[Click eStock] "NBT, Expected to Grow Alongside the Platform"

Shinhan Investment Corp. analyzed on the 29th that NBT possesses a business capable of growing together with its platform. No investment opinion or target price was provided.

NBT is the leading operator of the offerwall network (mobile point platform) in Korea. An offerwall refers to a solution that accumulates 'points' when advertisements are performed.

Aram Kim, a researcher at Shinhan Investment Corp., stated, "Addison Offerwall is a win-win model for both the platform and NBT," adding, "From the platform's perspective, 'points' are marketing costs, but by utilizing Addison Offerwall, these can be optimized, and above all, 70% of the advertising expenditure generates net sales without any cost investment."

Researcher Kim expects NBT to grow alongside platforms like Naver and KakaoTalk. He explained, "In July 2023, Naver Webtoon North America was added as a new client," and "For Naver Webtoon's 2024 IPO, profitability improvement is essential, and since the North American MAU could surpass that of Korea in the mid to long term, sales expectations are high."

He evaluated, "In June, KakaoTalk (More tab 'Collect Benefits') was added as a new client," and "Although the service is still in its early stages, it appears to be evolving in a direction that can create synergy with Kakao's own channel advertising."

Researcher Kim emphasized the need to focus on NBT's growth in 2024. Shinhan Investment Corp. expects NBT's sales this year to reach 116 billion KRW, a 7.2% increase compared to the same period last year, while operating profit is expected to decrease by 41.2% to 1.3 billion KRW. However, in 2024, sales are anticipated to reach 146 billion KRW with an operating profit of 6.7 billion KRW.

He stressed, "The 2024 performance could vary significantly depending on the results from Naver Webtoon North America and KakaoTalk," and "Since the growth momentum for 2024 is excellent, it is necessary to continuously monitor future performance trends."

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