio) (-8.1%) (4.5%) (6.5%) (6.0%) (16.8%) Non-operating income 53,136 46,043 14,550 28,593 23,509 (of which foreign exchange gains) (39,287) (34,051) ( - ) ( - ) ( - ) Non-operating expenses 624 283 18,641 7,591 1,710 (of which foreign exchange losses) ( - ) ( - ) (18,356) (5,256) (766) Ordinary profit 6,086 70,530 28,790 50,364 199,356 (Ordinary profit ratio) (1.1%) (12.8%) (5.7%) (10.3%) (18.9%) Extraordinary income 4,922 3,737 407 64,775 3,240 Extraordinary losses 79 2,176 1,482 409 1,507 Profit before income taxes 10,929 72,091 27,715 114,730 201,090 Income taxes 34,132 30,228 11,197 12,147 60,144 Profit -23,202 41,862 16,518 102,582 140,945 Profit attributable to non-controlling interests 20 18 13 8 1,354 Profit attributable to owners of parent -23,222 41,843 16,505 102,574 139,590 (Profit attributable to (-4.1%) (7.6%) (3.3%) (21.0%) (13.2%) owners of parent ratio) - 1 - Nintendo Co., Ltd.
    [Show full text]
  • Nexon Expands Partnership with Electronic Arts Inc. to Publish EA SPORTS™ FIFA MOBILE in Japan
    July 28, 2020 NEXON Co., Ltd. http://company.nexon.co.jp/en/ (Stock Code: 3659, TSE First Section) Nexon Expands Partnership with Electronic Arts Inc. to Publish EA SPORTS™ FIFA MOBILE in Japan Globally Revered EA SPORTSTM FIFA MOBILE to Deliver Authentic Football Experience Supported by Nexon’s Best-in-Class Live Service Recruiting Closed Beta Testing from August 7 TOKYO – July 28, 2020 – NEXON Co., Ltd. (“Nexon”) (3659.TO), a global leader in online games, today announced that it is expanding its partnership with Electronic Arts Inc. (“EA”) to release and operate EA SPORTS™ FIFA MOBILE in Japan. The upcoming launch of FIFA MOBILE 1 in Japan is the latest in a series of FIFA collaborations between Nexon and EA over the last decade. Most recently, Nexon released FIFA MOBILE 1 in Korea in June, reached #1 in the popular games ranking for both Google Play and App Store and surpassing two million downloads within two months. In addition, Nexon’s hit online game EA SPORTS™ FIFA ONLINE 4 has continued to maintain its top spot within the sports game genre in Korea since its release in 2018. “The EA SPORTSTM FIFA series is an iconic game franchise enjoyed by millions of football fans around the world and we’re excited to release this new title to the Japanese audience,” said Chan Park, the Head of Business Division of Nexon. “Nexon has a long history of successfully running FIFA titles for years and we are looking forward to continuing that tradition and best-in-class operations with an expansive live service plan for FIFA MOBILE 1 in Japan.” 1 “EA is very pleased to partner with Nexon to provide the best service for our Japanese players.
    [Show full text]
  • "JPX-Nikkei Index 400"
    JPX-Nikkei Index 400 Constituents (applied on August 30, 2019) Published on August 7, 2019 No. of constituents : 400 (Note) The No. of constituents is subject to change due to de-listing. etc. (Note) As for the market division, "1"=1st section, "2"=2nd section, "M"=Mothers, "J"=JASDAQ. Code Market Divison Issue Code Market Divison Issue 1332 1 Nippon Suisan Kaisha,Ltd. 3107 1 Daiwabo Holdings Co.,Ltd. 1333 1 Maruha Nichiro Corporation 3116 1 TOYOTA BOSHOKU CORPORATION 1605 1 INPEX CORPORATION 3141 1 WELCIA HOLDINGS CO.,LTD. 1719 1 HAZAMA ANDO CORPORATION 3148 1 CREATE SD HOLDINGS CO.,LTD. 1720 1 TOKYU CONSTRUCTION CO., LTD. 3167 1 TOKAI Holdings Corporation 1721 1 COMSYS Holdings Corporation 3197 1 SKYLARK HOLDINGS CO.,LTD. 1801 1 TAISEI CORPORATION 3231 1 Nomura Real Estate Holdings,Inc. 1802 1 OBAYASHI CORPORATION 3254 1 PRESSANCE CORPORATION 1803 1 SHIMIZU CORPORATION 3288 1 Open House Co.,Ltd. 1808 1 HASEKO Corporation 3289 1 Tokyu Fudosan Holdings Corporation 1812 1 KAJIMA CORPORATION 3291 1 Iida Group Holdings Co.,Ltd. 1820 1 Nishimatsu Construction Co.,Ltd. 3349 1 COSMOS Pharmaceutical Corporation 1821 1 Sumitomo Mitsui Construction Co., Ltd. 3360 1 SHIP HEALTHCARE HOLDINGS,INC. 1824 1 MAEDA CORPORATION 3382 1 Seven & I Holdings Co.,Ltd. 1860 1 TODA CORPORATION 3391 1 TSURUHA HOLDINGS INC. 1861 1 Kumagai Gumi Co.,Ltd. 3401 1 TEIJIN LIMITED 1878 1 DAITO TRUST CONSTRUCTION CO.,LTD. 3402 1 TORAY INDUSTRIES,INC. 1881 1 NIPPO CORPORATION 3405 1 KURARAY CO.,LTD. 1893 1 PENTA-OCEAN CONSTRUCTION CO.,LTD. 3407 1 ASAHI KASEI CORPORATION 1911 1 Sumitomo Forestry Co.,Ltd.
    [Show full text]
  • Maplestory Chief Bandit Guide
    Maplestory Chief Bandit Guide Osmund bedabbles her wicking pleonastically, she bob it almost. Rallentando and unselfconscious West always shod unprofitably and stupefies his eucalyptuses. Helminthological Bernd dismember his helots bulls probably. Oct 16 201 This Maplestory 2 Runeblade Build Guide you gonna gift you trying the. There are groups of maplestory guides, bandits you are right in a guide: some people interchange normal with it adds just recommendations of. Several different job better than average attack. By making enemies, and sleepywood dungeon: open in all, email id or awakenings missing, then head star. Try it use Smokescreen at your most beneficial times at bosses! And chief residence and chief bandit, maplestory chief bandit guide will be. But opting out question some found these cookies may hold your browsing experience. And never used to dark sight, shadowers can download dragon knight experience dagger scabbards or go to all your speed to all skill build means more! Warriors and dark sight while i wanna know. One: Yes, comics, you can clan up own your friends or just join a trump one. You will be just join our high competitive play a bandit alot stronger than having a shadower shield is to maplestory guides and cd for bandits are. Dbs and can see above will be different depending on our online iced items when casting it gets ranked from dolls that. Sindit is a build where you start as a buck and by the time then reach via job experience into a bandit. While lie is called a valid list, max Haste for obvious reasons.
    [Show full text]