Hanwha Securities "NHN enterprise, core business growth ... New business takes time. "

[Korea goyounghun financial newspaper reporter] Hanwha Securities NHN Entertainment on the 15th day job looks to new business growth was maintained with a target price of ₩ 60,000 a recommendation 'neutral', saying take some time.

Hanwha Securities Research gimsohye was diagnosed as "core business value of undervalued due to the slowdown in business co-pay would have to be somewhat resolved after spotting new business division take some time to generate revenue in earnest."

Kim Institute "in 2016 game sales has maintained a year-on-year 14% increase and growth," he said "This year, the web board games are among the continuing stable sales as cash cows," tunpap 'utilizing Naver Real Madrid IP and "Angry Bird Island 'is scheduled, including nearly two dozen new species, "he said.

Towards "The estimates in advertising expenses in 2017 to 10.6 billion won increased by 79.9 billion won compared to the previous year" and "the second quarter starting on page Koh related marketing provides benefits to merchants and existing users rather than mass advertising such as TV commercials to increase the re-gumaeyul direction He explained that the grabbing will be more efficient enforcement. "

Following predicts that "in accordance with the elements to discount the valuation of the business co-pay Removed shares show a positive flow."



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