Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/24173" target="_blank" data-smartkarma-citation="entities:24173:1">NAT Games Co.,ltd (1411718D KS)</a> will be listed on KOSDAQ on June 12 through backdoor listing with the merger with NH Special Purpose Acquisition 9 Co., Ltd. (225570 KS) ("NH SPAC Ⅸ"). Its market cap will be ₩213.96bil at the offering price of ₩2,000 gives 16.31x PER on FY17 projected EPS and only 3.55x PER on FY18 projected EPS. In terms of PBR, the company will be traded at 6.84x on the current net book value of ₩31.3bil. This insight is mainly a summary of this backdoor listing process and how the company arrived at this valuation level. So, please be aware that this insight doesn't contain my personal suggestion/prediction on the price. I will examine the valuation more thoroughly in a follow-up report. For those who still want to know what is going on at NAT Games which made its name from the popular action mobile RPG "HIT", here is my summary for you.</p>

NAT Games Co.,ltd (1411718D KS) will be listed on KOSDAQ on June 12 through backdoor listing with the merger with NH Special Purpose Acquisition 9 Co., Ltd. (225570 KS) ("NH SPAC Ⅸ"). Its market cap will be ₩213.96bil at the offering price of ₩2,000 gives 16.31x PER on FY17 projected EPS and only 3.55x PER on FY18 projected EPS. In terms of PBR, the company will be traded at 6.84x on the current net book value of ₩31.3bil. This insight is mainly a summary of this backdoor listing process and how the company arrived at this valuation level. So, please be aware that this insight doesn't contain my personal suggestion/prediction on the price. I will examine the valuation more thoroughly in a follow-up report. For those who still want to know what is going on at NAT Games which made its name from the popular action mobile RPG "HIT", here is my summary for you.

NAT Games June 12 Backdoor Listing Summary - Part 1

South Korea

Barunson Entertainment & Arts Corp manufactures game machines.  The Company's products include stickers vending machines and face engraving machines. Barunson Games also produces digital cameras and provides on-line advertising service.

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Barunson Entertainment & Art (035620 KS)

NAT Games June 12 Backdoor Listing Summary - Part 1

NAT Games Co.,ltd (1411718D KS) will be listed on KOSDAQ on June 12 through backdoor listing with the merger with NH Special Purpose Acquisition 9...

Sanghyun Park

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