[Post-IPO] NVT, Performance Has Improved But...

87% Increase in Sales Last Year, Operating Profit Turns Positive
Sales Exceed Initial Estimates by 15 Billion Won at IPO
Major Executives Sell Shares as Lock-up Period Ends

[Asia Economy Reporter Hyungsoo Park] It has been over a year since NBT was listed. Its performance has improved, but the stock price remains below the IPO price. Noise arose during the process of pursuing new businesses, and some executives appear to have realized gains immediately after their lock-up periods expired, which also seems to have had an impact.

According to the Financial Supervisory Service on the 22nd, NBT recorded sales of 82.8 billion KRW and an operating profit of 3.3 billion KRW last year. Sales increased by 87.0%, and operating profit turned positive. Net profit was 2 billion KRW, a 4.5% decrease compared to the previous year.

NBT operates as a point platform business, connecting advertisers, media, and consumers through points via Cash Slide (B2C) and Addison Offerwall (B2B). The B2B partnership point network Addison Offerwall, launched in 2018, operates point charging stations on media such as Naver Webtoon and Series, Naver Pay, and Munpia. Addison Offerwall provides users with benefit experiences and offers additional revenue to partner media companies. When users install apps or purchase products through the Offerwall, they receive real-time rewards. Accumulated points can be used to pay for paid content or purchase products within partner media. Representative cases applying Addison Offerwall include 'Cookie Oven,' a free cookie charging station for Naver Webtoon and Naver Series, and 'Point Benefits' on Naver Pay. Additionally, it has secured partnership platforms in various fields such as Toss, Kakao T, HelloBot, Raftel, Munpia, and Bookpal.

Mirae Asset Securities stated in a report, "The domestic point market size is estimated at 20 trillion KRW, growing over 10% annually," and analyzed, "As the application (app) market enters maturity, Offerwalls that strengthen lock-in effects will attract attention."

They added, "NBT, which operates Addison Offerwall, the No. 1 Offerwall platform in Korea, will be the biggest beneficiary of market growth," and "Due to the nature of the Offerwall industry, profitability will improve once the initial network is established."

According to the estimated income statement presented at the time of NBT's listing early last year, sales of 67.8 billion KRW and operating profit of 4.3 billion KRW were expected for last year. Compared to actual results, sales exceeded expectations by 15 billion KRW, but operating profit fell short of estimates.

NBT's stock price is slightly below the IPO price of 19,000 KRW. On the first day of listing on January 21 last year, trading started at 38,000 KRW, doubling the IPO price, and at one point during the day, it rose to 49,000 KRW. Afterwards, the stock price fell to 16,200 KRW in October last year. Since then, with expectations for the virtual real estate trading platform 'Second Seoul,' it recovered to 36,600 KRW. This year, as market volatility increased and sell-offs for profit-taking emerged, the stock price retreated again and fell below the IPO price.

It was also reported that Director Geunbong Kwak and Director Kwangyeon Park sold all their holdings of 591,400 shares through after-hours trading on January 25 last month. When CEO Sugeun Park founded NBT in 2012, Directors Kwak and Park each held 7.11% (591,400 shares). According to KOSDAQ market listing regulations, shares held by major shareholders and related parties are restricted from sale for one year from the listing date.

NBT has suspended the beta service of 'Second Seoul' and is deploying its core development team to prepare for the official service. Second Seoul is a metaverse real estate platform that divides the actual Seoul area into tens of thousands of tiles that can be owned. After the platform opens, Seoul land in the form of NFTs can be traded. When consumer platform services begin, consumers will receive information on what they consumed within Seoul and be rewarded with Second Seoul's own currency. The small business platform can be used as a targeted advertising platform. Lee Sangheon, a researcher at Hi Investment & Securities, analyzed, "The Second Seoul project aims to be a platform connecting Seoul citizens and small business owners living in the actual Seoul, not just a virtual Seoul implemented as a metaverse," and "Growth potential as a metaverse platform, including customer attraction effects, will become visible."

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