Listing Promotion One Store “Anti -German Regulation, Opportunity for Growth”

One Store held an IPO meeting on the 9th with the goal of listing on May 23. Kim Sang -don's CFO's one -store contest price is 34,300 ~ 41,700 won, and the total amount of the total contest is 228.4 billion to 277.7 billion won. The company's market cap is expected to be 1,111.1 billion won from 913.9 billion won. NH Investment & Securities and KB Securities were in charge of the representative. Demand forecasting date is May 9 and 10, the scheduled date of subscription is May 12 and 13, and the scheduled date of payment is May 17.

One Store is a company launched in 2016. It was established by integrating the T Store, Olleh Market, U+Store and Naver App Store, the three domestic telecommunications companies. The main business is app distribution. As of 2022, the App Store is installed on more than 36.9 million terminals. At the end of last year, it is the second largest app market in Korea. The first place is Google Play and the third is the Apple App Store.

One Store revealed its growth strategy and listing in the global 300 trillion won market. Lee Jae -hwan said, "We expect that the oligopoly structure of mobile games and app distribution markets will collapse due to the global antitrust regulation." It tends to break the monopoly system of Google and Apple around the world, but the barrier to entry into the app market business is high. It is explained that the one -store with the system is welcomed in various countries and can immediately develop business.

In 2018, the One Store lowered the commission from 30%to 20%for the first time in the industry. In addition, the company allowed self -payment and set a fee to 5%. The One Store offers users up to 10%of the three telecommunications membership discounts and accumulation every day. With various cashback policies, the One Store sales achieved 14 consecutive quarterly growth from the third quarter of 2018 to the end of last year.

One store's trading volume last year is KRW 1.13 trillion in sales of KRW 214.2 billion. Since 2018, the One Store has grown at an average annual rate of 40.6% over four years until last year. It is more than twice as high as the market average. Among the top 50 games registered in Google Play based on transactions, the number of games in the one store increased from 12 in 2018 to 24 last year. The TOP 50 game trading amount is 440 billion won. Lee Jae -hwan said, "We are expected to grow bigger game transactions than usual because new masterpieces such as 'Diablo Immortal', which are scheduled to be released on June 3, will be located in one store."

Lee Jae -hwan's one -store growth strategy is 'Global Multi OS Content Platform'. To this end, the One Store will expand its business to platforms such as PCs and consoles through collaboration with global IT companies such as Microsoft and Tencent. In addition, One Store enters the advertising business based on user data accumulated for many years. Lee Jae-hwan said, "We are planning to actively develop global markets such as Southeast Asia and Europe based on the capacity accumulated in Korea." I explained the strategy.

Representative Lee Jae -hwan said, "If today's One Store is an Android app market operator who businesses in the 7 trillion won market in Korea, tomorrow's One Store will become a global app market operator who competes with a market of about 300 trillion won in 2025." He said.

What is the dividend plan?

Kim Sang -don CFO = This year is a goal to turn to the black, so it is hard to say the dividend plan right now. It will be judged every year in consideration of the market situation. If it turns into a surplus, we will decide on dividend payouts so that investors can get dividend benefits.

SK Shielders withdrew its listing. Is there a possibility of withdrawal too?

Representative Lee Jae -hwan = There may be such concerns because it is the same group. The market situation is not good for SK Shielders. However, I think that the stone is hidden when the economic situation is difficult. One store has no plan to withdraw its listing. We think it is jade. It's a pity that the same affiliates withdrew their listing, but are different from us. The difficulty of the market situation is reflected in the competition value.

What role can the one store play in the P2E game?

Choi Sang -won = P2E game does not cause in -app payment. The in -app payment model of the general game is similar. Even if the P2E game is the mainstream, the app operator's business model does not disappear.

It is expected to be a competitive composition among coin issuing games. At that time, there will be a role that app operators like us can do in the market. In the long run, I think there are many plus factors in the business.

Representative Lee Jae -hwan = In addition, the parent company SK Square is preparing a lot of related businesses. It is expected that SK Square and One Store will have a lot to do with their hands and feet.

It is pointed out that the price of public offering has been overvalued.

Kim Sang -don CFO = I think there is no appropriate operator in Korea that can be compared with the One Store. Since November last year, I have been talking with institutions. While predicting, I know that the agency calculated only the app market of Google and Apple. I decided to get the data later. There may be many talks about the competition, but considering the future, I think it is appropriate to enter now. Several discount factors such as global economic conditions have been applied. Considering the discount rate, investors believe that they will be conspired at an appropriate price.

Apple is not allowed to allow third parties for security issues. Is it really possible to enter the Store in the Apple App Store?

Lee Jae -hwan: In addition to the US Epic Games lawsuit, there is a law that has already passed by the US Judiciary Committee. The voice is becoming stronger internationally to open to Apple. We expect to enter the Apple App Store market later this year or early next year. At that time, Apple will judge if the app market operator has enough capabilities. One Store has enough capabilities with experience in Google. We believe that we are the best among our competitors.

Can one store play a role in arbitration of some Chinese game companies?

Choi Sang -won = The customer center is already operating separately. I am talking to the developer with the complaint of the customer. I think it is a pride of one store compared to other operators.

Is there a plan to invest in game companies?

Lee Jae -hwan: The important thing we see is not only Korea's performance, but also the possibility of expanding into a cross platform in the future. Let's look at the IP journal that will produce valid results when the game goes global. Investment plans are open for strategic projects.

Google sales TOP 5 games are not in one store. How to enter these games?

Lee Jae -hwan = I think they will come in if the critical point of the one -store competitiveness goes beyond. And we're not waiting for us. Although I can't speak with the contract, some of the TOP 5 games will be released in the second half.

The ranking of competitors does not reflect the results fully. There are some distortions. As an aside, the first and second game companies told me to enter the one store at the same time. They do not want to be bound by Google. I want to get out of Google's bridle. I think the moment of collapse will come someday.

Ironically, worrying about distributing sales due to the one -store store means that the one store has grown. After this growth, it will be a natural market to launch in Google, Apple, and One Store.