Asiasoft Corporation PLC. (AS) 2Q12 Opportunity Day
22nd August 2012 DisclaimerAgenda
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Page 2 AgendaAgenda
• Territory Overview • Asiasoft Overview • Next Steps • Appendices
Page 3 Territory Overview Online Game Publishers in Thailand
TOTAL: 78 Games 111 Games 129 Games 143 Games 154 Games
27 New Games 34 New Games 44 New Games 14 New Games 13 New Games
5 40 Companies (1 New company) (No company 4 closed ) 39 Companies (6 New companies) (No company 3 closed ) 33 Companies (5 New companies) 2 ( 5 close company) 33 Companies 1 (8 New companies) 26 Companies (1 close company) (6 new companies) (3 close Company) 2009 2010 2011 1Q2012 2Q2012
7 new companies entered the market during 6M12 mostly operating web games Page 5 New GameAgenda Launch
Online Game Publisher Type Online Game Publisher Type 3KWar Asiasoft/Funbox MMORPG Zeed VS Zombie 7Zeed WEB Gangza Asiasoft/Funbox MMORPG Pirate Of Zeed 7Zeed WEB Giga Slave Asiasoft/Funbox Casual Q Tales Asiasoft/Funbox MMORPG Band Master Asiasoft/Funbox Casual GetAmped II Digicraft Casual Golden Land EMMO WEB Ministry of War INI3 Digital WEB SD Gundam Capsule Fighter Online Golden Soft FPS Dragon Esprit Koramgame WEB 12 Tails Online I Digital Connect MMORPG Swordsman Legend Koramgame WEB IL Soul Bringer INI3 Digital MMORPG Bubble Ninja OH LA LA online (winner) WEB 3 Kingdom 2 INI3 Digital MMORPG League of Legends PlayInter RTS Poke Elf Onnud 20 WEB อัศวนิ แฟนตาซี SNSPlus WEB Cloud Nine TOT MMORPG Crystal Saga White Cherry Soft Co., Ltd WEB Latale Online Winner Online MMORPG Devil Online Winner Online MMORPG Kitsune Winner Online MMORPG Born to Fire Winner Online FPS New 13 games from 8 Publishers 13New New 13 games from 95 publishersPublishers RTS 1 games WEB 8% 2 games MMORPG 15% WEB 2 games 8 games 15% FPS 61% 1 games MMORPG Casual 8% 8 games 1 games 62% 8% Casual FPS 2 games 1 games 15% 8%
Web game has been a new mainstream since 1Q12 totaling 15 new games launched in 6M12 compared with 10 games of MMORPG Page 6 Market ShareAgenda by Genre in 2Q12
Others 16% Asiasoft/Funbox TDE/NC True 10% Asiasoft/Funbox 46% Winner Online 58% 10% MMOPRG CASUAL Golden Soft 12% Golden Soft Asiasoft/Funbox 13% Others 40% 16% TDE/NC True Others 3% Golden Soft 32% 9%
Golden Soft Winner Online INI3 Digital 5% 12% Others 6% Others 79% 1% Winner Online 8% TDE/NC True 21% Asiasoft/Funbox Web 6% Game FPS Asiasoft/Funbox 20% TDE/NC True Golden Soft 76% 1%
MMORPG market share improved from 52% in 1Q12 due to a big success of Dragon Nest Page 7 Source: Company’s data based on 2Q12 Average CCU Proportion base on Max CCU end of Dec 10 Online Game PublishersAgenda in Singapore
TOTAL: 5 Games 24 Games 26 Games 25 Games
2 New Games 2 New Games 0 New Games
4 9 Companies
9 Companies 3 (1 New company)
8 Companies 2 (4 New companies)
4 Companies 1 2010 2011 1Q2012 2Q2012
No new company or new game in 2Q2012.
Page 8 New Game LaunchAgenda in Singapore
2Q11 2Q12
Online Game Publisher Type Online Game Publisher Type Heroes of Newerth Garena MOBA 1 New Games Released from 1 publisher
1Q12
Online Game Publisher Type Cherry SD Gundam Online Casual Credits World of Tanks SEA Gaming TPS/FPS 2 New Games Released from 2 publishers
Page 9 Online Game PublishersAgenda in Malaysia
TOTAL: 72 Games 106 Games 119 Games 127 Games
35 New Games 41 New Games 14 New Games 10 New Games
Companies 4 ( 1 New company) ( 0 close company)
36 Companies 3 (4 New company) (1 close company)
33 Companies 2 (8 new company) (2 close Company) 29 Companies (7 new company) 1 (1 close company) 2010 2011 2012 Q1 2012 Q2 • 1 new publisher entered the market. • 10 new titles launched in 2Q12 • 2 titles ended service during 2Q12 Page 10 New Game LaunchAgenda in Malaysia
Online Game Publisher Type Online Game Publisher Type 魔界 2 Cubinet Client MMORPG 沧海 UIGame Client MMORPG Special Force Cubinet Client MMOFPS 桃园 ChangYou Client MMORPG Finding Neverland Online CiB Client MMORPG 游戏江湖 gamersland Client MMORPG 古域 ChangYou Client MMORPG 吞食天地 3 Koramgame Client MMORPG 飘渺西游 i1play Web MMORPG 百变 Pet Pet GameView Web Strategy Baby War i1play Web Casual Mystic Saga GameView Web MMORPG Saga of Hero GamePro Web MMORPG 一马当先 GameView Web MMORPG 小小忍者 GamBunny Web MMORPG 小小名将 Kingsoft Web MMORPG 傲剑 RMS Web MMORPG 大笑西游 Funnel Web MMORPG 明珠三国 EZjoy Web MMORPG 修仙魂 GamBunny Web MMORPG 魔龙传奇 GoPlayPlay Facebook MMORPG Number of titles launch: 10 from 8 publishers Near even split between client and Web titles.
Number of titles launch: 11 from 9 publishers Near even split between client and Web titles.
Page 11 Market ShareAgenda by Genre in 2Q12
MMOPRG CASUAL
OVERALL
Web FPS Game
Page 12 Source: Company’s data based on 2Q12 Avg. Max CCU Market ShareAgenda by Genre in 2Q12
MMORPG CASUAL
Overall
Web FPS Game
AS currently has no market share in web game, but will be opening up new web games soon Page 13 Source: Company’s data based on 2Q12 Avg. Max CCU
Market ShareAgenda by Genre in 2Q12
MMOPRG CASUAL
OVERALL
Web FPS Game
Page 14 Source: Company’s data based on 2Q12 Avg. Max CCU
Online Game PublishersAgenda in Indonesia
TOTAL: 52 Games 76 Games 80 Games 93 Games
24 New Games 31 New Games 7 New Games 13 New Games
4 31 Companies (0 New companies) (0 closed company)
3 31 Companies (4 New companies) (2 close company)
2 29 Companies (11 New companies) 1 (3 closed company) 21 Companies (10 new companies) (1 closed Company) 2010 2011 1Q12 2Q12 No new comer in the market in 2Q12
Page 15 New GameAgenda Launch
Game Title Publishers Genre Game Title Publishers Genre Jade Dynasty Lyto RPG Sudden Attac Asiasoft FPS/casual Lost Saga Kreon Action/Casual Alliance of Valiant Arms Asiasoft FPS/Casual Ace Online Winner TPS/Casual SD Gundam Megaxus Action/Casual Battle of the Immortals Prodigy RPG King of Kings Ingame RPG TboT OrangeGame Casual Harvest Moon Prodigy Infinitech Web Ninjakita Gameweb Web Mercury Red Prodigy Infinitech FPS/Casual Living After War Mobius RPG Real Of Titans Prodigy Infinitech MOBA/RPG Winning Goal Mobius Sport/Casual Dragonest Kreon RPG Heroes Island Bright Star Fortune RPG Microvolts Kingslaim TPS/Casual Gol Online IGLO Web Florensia Olleh4u RPG Robo Wars Wavegame Web Rosh Online Crystal Epic RPG Shadow Company Qeon FPS/Casual
Web, Web, 2, 20% 2, 17% RPG, RPG, 4, 4, 33% 13 Games From 40% 10 publishers 2011 2012
Casual, Casual 4, 40% 6, 50%
Casual (FPS and Action) is still a mainstay of publishers Page 16 Market ShareAgenda by Genre in 2Q12
Others 14% Megaxus Asiasoft 2% 24% Kreon 63% Lyto 6% OrangeGam Lyto 45% IAH Game e 5% 2% WaveGame InGame 2% 9% RPG CASUAL Megaxus 8% Others 3% Prodigy 12% Lyto 19% Prodigy 4% WaveGame Kreon 13% 4% Asiasoft 1% TOTAL GameWeb Others 12% 34% Lyto 6% Others 8% Megaxus 3% Kreon 52% Winner Mobius 6% Interactive 3% Asiasoft 1% IGLO 10% WEB FPS/TPS Others 1% WaveGame 13%
OrangeGame Kreon 86% 29%
• AS had no market share in web and casual game yet. • Gemscool is a subsidiary of Kreon from Korea. Page 17 Source: Company’s data based on captured CCU in 2Q12 Asiasoft Overview ConsolidatedAgenda Performance
Unit : Million Baht
Items Q2Y11 Q1Y12 Q2Y12 YoY QoQ 1HY11 1HY12 YoY Revenues 407.62 402.22 594.97 ▲ 46.0% ▲ 47.9% 803.00 997.19 ▲ 24.2%
Unit : Million Baht % to Core Revenue % to Core Revenue Items Q2Y11 Q2Y12 %Change 1HY11 1HY12 %Change Q2Y11 Q2Y12 1HY11 1HY12 Royalty 147.08 185.62 36.1% 31.2% ▲ 26.2% 285.17 318.33 35.5% 31.9% ▲ 11.6% Revenue Sharing 121.49 133.44 29.8% 22.4% ▲ 9.8% 230.47 244.92 28.7% 24.6% ▲ 6.3% COGS Amortization 25.58 52.18 6.3% 8.8% ▲ 104.0% 54.70 73.40 6.8% 7.4% ▲ 34.2% Employee 38.90 42.18 9.5% 7.1% ▲ 8.4% 74.46 82.25 9.3% 8.2% ▲ 10.5% Network&Maintenance 22.77 27.77 5.6% 4.7% ▲ 22.0% 44.58 50.42 5.6% 5.1% ▲ 13.1% Depreciation 6.75 8.72 1.7% 1.5% ▲ 29.1% 13.32 16.24 1.7% 1.6% ▲ 22.0% Direct Cost 4.58 94.12 1.1% 15.8% ▲ 1956.4% 15.30 111.73 1.9% 11.2% ▲ 630.4% Total 220.07 358.41 54.0% 60.2% ▲ 62.9% 432.82 578.95 53.9% 58.1% ▲ 33.8%
Unit : Million Baht % to Core Revenue % to Core Revenue Items Q2Y11 Q2Y12 %Change 1HY11 1HY12 %Change Q2Y11 Q2Y12 1HY11 1HY12 Employee 45.71 49.36 10.8% 8.2% ▲ 8.0% 89.66 94.79 11.2% 9.5% ▲ 5.7% SG&A Rental&Utilities 13.06 15.25 3.1% 2.5% ▲ 16.7% 25.44 28.79 3.2% 2.9% ▲ 13.2% Marketing 17.44 30.56 4.1% 5.1% ▲ 75.2% 34.52 54.69 4.3% 5.5% ▲ 58.4% Depreciation 4.28 5.56 1.0% 0.9% ▲ 29.9% 8.75 11.00 1.1% 1.1% ▲ 25.8% Others Selling 0.36 2.31 0.1% 0.4% ▲ 537.7% 6.44 5.64 0.8% 0.6% ▼ 12.4% Other Administrative 9.70 15.03 2.3% 2.5% ▲ 55.0% 22.85 28.47 2.8% 2.9% ▲ 24.6% Total 90.56 118.07 21.5% 19.5% ▲ 30.4% 187.66 223.39 23.4% 22.4% ▲ 19.0%
• Amortization including write-off other intangible assets • Direct cost rose from production cost of Diablo 3 • Higher marketing cost due to launch of Diablo 3 and new games launched in early 3Q12 • 2Q11 Other selling expenses were adjusted
Page 20 Total RevenueAgenda Structure
Domestic Overseas
Thailand Singapore Malaysia • Plus Sublicense revenue in Vietnam Indonesia Philippines
54% 46%
• 2Q12 Total Revenue: THB 604.2 million • Overseas contribution jumped from 34% in 1Q12 to 46 % in 2Q12 due to a new subsidiary in MY , and a big success of Diablo 3 in SG and MY
Page 21 2Q12 Total Revenue Breakdown
Advertising Others Distribution 2% 3% GROUP Income 10%
Advertising Others 1% 1%
Distribution Income DOMESTIC 26% Online Income 85%
Others0% 1%
Online Income 72% Distribution Income 43% Online Income OVERSEAS 56%
2Q12 Total Revenue: THB 604.2 million
Page 22 2Q12 Group Cost Breakdown
Selling Expenses
Employee COGS 17% Others Depreciation Others 4% 2% Commission 7% 2% Network and Service Marketing 8% 77%
Royalty Fee 45% Total Selling Exp. is THB 39.5mn
Administrative Expense Direct Cost 26%
Others Employee 25% Expense 12%
Total COGS is THB 358.4 mn Depreciation Employee 7% 54% Rental and Center0% Services 14% Total Admin. Exp. is THB 78.5 mn Page 23 2Q12 Domestic Cost Breakdown
Selling Expenses
Employee COGS 14%
Others 9% Other cost 12% Depreciation 3% Marketing 77% Network Service 7% Royalty Fee 52% Administrative Expense Direct Cost 11% Others 27% Employee Expenses Employee 15% Depreciation 52% 10% Rental and Center Services 11%
Page 24 2Q12 Overseas Cost Breakdown
Selling Expenses
Employee COGS 20% Depreciation 2% Others Others Network Service 1% 2% 8%
Marketing 78% Royalty Fee 39%
Admin Expenses
Direct Cost Others 41% 22% Employee Expenses Depreciation Employee 9% 4% 57%
Rental and Center Services 17%
Page 25 2Q12 Top 5 Online Games by CCU
Group Others Dragon 28% Nest 22% Domestic Dragon Nest YulGang 15% Cabal 6% 17% Audition 13% Ragnarok 14% Yulgang Others 12% 42%
MapleStory 11% Others 18%
Audition Overseas MapleStory Ragnarok 10% Cabal 10% 37% 10%
SDO 10% Sudden MAT 13% Attack 12%
Page 26 Remark: Data based on 2Q12 Avg. Max CCU Group RevenueAgenda Breakdown by Genre
Web-Based FPS 0.0% Casual 3.7% 21.1% MMORPG 75.2%
Web-Based FPS 5.3% Casual 7.3% 18.8% MMORPG 68.6%
Web-Based FPS 7.0% 5.2% MMORPG Casual 67.7% 20.1%
Page 27 Financial Highlights
Online Income &Total Sales COGS Unit: THB mn Unit: THB mn 358.4
595.0 248.2 232.5 220.1 219.5 220.5 438.2 441.0 212.7 395.4 407.6 393.5 402.2 177.0 184.4 354.3 359.2
395.3 407.7 426.0 309.1 313.9 344.7 366.6 346.4 360.8
2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 Online Income Total Sales
Unit: THB mn Operating Profit Unit: THB mn Net Profit 90.0 83.8 128.1 73.9 72.6 73.1 110.8 69.2 70.0 68.6 104.4 97.9 91.7 94.7 58.5 85.0 81.1 77.0 Historical high revenue and profit
2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 2Q10 3Q10 4Q10 1Q11 2Q11 2Q11 4Q11 1Q12 2Q12 Page 28 Source: www.setsmart.com Revenue Trend
Total Revenue Online Revenue Unit : Baht Million
1,684 1,540 1,473 1,506 1,360 1,195 1,025 823 731 786
Y2009 Y2010 Y2011 1HY2011 1HY2012 Y2009 Y2010 Y2011 1HY2011 1HY2012
Distribution Revenue Other Revenues
Unit : Baht Million 57 Other 217 198 Advertising
47 28 124 28 92 20 27 30 45 17 13 13
Y2009 Y2010 Y2011 1HY2011 1HY2012 Y2009 Y2010 Y2011 1HY2011 1HY2012 Page 29 Business HighlightsAgenda in 2Q12
• New Game Launch • Thailand (2): KNO (May), QT (May) • Indonesia (1): AVA (Jun) • Philippines (1): AVA (Jun) • Malaysia CiB (1): Ming Chao Chuan Qi (Apr) • Distributed Product • Launch of Diablo III on 15 May 2012 • Great response with overwhelming sales volume in SG, TH, and MY • M&A: • Searching for decent investment target • New Subsidiary: CiB • Officially consolidated F/S since May 2012
Page 30 CurrentAgenda Portfolio
At the end of 2Q12, AS group operates 54 online game titles in 6 countries: • Thailand 27 Titles • Singapore 7 Titles Number of Games by Genre • Malaysia 22 Titles Web • Vietnam 6 Titles FPS 4 4 • Indonesia 2 Titles • Philippines 2 Titles Casual 8
MMORPG 38
Page 31 Source: Some games are operated in more than one country Sudden Attack AgendaRegional Deployment
Regional Deployment of Sudden Attack to 7 countries in SEA
• Expand SA in • Thailand • Indonesia • Vietnam • Philippines • Malaysia - existing • Singapore - existing • Brunei – existing • Multiple ID login • Multiple Payment Gateway • Rebrand under PlayFPS
Page 32 AS vs. Asia LeadingAgenda Gaming Firms
Company Country Stock Exchange Market Cap. P/E ( USD Million) As of 14 Aug 12
Tencent China SEKH 53,119 33.2 Shanda China NASDAQ 1,300 9.7 Perfect World China NASDAQ 601 3.6 The9 China NASDAQ 115 n/a Gungho Japan JASDAQ 279 11.8 Nexon Korea TYO 6,156 12.2 NCsoft Korea KRX 4,444 37.7 Wemade Korea KOSDAQ 729 28.0 Neowiz Korea KOSDAQ 454 6.7 Softworld Taiwan GTSM 273 51.5 Gamania Taiwan GTSM 140 43.5 Wayi Taiwan GTSM 41 14.6 AS Thailand SET 170 15.9
Page 33 Source: Company’s research Next Steps 2012 Updated AgendaGames Launch Plan Company 1Q12 2Q12 3Q12 4Q12 Total New Existing Total (Launched) (Launched) (On Plan) (On Plan) Games in Games in Games in 2012 2011 2012
ASC 2 1 5 2 10 19 29
Funbox 1 1 1 3 7 10 Thailand Thailand 3 2 6 2 13 26 39
ASO (SG) 2 3 5 7 13
ASM (MY) 0 3 2
CIB (MY) 1 1 2 1 5 17 22
ASID (ID) 1 1 1 3 1 4 Overseas
ASPH (PH)* 1 1 2 0 2
Overseas 2 2 5 5 12 9 38
Total** 5 4 11 7 23 30 70
ASVN (VN) 1 1 2 1 5 6 11 (Sublicensee)
Grand Total** 6 5 13 8 27 33 77
* Branch office of ASO ** Non-repeat game titles counting Page 35 New Online GamesAgenda Coming Right Up
• FPS Game • Developed by Nexon Corporation, South Korea • Target towards Asia's gaming market. • Enhanced graphics • Powerful impact physics
• Social Game • Two-dimensional • Using facebook ID side-scrolling • More than 3 million MMORPG players in Korea • Developed by KOG • Cute graphic Studios. South Korea. • Fit for all gamers • Cartoon book cut scene style
Page 36 New segmentAgenda in Playpark
Music Sport/Action Web Browser
The first Karaoke online game in Thailand
Page 37 World of Warcraft:Agenda Mist of Pandaria
• The fourth expansion set for the world’s most popular subscription-based massively multiplayer online role-playing game • Contains the biggest variety of new content Blizzard’s ever created for a World of Warcraft expansion • Current subscribers of 9 million in existing version. • Movie preview in Germany, well accepted with 5 million view in YouTube in 4 days • Will be available in stores and online starting from September 25, 2012
Page 38 StarCraft II: AgendaHeart of the Swarm
• The first expansion set to Blizzard Entertainment’s sci-fi real time strategy game, StarCraft II: Wings of Liberty • Continues the epic story from Wings of Liberty with an all-new campaign that focuses on Kerrigan, the erstwhile Queen of Blades • New multiplayer content will also be included in the expansion, as well as new features and upgrades to the Battle.net online platform
Page 39 Appendices CompanyAgenda at a Glance
Company: Asiasoft Corporation Plc. (AS) Authorized Capital: THB 307,407,762
Foundation: September, 2001 Paid-up Capital: THB 307,407,762
1st Day Trading: 29 May 2008 Par Value: THB 1.00
Website: www.asiasoft.net Dividend Policy: At least 30.0% of net profit Employee: 550 (at the end of Jun 12) Business: Network: Thailand, Singapore, Malaysia, At the end of 2Q12, AS procures 54 online game titles Vietnam, Indonesia, and Philippines (including 19 titles of CIB’s) operating in 6 countries: • Thailand 27 Titles CEO: Mr. Pramoth Sudjitporn • Singapore 7 Titles • Malaysia 22 Titles (CIB 19 Titles) Ownership: Individu • Vietnam 6 Titles al 0% 4% • Indonesia 2 Titles Foreign ers • Philippines 2 Titles 15% Services: Foreign Instituti MMORPG ● Casual Games ● FPS ● on Web Games ● Game Portal ● Music Online 10% Manage 0% ment 71% Most of online games are free to play but users can purchase item in game to enhance the game experience. Some particular MMORPG
will be charged by playing time. Page 41
Group StructureAgenda and Business
Shareholder Structure:
1. Founders 71.13% Online Game Publisher 2. Asia Investment 9.76% Partners Limited Paid-up capital THB 307.4 m
Free Float 18.29%
99.99% 99.99% 59.99% 99.99%
Asiasoft International A Capital Co., Ltd. Playcybergames PlayPark Co., Ltd. Co., Ltd. (ASI) Co., Ltd. Paid-up THB 112.0 m Paid-up THB 20 m Paid-up THB 0.25 m Paid-up THB 5 .0m
Thailand Investment Company Investment Company Online Game Publisher Game Portal & Entertainment Services on 99.99% 30% 40% Websites
Funbox Co., Ltd. Thaiware Communication Cybergames Co., Ltd. Corporation Co., Ltd.
Paid-up THB 40.0 m Paid-up THB 1.5 m Paid-up THB 1.0 m
Online Game Publisher Website Services Internet Gaming Services
100.00% 100.00% 79.90% 61.68%
Asiasoft Online Pte. Ltd. AS Online Sdn. Bhd. PT. Asiasoft (ASID) CIB Development Sdn. (ASO) (ASM) Bhd. (CIB)
Paid-up SGD 2 .0 m Paid-up RM 4.0 m Paid-up USD 0.8 m Paid-up RM 1.0 m Online Game Publisher Online Game Publisher Online Game Publisher Online Game Publisher in
Overseas in Singapore in Malaysia in Indonesia Malaysia Page 42 AS AgendaRoadmap Year Major Incidents
2001 • Established the company • Established Asiasoft Online PTE. LTD. (ASO), a subsidiary in Singapore (100.00%)
2004 • Being awarded ISO 9001:2000 Accreditation (Information Security)
2005 • Sublicensed to CONG TY TNHH CHAU A MEM (CTCM) in Vietnam
2007 • Established AS Online SDN BHD. (ASM), a subsidiary in Malaysia (100.00%)
2008 • Listed on SET (First day traded: 29 May 2008, IPO Price = THB 12) • Acquired 99.99% in Funbox Co., Ltd. (TH)
2010 • Being awarded ISO 27001:2005 Accreditation (Information Security) • Being awarded ISO 9001:2008 Accreditation (Quality Management System)
2011 • Set up PT. Asiasoft (ASID), a subsidiary in Indonesia (79.90%) • 2Q11: Acquired 40% in Thaiware Communication Co., Ltd. (TH) • 4Q11: Acquired 30% in Cybergames Corporation Co., Ltd. (TH)
2012 • Set up a branch office in Philippines (ASPH) • Acquired 61.68% in CIB Development Sdn. Bhd. (CIB) in Malaysia • Established Playcybergames Co., Ltd. (PCG), a subsidiary in Thailand (59.99%)
Page 43 HistoricalAgenda Investment
2001 2005 2007 2008 2011 2012
CIB ASID (Malaysia) (Indonesia) (61.68%) (79.90%)
ASO Sublicensed ASM Funbox ASPH (Philippines) (Singapore) (Malaysia) (Thailand) to CTCM Thaiware (100%) (100%) (Vietnam) (100%) (99.99%) (Thailand) (40%) Playcyber Cybergames games (Thailand) (Thailand) (30%) (59.99%)
Page 44