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    A035720   KR7035720002

KAKAO CORP.

(A035720)
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Nexon founder to sell controlling stake in gaming co's holding firm - Korea Economic Daily

01/02/2019 | 08:59pm EDT
Logos of Nexon are seen at its main office building in Seoul

SEOUL (Reuters) - The founder of South Korean gaming company Nexon is set to sell a controlling stake worth around $9 billion in Nexon's holding firm NXC Corp, the Korea Economic Daily newspaper reported on Thursday.

The value of the stake up for sale was estimated at 10 trillion won ($8.9 billion), the paper said, citing unidentified industry sources.

Nexon is listed on the Tokyo stock market.

Shares of Nexon affiliates including Nexon GT Co Ltd and Nat Games Co Ltd jumped as much as 30 percent on the media report.

Deutsche Bank and Morgan Stanley have been selected to manage the sale, the report said.

Deutsche Bank and Morgan Stanley were not immediately available for comment.

The potential buyers include domestic industry rivals Kakao Corp and Netmarble Corp, as well as Chinese tech giant Tencent Holdings Ltd and U.S. video game publisher Electronic Arts Inc, the newspaper reported. citing unnamed industry sources.

"As the value of the company's stake will be enormous, there will be very limited buyers with the ability to purchase Nexon," said Oh Dong-hwan, an analyst at Samsung Securities.

NXC Corp spokeswoman declined to comment.

Nexon founder Kim Jung-ju would sell a total of 98.64 percent stake in NXC Corp held by himself and related parties including his wife, according to the media report.

($1 = 1,121.5000 won)

(Reporting by Heekyong Yang; Editing by Richard Pullin and Stephen Coates)


ę Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
AMP LIMITED 4.89% 0.965 End-of-day quote.-38.14%
ELECTRONIC ARTS INC. 1.18% 127.89 Delayed Quote.-10.94%
KAKAO CORP. -3.77% 115000 End-of-day quote.47.63%
LETS HOLDINGS GROUP CO., LTD. 0.31% 6.52 End-of-day quote.-16.20%
LOOK HOLDINGS INCORPORATED -1.01% 1374 End-of-day quote.43.57%
MORGAN STANLEY 2.73% 103.55 Delayed Quote.51.10%
NETMARBLE CORPORATION -0.82% 121000 End-of-day quote.-7.98%
NEXON CO., LTD. -1.14% 1728 End-of-day quote.-45.66%
NEXON GT CO., LTD. -0.95% 10450 End-of-day quote.-20.83%
TENCENT HOLDINGS LIMITED 2.93% 463.2 End-of-day quote.-17.87%
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Analyst Recommendations on KAKAO CORP.
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Financials
Sales 2021 5 927 B 5,04 B 5,04 B
Net income 2021 937 B 0,80 B 0,80 B
Net cash 2021 3 774 B 3,21 B 3,21 B
P/E ratio 2021 55,8x
Yield 2021 0,03%
Capitalization 49 757 B 42 407 M 42 344 M
EV / Sales 2021 7,76x
EV / Sales 2022 5,94x
Nbr of Employees -
Free-Float 64,8%
Chart KAKAO CORP.
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Technical analysis trends KAKAO CORP.
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Mean consensus BUY
Number of Analysts 29
Last Close Price 115 000,00 KRW
Average target price 166 724,14 KRW
Spread / Average Target 45,0%
EPS Revisions
Managers and Directors
Min-Soo Yeo Co-Chief Executive Officer & Director
Su-Yong Jo Co-Chief Executive Officer & Director
Beom-Soo Kim Chairman
Tae-Sung Jung Head-Compliance Support
Kyu-Jin Cho Independent Director
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