Alibaba: Room to Grow from ECommerce and Cloud Services
We have been relatively cautious on Alibaba (BABA US) since prior to listing. Our concerns have centered on corporate governance issues...
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Tencent Invests USD 1.78 Billion for 5% Stake of Tesla
Tencent became the fifth-largest shareholder of Tesla Motors Inc (TSLA US). According to Tesla’s public filings, Tencent acquired 8,167,544 shares...
182 Views
Netmarble Games IPO (Part 3): Valuation Sensitivity Analysis
Our base case valuation for the company is 170,000 won per share (using 2018 EV/EBITDA), which suggests implied market cap of 14,658 billion won...
374 Views
Netmarble Games IPO (Part 2): A Human, Elf, Dark Elf, and A Dwarf on Its Way to $1Billion+ in Sales
We estimate Netmarble Games to generate sales of 2,961 billion won in 2017, up 97.4% YoY. We expect L2R to generate 1,125 billion in sales in...
270 Views
Netmarble Games IPO (Part 1) - Good: L2R; Bad: LineageM & China's Ban of New Mobile Games from Korea
GOOD NEWS: Netmarble Games' L2R mobile game is showing stunning growth.BAD NEWS: China recently banned all new mobile games from Korea. NCSoft's...
371 Views