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1、WIP+1 310 696 Drake Star Securities LLC is regulated by FINRA and is a member of SIPC.All securities in the UK,are transacted through Drake Star UK Limited(FRN 942020)an appointed representative of Kession Capital Ltd(FRN 582160)which is authorised and regulated by the Financial Conduct Authority.+1

2、 310 696 SALE TOMobile/Online GamingVideo Game/Content StreamingSALE TOAAA Game DeveloperPower RangersMobile/Console GamesMobile GamesGame Review and AdvertisingSALE TONote:Some transactions executed by current Drake Star Partners employees while employed at other firms2$6.4$1.9$1.9 M&A PP Public Ma

3、rkets3Note:Public Markets include IPOs,SPACs,and Public FinancingsSource:CapIQ,Pitchbook&DSP ResearchNote:Deal count includes announced and/or closed M&A,private placement,IPOs,SPACs,and public financing dealsDrake Star did not act as financial advisor on transactions listed on this pageQ3 started o

4、n a positive note with the closing of the Savvy Gaming/Scopely deal,U.S.court ruling in favor of the Microsoft/Activision deal and Goldman Sachs along with General Atlantic and Lego acquired Kahoot,an educational games platform for$1.7B in a take private deal.We expect a steady increase in M&A deal

5、activity in the second half of the year.Savvy Gaming continues to be very active on acquisitions as well as minority investments in public companies(eg.EA).Savvy might acquire a large PC/console publisher and we anticipate Scopely to be very active.Embracer will likely divest some of its studios whi

6、le acquiring others.As public markets continue to recover,several IPO ready gaming companies have started exploring IPOs again.At the same time,there is increasing interest from PE firms to acquire publicly traded gaming companies.Playtika is rumored to be one such candidate.While a large pool of ca

7、pital was raised by gaming/blockchain funds last year,investors have been cautious this year.We expect a healthy number of early-stage rounds and significantly less later stage rounds.AI and tools continue to be hot segments.With over$6B in disclosed deal value,Q2 saw healthy M&A activity beginning

8、with Savvy Gamings acquisition of Scopely to enter mobile gaming/publishing space and SEGA announcing the acquisition of Rovio.Sony,Keyword Studios,Focus Entertainment and Team 17 were some of the other strategics that were active in Q2.M&A deal value increased significantly in Q2 over Q1.Public mar

9、kets continued to recover with Drake Star Gaming Index rising 15%during the first half of the year,closely mirroring the S&P 500 index,while the VanEck Video Game Tech ETF was up over 30%.Embracer announced a broader restructuring following a significant valuation drop in Q2.There were 196 announced

10、 private financings with$700M in announced value in Q2,a slight decline from Q1.Over 80%of the financings were for early-stage companies.Some of the notables raises were Everdome($50M),Anzu.io($48M),Mythical Games($37M),and Nodwin Gaming($28M).Investments in Blockchain saw an uptick in Q2(52 deals v

11、s 42 in Q1)while mobile and PC/Console remained the other top categories.BITKRAFT led the VC league table for the first half of the year,followed by Andreessen Horowitz,Griffin Gaming,Makers Fund and Play Ventures.0 0 087 40119 87 406 19 4M&APublic MarketsChinese metaverse,advertisement and online g

12、aming company Glory Star New Media Group raised$60M from two institutional investors in a PIPE dealStarbreeze raised$43.5M through a rights issue to accelerate investments in game development/publishing and debt repaymentSuper League Gaming raised$23.8M to pay down companys debt and fund growth init

13、iativesFundraisingEverdome,blockchain-based metaverse platform,raised$50M in a new investment round led by GEM Digital LimitedAnzu,operator of an in-game advertising platform,raised$48M in a Series B funding round led by Emmis CommunicationsNodwin gaming,India-based esports company,has raised$28M fr

14、om investors including Sony,Krafton,JetSynthesys,and Nazara Japanese esports company TEG,inc.raised$27.8M in Series A financing round from investors including Media Create Communications Inc.,Saifu Corporation,GCI VenturesGoals raised$20M in Series A round led by Seven Seven Six for developing espor

15、ts ready soccer gameMayhem Studios,owned by online gaming unicorn Mobile Premier League,raised$20M in Series A round led by Sequoia CapitalKarate Combat announced an$18M funding round led by BITKRAFT Ventures to build Web3,mixed reality live sportsNote:Drake Star did not act as financial advisor on

16、transactions listed on this pageSavvy Gaming Group,announced its acquisition of the leading mobile games developer and publisher Scopely for$4.9BSEGA Corporation acquired Rovio,Finnish mobile game company behind the Angry bird title,for$775M after the talks between Playtika and Rovio endedLight&Wond

17、er announced acquisition of the remaining 17%shares of Sciplay for$422M.Sciplay will be fully owned by Light&WonderFocus Entertainment acquired the U.K.based train simulation developer Dovetail GamesSony Interactive Entertainment announced acquisition of Firewalk Studios,multiplayer studio created b

18、y ProbablyMonstersScopely acquired Scottish mobile games developer Tag Games,studio behind titles including Angry Birds Action,Scrabble Go,and Pocket MortysAstragon Entertainment,a subsidiary of Team 17,acquired Independent Arts,one of the oldest German game development studioNeowiz Games acquired K

19、orean mobile MMORPG developer Fow Games to strengthen development capabilities and acquire new IP-5%0%5%10%15%20%25%30%35%Dec-22Jan-23Feb-23Mar-23Apr-23May-23Jun-23VanEck Video Game Tech ETF,30.1%Drake Star Gaming Index,14.6%S&P 500,15.9%Wedbush ETFMG Video Game Tech,9.7%5Source:CapIQ,Pitchbook&DSP

20、Research,as of Jun 30,2023Note:Drake Star Gaming Index represents top 25 select gaming companies with 1B or higher market cap and is an equal weighted index Refer page 5 for list of Drake Star Gaming Index constituentsJan 1,2023-70.0%-20.0%30.0%80.0%130.0%Jan-23Feb-23Mar-23Apr-23May-23Jun-23Applovin

21、,144.3%Sega,53.8%Unity,51.9%Roblox,41.6%Take2,41.3%Playtika,36.3%Capcom,35.3%Netease,33.1%Paradox,28.3%Konami,26%Pearl Abyss,25.4%CD Projekt,19.4%Krafton,16%S&P 500,15.9%Drake Star Gaming Index,14.6%Activision,10.1%Square Enix,9.1%EA,6.2%Stillfront,2.9%Tencent,-0.7%Ubisoft,-2%NEXON,-7.3%Netmarble,-1

22、8.7%Kakao Games,-26.4%Keyword Studios,-33.6%Ncsoft,-34.2%Embracer,-43%6Source:CapIQ,Pitchbook&DSP Research,as of Jun 30,2023Jan 1,2023Jun 30,20239 12 7 1 6 7 2 PC/ConsoleMobilePlatform/ToolsHardwareEsportsBlockchainOthers15 18 11 North AmericaEuropeAsia and others89 76 61 69 83 71 84 77 43 44 -20 40

23、 60 80 100 120 140 160 180 200$0$5$10$15$20$25$30Q121Q221Q321Q421Q122Q222Q322Q422Q123Q223Value($B)Deal Count7$20$858Source:CapIQ,Pitchbook&DSP ResearchNote:Drake Star did not act as financial advisor on transactions listed on this pageSony Entertainment Interactive announced the acquisition of Firew

24、alk Studios for its PlayStation Studios.Firewalk is created and managed by ProbablyMonstersThe studio will collaborate with Bungie and Haven Interactive teams as it develops a AAA title focused towards PS5 and PCFocus entertainment acquired the U.K.-based train simulation developer Dovetail Games.Th

25、e upfront payment was made mostly in cash with performance based earnout.The acquisition includes the fully-owned IP of dovetail along with the senior management whose expertise in the simulation space complements Focus strategy for growing upon its success in publishing games in the space.Sega acqu

26、ired the Angry Birds-maker,mobile studio,Rovio in an all-cash deal for$775MSega plans to utilize Rovios expertise in“live service”to accelerate the development of its own existing games,as well as generate synergies between Sega and Rovios brandsAt the same time,Segas cross-platform expertise would

27、enable Rovio to expand beyond mobile gamingSavvy Gaming Group,wholly owned subsidiary of Saudi Arabias PIF,acquired Scopely for$4.9BSavvy acquired the company with the goal to strengthen its ability to deliver new products for the global gaming communityThe deal would enable Scopely to extend its li

28、ve services expertise to new segments like PC,console,and other genres of gameplayScopely acquired Scotland-based mobile games developer Tag GamesBoth Scopely and Tag Games are expected to benefit from Scopelys publishing infrastructure and operating system.The 60 people team at Tag games will join

29、ScopelyLight&Wonder announced a proposal to acquire the remainder 17%Sciplay for$422MThe acquisition would unify Light&Wanders businesses,enabling improved collaboration.It would also combine the balance sheets of the two companies providing more flexibility to invest cash in Sciplay159 22 15 Hardwa

30、re196 195 130 202 310 183 233 212 210 196$0.0$1.0$2.0$3.0$4.0$5.0$6.0$7.0Q121Q221Q321Q421Q122Q222Q322Q422Q123Q223Value($B)Deal CountOthersPlatform/Tools9Source:CapIQ,Pitchbook&DSP ResearchNote:Drake Star did not act as financial advisor on transactions listed on this pageLateMidEarlyVR/AREsportsMobi

31、lePC/ConsoleBlockchain$353M$205M$105M33 43 27 25 13 52$92M$131M$95M$87M$236MeSportsFeb-23$265.0-Savvy Gaming GroupPC/ConsoleMar-23$55.0-Lightspeed Venture Partners,Riot Games,Bitkraft Ventures,Andreessen HorowitzHardwareFeb-23$50.0$180NCSoft,Samsung Electronics,Verizon VenturesBlockchainApr-23$50.0-

32、GEM Digital,OKX,Binance,Epic GamesPlatform/ToolsJun-23$48.0-Emmis Communications,Sony Innovation Fund,HBSE Ventures,NBCUniversal,PayPal Ventures,Bandai Namco(021fund),BITKRAFT Ventures,Digital Ventures,Samsung NEXT Ventures,Simon Equity PartnersPC/ConsoleMar-23$40.0-Andreessen Horowitz,Nexon,Makers

33、Fund,BITKRAFT,Kingsway Capital,HashedBlockchainJun-23$37.0-Scytale Digital,Animoca Brands,ARK Invest,MoonPay,Proof VC,Stanford Athletics,Andreessen Horowitz,WestCap,Gaingels,Signum Growth,Struck CapitalBlockchainFeb-23$32.0-Andreessen HorowitzMobileJan-23$30.0$2,010Turenne Capital PartenaireseSports

34、May-23$28.0-Nazara,Krafton,JetSynthesyseSportsApr-23$27.8-Imagica Group,Saifu Corporation,GCI Ventures,Japan Tobacco,Property Agent,inc.,Maruichi Corporation,Media Create Communications,Robot homeSource:CapIQ,Pitchbook&DSP ResearchNote:Drake Star did not act as financial advisor on transactions list

35、ed on this page1011Source:CapIQ,Pitchbook&DSP ResearchNote:Drake Star did not act as financial advisor on transactions listed on this pageInvestors Nazara,Krafton,JetSynthesys,Sony,Inno ParkThe funding will be used to develop NODWINs gaming and esports ecosystem,including new IPs,expanding into emer

36、ging markets and making strategic acquisitions.Investors Imagica Group,Saifu Corporation,GCI Ventures,Japan Tobacco,Property Agent,inc.,Maruichi Corporation,Media Create Communications,Robot homeThe company plans to utilize the funds increase the efforts for further growth,including the development

37、of overseas facilities mainly in Asia,strengthening the online business,and enhancing the esports business.Investors Emmis Communications,Sony Innovation Fund,Bandai Namco,BITKRAFT Ventures,PayPal Ventures,Simon Equity PartnersThe funding will be used to further buildout the global leadership team a

38、nd expand the U.S.footprint by developing teams across the countryInvestors Scytale Digital,Animoca Brands,Andreessen Horowitz,Gaingels,ARK Invest,MoonPay,Proof VC,Stanford Athletics,WestCap,Signum Growth,Struck CapitalThe funding will enable Mythical to scale its games and infrastructure to a large

39、r mainstream audience.Investors Seven Seven Six(Lead),Northzone Ventures,Moonfire,Cassius CapitalCompany will use the fund to further developing a new soccer gameInvestors GEM Digital,OKX,Binance,Epic GamesThe funding will be used to improve core product delivery,boost infrastructure,expand the tool

40、s for users to create and build inside Everdome,and grow users and partners.VCDEALSSELECT INVESTMENTSSTAGE LOCATION7Seed to Early6Seed to Early6Seed to Early5Seed to Early5Seed to Early4Seed to Early4Seed4Seed to Early3Seed to Early3Seed to Early12VCDEALSSELECT INVESTMENTSSTAGE LOCATION15Seed to Lat

41、e10Early to Late9Seed to Late8Seed to Late7Seed to Late4Seed to Late4Seed to Late4Seed to Late3Early to Late3Early to LateSource:CapIQ,Pitchbook&DSP Research13COMPANYDISCLOSED DEAL VALUE($M)#OF DEALSSELECT DEALS$865.013$228.37-4$4,900.03-3-3-3$106.02$45.02-2Source:CapIQ,Pitchbook&DSP ResearchNote:De

42、al value only includes publicly disclosed transaction valuesDrake Star did not act as financial advisor on transactions listed on this page14COMPANY NAMETICKERCOUNTRYLTMPRICEMCAPEVREVENUEEBITDAEV/REVENUEEV/EBITDAPRICE/EARNINGSREVENUE GROWTHEBITDA GROWTHEBITDA/REV North America/Europe-Mobile FocusedL

43、TMLTMLTMNTMLTMNTMLTMNTMLTMNTMLTMNTMLTMPlaytikaPLTKIL31-Mar-23$11.60$4,242.5$5,989.0$2,594.8$649.22.3x2.3x8.9x7.4x16.3x14.7x-1%1%-1%25%25.0%GDEVGDEVCY31-Dec-22$6.33$1,248.7$1,112.8$479.7$88.62.3xNA14.2xNANMNA11%NANMNA18.5%Stillfront GroupSFSE31-Mar-23$1.67$843.2$1,198.2$752.3$173.21.7x1.7x7.0 x4.7x19

44、.7x5.9x23%-5%10%53%23.0%Modern Times GroupMTG BSE31-Mar-23$6.37$798.8$475.1$529.8$113.80.9x0.9x4.2x4.0 x19.5x20.4x21%2%9%8%21.5%RovioROVIOFI31-Mar-23$9.97$759.3$591.9$335.4$41.61.8x1.7x11.1x10.3x24.5x21.6x2%4%-10%38%12.4%HuuugeHUGUS31-Mar-23$6.56$522.1$283.8$306.4$83.30.9x1.0 x3.1x3.2x10.9x9.2x-15%-

45、9%57%8%27.2%SciPlaySCPLUS31-Mar-23$19.68$418.1$605.9$699.4$180.40.9x0.8x3.3x2.9x17.5x18.2x14%4%2%14%25.8%Media and Games InvestM8GSE31-Mar-23$1.01$160.1$562.2$387.9$95.31.4x1.5x5.6x5.4xNM13.5x23%-2%47%9%24.6%G5 EntertainmentG5ENSE31-Mar-23$18.49$149.9$129.5$136.4$14.31.0 x1.0 x9.3x4.2x11.1x9.6x7%-1%

46、-30%124%10.5%Ten Square GamesTENPL31-Mar-23$19.38$140.8$108.3$117.4$25.30.9x0.8x4.1x4.0 x8.4x7.9x-17%4%-40%2%21.5%Flexion MobileFLEXMGB31-Mar-23$1.32$73.9$60.0$91.8$5.40.7x0.5x11.6x5.8xNM12.4x91%25%NA88%5.9%PopreachPOPRCA31-Mar-23$0.17$49.6$91.7$131.3$11.00.7x0.5x7.8x4.9xNMNMNA38%NA71%8.4%East Side

47、GamesEAGRCA31-Mar-23$0.49$40.0$38.2$77.6$1.00.5x0.4x34.9x3.1x5.4xNM-1%14%-79%NM1.3%MAG InteractiveMAGISE31-May-23$1.35$35.7$28.4$37.0-$0.80.8x0.7x10.9x6.5xNANM17%3%NANM-2.1%Average1.2x1.1x9.7x5.1x14.8x13.3x13%6%-3%40%16.0%Median0.9x0.9x8.3x4.7x16.3x13.0 x11%3%1%25%20.0%North America/Europe PC/consol

48、e FocusedActivision BlizzardATVIUS31-Mar-23$84.30$66,273.2$57,321.2$8,143.0$2,091.07.0 x6.0 x26.1x14.8x27.4x20.5x-2%18%-32%85%25.7%Electronic ArtsEAUS31-Mar-23$129.70$35,293.6$34,749.6$7,426.0$1,910.04.7x4.6x16.7x13.8x30.2x19.0 x6%2%18%32%25.7%Take-Two InteractiveTTWOUS31-Mar-23$147.16$24,919.1$27,3

49、91.7$5,349.9$1,167.45.1x4.9x21.4x27.2xNM43.6x53%4%74%14%21.8%CD ProjektCDRPL31-Mar-23$38.10$3,806.4$3,586.6$211.6$95.416.0 x16.7x25.6x26.3x37.2x44.9x0%-4%27%35%45.1%UbisoftUBIFR31-Mar-23$28.25$3,495.9$4,560.2$1,971.2$889.92.3x1.9x5.1x7.1x27.7x15.2x-15%19%NANM-15.9%Embracer GroupEMBRAC BSE31-Mar-23$2

50、.50$3,146.8$4,735.5$3,640.8$583.71.4x1.2x7.6x4.8x6.5x6.0 xNA11%NA75%16.0%Paradox InteractivePDXSE31-Mar-23$25.23$2,664.9$2,602.0$191.2$88.714.2x11.0 x29.4x15.3x43.4x32.7x27%29%33%99%46.4%Keyword StudiosKWSIE31-Dec-22$23.00$1,816.8$1,772.5$738.2$122.22.3x1.9x12.5x9.7x34.6x17.2x35%22%37%46%16.5%Team17

51、 GroupTM17GB31-Dec-22$4.57$658.5$597.7$165.6$49.73.4x3.3x11.2x9.6x22.0 x14.1x52%2%22%19%30.0%PlayWayPLWPL30-Sep-22$97.55$643.8$597.7$54.8$37.59.0 x7.4x13.1x11.2x18.1xNA38%21%44%17%68.4%Remedy EntertainmentREMEDYFI31-Dec-22$26.97$363.4$309.0$46.6$1.06.5x7.5xNMNMNMNM-3%-13%-92%NM2.2%Focus InteractiveA

52、LFOCFR31-Mar-23$46.94$304.5$322.6$210.9$64.31.5x1.2x5.0 x3.6xNM10.6x36%27%40%39%30.5%Frontier DevelopmentsFDEVGB30-Nov-22$7.50$289.4$260.6$145.6$25.01.7x1.9x9.1x5.9x13.6xNM19%-11%43%66%17.2%Digital BrosDIBIT31-Mar-23$19.96$284.7$334.6$150.5$57.62.2x2.1x5.8x5.4x9.7x9.3x17%4%22%6%38.3%CI GamesCIGPL31-

53、Mar-23$1.24$227.3$235.0$12.5$1.317.8x3.5xNM4.6xNM8.9x-51%NM-87%NM10.6%EG7EG7SE31-Mar-23$2.53$223.8$186.0$197.9$52.91.0 x0.9x3.5x3.7xNMNA32%5%117%2%26.7%NaconNACONFR31-Mar-23$2.16$187.7$266.1$169.5$18.31.6x1.4x14.5x3.8x8.2x9.9x0%15%13%276%10.8%Devolver DigitalDEVOUS31-Dec-22$0.29$127.2$43.2$134.6-$23

54、.00.3x0.4xNM2.4xNM10.3x37%-14%NA177%-17.1%Skonec EntertainmentA276040KR31-Mar-23$9.38$116.8$97.4$2.8-$3.035.6x18.6xNMNANMNM-40%91%NANA-109.7%Bloober TeamBLOPL31-Mar-23$6.00$115.9$109.5$17.3$6.16.0 xNA17.1xNA25.8xNA-1%NA-21%NA35.4%StarbreezeSTAR BSE31-Mar-23$0.08$106.3$137.2$12.6$0.011.3x2.3xNM3.0 xN

55、M4.0 x8%NMNANM-0.4%Thunderful GroupTHUNDRSE31-Mar-23$1.41$99.3$139.2$304.5$31.80.5x0.5x4.2x3.3x8.0 x3.8x-2%NA2%37%10.4%Snail GamesSNALUS31-Mar-23$1.59$58.3$68.7$59.8-$5.31.1x0.6xNM2.6xNM3.4x-43%88%NANM-8.9%ZordixZORDIX BSE31-Mar-23$1.13$57.8$76.8$110.7$1.50.7x0.7x9.6x6.5xNMNM52%2%-80%NM1.4%tinyBuild

56、TBLDUS31-Dec-22$0.12$24.0-$3.6$63.3$10.9NMNMNMNM2.0 xNA21%-20%-42%52%17.2%Average6.4x4.4x13.2x8.8x21.0 x16.1x12%14%7%63%13.8%Median2.9x2.1x11.8x5.9x22.0 x10.6x12%5%22%39%17.2%Source:CapIQ,As of June 30,2023,in$M except share price,EV/EBITDA and P/E multiples less than 0 and greater than 100 are deno

57、ted as NM15COMPANY NAMETICKERCOUNTRYLTMPRICEMCAPEVREVENUEEBITDAEV/REVENUEEV/EBITDAPRICE/EARNINGSREVENUE GROWTHEBITDA GROWTHEBITDA/REVJapan/KoreaLTMLTMLTMNTMLTMNTMLTMNTMLTMNTMLTMNTMLTMSony6758JP31-Mar-23$89.67$110,649.5$133,178.3$86,808.8$11,190.81.7x1.6x12.0 x9.3x17.2x17.1x16%3%9%39%12.9%Nintendo797

58、4JP31-Mar-23$45.25$52,677.6$39,680.8$12,048.7$3,877.23.6x3.8x10.6x12.1x17.6x20.9x-6%-5%-15%8%32.2%NEXON3659JP31-Mar-23$19.00$16,208.0$12,592.6$2,909.5$1,004.84.7x4.3x14.7x12.6x21.3x20.8x40%10%37%8%34.5%Capcom9697JP31-Mar-23$39.39$8,236.6$7,611.7$947.3$408.18.7x7.6x20.3x17.3x32.6x28.7x14%15%17%17%43.

59、1%Konami Holdings9766JP31-Mar-23$52.02$7,051.5$6,108.2$2,364.5$578.62.8x2.5x11.5x9.4x29.2x20.4x5%10%-16%22%24.5%KraftonA259960KR31-Mar-23$147.90$6,828.9$4,410.5$1,434.0$639.43.1x3.1x7.3x6.9x17.2x17.0 x-4%-1%3%0%44.6%Square Enix9684JP31-Mar-23$46.26$5,538.2$4,201.4$2,582.2$385.61.8x1.6x11.9x8.6x16.3x

60、17.7x-6%10%-23%37%14.9%Sega Sammy6460JP31-Mar-23$21.25$4,690.4$3,845.6$2,931.0$448.61.4x1.3x9.4x7.8x14.8x15.4x21%10%30%20%15.3%NcsoftA036570KR31-Mar-23$223.98$4,548.5$3,215.2$1,733.5$390.31.9x1.8x8.3x8.0 x15.7x17.6x-13%4%-23%4%22.5%NetMarbleA251270KR31-Mar-23$37.28$3,054.5$4,475.3$2,028.2$70.02.2x2.

61、0 x33.7x20.4xNM78.9x3%13%-62%216%3.4%Pearl AbyssA263750KR31-Mar-23$39.94$2,447.7$2,305.8$291.4$29.18.0 x5.6x38.8x40.0 xNM26.4x-4%43%-36%100%10.0%Kakao GamesA293490KR31-Mar-23$24.94$2,035.1$2,677.0$867.0$183.63.1x2.5x37.8x11.9xNM16.4x-2%23%21%23%21.2%DeNA2432JP31-Mar-23$12.93$1,440.0$1,170.6$1,014.9$

62、77.01.3x1.2x14.1x12.7x24.4x19.9x3%5%-32%30%7.6%GungHo Online3765JP31-Mar-23$19.54$1,170.3$417.7$844.6$222.80.5x0.5x2.0 x1.9x9.1x8.1x13%4%-2%7%26.4%WeMade EntertainmentA112040KR31-Mar-23$29.65$991.8$1,048.0$327.0-$89.43.2x1.7xNMNMNMNM9%89%NA99%-27.3%Gree3632JP31-Mar-23$4.41$752.4$539.8$573.2$89.11.0

63、x1.1x6.6x9.2x14.5x18.5x12%-8%18%29%15.6%NHN EntertainmentA181710KR31-Mar-23$18.68$629.5$362.1$1,643.4$91.90.2x0.2x4.4x2.7xNM22.6x8%14%-25%47%5.6%Com2uSA078340KR31-Mar-23$46.01$537.2$641.0$595.5$3.01.1x0.9xNM10.7x11.1x10.6x35%24%-92%1890%0.5%DOUBLEUGAMESA192080KR31-Mar-23$32.00$528.9$372.6$469.9$151.

64、10.8x0.8x2.5x2.4xNM6.0 x0%4%-4%3%32.2%DoubleDown InteractiveDDIKR31-Mar-23$9.57$474.2$211.6$313.1$100.10.7x0.7x2.1x2.1xNM5.7x-11%3%-9%3%32.0%JOYCITYA067000KR31-Mar-23$2.99$205.0$269.3$122.1$9.42.2x2.1x24.6x12.9xNM18.2x-16%5%-40%125%7.7%GAMEVILA063080KR31-Mar-23$28.62$188.4$295.6$98.6$6.93.0 x1.9xNM1

65、6.9xNM37.6x-4%57%-71%157%7.0%T3 EntertainmentA204610KR31-Mar-23$1.29$86.2$25.4$57.2$9.50.4xNA3.0 xNA8.8xNA9%NA19%NA16.6%Me2onA201490KR31-Mar-23$2.49$77.8$92.7$83.7$23.71.1xNA3.9xNA13.7xNA-1%NA-13%NA28.3%VespaA299910KR31-Mar-23$2.64$20.5$29.5$2.1-$3.312.9xNANMNANMNA-92%NANANA-158.5%Average2.9x2.2x13.

66、3x11.2x17.6x21.2x1%15%-13%131%10.9%Median1.9x1.8x10.6x9.4x16.3x18.2x3%10%-13%26%15.6%EsportsSkillzSKLZUS31-Mar-23$9.10$192.6-$39.9$222.2-$105.7NMNMNMNMNMNM-43%-15%NA66%-47.6%Enthusiast Gaming HoldingsEGLXCA31-Mar-23$0.49$74.5$85.8$146.7-$30.00.6x0.5xNMNMNMNM8%5%NA92%-20.4%Wellplayed Rizest9565JPNA$2

67、0.82$56.5$0.0$0.0$0.00.0 xNANANANANA0%NA0%NANAFaZe HoldingsFAZEUS31-Mar-23$0.49$37.0$12.4$66.8-$51.30.2xNANMNANMNA14%NANANA-76.8%AstralisASTRLSDK31-Dec-22$0.26$15.1$13.7$12.6$0.41.1xNANMNANMNA17%NANANA2.8%Super League GamingSLGGUS31-Mar-23$0.38$14.4$13.8$19.2-$24.50.7x0.5xNMNMNMNMNM49%NA40%-127.2%Gu

68、ild EsportsGILDGB31-Mar-23$0.01$4.9$7.9$8.7-$6.80.9xNANMNANMNANMNANANA-78.1%Esports Entertainment GroupGMBLMT31-Mar-23$1.18$3.9$28.1$31.9-$18.90.9x1.9xNMNMNMNMNM-53%NA18%-59.4%Average0.6x1.0 xNMNMNMNM-1%-4%0%54%-52.6%Median0.6x0.5xNMNMNMNM8%-5%0%53%-53.5%Source:CapIQ,As of June 30,2023,in$M except s

69、hare price,EV/EBITDA and P/E multiples less than 0 and greater than 100 are denoted as NM16COMPANY NAMETICKERCOUNTRYLTMPRICEMCAPEVREVENUEEBITDAEV/REVENUEEV/EBITDAPRICE/EARNINGSREVENUE GROWTHEBITDA GROWTHEBITDA/REVChina,South East Asia(US and HKG listed)&IndiaLTMLTMLTMNTMLTMNTMLTMNTMLTMNTMLTMNTMLTMTe

70、ncent Holdings700CN31-Mar-23$42.32$401,040.3$413,536.8$82,843.3$18,347.45.0 x4.7x23.1x13.9x14.8x18.9x2%12%-7%71%22.1%NetEaseNTESCN31-Mar-23$96.69$60,472.0$48,055.6$14,264.6$3,569.03.4x3.3x13.2x12.0 x19.8x18.4x8%9%17%18%25.0%Sea LimitedSESG31-Mar-23$58.04$32,894.7$30,921.8$12,591.2$67.52.5x2.2x79.6x1

71、3.7xNM19.3x14%10%NANM0.5%G-bits Network603444CN31-Mar-23$67.72$4,878.3$4,514.5$739.9$302.96.4x5.5x15.7x13.1x24.9x21.3x7%18%7%20%40.9%YYYYCN31-Mar-23$30.71$2,123.5-$649.7$2,371.4$203.5NMNMNMNM13.4x27.5x-9%0%44%9%8.6%XD2400CN31-Dec-22$2.51$1,186.6$974.9$497.4-$76.02.0 x1.7xNM22.9xNM84.3x27%22%NA159%-1

72、5.3%NetDragon777CN31-Dec-22$1.88$998.7$695.3$1,140.5$225.30.6x0.6x3.0 x3.4x8.5x6.0 x12%7%-13%3%19.8%HUYAHUYACN31-Mar-23$3.58$858.9-$559.2$1,267.3-$82.1NMNMNMNMNMNM-22%-4%NA32%-6.5%iDreamSky1119CN31-Dec-22$0.44$614.7$842.4$396.4-$184.72.1x1.4xNM5.1xNM7.0 x4%63%NA195%-46.6%NazaraNazaraIN31-Mar-23$8.82

73、$584.3$542.1$132.9$13.44.1x3.1x30.3x27.8xNMNM75%30%18%46%10.1%Archosaur Games9990CN31-Dec-22$0.52$412.1$134.3$84.7-$103.01.6x0.6xNM3.6xNM34.0 x-37%NMNA138%NMOurgame6899KY31-Dec-22$0.03$37.1$11.0$31.6-$10.80.4xNANMNANMNA51%NANANA-34.2%FingerTango6860CN31-Dec-22$0.01$24.5-$81.1$120.7-$9.1NMNANMNANMNA3

74、6%NANANA-7.6%Digital Hollywood2022CN31-Dec-22$0.01$10.7-$13.0$11.1-$5.4NMNANMNANMNA-13%NANANA-48.1%Average2.8x2.6x27.5x12.8x16.3x26.3x11%17%11%69%-2.4%Median2.3x2.2x19.4x13.1x14.8x19.3x8%11%12%39%0.5%China(Shenzhen listed)Quihoo 360601360CN31-Mar-23$1.73$12,103.0$8,940.2$1,304.5-$121.77.2x6.1xNMNMNM

75、NM-17%NMNANA-9.3%37Games002555CN31-Mar-23$4.81$10,643.0$9,559.0$2,341.1$463.34.3x3.6x21.6x17.6x26.0 x24.4x-2%19%-17%24%19.8%Beijing Kunlun300418CN31-Mar-23$5.55$6,640.6$6,629.8$693.0$141.310.1x9.2x46.3x33.0 x48.3x35.3x-4%10%27%50%20.4%Giant Network002558CN31-Mar-23$2.47$4,724.4$4,525.6$286.0$67.216.

76、7x8.6x69.5x15.6x39.9x19.6x-8%95%-28%NM23.5%Perfect World002624CN31-Mar-23$2.33$4,607.5$4,524.5$1,083.9$136.74.4x3.6x30.4x16.9x41.2x21.3x-12%22%36%106%12.6%Kingnet Network002517CN31-Mar-23$2.17$4,544.5$4,176.0$531.6$197.98.3x6.3x22.0 x15.9x30.9x24.2x24%32%26%40%37.2%Ourpalm300315CN31-Mar-23$1.08$2,93

77、8.1$2,557.4$164.5$17.816.4x18.2xNM51.8xNM88.2x-22%-10%44%NA10.8%Youzu Interactive002174CN31-Mar-23$2.32$2,089.9$1,987.4$278.0$21.87.5x7.8x84.1x32.0 xNM68.0 x-32%-4%-57%200%7.8%Dalian Zeus002354CN31-Mar-23$0.97$1,599.3$1,551.9$250.3-$8.36.5xNANMNANMNA-13%NANANA-3.3%ZQ Games300052CN31-Mar-23$2.79$730.

78、1$736.5$39.1-$2.719.9x13.2xNM75.7xNMNM-18%51%NANM-6.9%Average10.1x8.5x45.6x32.3x37.3x40.1x-10%27%5%84%11.3%Median7.9x7.8x38.4x24.8x39.9x24.4x-12%21%26%50%11.7%Hardware,Platforms,Advertising&ToolsNVIDIANVDAUS30-Apr-23$423.02$1,046,183.2$1,042,943.2$25,878.0$6,090.040.3x21.7xNM52.1xNM47.2x-12%86%-51%2

79、29%23.5%DellDELLUS5-May-23$54.11$39,351.1$60,971.1$97,107.0$7,409.00.6x0.7x7.8x6.7x7.5x9.7x-7%-10%-12%23%7.6%RobloxRBLXUS31-Mar-23$40.30$24,610.4$23,904.6$2,343.3-$909.010.2x6.7x67.2x62.7xNMNM13%51%NA142%-38.8%Hewlett PackardHPEUS30-Apr-23$16.80$21,697.5$33,271.5$29,604.0$5,099.01.1x1.1x6.0 x6.2x11.

80、3x8.6x6%-2%7%5%17.2%UnityUUS31-Mar-23$43.42$16,441.3$17,945.5$1,571.3-$644.711.4x7.9xNM47.3xNM79.2x31%44%NA159%-41.0%LogitechLOGNCH31-Mar-23$59.50$9,444.2$8,344.8$4,538.8$599.21.8x2.1x13.2x13.8x26.2x24.2x-17%-10%-34%1%13.2%ApplovinAPPUS31-Mar-23$25.73$8,951.7$10,967.7$2,907.0$754.53.8x3.6x14.3x8.9xN

81、M67.9x3%4%47%63%26.0%ASUS2357TW31-Mar-23$10.09$7,494.6$6,760.6$16,723.5$28.80.4x0.4x23.7x13.5x91.0 x14.5x-8%1%-98%NM0.2%MSI2377TW31-Mar-23$5.66$4,784.1$3,795.6$5,604.6$321.60.7x0.6x11.7x8.9x19.7x12.8x-17%10%-53%35%5.7%Acer2353TW31-Mar-23$1.01$3,018.5$2,256.6$8,178.8$162.70.3x0.3x12.2x9.8x29.0 x20.3x

82、-23%1%-67%45%2.0%Corsair GamingCRSRUS31-Mar-23$17.74$1,810.5$1,946.2$1,348.4$2.11.4x1.3xNM18.2xNM27.7x-23%12%-98%NM0.2%Flexion MobileFLEXMGB31-Mar-23$1.32$73.9$60.0$91.8$5.40.7x0.5x11.6x5.8xNM12.4x91%25%0%88%6%BidstackBIDSGB31-Dec-22$0.01$13.2$2.2$6.3-$10.50.3x0.1xNMNMNMNM101%NMNA2%NMVersus SystemsV

83、SCA31-Mar-23$0.43$4.6-$4.5$0.9-$11.4NMNMNMNMNMNM-14%NMNA24%NMAverage5.6x3.6x18.6x21.2x30.8x29.5x9%18%-36%68%1.8%Median1.1x1.1x12.2x11.7x22.9x20.3x-8%7%-43%40%5.8%Source:CapIQ,As of June 30,2023,in$M except share price,EV/EBITDA and P/E multiples less than 0 and greater than 100 are denoted as NM17Ne

84、w YorkLos AngelesLondonDubaiBerlinParisSan FranciscoMunichDrake Star Partners is the marketing name for the global investment bank Drake Star Partners Limited and its subsidiaries and affiliates.In the USA,all securities are transacted through Drake Star Securities LLC.In the USA,Drake Star Securiti

85、es LLC is regulated by FINRA and is a member of SIPC.Drake Star UK Limited(FRN 942020)is an appointed representative of Kession Capital Ltd(FRN582160),which is authorized and regulated by the Financial Conduct Authority.2023 Drake Star Partners Limited.This report is published solely for information

86、al purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy any security.The information herein is based on sources we believe to be reliable but is not guaranteed by us,and we assume no liability for its use.Any opinions expressed herein are statements of our judgment on this date and are subject to change without notice.All product and company names are trademarks or registered trademarks of their respective holders.Use of them does not imply any affiliation with or endorsement by them.