Nasmedia: Poised to benefit from mobile ad market growth in 2017

1. 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: Allfigures are basedon consolidated K-IFRS; NP refers to net profit attributable to controllinginterests
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
ConsensusOP (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
MarketCap (Wbn) 379
Shares Outstanding (mn) 9
Free Float(%) 36.5
ForeignOwnership (%) 2.2
Beta (12M) 0.88
52-WeekLow 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
jeehyun.moon@miraeasset.com
Nu-ri Ha
+822-768-4130
nuri.ha@miraeasset.com
50
70
90
110
130
150
10.15 2.16 6.16 10.16
Nasmedia KOSDAQ

2. Nasmedia
2
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
Digitaloutdoorads 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: Allfigures are basedon non-consolidatedK-IFRS; YoY basis is more appropriate for comparison in light of seasonality of advertisingbusiness 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
Onlinedisplay ads 19 17 21 32 49 74
Online searchads 5 21
IPTV ads 2 3 4 6 5 5
Digitaloutdoorads 2 5 5 7 10 11
Proportionofrevenue
Onlinedisplay ads 81.1 67.4 70.3 71.0 71.0 67.1
Online searchads 7.6 18.8
IPTV ads 8.5 12.8 12.1 13.5 6.7 4.4
Digitaloutdoorads 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
Onlinedisplay ads 1.3 -12.3 25.7 54.0 51.8 51.9
Online searchads 299.0
IPTV ads 38.8 58.6 14.5 69.7 -25.0 5.0
Digitaloutdoorads 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: Basedon consolidatedK-IFRS; Changedto consolidatedK-IFRS from non-consolidatedK-IFRS in 4Q16 due to acquisition of NSearch Marketing; Only recognized N
Search Marketing’s earnings in 4Q16 for 2016 figures
Source: Company data, Mirae Asset Daewoo Research estimates
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 incorporationof NSearch Marketing into
consolidated earningsfrom4Q16
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 increaseinnumberofsharesoutstanding
dueto rightsissue
OP margin 25.1 25.6 23.2 22.5
Net margin 20.9 21.0 17.4 17.1
Notes: Allfigures are basedon consolidatedK-IFRS
Source: Mirae Asset Daewoo Research estimates

3. Nasmedia
3
October 31, 2016
Mirae Asset Daewoo Research
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
Onlinedisplayads 21.0 32.3 45.8 60.5
IPTV ads 3.6 6.1 4.6 4.8
Digitaloutdoor 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: Allfigures are on anon-consolidatedbasis. 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 searchads 19.7 18.9 19.9 20.9
Onlinedisplay 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: Allfigures are on anon-consolidatedbasis; Revenue details are our estimates basedon volume handled
Source: Company data, Mirae Asset Daewoo Research
Figure 1. Nasmedia and N Search Marketing to create synergistic structure, supplementing and
expanding search ads and agency business
Notes: “DA” and“SA” standfor display ads andsearch ads. Source: Company data, Mirae Asset Daewoo Research
Figure 2. Ownership structure of Nasmedia (following Oct. 24th
right issue)
Note: Basedon totalnumber of shares outstanding; Lock-in periodof 6 months in effect for share of Hahn & Company 1st PE
Investment Company, startingOct. 24, when it was listed. Source: Company data, Mirae Asset Daewoo Research
KT
42.7%
Ki-hoJeong
19.6%
NPS
12.7%
Hahn&Company,
1st PEInvestment
Company
5.8%
Nasmedia'sexecutives
0.8% Other
18.3%

4. Nasmedia
4
October 31, 2016
Mirae Asset Daewoo Research
Importance of programmatic buying
Figure 3. Programmaticbuying (automatically buying ads through an open bidding platform)
allows impact of advertising to be maximized
Source: Company data, Mirae Asset Daewoo Research
Figure 4. Real-time bidding (RTB) is an essential attribute of programmaticbuying
Source: Company data, Mirae Asset Daewoo Research
Figure 5. Nasmedia’s programmatic buying platforms have made an increasing contribution to
earnings recently
Source: Company data, Mirae Asset Daewoo Research

5. Nasmedia
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October 31, 2016
Mirae Asset Daewoo Research
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
Source: Company data, Mirae Asset Daewoo Research
Figure 7. Online video consumption by medium: Mobile is dominant
Note: N=1,744; unit is %
Source: Company data, Mirae Asset Daewoo Research
Figure 8. Smart Media Rep (SMR), which handles advertising on major broadcasters’ video clips, is
seeing rapid growth in earnings
Notes: Smart MediaRephandles video clipads of seven domestic broadcasters: CJ E&M, MBC, SBS, JTBC, TV Chosun, ChannelA,
MBN; Revenue recognition is on anet basis; SBS Media Holdings andMBCown 50%each
Source: SBS MediaHoldings, 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 bymobile Mainly by mobile MobileandPCsimilarly Mainly by PC Only byPC
(%)
10s
10% 20s
6%
30s
11%
40s
21%50s
22%
60s
30%
TV
TVusers
in50sand
above:
52%
10s
21%
20s
29%30s
17%
40s
18%
50s
11%
60s
4%
Mobile
Mobileusersin
20s-30s:
46%

6. Nasmedia
6
October 31, 2016
Mirae Asset Daewoo Research
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

7. Nasmedia
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October 31, 2016
Mirae Asset Daewoo Research
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
Source: Company data, Mirae Asset Daewoo Research
Source: Company data, Mirae Asset Daewoo Research
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
Source: Company data, Mirae Asset Daewoo Research
Note: ATD stands for agency trading desk
Source: Company data, Mirae Asset Daewoo Research

8. Nasmedia
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October 31, 2016
Mirae Asset Daewoo Research
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 Nasmediaoffers 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: Basedon Incross’s expectedofferingprice of W43,000, andas 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
inrank
Name of ad company Nature of business HQ
2015global
revenue
1 0 WPP Totalad group London 18,693
2 0 Omnicom Group Totalad group New York 15,134
3 0 PublicisGroupe Totalad group Paris 10,648
4 0 Interpublic Group ofCos. Totalad group New York 7,614
5 0 DentsuInc. Totalad group Tokyo 6,297
6 3 Accenture's AccentureInteractive Specialized indigital
marketing
New York/London 2,923
7 -1 Havas Totalad group Puteaux,France 2,430
8 -1 AllianceDataSystemsCorp.'s Epsilon Specialized indigital
marketing
Irving, Texas 2,141
9 1 IBMCorp.'sIBMInteractive Experience Specialized indigital
marketing
Armonk, N.Y. 2,125
10 -2 HakuhodoDY Holdings Totalad group Tokyo 1,822
11 0 Deloitte'sDeloitte Digital Specialized indigital
marketing
New York 1,648
12 1 BlueFocusCommunicationGroup Specialized indigital
marketing
Beijing 1,343
13 -1 MDC Partners Totalad group New York 1,326
14 4 PwC's PwC Digital Services Specialized indigital
marketing
New York 1,121
Note: Cheil Worldwide andINNOCEAN Worldwide are ranked17th and35th, respectively
Source: AdAge, Mirae Asset Daewoo Research
0
100
200
300
400
Mediarep
M&Aof searchadsagencyN
SearchMarketingcarriedout
Oct. 10
ListedonAug. 8
Searchadsagency
Performanceads
ListedonOct. 31
Mediarep
Videoadnetwork
ListedonOct. 5
throughmerger withSPAC
Adnetwork
M&Aof Chinesecompany
carriedout Oct. 26
Nasmedia EchoMarketing Incross FutureStreamNetworks
(Wbn)
Total market cap

9. Nasmedia
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October 31, 2016
Mirae Asset Daewoo Research
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 Cashand CashEquivalents 13 1 3 13
Gross Profit 45 69 111 129 AR &OtherReceivables 88 99 116 126
SG&AExpenses 34 53 87 100 Inventories 0 0 0 0
Operating Profit(Adj) 12 16 25 29 OtherCurrentAssets 24 26 28 31
Operating Profit 12 16 25 29 Non-CurrentAssets 17 22 23 23
Non-Operating Profit 1 0 -1 0 Investmentsin Associates 0 0 0 0
Net FinancialIncome 1 1 1 1 Property, Plant and Equipment 12 11 12 12
Net GainfromInvin Associates 0 0 0 0 IntangibleAssets 1 2 2 2
Pretax Profit 13 16 24 29 TotalAssets 142 148 171 193
IncomeTax 3 4 6 7 Current Liabilities 70 66 72 76
Profit fromContinuing Operations 10 12 19 22 AP &OtherPayables 67 61 64 66
Profit fromDiscontinued Operations 0 0 0 0 Short-TermFinancialLiabilities 0 0 0 0
Net Profit 10 12 19 22 OtherCurrentLiabilities 3 5 8 10
Controlling Interests 10 12 19 22 Non-CurrentLiabilities 2 3 5 6
Non-Controlling Interests 0 0 0 0 Long-TermFinancialLiabilities 0 0 0 0
TotalComprehensiveProfit 9 12 19 22 OtherNon-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 (FreeCashFlow) 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 ProfitMargin(%) 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
CashFlowsfromOp 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-CashIncomeand 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 inWorking Capital 4 -15 -11 -5 BPS (W) 8,432 9,022 10,716 12,683
Chg inAR&Other Receivables -31 -7 -13 -6 DPS (W) 360 460 570 700
Chg inInventories 0 0 0 0 Payoutratio(%) 29.9 32.4 26.5 27.6
Chg inAP&OtherPayables 35 -6 3 3 Dividend Yield (%) 0.7 1.1 1.3 1.6
IncomeTax Paid -3 -4 -6 -7 Revenue Growth(%) 50.0 53.3 60.9 16.2
CashFlowsfromInvActivities -6 -7 -3 -3 EBITDA Growth(%) 33.3 41.7 47.1 16.0
Chg inPP&E -12 0 -1 0 Operating ProfitGrowth (%) 33.3 33.3 56.3 16.0
Chg inIntangible Assets 0 -1 0 0 EPS Growth (%) 24.6 18.1 51.8 17.8
Chg inFinancialAssets 6 -1 -2 -3 Accounts Receivable Turnover (x) 3.9 3.8 3.9 3.4
Others 0 -5 0 0 InventoryTurnover (x) 0.0 0.0 0.0 0.0
CashFlowsfromFinActivities -2 -3 -4 -5 Accounts Payable Turnover (x) 0.0 0.0 0.0 0.0
Chg inFinancialLiabilities - - - - ROA (%) 8.3 8.6 11.8 12.2
Chg inEquity 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 toEquityRatio(%) 103.8 87.5 82.1 73.8
Increase (Decrease) inCash 10 -12 2 10 Current Ratio (%) 178.3 191.3 205.9 224.1
Beginning Balance 4 13 1 3 Net Debt to EquityRatio(%) -50.5 -30.6 -28.8 -35.3
Ending Balance 13 1 3 13 InterestCoverageRatio (x) 0.0 0.0 0.0 0.0
Source: Company data, Mirae Asset Daewoo Research estimates

10. Nasmedia
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October 31, 2016
Mirae Asset Daewoo Research
APPENDIX 1
Important Disclosures & Disclaimers
2-Year Rating and Target Price History
Company(Code) Date Rating TargetPrice
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

11. Nasmedia
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October 31, 2016
Mirae Asset Daewoo Research
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Kong (Cap. 571, Laws of Hong Kong) and any rules made thereunder and may not be redistributed in whole or in part in Hong Kong to any person.
All Other Jurisdictions: Customers in all other countries who wish to effect a transaction in any securities referenced in this report should contact
Mirae Asset Daewoo or its affiliates only if distribution to or use by such customer of this report would not violate applicable laws and regulations
and not subject Mirae Asset Daewoo and its affiliates to any registration or licensing requirement within such jurisdiction.
Mirae Asset Daewoo International Network
Mirae Asset Daewoo Co., Ltd.(Seoul) Daewoo Securities (Hong Kong) Ltd. Daewoo Securities (America)Inc.
Head Office
34-3 Yeouido-dong, Yeongdeungpo-gu
Seoul 150-716
Korea
Two International Finance Centre
Suites 2005-2012
8 Finance Street, Central
Hong Kong, China
320 Park Avenue
31st Floor
New York, NY 10022
United States
Tel: 82-2-768-3026 Tel: 85-2-2845-6332 Tel: 1-212-407-1000
Daewoo Securities (Europe) Ltd. Daewoo Securities (Singapore)Pte., Ltd. PT. Daewoo SecuritiesIndonesia
41st Floor, Tower 42
25 Old Broad St.
London EC2N 1HQ
United Kingdom
Six Battery Road #11-01
Singapore, 049909
Equity Tower Building Lt.50
Sudirman Central Business District Jl.
Jendral Sudirman Kav. 52-53, Jakarta Selatan
Indonesia 12190
Tel: 44-20-7982-8000 Tel: 65-6671-9845 Tel: 62-21-515-1140
Beijing Representative Office Shanghai Representative Office Ho Chi Minh Representative Office
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
DaewooInvestment 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