4 New companies
Transcription
4 New companies
Asiasoft Corporation PLC. (AS) 1Q12 Opportunity Day 17th May 2012 Disclaimer The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for shares of Asiasoft Corporation Pcl. (“Asiasoft”) in any jurisdiction nor should it or any part of it form the basis of, or be relied upon in any connection with, any contract or commitment whatsoever. This presentation may include information which is forward-looking in nature. Forward-looking information involve known and unknown risks, uncertainties and other factors which may impact on the actual outcomes, including economic conditions in the markets in which Asiasoft operates and general achievement of Asiasoft business forecasts, which will cause the actual results, performance or achievements of Asiasoft to differ, perhaps materially, from the results, performance or achievements expressed or implied in this presentation This presentation has been prepared by Asiasoft. The information in this presentation has not been independently verified. No representation, warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions in this presentation. None of Asiasoft or any of its agents or advisers, or any of their respective affiliates, advisers or representatives, shall have any liability (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation This presentation is made, furnished and distributed for information purposes only. No part of this presentation shall be relied upon directly or indirectly for any investment decision-making or for any other purposes This presentation and all other information, materials or documents provided in connection therewith, shall not, either in whole or in part, be reproduced, redistributed or made available to any other person, save in strict compliance with all applicable laws Page 2 Agenda • Territory Overview • Asiasoft Overview • Next Steps • Appendices Page 3 Territory Overview Page 4 Online Game Publishers in Thailand TOTAL: 65 Games 25 New Games 78 Games 27 New Games 111 Games 34 New Games 129 Games 39 New Games 143 Games 14 New Games 5 4 3 2 1 23 Companies (5 new companies) (0 closed company) 2008 26 Companies (6 new companies) (3 closed Company) 2009 33 Companies (8 New companies) (1 closed company) 2010 33 Companies (5 New companies) (5 closed company) 39 Companies (6 New companies) (0 closed company) 2011 1Q12 6 New companies entered the market in 1Q12 with total of 39 publishers operating 143 game titles Page 5 New Game Launch in Thailand Online Game CHO AIKA Cosmic Break Online Prius Online IRIS ONLINE Super SpeeDa Trickster World of Fighter ION [Loong Online] New 9 games from 8 Publishers Publisher Asiasoft/Funbox Asiasoft/Funbox Digicraft Golden Soft JAYA SOFT Joy Telecom Vplay Winner Online Winner Online Type MMORPG MMORPG MMORPG MMORPG MMORPG Casual MMORPG MMORPG MMORPG Online Game Zeed Empire Dungeon Viva Zeed Camon Hero Dragon Nest FreeJack Soccer Manager Online Lime Odyssey Edge of Warriors Kaneland ศึกบัลลังก์มังกร 18ฝ่ ามือมหาประลัย Mini Fighter Eden Online The Legend of Emperor New 14 games from 5 Publishers Publisher 7Zeed 7Zeed Asiasoft/Funbox Asiasoft/Funbox Asiasoft/Funbox EMMO Golden Soft Koramgame Koramgame SNSPlus SNSPlus TDE/NC True Winner Online Winner Online WEB 7 games 50% Casual 1 games 11% MMORPG 8 games 89% Type WEB WEB MMORPG MMORPG Casual WEB MMORPG WEB WEB WEB WEB MMORPG MMORPG MMORPG MMORPG 6 games 43% Casual 1 games 7% Web games becoming a big trend: number of web games launched in 1Q12 surpassed MMORPG Page 6 Market Share by Genre in 1Q12 Others 26% Asiasoft/Funbox 52% MMOPRG INI3 Digital 3% CASUAL Others 14% Winner Online 15% TDE/NC True 4% INI3 Digital 20% Asiasoft/Funbox 40% Golden Soft 7% Others 22% INI3 Digital 7% Others 30% TDE/NC True 13% Asiasoft/Funbox 45% Winner Online 11% Winner Online 12% TDE/NC True 21% Web Game Others 4% Asiasoft/Funbox 9% FPS Asiasoft/Funbox 38% INI3 Digital 32% TDE/NC True 75% Total market share improved from 38% in 2011 to 40% in 1Q12 due to higher shares in web game and FPS Source: Company’s data based on 1Q12 Avg. Max CCU Page 7 Online Game Publishers in Singapore TOTAL: 5 Games 21 Games 7 New Games 24 Games 26 Games 9 New Games 2 New Games 4 3 2 1 9 Companies (1 New company) 8 Companies (4 New companies) 4 Companies 4 Companies 2009 2010 2011 1Q2012 1 New company entered the market and launched its first game in late March Page 8 New Game Launch in Singapore 1Q11 1Q12 Online Game Publisher Type AikaSEA Asiasoft MMORPG League of Legends Garena MOBA 2 New Games Released from 2 publishers Online Game Publisher Type SD Gundam Online Cherry Credits Casual World of Tanks SEA Gaming TPS/FPS 2 New Games Released from 2 publishers Page 9 Online Game Publishers in Malaysia TOTAL: - Games - New Games 72 Games 106 Games 35 New Games 41 New Games 119 Games 15 New Games 4 3 2 1 33 Companies (8 New companies) (2 close company) 29 Companies (7 new companies) (1 close Company) - Companies (- new companies) (- close company) 2009 • 36 Companies (4 New companies) (1 Close company) 2010 2011 1Q2012 4 New comers entered the market in 1Q12; however, 1 company closed down with total of 36 publishers at the end of 1Q12 • High competition market with number of publishers are almost the same as Thailand’s, but market size is only half . Page 10 New Game Launch in Malaysia Online Game Monster Forest New RO Yuan Zhen Fantasy Sangou Kung Fu Hero Water Fairy Ming Web Publisher Asiasoft Gameflier Kingsoft GoPlayPlay Redapple Youxi Park Youxi Park Number of titles launch: 7 Most new title are client based MMORPG. Type MMORPG MMORPG MMORPG Web MMORPG MMORPG Web Online Game ShowTimeSEA DF Web SQ Web Wang Dao Online SMZT Web B7U Web WLZW Web WLY Web Xiao Jing World Domintate FHDT Web FSZ Web Ninja2u Wulin Adventure Egnima Publisher Eagle Game MyCNX MyCNX CIB GamePro RMS RMS RMS GoPlayPlay Gamersland FunGame BBG.my Funnel Runup Runup Type Casual Web Web MMORPG Web Web Web Web MMORPG Web Web Web Web Web MMORPG 15 New games from 11 publishers Most new title are web based MMORPG or Strategy. Page 11 Market Share by Genre in 1Q12 CASUAL MMOPRG TOTAL Web Game FPS • Cherry Credits launched SD Gundam Online in Feb 2012. • Top publishers in Singapore: Asiasoft, Cherry Credits, Garena, IAH Games • Top publishers in Malaysia: CIB, Cubinet, Asiasoft, Eagle Games Source: Company’s data based on 1Q12 Avg. Max CCU Page 12 Online Game Publishers in Indonesia TOTAL: 19 Games 51 Games 71 Games 12 New Games 3 Closed Games 19 New Games 1 Closed Games 24 New Games 4 Closed Games 80 Games 7 New Games 2 Closed Games 4 3 2 1 2009 32 Companies (4 New companies) (2 close company) 27 Companies (9 New companies) (3 close company) 20 Companies (10 new companies) (1 close Company) 10 Companies (2 new companies) (3 close company) 2010 2011 1Q12 4 New comers entered the market, but 2 companies closed down in 1Q12 Page 13 New Game Launch in Indonesia Game Title Granado Espada Grand Fantasia Publishers Lyto Winner Online Genre RPG RPG Game Title Dragon's Call Indonesia Legend of 3 Kingdoms Anime Figter Forsaken World Kart Rider Kaisar Crystal Epic Publishers IGLO Prodigy Lyto Lyto Kreon Jawa Online Ltd Orange Games Genre Web RPG Casual RPG Casual RPG Web 7 Games From 6 publishers (1 new publisher) MMORPG is still a mainstay of publisher. Page 14 Market Share by Genre in 1Q12 • ASID had no market share in web, casual and FPS game yet. • Gemscool is a subsidiary of Kreon from Korea. Source: Company’s data based on 1Q12 Avg. Max CCU Page 15 Asiasoft Overview Page 16 Consolidated Performance Unit : Million Baht Items Q1Y11 Q4Y11 395.38 441.03 402.22 ▲ 1.7% ▼ 8.8% Domestic 277.02 286.41 261.32 ▼ 5.7% ▼ 8.8% Oversea 118.36 154.62 140.90 ▲ 19.0% ▼ 8.9% 360.26 407.74 360.79 ▲ 0.1% ▼ 11.5% 25.66 26.51 34.29 ▲ 33.6% ▲ 29.3% Advertising and others 9.46 6.78 7.15 ▼ 24.4% ▲ 5.4% COGS Gross Profit GP% SG&A SG&A% Other Revenues EBIT EBIT% EBITDA EBITDA% Tax Non-controlling interests Net Profit Net Profit% 212.74 182.64 46.2% 97.09 24.2% 6.16 91.71 22.8% 120.55 30.0% 21.61 0.00 69.99 17.4% 248.22 192.81 43.7% 136.30 29.0% 28.69 85.20 18.1% 132.44 28.2% 14.27 (1.70) 72.57 15.4% 220.55 181.68 45.2% 105.32 25.0% 18.34 94.68 22.5% 123.75 29.4% 21.75 (0.24) 73.12 17.4% ▲ 3.7% ▼ 0.5% ▼ 11.1% ▼ 5.8% ▲ 8.5% ▼ 22.7% Revenues Q1Y12 YoY QoQ <By Region> <By Business Type> Online Distribution ▲ 197.6% ▼ 36.1% ▲ 3.2% ▲ 11.1% ▲ 2.7% ▼ 6.6% ▲ 0.7% ▲ 52.4% ▼ 100.0% ▲ 86.0% ▲ 4.5% ▲ 0.8% Page 17 Performance Analysis Unit : Million Baht Items Q1Y11 Q4Y11 Q1Y12 YoY QoQ 69.99 72.57 73.12 ▲ 4.5% ▲ 0.8% 17.4% 15.4% 17.4% 9.97 (1.09) Sublicense to VN-ASC 4.82 3.97 Recognized Sublicense to VN-ASC 0.00 (6.44) A/R Provision-ASC 2.64 0.00 0.00 ▼ 100.0% Adjusted Deferred Tax-ASC&Funbox 0.00 5.89 0.00 ▲ 0.0% ▼ 100.0% Oversestimation of Bonus Y2010-Funbox 0.00 (1.26) 0.00 ▲ 0.0% ▲ 100.0% Tax Credit-ASO 0.00 (4.08) 0.00 ▲ 0.0% ▲ 100.0% Employee Benefit-ASC&Funbox 2.51 0.82 0.38 ▼ 85.0% ▼ 54.4% 79.96 71.48 74.29 ▼ 7.1% ▲ 3.9% 19.9% 15.2% 17.7% Net Profit Net Profit% Major Adjustment Normalized Profit Normalized Profit% 1.17 ▼ 88.3% ▲ 206.8% 0.79 ▼ 83.6% ▼ 80.1% ▲ 0.0% ▲ 100.0% 0.00 ▲ 0.0% Page 18 CGS and SG&A Breakdown Unit : Million Baht Items Q1Y11 Q1Y12 138.09 132.70 34.9% 33.0% ▼ 3.9% 108.98 111.48 27.6% 27.7% ▲ 2.3% 29.12 21.22 7.4% 5.3% ▼ 27.1% Employee 35.56 40.07 9.0% 10.0% ▲ 12.7% Network&Maintenance 21.81 22.65 5.5% 5.6% ▲ 3.9% Depreciation 6.56 7.52 1.7% 1.9% ▲ 14.6% Direct Cost 10.72 17.61 2.7% 4.4% ▲ 64.2% 212.74 220.55 53.8% 54.8% ▲ 3.7% Royalty Revenue Sharing COGS % to Core Revenue Q1Y11 Q1Y12 Amortization Total Head Count 415 %Change ▲ 10.1% 457 Unit : Million Baht Items SG&A % to Core Revenue Q1Y11 Q1Y12 Q1Y11 Q1Y12 Employee 43.95 45.43 10.9% 10.8% ▲ 3.4% Rental&Utilities 12.38 13.54 3.1% 3.2% ▲ 9.4% Marketing 17.08 24.14 4.3% 5.7% ▲ 41.3% Depreciation 4.46 5.44 1.1% 1.3% ▲ 21.9% Others Selling 6.07 3.33 1.5% 0.8% ▼ 45.1% 13.14 13.44 3.3% 3.2% ▲ 2.2% 97.09 105.32 24.2% 25.0% Other Administrative Total Head Count 242 300 %Change ▲ 8.5% ▲ 24.0% • Head count at the end of 1Q12 is 757, compared to 667 last year was due to preparation for aggressive game launch and additional BU, PT Asiasoft. Page 19 Total Revenue Structure Domestic Overseas Thailand • Plus Sublicense revenue in Vietnam 66% Singapore Malaysia Indonesia Philippines 34% 1Q12 Total Revenue: THB 420 mn Page 20 1Q12 Total Revenue Breakdown GROUP Advertising Others 4% 2% Distribution Income 8% Advertising Others 2% 6% Distribution Income 9% DOMESTIC Online Income 83% Advertising Distribution 1% Others 2% Income 6% Online Income 86% OVERSEAS Online Income 91% Page 21 1Q12 Group Cost Breakdown Selling Expenses Employee 15% COGS Others 7% Commission 3% Depreciation 3% Others Network and 1% Service 10% Marketing 75% Direct Cost 8% Total Selling Exp. is THB 32.4 mn Employee Expense 18% Royalty Fee 60% Administrative Expense Others 24% Total COGS is THB 220.5 mn Depreciation 7% Rental and Center 0% Services 13% Employee 56% Total Admin. Exp. is THB 72.9 mn Page 22 1Q12 Domestic Cost Breakdown Selling Expenses Employee 10% Others 8% COGS Depreciation 4% Network Service 9% 0% Marketing 82% Direct Cost 4% Employee Expenses 21% Administrative Expense Royalty Fee 62% Others 27% Depreciation 10% Rental and Center Services 11% Employee 52% Page 23 1Q12 Overseas Cost Breakdown Selling Expenses COGS Depreciation Others 3% 1% Marketing 36% Employee 43% Network Service 12% Others 21% Direct Cost 13% Admin Expenses Royalty Fee 56% Employee Expenses 15% Others 19% Depreciation 4% Rental and Center Services 16% Employee 61% Page 24 1Q12 Top 5 Online Games Group Dragon Nest 24% Others 30% Domestic Auditio n 9% Dragon Nest 19% Others 39% Pocket Ninja 9% Maple Story 12% Yulgang 11% Cabal 8% Yulgan g 14% Ragnarok 11% Ragnar ok 14% AuditionOthers 5% 5% AIKA 8% Overseas Sudden Attack 12% Cabal 14% Maple Story 56% Page 25 Remark: Data based on 1Q12 Avg. Max CCU Online Games Income Breakdown Casual 23.4% FPS 4.1% Web-Based 0.0% MMORPG 72.5% FPS 5.2% Casual 20.1% FPS 4.5% Casual 20.0% Web-Based 7.0% MMORPG 67.7% Web-Based 2.2% MMORPG 73.2% Page 26 Financial Highlights Online Income &Total Sales COGS Unit: THB mn Unit: THB mn 248.2 232.5 212.7 441.0 438.2 360.2 354.3 359.2 307.6 309.1 313.9 395.3 395.4 407.6 393.5 344.7 366.6 346.4 188.7 402.2 407.7 Operating Profit 97.9 83.9 Net Profit Unit: THB mn 73.9 94.7 85.0 77.0 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 Source: www.setsmart.com 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 83.8 91.7 81.1 184.4 110.8 104.4 220.5 219.5 360.8 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 Online Income Total Sales Unit: THB mn 177.0 220.1 62.8 69.2 70.0 68.6 72.6 73.1 58.5 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 2Q11 4Q11 1Q12 Page 27 Business Highlights in 1Q12 • • New Game Launch • Thailand (3): Camon Hero (Jan), Dragon Nest (Mar), Free Jack (Mar) • Philippines (1) : Maple Story (Mar) • Malaysia (CIB): Wang Dao Online Distributed Product • Re-launch of BLIZZARD box sets in Malaysia, Thailand, and Singapore: World of Warcraft, Starcraft: Battle chest, Diablo II: Battlechest, Warcraft III: Battlechest • M&A • • • Acquired 61.68% in CIB Development Sdn. Bhd. New Territory: Branch Office in Philippines • Officially operated in Feb 2012 • The first game (Maple Story) commercially launched in Mar 2012 Expansion of Refill Service • 1-2-Call cash card for refill facebook credit (additional from only @Cash refill service) Page 28 Dragon Nest Profile • Developed by Eyedentity Games, Inc., Korea (Subsidiary of Shanda Interactive Entertainment Limited, China) • The most successful game in China in 2010 wining the Best Design and Best Technology and selected as the Most Popular Online Game in China • The most successful new game in Thailand in 1Q12 • The most successful game published by AS in 5 years Page 29 CIB Update • Completion of all transaction on 8 May: • Started consolidating CIB’s performance into Asiasoft Group • One new game launched in 1Q12, Wang Dao online (MMORPG) • Contributed 8% of CIB’s revenue • 1Q12E Performance: • Revenue slightly goes down from MYR 7.2 to 7.0 mn (- 2.7%YoY) • Net profit (before minority) increases from MYR1.9 mn to MYR 2.1 mn (+10% YoY) Page 30 AS vs. Asia Leading Gaming Firms Company Country Stock Exchange Market Cap. P/E ( USD Million) As of 15 May 12 Tencent China SEKH 53,282 33.4 Shanda China 1,300 13.0 Perfect World China NASDAQ NASDAQ 601 4.0 The9 China 136 n/a Gungho Japan NASDAQ JASDAQ 221 10.7 Nexon Korea TYO 7,650 15.2 NCsoft Korea KRX 4,736 40.8 Wemade Korea KOSDAQ 834 33.3 Neowiz Korea KOSDAQ 576 8.6 Softworld Taiwan GTSM 296 55.0 Gamania Taiwan GTSM 166 50.8 Wayi Taiwan GTSM 48 16.3 Thailand SET 168 17.0 AS Source: Company’s research Page 31 Next Steps Page 32 Next Steps • Further reduce distribution cost • Expand new distribution channel and refill on demand • Boonterm (Kiosk Refill Service) • Tesco-Lotus • K-Bank debit card • IP Bonus to home • As trend moves towards home gamers, we will sell IP Bonus to gamers through 3BB • Advertising Business • Rich Media on Asiasoft and partners’ websites (~2Q12) • Classify System: Customers buy ads on automatic system with their selfservices from the beginning to the end process (~3Q12) • TV Program about game on Gang Cartoon Channel • M&A • Both domestic and overseas internet related business Page 33 Diablo III Launching May 15 Exclusive distribution rights for BLIZZARD box sets in Malaysia, Thailand, and Singapore Diablo III has been launched all over the world on 15 May 2012 Page 34 Plan of Major Events in 2Q12 – 4Q12 Week 1 Apr 2012 @Cafe seminar Apr 2012 May 2012 13-14 Oct 2012 Play park Fun Fest 16-19 Aug 2012 Asiasoft Battle Jun 2012 Jul2012 Aug 2012 2nd wk of Jun–2nd wk of Jul Asiasoft Game Fest Sep 2012 Oct 2012 Nov 2012 Dec 2012 4th wk of Sep 2012 E-Sport Page 35 2012 Updated Games Launch Plan 1Q12 (Launched) 2Q12 (On Plan) 3Q12 (On Plan) 4Q12 (On Plan) Total New Games in 2012 Existing Games in 2011 Total Games in 2012 ASC 2 2 10 2 16 19 35 Funbox 1 1 1 3 7 10 3 3 11 2 19 26 45 Singapore (ASO)* 1 1 2 7 9 Malaysia (ASM)* 1 1 2 3 5 3 2 1 7 1 2 1 4 1 5 1 1 3 0 3 Thailand Company Overseas Thailand Malaysia (CIB) 1 Indonesia (ASID) 22 Philippines (ASPH) 1 Overseas 2 4 7 5 12 14 26 5 5 17 6 27 32 59 1 2 1 4 6 10 6 7 18 30 33 63 Total** Vietnam (CTCM) (Sublicensee) Grand Total** * Based on a server location but gamers could log in from both countries ** Non-repeat game titles counting 6 Page 36 2012 Consolidated Portfolio 2012 New Game 2Q12 New Game 0% Web Game 25% 2012 Portfolio 0% Web Game Casual 18% 0% Casual 8% Web Game 10% 4% 0% MMO RPG 75% FPS 22% Note: Based on number of games with non-repeating game titles counted MMOR PG 56% FPS 14% MMOR PG 68% Page 37 Appendices Page 38 Company at a Glance Company Name: Asiasoft Corporation Plc. (AS) Authorized Capital: THB 316.00 mn Foundation: September, 2001 Paid-up Capital: THB 315.91 mn 1st Day Trading: 29 May 2008 Par Value: THB 1.00 Website: www.asiasoft.net Employee: 496 (ASC as of End Mar 12) Network: Thailand, Singapore, Malaysia, Vietnam, Indonesia, and Philippines CEO: Pramoth Sudjitporn Ownership: Individual 4% Foreign 15% Foreign Institution 9% Treasury Stock 3% 0% Manageme nt 69% Dividend Policy: At least 30.0% of net profit Business: At the end of 1Q12, AS procures 36 online game titles operating in 6 countries: • Thailand 29 Titles • Singapore 7 Titles • Malaysia 3 Titles • Vietnam 6 Titles • Indonesia 1 Title • Philippines 1 Title Services: MMORPG ● Casual Games ● FPS ● Web Games ● Game Portal ● Music Online Most of online games are free to play but users can purchase item in game to enhance the game experience. Some particular MMORPG will be charged by playing time. Page 39 Group Structure and Business Shareholder Structure: Online Game Publisher 1. Founders 2. Asia Investment Partners Limited 69.21% 9.50% Free Float Treasury Stock 18.04% 2.69% Thailand Paid-up capital THB 315.9 m Asiasoft International Co., Ltd. (ASI) Paid-up THB 20 m Investment Company Investment Company 99.99% Funbox Co., Ltd. Paid-up THB 40.0 m Online Game Publisher Overseas PlayPark Co., Ltd. A Capital Co., Ltd. Paid-up THB 112.0 m 100.00% 99.99% 99.99% 99.99% Paid-up THB 5 .0m Game Portal & Entertainment Services on 30% Websites 40% Thaiware Communication Co., Ltd. Paid-up THB 1.5 m Website Services 100.00% Cybergames Corporation Co., Ltd. Paid-up THB 1.0 m Internet Gaming Services 79.90% Asiasoft Online Pte. Ltd. (ASO) AS Online Sdn. Bhd. (ASM) PT. Asiasoft (ASID) Paid-up SGD 2 .0 m Paid-up RM 4.0 m Paid-up USD 0.8 m Online Game Operator in Singapore Online Game Operator in Malaysia Online Game Operator in Indonesia 61.68% CIB Development Sdn. Bhd. (CIB) Paid-up RM 1.0 m Online Game Publisher in Malaysia Page 40 AS Roadmap Year Major Incidents 2001 • • Established the company Established Asiasoft Online PTE. LTD. (ASO), a subsidiary in Singapore (100.00%) 2004 • Being awarded ISO 9001:2000 Accreditation (Information Security) 2005 • Sublicensed to CONG TY TNHH CHAU A MEM (CTCM) in Vietnam 2007 • Established AS Online SDN BHD. (ASM), a subsidiary in Malaysia (100.00%) 2008 • • Listed on SET (First day traded: 29 May 2008, IPO Price = THB 12) Acquired 99.99% in Funbox Co., Ltd. (TH) 2010 • • Being awarded ISO 27001:2005 Accreditation (Customer Satisfaction) Being awarded ISO 9001:2008 Accreditation (Information Security) 2011 • • • Set up PT. Asiasoft (ASID), a subsidiary in Indonesia (79.90%) 2Q11: Acquired 40% in Thaiware Communication Co., Ltd. (TH) 4Q11: Acquired 30% in Cybergames Corporation Co., Ltd. (TH) 2012 • • Set up a branch office in Philippines (ASPH) Acquired 61.68% in CIB Development Sdn. Bhd. (CIB) in Malaysia Page 41 Historical Investment 2001 2005 2007 2008 2011 2012 ASID (Indonesia) (79.90%) ASO (Singapore) (100%) Sublicensed to CTCM (Vietnam) ASM (Malaysia) (100%) Funbox (Thailand) (99.99%) CIB (Malaysia) (61.68%) Thaiware (Thailand) (40%) ASPH (Philippines) (100%) Cybergames (Thailand) (30%) Page 42 Thank You