Kakao (035720 KS ) Piccoma ’s surprise growth in Japan; Webtoon s alone could reach valuation of over W10tr Internet The power of K-webtoons: Piccoma’s transaction volume up 213% YoY in 2Q20 Company Report We believe Japan’s Piccoma, a webtoon service focused on original Korean July 3, 2020 comics, saw astonishing top-line growth in 2Q20. We estimate Piccoma’s transaction volume was W106bn (based on data from global market researcher Sensor Tower) in 2Q20 alone, which is equivalent to nearly half of our 2020 full-year forecast of W214bn. Piccoma’s monthly downloads also jumped 153% YoY in June, raising expectations on (Maintain) Buy future earnings. Sin ce June, the webtoon app has been locked in a tight battle with LINE Manga for the title of Japan’s top-grossing book app. Target Price (12M, W) ▲▲▲ 370,000 We estimate Piccoma’s transaction volume grew 242% YoY in June and 213% YoY in 2Q20 (+76% QoQ). Interestingly, nine out of the app’s top 10 titles are from Korean Share Price (07/02/20, W) 285,500 writers, and eight of them are adapted from novels.

Expected Return 30% Meanwhile, NAVER’s LINE Manga has revealed that it will begin a webtoon originals service in Japan similar to Piccoma’s. LINE Manga is a digital platform that allows users to read existing publications on their smartphones. In the long term, we believe OP (20F, Wbn) 443 content competition between the two platforms will spur strong growth of the Consensus OP (20F, Wbn) 422 Japanese market, which generally has a higher paid user ratio and average spend per user, as well as a deeper understanding and appreciation of comics and animations. EPS Growth (20F, %) - Market EPS Growth (20F, %) 24.0 2Q20 earnings to beat consensus P/E (20F, x) 77.0 For 2Q20, we forecast Kakao to post revenue of W919bn (+25.3% YoY) and operating Market P/E (20F, x) 14.8 profit of W100bn (+147.5% YoY), with the latter being slightly above the consensus KOSPI 2,135.37 (W95bn). We believe 2Q20 earnings will show that new income models (pay, bank, Market Cap (Wbn) 25,067 mobility, and webtoons) are rapidly growing alongside traditional business models Shares Outstanding (mn) 88 (ads and e-commerce) on the back of rising demand for contactless services. Free Float (%) 68.9 Transformation into global webtoon platform to trigger re-rating; Raise TP to Foreign Ownership (%) 33.7 W370,000 Beta (12M) 0.49 52-Week Low 122,000 Kakao has two webtoon-related subsidiaries: Kakao Page (63.5% owned by Kakao) and 52-Week High 285,500 Kakao Japan (operator of Piccoma; 79.5% owned by Kakao and 19.9% by Kakao Page). We think the two companies have the potential to reach a combined valuation of (%) 1M 6M 12M around W10tr (based on a P/S ratio of 6x 2022F transaction volume) if: 1) the domestic Absolute 10.0 87.2 117.1 webtoon market continues stable growth; 2) market share in Japan rises further amid Relative 7.5 90.7 115.8 continued market growth; and 3) operations expand into other countries.

260 Kakao KOSPI Kakao Page and Kakao Japan plan to go public in Korea and Japan, respectively (with Nomura Securities as the lead manager for the latter’s IPO). We expect the IPOs of 210 these two companies to prompt a re-rating of Kakao. Reflecting Piccoma’s surprise 160 growth, we raise our target price on Kakao from W280,000 to W370,000. We derived

110 our target price using a SOTP analysis by revenue segment.

60 7.19 11.19 3.20 7.20

Mirae Asset Daewoo Co., Ltd.

[ Internet ] FY (Dec.) 12/17 12/18 12/19 12/20F 12/21F 12/22F Revenue (Wbn) 1,972 2,417 3,070 3,828 4,687 5,954 Chang -kwean Kim +822 -3774 -1614 OP (Wbn) 165 73 207 443 717 952 [email protected] OP Margin (%) 8.4 3.0 6.7 11.6 15.3 16.0

NP (Wbn) 109 48 -301 322 466 625 EPS (W) 1,602 613 -3,585 3,706 5,354 7,183 ROE (%) 2.9 1.0 -5.8 6.0 8.1 9.9

P/E (x) 85.5 168.0 - 77.0 53.3 39.7 P/B (x) 2.3 1.7 2.5 4.5 4.1 3.8 Dividend Yield (%) 0.1 0.1 0.1 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

July 3, 2020 Kakao

Figure 1. Piccoma: Monthly downloads

800000

700000

600000 +156% YoY 500000

400000

300000

200000

100000

0 6/19 8/19 10/19 12/19 2/20 4/20 6/20

Source: Sensor Tower, Mirae Asset Daewoo Research

Figure 2. Japan’s book app ranking (revenue)

Source: Sensor Tower, Mirae Asset Daewoo Research

Figure 3. Piccoma: Monthly transaction volume Figure 4. Piccoma: Quarterly transaction volume

(Wbn) (Wbn) 50 120

100 40 +242% YoY +213% YoY 80 30 60 20 40

10 20

0 0 6/19 8/19 10/19 12/19 2/20 4/20 6/20 2Q19 3Q19 4Q19 1Q20 2Q20F

Source: Sensor Tower, Mirae Asset Daewoo Research estimates Source: Sensor Tower, Mirae Asset Daewoo Research estimates

Mirae Asset Daewoo Research 2 July 3, 2020 Kakao

Figure 5. Piccoma’s top 10 titles

Source: Piccoma, Mirae Asset Daewoo Research

Mirae Asset Daewoo Research 3 July 3, 2020 Kakao

Table 1. KakaoPage: Annual earnings estimates (Wbn, mn people, %, W) 2017 2018 2019 2020F 2021F Revenue (incl. Webtoon, advertising) 118 188 257 299 346 Domestic platform 110 168 198 231 270

Global IP distribution 8 20 28 34 38

Ads/other 10 21 31 34 39

* Piccoma (not included in above figures) 19 51 125 214 311 KakaoPage’s operating profit 3 13 31 41 52

OP margin (%) 2.8 6.7 11.9 13.8 15 Content transaction value (Piccoma included) 160 290 429 574 733 Notes: All figures excluding annual revenue and operating profit are based on our estimates. Source: Kakao, Mirae Asset Daewoo Research

Figure 6. Kakao’s webtoon business structure

Kakao (035720 KS)

63.5% 79.5% 59.0%

Kakao KakaoPage Kakao Japan Games Domestic 19.9% Japan

19.1%

Neobazar

68.4% Indonesia

Source: Company materials, Mirae Asset Daewoo Research

Mirae Asset Daewoo Research 4 July 3, 2020 Kakao

Table 2. Kakao: Quarterly and annual earnings (Wbn, % ) 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20F 3Q20F 4Q20F 2019 2020F 2021F Revenue 706 733 783 848 868 919 966 1,074 3,070 3,828 4,687 Platform 313 327 351 444 442 478 499 569 1,435 1,988 2,594 Talk Biz 127 139 162 222 225 244 261 297 650 1,026 1,535 Portal Biz 126 137 126 134 117 125 121 144 524 507 516 New Biz 60 51 62 88 101 109 118 128 261 455 542 Content 393 406 432 404 427 441 467 505 1,635 1,840 2,094 Game 94 98 99 106 97 98 110 110 397 415 430 Music 137 145 151 153 151 151 153 156 587 611 635 Paid content 75 82 92 49 97 107 112 118 297 434 527 IP business/other 87 82 90 95 82 84 92 121 354 380 501 Operating profit 28 40 59 80 88 100 110 145 207 443 717 OP margin 4 6 8 9 10 11 11 13 7 12 15 Net profit 18 31 51 -442 80 70 77 99 -342 326 472 Net margin 2 4 7 -52 9 8 8 9 -11 9 10 YoY growth Revenue 27.2 24.5 30.7 25.9 22.9 25.3 23.4 26.7 27.0 24.7 22.5 Platform 34.8 30.2 38.6 46.6 41.1 46.3 42.3 28.1 38.0 38.6 30.5 Talk Biz 43.3 42.4 51.6 73.3 77.1 75.5 60.7 34.0 54.3 58.0 49.6 Portal Biz 3.9 6.7 9.1 3.4 -7.8 -8.5 -4.3 7.4 5.7 -3.2 1.9 New Biz 171.6 103.0 105.3 94.9 68.1 113.9 88.8 44.9 112.9 74.1 19.2 Content 21.7 20.2 24.9 8.9 8.5 8.4 8.1 25.2 18.7 12.5 13.8 Game -10.9 -11.9 -0.4 5.6 3.0 -0.5 10.7 3.9 -4.7 4.3 3.8 Music 8.7 10.8 11.4 9.4 9.8 4.7 1.2 1.7 10.1 4.2 3.9 Paid content 70.6 60.3 52.0 -22.3 30.0 31.3 22.0 140.0 36.1 46.1 21.4 IP business/other 83.7 81.8 78.7 42.8 -6.1 3.0 2.5 27.4 69.1 7.2 32.0 Operating profit 166.5 46.6 92.7 1751.6 218.9 147.5 86.7 81.9 183.7 114.4 61.7 Net profit 19.9 37.8 596.8 RR 354.9 127.3 49.5 TTB TTR TTB 44.8 Source: Company data, Mirae Asset Daewoo Research estimates

Table 3. Kakao: Valuation (Wbn, W ) Business 2020F 2021F Notes Ad revenue 1,178 1,621

- Target multiple is based on 2020F P/S of Facebook; KakaoTalk ad revenue forecast to surge in Value 8,883 14,841 2020; valuation re -rating is expected, as was the case with Facebook back in 2013 Gaming revenue 415 430

Value 2,204 2,441 - Target multiple is in line with the 2021F avg. P/S of Netmarble, NCsoft, and Pearl Abyss Music revenue 611 635

Value 3,368 2,890 - Target multiple is based on 2021F P/S of Spotify Other content revenue 479 574 - Kakao Page and Kakao Japan plan to go public in Korea and Japan, respectively. Value 3,834 4,593 - Piccoma’s surging transaction volume has boosted IPO value; target multiple is in line with the 2016 -20 average P/S (8x) of Netflix Other revenue 1,144 1,427 - Equity-method gains from KakaoBank (which is expected to go public) Value 5,573 5,999 - Target multiple is line with the avg. 2021F P/S of peers (Amazon, NAVER) Total 30,765 - Avg. P/S multiples for domestic/global peers were used to derive our target price - As the firm’s businesses are currently in the early growth phases, revenue indicators appear more Per-share value 370,000 relevant than profitability indicators Source: Bloomberg, Mirae Asset Daewoo Research estimates

Mirae Asset Daewoo Research 5 July 3, 2020 Kakao

Kakao (035720 KS/Buy/TP: W370,000)

Comprehensive Income Statement (Summarized) Statement of Financial Condition (Summarized) (Wbn) 12/19 12/20F 12/21F 12/22F (Wbn) 12/19 12/20F 12/21F 12/22F Revenue 3,070 3,828 4,687 5,954 Current Assets 2,830 3,538 4,383 5,485 Cost of Sales 0 0 0 0 Cash and Cash Equivalents 1,918 2,434 3,043 3,796 Gross Profit 3,070 3,828 4,687 5,954 AR & Other Receivables 386 460 564 716 SG&A Expenses 2,863 3,384 3,970 5,002 Inventories 49 62 75 96 Operating Profit (Adj) 207 443 717 952 Other Current Assets 477 582 701 877 Operating Profit 207 443 717 952 Non-Current Assets 5,908 6,011 6,189 6,537 Non-Operating Profit -441 74 32 42 Investments in Associates 979 1,221 1,495 1,899 Net Financial Income 19 22 30 41 Property, Plant and Equipment 350 257 195 153 Net Gain from Inv in Associates -20 0 0 0 Intangible Assets 3,548 3,478 3,415 3,359 Pretax Profit -234 517 749 994 Total Assets 8,737 9,548 10,572 12,022 Income Tax 108 191 277 361 Current Liabilities 2,134 2,550 3,023 3,720 Profit from Continuing Operations -342 326 472 633 AP & Other Payables 576 718 879 1,116 Profit from Discontinued Operations 0 0 0 0 Short-Term Financial Liabilities 535 557 582 619 Net Profit -342 326 472 633 Other Current Liabilities 1,023 1,275 1,562 1,985 Controlling Interests -301 322 466 625 Non-Current Liabilities 564 643 732 864 Non-Controlling Interests -41 4 6 8 Long-Term Financial Liabilities 245 245 245 245 Total Comprehensive Profit -346 326 472 633 Other Non-Current Liabilities 319 398 487 619 Controlling Interests -304 322 466 625 Total Liabilities 2,997 3,493 4,055 4,883 Non-Controlling Interests -42 4 6 8 Controlling Interests 5,225 5,537 5,993 6,607 EBITDA 426 607 842 1,049 Capital Stock 43 43 43 43 FCF (Free Cash Flow) 646 828 962 1,268 Capital Surplus 5,043 5,043 5,043 5,043 EBITDA Margin (%) 13.9 15.9 18.0 17.6 Retained Earnings 148 460 915 1,530 Operating Profit Margin (%) 6.7 11.6 15.3 16.0 Non-Controlling Interests 515 519 524 532 Net Profit Margin (%) -9.8 8.4 9.9 10.5 Stockholders' Equity 5,740 6,056 6,517 7,139

Cash Flows (Summarized) Forecasts/Valuations (Summarized) (Wbn) 12/19 12/20F 12/21F 12/22F 12/19 12/20F 12/21F 12/22F Cash Flows from Op Activities 753 828 962 1,268 P/E (x) - 77.0 53.3 39.7 Net Profit -342 326 472 633 P/CF (x) 36.5 38.0 29.7 23.8 Non-Cash Income and Expense 695 328 366 412 P/B (x) 2.5 4.5 4.1 3.8 Depreciation 139 93 62 41 EV/EBITDA (x) 29.1 38.9 27.3 21.1 Amortization 80 71 63 56 EPS (W) -3,585 3,706 5,354 7,183 Others 476 164 241 315 CFPS (W) 4,200 7,522 9,623 12,005 Chg in Working Capital 371 338 365 538 BPS (W) 60,615 63,607 68,838 75,897 Chg in AR & Other Receivables 39 -39 -44 -65 DPS (W) 127 127 127 127 Chg in Inventories -19 -12 -14 -20 Payout ratio (%) -3.0 3.3 2.3 1.7 Chg in AP & Other Payables 100 7 8 12 Dividend Yield (%) 0.1 0.0 0.0 0.0 Income Tax Paid -111 -191 -277 -361 Revenue Growth (%) 27.0 24.7 22.4 27.0 Cash Flows from Inv Activities -414 -82 -93 -137 EBITDA Growth (%) 104.8 42.5 38.7 24.6 Chg in PP&E -99 0 0 0 Operating Profit Growth (%) 183.6 114.0 61.9 32.8 Chg in Intangible Assets -55 0 0 0 EPS Growth (%) - - 44.5 34.2 Chg in Financial Assets 672 -82 -93 -137 Accounts Receivable Turnover (x) 17.5 21.7 21.5 21.9 Others -932 0 0 0 Inventory Turnover (x) 72.0 68.9 68.4 69.5 Cash Flows from Fin Activities 322 12 14 26 Accounts Payable Turnover (x) 0.0 0.0 0.0 0.0 Chg in Financial Liabilities 111 22 25 37 ROA (%) -4.1 3.6 4.7 5.6 Chg in Equity 397 0 0 0 ROE (%) -5.8 6.0 8.1 9.9 Dividends Paid -10 -10 -11 -11 ROIC (%) 8.8 10.3 18.6 30.4 Others -176 0 0 0 Liability to Equity Ratio (%) 52.2 57.7 62.2 68.4 Increase (Decrease) in Cash 671 516 609 753 Current Ratio (%) 132.6 138.7 145.0 147.4 Beginning Balance 1,247 1,918 2,434 3,043 Net Debt to Equity Ratio (%) -23.9 -32.5 -40.2 -48.0 Ending Balance 1,918 2,434 3,043 3,796 Interest Coverage Ratio (x) 16.1 31.7 49.8 63.7 Source: Company data, Mirae Asset Daewoo Research estimates

Mirae Asset Daewoo Research 6 July 3, 2020 Kakao

APPENDIX 1

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

Company (Code) Date Rating Target Price (W) Kakao Kakao (035720) 07/03/2020 Buy 370,000 400,000 05/08/2020 Buy 280,000 02/13/2020 Buy 243,000 300,000 01/13/2020 Buy 205,000 11/07/2019 Buy 185,000 200,000 07/16/2019 Buy 177,000 100,000 05/01/2019 Buy 170,000

11/26/2018 Buy 130,000 0 08/27/2018 No Coverage Jul 18 Jul 19 Jul 20 08/10/2018 Buy 150,000 05/11/2018 Trading Buy 130,000

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 & Investment Banking Services Buy Trading Buy Hold Sell Equity Ratings Distribution 76.22% 11.59% 11.59% 0.60% Investment Banking Services 75.00% 10.00% 15.00% 0% * Based on recommendations in the last 12-months (as of June 30, 2020)

Disclosures As of the publication date, Mirae Asset Daewoo Co., Ltd. has acted as a liquidity provider for equity-linked warrants backed by shares of Kakao as an underlying asset; other than this, Mirae Asset Daewoo has no other special interests in the covered companies.

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 or regulations thereof. Each Analyst responsible for the preparation of this report certifies that (i) all views expressed in this report accurately reflect the personal views of the Analyst about any and all of the issuers and securities named in this report and (ii) no part of the compensation of the Analyst was, is, or will be directly or indirectly related to the specific recommendations or views contained in 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. 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 was prepared 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 or regulations or subject Mirae Asset Daewoo or any of 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

Mirae Asset Daewoo Research 7 July 3, 2020 Kakao

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 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.

Distribution United Kingdom: This report is being distributed by Mirae Asset Securities (UK) 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: Mirae Asset Daewoo is not a registered broker-dealer in the United States and, therefore, is not subject to U.S. rules regarding the preparation of research reports and the independence of research analysts. This report is distributed in the U.S. by Mirae Asset Securities (USA) Inc., a member of FINRA/SIPC, to “major U.S. institutional investors” in reliance on the exemption from registration provided by Rule 15a-6(b)(4) under the U.S. Securities Exchange Act of 1934, as amended. All U.S. persons that receive this document by their acceptance hereof represent and warrant that they are a major U.S. institutional investor and have not received this report under any express or implied understanding that they will direct commission income to Mirae Asset 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 Mirae Asset Securities (USA) Inc. Mirae Asset Securities (USA) Inc. accepts responsibility for the contents of this report in the U.S., subject to the terms hereof, to the extent that it is delivered to a U.S. person other than a major U.S. institutional investor. Under no circumstances should any recipient of this research report effect any transaction to buy or sell securities or related financial instruments through Mirae Asset Daewoo. 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 report is distributed in Hong Kong by Mirae Asset Securities (HK) Limited, 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 Mirae Asset 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 Mirae Asset Daewoo and its affiliates to any registration or licensing requirement within such jurisdiction.

Mirae Asset Daewoo Research 8 July 3, 2020 Kakao

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