Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>Nexon is our top pick within the Japanese Gaming Sector </li>
<li>We see continued strong growth in revenue driven by existing game franchises in addition to new pipeline opportunities</li>
<li>Nexon is cash rich, debt free and is returning more and more money back to shareholders</li>
</ul>


Nexon is our top pick within the Japanese Gaming Sector 
We see continued strong growth in revenue driven by existing game franchises in addition to new pipeline opportunities
Nexon is cash rich, debt free and is returning more and more money back to shareholders


Nexon (3659) | More Buybacks in the Pipeline

Korea/Asia, Events, IPOs/Douglas Research Advisory

Douglas Kim

Event-Driven

<ul>
<li>The late Nexon founder Kim Jung-Ju's family recently paid nearly 4.7 trillion won worth of inheritance taxes to the Korean government by handing over 29.3% stake (paid-in-kind) in NXC Corp.</li>
<li>We view this handing over the 29.3% stake to the Korean government to be positive overall on Nexon in the near term.</li>
<li>However, we do not expect this could bring about change in controlling ownership of the Nexon Group in the near term to result in re-rating of the Nexon Group shares. </li>
</ul>


The late Nexon founder Kim Jung-Ju's family recently paid nearly 4.7 trillion won worth of inheritance taxes to the Korean government by handing over 29.3% stake (paid-in-kind) in NXC Corp.
We view this handing over the 29.3% stake to the Korean government to be positive overall on Nexon in the near term.
However, we do not expect this could bring about change in controlling ownership of the Nexon Group in the near term to result in re-rating of the Nexon Group shares. 


Nexon Founder Family Hands Over 4.7 Trillion Won Worth of NXC to Korean Government

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

<ul>
<li>As reported by a local news outlet (YTN), the Korean government will soon list the NXC stake on Onbid, the government's online auction system (www.onbid.co.kr).</li>
<li>If the right buyer acquires the 30% stake in NXC, the family members may also sell their stake, leading to an unexpected price impact for Nexon (3659 JP).</li>
<li>Timing is critical, and the Korean government must aim to list the stake on Onbid as soon as possible, given its current revenue shortfall issue.</li>
</ul>


As reported by a local news outlet (YTN), the Korean government will soon list the NXC stake on Onbid, the government's online auction system (www.onbid.co.kr).
If the right buyer acquires the 30% stake in NXC, the family members may also sell their stake, leading to an unexpected price impact for Nexon (3659 JP).
Timing is critical, and the Korean government must aim to list the stake on Onbid as soon as possible, given its current revenue shortfall issue.


Heads Up: Selling Event of a 30% Stake in NXC (Nexon Parent Company) Is Coming Soon

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The founder and former chairman and CEO of <a href="https://www.smartkarma.com/entities/nexon-co-ltd" target="_blank" data-smartkarma-citation="entities:16032:1" rel="noopener">Nexon (3659 JP)</a> passed away according to both Nexon and his holding company NXC. Both announced it late afternoon 1 March.</li>
<li>NXC - the near-parent  (47+% stake) of Nexon tried to sell Nexon/NXC in H1 2019 to no avail. Since then, profits have rebounded somewhat, and investments have multiplied. </li>
<li>The estate may wish to sell Nexon shares, or its entire stake, at some point near-term.</li>
</ul>


The founder and former chairman and CEO of Nexon (3659 JP) passed away according to both Nexon and his holding company NXC. Both announced it late afternoon 1 March.
NXC - the near-parent  (47+% stake) of Nexon tried to sell Nexon/NXC in H1 2019 to no avail. Since then, profits have rebounded somewhat, and investments have multiplied. 
The estate may wish to sell Nexon shares, or its entire stake, at some point near-term.


Nexon - Founder Kim Jung-Ju Passes, Raises Question if Nexon Deal Is Back In Play

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nexon-co-ltd" target="_blank" data-smartkarma-citation="entities:16032:1" rel="noopener">Nexon (3659 JP)</a> reported Q3 earnings and full-year forecasts today. Revenue came in at the bottom end of August guidance, despite the higher-than-forecast USD/yen rate. </li>
<li>The forecast for full-year is below consensus. This may be seen as disappointing. The stock may fall on this. </li>
<li>But a buyback announcement and relative valuation suggests time to cover the short. </li>
</ul>



Nexon (3659 JP) reported Q3 earnings and full-year forecasts today. Revenue came in at the bottom end of August guidance, despite the higher-than-forecast USD/yen rate. 
The forecast for full-year is below consensus. This may be seen as disappointing. The stock may fall on this. 
But a buyback announcement and relative valuation suggests time to cover the short. 


Nexon Q3 In-Line-Ish, Underperformance Achievement Unlocked, Buyback Language Odd

Japan

Nexon Co., Ltd. mainly develops and services, online games for PC and mobile devices. The company also offers consulting services related to online-games. Nexon operates in Japan.

52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Nexon (3659 JP)

Nexon (3659) | More Buybacks in the Pipeline

[EARNINGS] NEXON CO LTD(3659) Q2 FY12/2023 Operating Profit 27.614 billion yen,21.7%YoY inline with Consensus 27 billion yen. 3Q OP guidance...

Mark Chadwick

Nexon Founder Family Hands Over 4.7 Trillion Won Worth of NXC to Korean Government

The late Nexon founder Kim Jung-Ju's family recently paid nearly 4.7 trillion won worth of inheritance taxes to the Korean government by handing...

Douglas Kim

Heads Up: Selling Event of a 30% Stake in NXC (Nexon Parent Company) Is Coming Soon

This post delivers today's news that the South Korean Ministry of Strategy and Finance is entering the process of selling its 30% stake in NXC...

Sanghyun Park

Nexon - Founder Kim Jung-Ju Passes, Raises Question if Nexon Deal Is Back In Play

Nexon's founder Kim Jung-ju has passed away. This raises the question of the disposition of the 47+% stake belonging to his holding company NXC. If...

Travis Lundy

Nexon Q3 In-Line-Ish, Underperformance Achievement Unlocked, Buyback Language Odd

Nexon's Q3 came at the low end of guidance, and the new high-end of FY revenue and OP guidance is below the Street. FX gains help. And now there's...

Travis Lundy

52-week Range

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