[Click eStock] FSN, Owner of 12 Million Subscribers 'Dingo'... "Possesses NFT Content Production Technology"

[Asia Economy Reporter Ji Yeon-jin] Hana Financial Investment announced on the 19th that FSN, the largest shareholder of Makeus, which operates Dingo with 12 million YouTube subscribers, is expected to complete the establishment of its own NFT ecosystem by the end of this year.

Choi Jae-ho, a researcher at Hana Financial Investment, explained, "FSN, established in 2007, is the number one comprehensive digital advertising company in Korea, currently in an extremely undervalued state with both valuation and momentum. It already possesses blockchain-based content copyright protection technologies such as ECHO and SNAP, so now, with the content IP of Ukbi and Dingo, it has the core NFT business elements including NFT content, NFT issuance and distribution technology, and an NFT marketplace (platform), making it a company that must be closely watched."

FSN’s subsidiary CAULY recorded sales of 32.3 billion KRW and operating profit of 800 million KRW last year, whereas CAULY’s competitor Wider Planet recorded sales of 29 billion KRW and an operating loss of 4 billion KRW during the same period. At the beginning of this year, the subsidiary Clever Group, listed on the Ho Chi Minh Stock Exchange in Vietnam, has a recent market capitalization of about 43 billion KRW, and considering that FSN Asia, a subsidiary scheduled to be listed on the Singapore Exchange in the first quarter of next year, is estimated to have a market capitalization of 20 to 30 billion KRW, the value of subsidiaries alone is analyzed to exceed 200 billion KRW.

Additionally, FSN owns NFT content and related technologies, as well as an NFT marketplace (platform), yet its price-to-earnings ratio (PER) for next year is only 17 times.

FSN is expected to complete the establishment of its own NFT ecosystem by the end of this year. The company is the largest shareholder (26%) of Makeus, which operates the Dingo brand with 12 million YouTube subscribers, and since 2018, it has been collaborating with Ukbi, the number one content platform in Thailand known as the "KakaoPage of Thailand," to activate the NFT market by operating the cryptocurrency exchange Six Networks (60% owned by FSN, 40% by Ukbi). They have also previously issued SIX (listed on Coinone) and FINIX tokens.

This year’s expected performance includes sales of 217.1 billion KRW (+32.8%) and operating profit of 11.2 billion KRW (+161.1%), with next year’s sales projected to increase by 47.7% to 258.3 billion KRW and operating profit to rise by 47.7% to 16.6 billion KRW.

Researcher Choi emphasized, "Starting from November 22 with the girl group ‘t-ara’, the company plans to fully launch the ‘K-POP NFT’ business. NFT purchases will be possible using the SIX tokens issued by the company itself, and various tokens can be swapped on the company’s cryptocurrency exchange Definix, meaning that the NFT ecosystem is being completed."

This content was produced with the assistance of AI translation services.