nasmedia analysis

Nasmedia (089600 KQ)

Poised to benefit from mobile ad market growth in 2017

On track to become Korea’s largest digital media rep in 2017

We believe Nasmedia is on track to become Korea’s largest digital media rep by

market share in 2017. With the integration of N Search Marketing (the top

domestic search advertising firm) in 4Q16, Nasmedia has extended its coverage to

the entire digital ad space.

We expect the combined billings of Nasmedia and N Search Marketing to reach

almost W900bn in 2017, or around 20% of the overall digital ad market. We also

highlight the company’s strong positioning in programmatic buying (automatically

buying ads through an open bidding platform) and mobile video ads, which are

considered the next growth drivers of the digital ad market.

Major internet firms like NAVER and Kakao are expected to introduce more

advanced mobile ad solutions (including programmatic buying) and expand related

ad slots next year in order to better monetize their mobile traffic. Facebook is

focusing on strengthening its video business (Facebook Live), while major domestic

media firms (broadcasters, etc.) also face a growing need to generate earnings

through video ads.

3Q non-consolidated revenue tops expectations, growing 37% YoY

Nasmedia’s 3Q16 non-consolidated revenue, operating profit, and net profit grew

37%, 12%, and 3% YoY, respectively. Despite 3Q being a weak season, revenue was

stronger than expected, coming largely in line with the previous quarter (peak

season).

Online display ad revenue improved 24% YoY, driven largely by mobile ads, and

remained flat on a QoQ basis. In particular, mobile programmatic buying

platforms, including Nswitch, AdPacker, and AdMixer, made a solid contribution

to revenue. IPTV revenue, which was sluggish in 1H, grew 17% YoY. Digital

outdoor ad revenue jumped 97% YoY primarily on the back of increased

advertisers for Suwon KT Wiz Park.

Maintain Buy; Raise TP to W65,000

We maintain our Buy call on Nasmedia. Amid a rise in IPOs of similar digital ad

firms this year, we note that Nasmedia is differentiated in terms of revenue,

market cap, earnings growth, and business diversification.

We revise up our target price by 7% to W65,000 from W61,000 (target P/E of 30x).

We also changed the base year for target price calculation to 2017 in light of the

rights issue in October and the acquisition of N Search Marketing as a consolidated

subsidiary this year. The company’s consolidated EPS is projected to climb 52% in

2017. Accordingly, EPS dilution from rights issue should be limited.

FY (Dec.) 12/13 12/14 12/15 12/16F 12/17F 12/18F

Revenue (Wbn) 25 30 45 69 111 129

OP (Wbn) 6 9 12 16 25 29

OP margin (%) 24.0 30.0 26.7 23.2 22.5 22.5

NP (Wbn) 6 8 10 12 19 22

EPS (W) 681 965 1,202 1,419 2,154 2,537

ROE (%) 11.2 13.4 15.0 16.7 21.8 21.7

P/E (x) 16.6 24.7 41.6 30.5 20.1 17.0

P/B (x) 1.7 3.1 5.9 4.8 4.0 3.4

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

Media

Company Report

October 31, 2016

(Maintain) Buy

Target Price (12M, W) 65,000

Share Price (10/28/16, W) 43,250

Expected Return 50%

OP (16F, Wbn) 16

Consensus OP (16F, Wbn) 14

EPS Growth (16F, %) 18.0

Market EPS Growth (16F, %) 17.3

P/E (16F, x) 30.5

Market P/E (16F, x) 10.8

KOSDAQ 640.17

Market Cap (Wbn) 379

Shares Outstanding (mn) 9

Free Float (%) 36.5

Foreign Ownership (%) 2.2

Beta (12M) 0.88

52-Week Low 31,350

52-Week High 66,300

(%) 1M 6M 12M

Absolute 6.7 -9.7 -13.5

Relative 14.4 -1.3 -6.3

Mirae Asset Daewoo Co., Ltd.

[Telecom Service / Media]

Jee-hyun Moon

+822-768-3615

[email protected]

Nu-ri Ha

+822-768-4130

[email protected]

50

70

90

110

130

150

10.15 2.16 6.16 10.16

Nasmedia KOSDAQ

Nasmedia

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October 31, 2016

Mirae Asset Daewoo Research

Earnings and forecasts

Table 1. Quarterly earnings trends: Non-consolidated revenue topped expectations in 3Q16, growing 37% YoY (Wbn, %)

1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16P 3Q16P YoY

growth

Revenue 9.2 12.0 11.2 13.1 12.5 15.5 15.3 36.9

Online/mobile ads 5.8 7.6 8.1 10.7 10.4 10.5 10.1 24.3

IPTV ads 1.7 2.2 1.0 1.2 0.8 1.3 1.2 16.8

Digital outdoor ads 1.7 2.2 2.0 1.1 1.3 3.7 4.0 97.4

Operating profit 1.8 2.9 3.1 3.9 2.8 3.6 3.4 11.5

OP margin 19.6 24.1 27.3 29.6 22.4 23.2 22.3

Net profit 1.6 2.5 2.7 3.1 2.3 2.8 2.7 2.6

Net margin 17.7 20.6 23.8 24.0 18.3 17.8 17.9

Notes: All figures are based on non-consolidated K-IFRS; YoY basis is more appropriate for comparison in light of seasonality of advertising business environment

Source: Company data, Mirae Asset Daewoo Research

Table 2. Annual earnings trends: N Search Marketing to be incorporated on a consolidated basis from 4Q16 (Wbn, %)

2012 2013 2014 2015 2016F 2017F

Revenue 23 25 30 45 69 111

Online display ads 19 17 21 32 49 74

Online search ads 5 21

IPTV ads 2 3 4 6 5 5

Digital outdoor ads 2 5 5 7 10 11

Proportion of revenue

Online display ads 81.1 67.4 70.3 71.0 71.0 67.1

Online search ads 7.6 18.8

IPTV ads 8.5 12.8 12.1 13.5 6.7 4.4

Digital outdoor ads 10.2 19.7 17.4 15.5 14.8 9.8

Operating profit 8 6 9 12 16 25

OP margin 32.4 24.5 28.8 25.7 23.5 22.2

Net profit 6 6 8 10 12 19

Net margin 27.5 22.7 26.7 21.8 18.0 17.0

YoY

Revenue 8.3 5.5 20.5 52.5 51.9 60.8

Online display ads 1.3 -12.3 25.7 54.0 51.8 51.9

Online search ads 299.0

IPTV ads 38.8 58.6 14.5 69.7 -25.0 5.0

Digital outdoor ads 98.9 103.8 6.5 35.3 45.0 6.5

Operating profit -2.8 -20.4 42.0 36.0 39.0 51.4

Net profit 7.5 -13.0 41.7 24.9 25.3 51.8

Note: Based on consolidated K-IFRS; Changed to consolidated K-IFRS from non-consolidated K-IFRS in 4Q16 due to acquisition of N Search Marketing; Only recognized N

Search Marketing’s earnings in 4Q16 for 2016 figures


Table 3. Earnings forecast revisions (Wbn, W, %)

Previous Revised % chg. Notes

16F 17F 16F 17F 16F 17F

Revenue 60 76 69 111 15.1 46.2 - Reflected incorporation of N Search Marketing into consolidated earnings from 4Q16

Operating profit 15 19 16 25 8.4 29.5

Net profit 12 16 12 19 3.7 18.1

EPS 1,515 1,925 1,419 2,154 -6.3 11.9 - Reflected increase in number of shares outstanding due to rights issue

OP margin 25.1 25.6 23.2 22.5

Net margin 20.9 21.0 17.4 17.1

Notes: All figures are based on consolidated K-IFRS

Source: Mirae Asset Daewoo Research estimates

Nasmedia

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October 31, 2016


Nasmedia and N Search Marketing

Table 4. Nasmedia’s non-consolidated earnings: Focused mainly on online display ads (Wbn)

2014 2015 2016F 2017F

Revenue 29.8 45.5 60.6 76.2

Online display ads 21.0 32.3 45.8 60.5

IPTV ads 3.6 6.1 4.6 4.8

Digital outdoor ads 5.2 7.0 10.2 10.9

Operating profit 8.6 11.7 14.3 18.3

OP margin 29% 26% 24% 24%

Net profit 8.0 9.9 11.4 14.5

Net margin 27% 22% 19% 19%

Notes: All figures are on a non-consolidated basis. Source: Company data, Mirae Asset Daewoo Research

Table 5. N Search Marketing’s non-consolidated earnings: Focused mainly on online search ads(Wbn)

2014 2015 2016F 2017F

Revenue 27.9 28.8 32.0 34.9

Online search ads 19.7 18.9 19.9 20.9

Online display ads 8.2 9.9 12.1 14.0

Operating profit 1.9 4.9 6.0 6.3

OP margin 7% 17% 19% 18%

Net profit 1.3 3.4 4.2 4.5

Net margin 5% 12% 13% 13%

Notes: All figures are on a non-consolidated basis; Revenue details are our estimates based on volume handled


Figure 1. Nasmedia and N Search Marketing to create synergistic structure, supplementing and

expanding search ads and agency business

Notes: “DA” and “SA” stand for display ads and search ads. Source: Company data, Mirae Asset Daewoo Research

Figure 2. Ownership structure of Nasmedia (following Oct. 24th right issue)

Note: Based on total number of shares outstanding; Lock-in period of 6 months in effect for share of Hahn & Company 1st PE

Investment Company, starting Oct. 24, when it was listed. Source: Company data, Mirae Asset Daewoo Research

KT42.7%

Ki-ho Jeong19.6%

NPS12.7%

Hahn & Company, 1st PE Investment

Company5.8%

Nasmedia's executives0.8% Other

18.3%

Nasmedia

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October 31, 2016


Importance of programmatic buying

Figure 3. Programmatic buying (automatically buying ads through an open bidding platform)

allows impact of advertising to be maximized


Figure 4. Real-time bidding (RTB) is an essential attribute of programmatic buying


Figure 5. Nasmedia’s programmatic buying platforms have made an increasing contribution to

earnings recently


Nasmedia

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October 31, 2016


Mobile video ads are in the limelight

Figure 6. Age breakdown of video consumption by medium: Those in their 50s and older consume

videos through TV, while those in their 20s-30s use mobile → Rise in mobile advertising


Figure 7. Online video consumption by medium: Mobile is dominant

Note: N=1,744; unit is %


Figure 8. Smart Media Rep (SMR), which handles advertising on major broadcasters’ video clips, is

seeing rapid growth in earnings

Notes: Smart Media Rep handles video clip ads of seven domestic broadcasters: CJ E&M, MBC, SBS, JTBC, TV Chosun, Channel A,

MBN; Revenue recognition is on a net basis; SBS Media Holdings and MBC own 50% each

Source: SBS Media Holdings, Mirae Asset Daewoo Research

-1

0

1

2

3

0

5

10

15

1Q15 2Q15 3Q15 4Q15 1Q16 2Q16

(Wbn)(Wbn)

Revenue (L)

Net profit (R)

15.9

49.4

25.2

6.7

2.8

0

10

20

30

40

50

60

Only by mobile Mainly by mobile Mobile and PC similarly Mainly by PC Only by PC

(%)

10s10% 20s

6%

30s11%

40s21%50s

22%

60s30%

TV

TV usersin 50s and above:

52%

10s21%

20s29%30s

17%

40s18%

50s11%

60s4%

Mobile

Mobile users in20s-30s:

46%

Nasmedia

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October 31, 2016


Segmentation of digital ad ecosystem

Figure 9. Mobile ad ecosystem: Ads flow from advertisers at the top to users at the bottom

Source: Mobidays, MOBI INSIDE, Mirae Asset Daewoo Research

Nasmedia

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October 31, 2016


Individual role in digital ad ecosystem

Figure 10. Basic structure of mobile display ad exposure Figure 11. Ad network: A company that operates servers for

ad exposure

Source: Company data, Mirae Asset Daewoo Research Source: Company data, Mirae Asset Daewoo Research

Figure 12. SSP: A platform that lets media maximize ad slot

sales through integrated utilization of many ad networks

Figure 13. Ad exchange: A platform that facilitates exchange

of ad slots among ad networks

Note: SSP stands for supply-side platform



Figure 14. DSP: A platform that allows buyers of digital ad

inventory to target specific audiences

Figure 15. ATD: A media-buying team within an ad agency

that increases efficiency by managing many DSPs

Note: DSP stands for demand-side platform


Note: ATD stands for agency trading desk


Nasmedia

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October 31, 2016


Digital ad ecosystem undergoing integration

Figure 16. Nasmedia offers various services, including media rep, ad network, DSP, SSP, ATD, etc.

Note: Orange square presents services that Nasmedia offers through possession and alliance

Source: Nasmedia, Mirae Asset Daewoo Research

Figure 17. Digital ad companies have been actively engaged in IPOs and M&As, which can be

considered a sign of integration

Note: Based on Incross’s expected offering price of W43,000, and as of Oct. 28 for others

Source: Respective companies’ data, Mirae Asset Daewoo Research

Table 6. Ad firms specialized in digital marketing have risen in the ranks among peers (US$mn)

2015 Change in rank

Name of ad company Nature of business HQ 2015 global

revenue

1 0 WPP Total ad group London 18,693

2 0 Omnicom Group Total ad group New York 15,134

3 0 Publicis Groupe Total ad group Paris 10,648

4 0 Interpublic Group of Cos. Total ad group New York 7,614

5 0 Dentsu Inc. Total ad group Tokyo 6,297

6 3 Accenture's Accenture Interactive Specialized in digital marketing

New York/London 2,923

7 -1 Havas Total ad group Puteaux, France 2,430

8 -1 Alliance Data Systems Corp.'s Epsilon Specialized in digital marketing

Irving, Texas 2,141

9 1 IBM Corp.'s IBM Interactive Experience Specialized in digital marketing

Armonk, N.Y. 2,125

10 -2 Hakuhodo DY Holdings Total ad group Tokyo 1,822

11 0 Deloitte's Deloitte Digital Specialized in digital marketing

New York 1,648

12 1 BlueFocus Communication Group Specialized in digital marketing

Beijing 1,343

13 -1 MDC Partners Total ad group New York 1,326

14 4 PwC's PwC Digital Services Specialized in digital marketing

New York 1,121

Note: Cheil Worldwide and INNOCEAN Worldwide are ranked 17th and 35th, respectively

Source: Ad Age, Mirae Asset Daewoo Research

0

100

200

300

400

Media repM&A of search ads agency NSearch Marketing carried out

Oct. 10

Listed on Aug. 8Search ads agencyPerformance ads

Listed on Oct. 31Media rep

Video ad network

Listed on Oct. 5through merger with SPAC

Ad networkM&A of Chinese company

carried out Oct. 26

Nasmedia Echo Marketing Incross Future Stream Networks

(Wbn)

Total market cap

Nasmedia

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October 31, 2016


Nasmedia (089600 KQ/Buy/TP: W65,000)

Comprehensive Income Statement (Summarized) Statement of Financial Condition (Summarized)

(Wbn) 12/15 12/16F 12/17F 12/18F (Wbn) 12/15 12/16F 12/17F 12/18F

Revenue 45 69 111 129 Current Assets 125 126 147 170

Cost of Sales 0 0 0 0 Cash and Cash Equivalents 13 1 3 13

Gross Profit 45 69 111 129 AR & Other Receivables 88 99 116 126

SG&A Expenses 34 53 87 100 Inventories 0 0 0 0

Operating Profit (Adj) 12 16 25 29 Other Current Assets 24 26 28 31

Operating Profit 12 16 25 29 Non-Current Assets 17 22 23 23

Non-Operating Profit 1 0 -1 0 Investments in Associates 0 0 0 0

Net Financial Income 1 1 1 1 Property, Plant and Equipment 12 11 12 12

Net Gain from Inv in Associates 0 0 0 0 Intangible Assets 1 2 2 2

Pretax Profit 13 16 24 29 Total Assets 142 148 171 193

Income Tax 3 4 6 7 Current Liabilities 70 66 72 76

Profit from Continuing Operations 10 12 19 22 AP & Other Payables 67 61 64 66

Profit from Discontinued Operations 0 0 0 0 Short-Term Financial Liabilities 0 0 0 0

Net Profit 10 12 19 22 Other Current Liabilities 3 5 8 10

Controlling Interests 10 12 19 22 Non-Current Liabilities 2 3 5 6

Non-Controlling Interests 0 0 0 0 Long-Term Financial Liabilities 0 0 0 0

Total Comprehensive Profit 9 12 19 22 Other Non-Current Liabilities 2 3 5 6

Controlling Interests 9 12 19 22 Total Liabilities 72 69 77 82

Non-Controlling Interests 0 0 0 0 Controlling Interests 70 79 94 111

EBITDA 12 17 25 29 Capital Stock 4 4 4 4

FCF (Free Cash Flow) 6 -2 7 17 Capital Surplus 22 22 22 22

EBITDA Margin (%) 26.7 24.6 22.5 22.5 Retained Earnings 43 53 68 85

Operating Profit Margin (%) 26.7 23.2 22.5 22.5 Non-Controlling Interests 0 0 0 0

Net Profit Margin (%) 22.2 17.4 17.1 17.1 Stockholders' Equity 70 79 94 111

Cash Flows (Summarized) Forecasts/Valuations (Summarized)

(Wbn) 12/15 12/16F 12/17F 12/18F 12/15 12/16F 12/17F 12/18F

Cash Flows from Op Activities 18 -2 8 17 P/E (x) 41.6 30.5 20.1 17.0

Net Profit 10 12 19 22 P/CF (x) 26.8 24.0 15.7 13.3

Non-Cash Income and Expense 5 3 5 6 P/B (x) 5.9 4.8 4.0 3.4

Depreciation 0 0 0 0 EV/EBITDA (x) 31.2 21.2 14.1 11.6

Amortization 0 0 0 0 EPS (W) 1,202 1,419 2,154 2,537

Others 5 3 5 6 CFPS (W) 1,869 1,805 2,753 3,244

Chg in Working Capital 4 -15 -11 -5 BPS (W) 8,432 9,022 10,716 12,683

Chg in AR & Other Receivables -31 -7 -13 -6 DPS (W) 360 460 570 700

Chg in Inventories 0 0 0 0 Payout ratio (%) 29.9 32.4 26.5 27.6

Chg in AP & Other Payables 35 -6 3 3 Dividend Yield (%) 0.7 1.1 1.3 1.6

Income Tax Paid -3 -4 -6 -7 Revenue Growth (%) 50.0 53.3 60.9 16.2

Cash Flows from Inv Activities -6 -7 -3 -3 EBITDA Growth (%) 33.3 41.7 47.1 16.0

Chg in PP&E -12 0 -1 0 Operating Profit Growth (%) 33.3 33.3 56.3 16.0

Chg in Intangible Assets 0 -1 0 0 EPS Growth (%) 24.6 18.1 51.8 17.8

Chg in Financial Assets 6 -1 -2 -3 Accounts Receivable Turnover (x) 3.9 3.8 3.9 3.4

Others 0 -5 0 0 Inventory Turnover (x) 0.0 0.0 0.0 0.0

Cash Flows from Fin Activities -2 -3 -4 -5 Accounts Payable Turnover (x) 0.0 0.0 0.0 0.0

Chg in Financial Liabilities - - - - ROA (%) 8.3 8.6 11.8 12.2

Chg in Equity 0 0 0 0 ROE (%) 15.0 16.7 21.8 21.7

Dividends Paid -2 -3 -4 -5 ROIC (%) 26.5 26.9 29.7 30.4

Others - - - - Liability to Equity Ratio (%) 103.8 87.5 82.1 73.8

Increase (Decrease) in Cash 10 -12 2 10 Current Ratio (%) 178.3 191.3 205.9 224.1

Beginning Balance 4 13 1 3 Net Debt to Equity Ratio (%) -50.5 -30.6 -28.8 -35.3

Ending Balance 13 1 3 13 Interest Coverage Ratio (x) 0.0 0.0 0.0 0.0


Nasmedia

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October 31, 2016


APPENDIX 1

Important Disclosures & Disclaimers

2-Year Rating and Target Price History

Company (Code) Date Rating Target Price

Nasmedia(089600) 10/30/2016 Buy 65,000

07/31/2016 Buy 61,000

01/13/2016 Buy 71,000

11/24/2015 Buy 58,000

08/13/2015 Buy 73,000

05/28/2015 Buy 52,000

05/17/2015 Buy 44,000

04/24/2015 Buy 40,000

11/26/2014 Buy 33,000

Equity Ratings Distribution

BuyBuyBuyBuy Trading BuyTrading BuyTrading BuyTrading Buy HoldHoldHoldHold SellSellSellSell

69.27% 17.07% 13.66% 0.00%

* Based on recommendations in the last 12-months (as of September 30, 2016)

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 impacted by overall firm profitability, which includes

revenues from, among other business units, the institutional equities, investment banking, proprietary trading and private client division. At the

time of publication of this report, the Analysts do not know or have reason to know of any actual, material conflict of interest of 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 from sources believed to be reliable and in good faith, 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. If this report is an English translation of a report prepared in the Korean language, the original Korean language report may have been

made available to investors in advance of this report. Mirae Asset Daewoo, its affiliates and their directors, officers, employees and agents do not

accept any liability for any loss arising from the use hereof. This report is for general information purposes only and it is not and should not be

construed as an offer or a solicitation of an offer to effect transactions in any securities or other financial instruments. The intended recipients of

this report are sophisticated institutional investors who have substantial knowledge of the local business environment, its common practices, laws

and accounting principles and no person whose receipt or use of this report would violate any laws and regulations or subject Mirae Asset

Daewoo and its affiliates to registration or licensing requirements in any jurisdiction should receive or make any use hereof. Information and

opinions contained herein are subject to change without notice and no part of this document may be copied or reproduced in any manner or form

or redistributed or published, in whole or in part, without the prior written consent of Mirae Asset Daewoo. 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

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.

0

20,000

40,000

60,000

80,000

Oct 14 Oct 15 Oct 16

(W) Nasmedia

Nasmedia

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October 31, 2016


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

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Head Office

34-3 Yeouido-dong, Yeongdeungpo-gu

Seoul 150-716

Korea

Two International Finance Centre

Suites 2005-2012

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Hong Kong, China

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2401A, 24th Floor, East Tower, Twin Towers

B-12 Jianguomenwai Avenue

Chaoyang District, Beijing 100022

China

Room 38T31, 38F SWFC

100 Century Avenue

Pudong New Area, Shanghai 200120

China

Suite 2103, Saigon Trade Center

37 Ton Duc Thang St,

Dist. 1, Ho Chi Minh City,

Vietnam

Tel: 86-10-6567-9299 Tel: 86-21-5013-6392 Tel: 84-8-3910-6000

Daewoo Investment Advisory (Beijing) Co., Ltd. Daewoo Securities (Mongolia) LLC

2401B, 24th Floor, East Tower, Twin Towers

B-12 Jianguomenwai Avenue,

Chaoyang District, Beijing 100022

China

#406, Blue Sky Tower, Peace Avenue 17

1 Khoroo, Sukhbaatar District

Ulaanbaatar 14240

Mongolia

Tel: 86-10-6567-9699 Tel: 976-7011-0807

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