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 of the transactions above were executed by current Drake Star employees while employed at other firms243 204 10$1.3$1.9 M&

3、A PP Public Markets3Note: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 pa

4、geQ223 has started on a great note with Savvy Gaming entering the mobile gaming and publishingspace with the acquisition of Los Angeles based Scopely for$4.9B and SEGA announcing theacquisition of Rovio for$776M.Savvy Gaming has earmarked to deploy$38B in the gaming sectorand we expect more large de

5、als from them.There is also a good chance that the Microsoft/Activision deal will close in the coming months.While we continue to see a steady flow of smaller to mid-sized M&A deals and several large deals,we anticipate M&A activity to strongly rebound in the 2nd half of the year.We also expect seve

6、rallisted gaming companies to be acquired by PE firms this year.Gaming/blockchain VC funds raised over$13B in 2022 and while this capital pool is available fordeployment,investors continue to be cautious.We expect a healthy number of early-stagefinancings and significantly less later stage rounds.Ho

7、t investments segments will be tools,AI andVR/AR.Gaming public companies saw a strong recovery in Q1!Drake Star Gaming Index was up 12%andLTM P/E and EBITDA multiples(median)expanded by 21%and 12%,respectively.Q1 saw a decline in M&A volume to 43 announced deals,down from 76 deals in Q422.While them

8、ajority of the deal values were undisclosed,several of the top buyers were active including Savvy/ESL(Vindex),NetEase(Skybox Labs)and Embracer(Captured Dimension and All Caps).With over 200 deals,private financings stayed steady(compared to 212 deals last quarter),raising$1.3B.70%of the deals were e

9、arly-stage financings and VSPO($265M),Believer($55M),LightField Lab($50M),CCP Games($40M),Plai Labs($32M)and Carry1st($27M)were some of thenotable raises.Investments in blockchain gaming dropped from 71 deals in Q422 to 39 in Q123,while investments in tools/platforms increased from 26 deals in Q422

10、to 54 in Q123.Most active VCs list for Q1 was led by BITKRAFT,followed by Andreessen Horowitz,Play Venturesand Griffin Gaming.4Source:CapIQ,Pitchbook&DSP Research,as of March 31,2023-5%0%5%10%15%20%25%Dec-22Jan-23Feb-23Mar-23VanEck Video Gaming and Esports ETF,23.4%Drake Star Gaming Index,12.0%Wedbu

11、sh ETFMG Video Game Tech ETF,10.4%S&P 500,7.0%Note: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 constituentsPast performance is not indicative of,or a guarantee of future

12、 resultsThe ETF performances is gross of fee/expenses17.0 x12.4x19.0 x13.2xLTM(Median)NTM(Median)Dec-22Mar-2316.9x20.8x20.5x22.4xLTM(Median)NTM(Median)Dec-22Mar-23Jan 1,2023-40.0%-20.0%0.0%20.0%40.0%60.0%Dec-22Jan-23Feb-23Mar-23Applovin,49.6%Playtika,32.3%Sega,25.8%Netease,21.8%Paradox,21.8%Tencent,

13、15.5%Take2,14.6%Stillfront,14.4%Unity,13.5%Capcom,12.5%Drake Star Gaming Index,12%Activision,11.8%Pearl Abyss,10.3%Netmarble,9.8%Krafton,9.2%S&P 500,7%NEXON,6.5%Square Enix,3.8%Embracer,2.5%Konami,1.7%Keyword Studios,1.2%EA,-1.4%Kakao Games,-6.6%Ubisoft,-7.4%CD Projekt,-14.2%NCSoft,-17.1%5Source:Cap

14、IQ,Pitchbook&DSP Research,as of March 31,2023Past performance is not indicative of,or a guarantee of future resultsJan 1,20236M&APublic MarketsChinese video streaming,live broadcasting and online gaming company iQIYI(NAS:IQ)raised a total of$1.55B through a combination of debt and equity-$1.1BM in c

15、onvertible senior notes and$451.4M in its follow-on public offeringVietnam based VNG went public on local Unlisted Public Company Market(UPCoM)at a$364M valuation.The company plans to list on NASDAQ next yearMultiMetaVerse completed its reverse merger with Model Performance Acquisition CorpFundraisi

16、ngVSPO,esports startup focused on tournaments venues and production,raised$265M from Savvy Gaming GroupThe Believer Company,founded by game veterans from Riot Games and others,raised$55M in a round led by Lightspeed Venture Partners with major contribution from Andreessen Horowitz and Bitkraft Ventu

17、resLight Field Lab,developer of light field-based holographic display,raised$50M in a round led by NCSoftCCP Games went beyond its owner Pearl Abyss and raised$40M in a round led by Andreessen Horowitz for development of a new AA blockchain titlePlai Labs raised$32M from Andreessen Horowitz in the S

18、eed round for developing their Web3 and artificial intelligence-powered social platformAfrican gaming startup Carry1st raised$27M in a pre-Series B round led by Bitkraft Ventures with participation from Andreessen Horowitz,TTV Capital,Alumni Ventures,Konvoy Ventures and othersNote:Drake Star did not

19、 act as financial advisor on transactions listed on this pageNetease acquired SkyBox Labs-Canadian game developer behind co-development of titles including Halo Infinite,Minecraft and othersSavvy Gaming Group/ESL Faceit Group acquired the esports technology and infrastructure company Vindex to impro

20、ve capabilities to grow events such as DreamHackPhoenix Labs,the studio behind Dauntless,spun out of Garena as an investor backed management buyoutKeywords Studios acquired Digital Media Management for$100M which will be a key in building the companys vision to offer clients holistic marketing progr

21、amsCatalis Group/Curve Games acquired Secret 6 paving the way to expand their business by having first location in Madrid,Spain and Manila as the first presence in AsiaPlaytikas offer to acquire Rovio at EUR 751M valuation in November 2022 was rejected by Rovios Board of Directors12 9 3 1 9 6 3 PC/C

22、onsole Mobile Platform Hardware/Tools EsportsBlockchain Others17 12 14 North AmericaEuropeAsia and others7(1)Multiples calculated including earn-outs,wherever disclosed(2)Multiples calculated using only closing consideration for private transactions(excluding earn-out wherever disclosed)Note:Quarter

23、ly chart based on date of deal announcement,pie charts based on all announced and/or closed deals Q1 2023Apr 2022 Mar 2023All Segments#of Announced/#of Disclosed Deals274/68Disclosed Deal Value($B)$9.0Revenue Multiple(Median)Total Value(17 deals with reported revenue)(1)3.8xAt Close(9 deals with rep

24、orted revenue)(2)2.7xEBITDA Multiple(Median)Total Value(10 deals with reported EBITDA)(1)11.1xAt Close(8 deals with reported EBITDA)(2)7.1x8Source:CapIQ,Pitchbook&DSP ResearchNote:Drake Star did not act as financial advisor on transactions listed on this pageCatalis Group acquired US based Secret 6T

25、he company seeks to provides top-tier game development services to the worlds biggest game studiosThe acquisition is a turning point for Secret 6 as they can leverage Catalis Groups services,expertise and global business networks and it paves the way for Catalis to expand their business by having th

26、eir first location in Madrid and Manila,AsiaPhoenix Labs spun out of Singapores Garena in an investor-backed management buyoutThe company is best known for the popular title Dauntless a free-to-play game that attracted over 6M users in the first week of launchGarena had acquired Phoenix Labs in 2019

27、 for$150MESL Faceit Group acquired the esports technology firm VindexVindex offers gaming,streaming,and esports analytics via its Vindex Intelligence Platform.It also provides content production for in-person events and tournamentsThe acquisition will increase EFGs production capabilities as an espo

28、rts and video games entertainment firmNetease acquired Skybox Labs for an undisclosed amountSkybox is known for having co-developed games including Halo Infinite,Minecraft,and Fallout 76 for top franchises including EA and Wizards of the Coast,among othersJoining Netease will provide Skybox with ope

29、rational resources to scale faster in the Canada marketKeywords Studio acquired Digital Media Management,award-winning social media marketing companyDigital Media Management will join Engage division.It brings a top tier social marketing agency,world-class production location(Hollywood)and technolog

30、y platform that can help scale the influencer offering side of the businessMythical Games acquired DMarket for an undisclosed amountDMarket is a marketplace for digital skins and nonfungibles token for gamers,its tech facilitates the most advanced trading platformThe acquisition makes Mythical Games

31、 the worlds second-largest processor of digital assets on a distributed ledger196 195 130 202 310 183 233 212 204$0.0$1.0$2.0$3.0$4.0$5.0$6.0$7.0Q121Q221Q321Q421Q122Q222Q322Q422Q123Value($B)Deal CountOthers$216M$171M$165M$92M$301M$52M$259M$0M30 45 40 10 22 14 41 2 Platform/Tools$599M$153M$504M147 21

32、 36 9Source:CapIQ,Pitchbook&DSP ResearchNote:Drake Star did not act as financial advisor on transactions listed on this pageLateMidEarlyVR/AREsportsHardwareMobilePC/ConsoleBlockchaineSportsFeb-23$265.0-Savvy Gaming GroupPC/ConsoleMar-23$55.0-Lightspeed Venture Partners,Riot Games,Bitkraft Ventures,A

33、ndreessen HorowitzHardwareFeb-23$50.0$180NCSoft,Samsung Electronics,Verizon VenturesPC/ConsoleMar-23$40.0-Andreessen Horowitz,Nexon,Makers Fund,BITKRAFT,Kingsway Capital,HashedBlockchainFeb-23$32.0-Andreessen HorowitzMobileJan-23$30.0$2,010Turenne Capital PartenairesPlatform/ToolsJan-23$27.0-BITKRAF

34、T,Konvoy Ventures,TTV Capital,Andreessen HorowitzBlockchainFeb-23$25.0-Andreessen HorowitzPlatform/ToolsMar-23$22.0-Dunamu,J.P.Morgan PaymentsPlatform/ToolsMar-23$21.0-Courtside Ventures,Greylock PartnersBlockchainFeb-23$20.0-Accel,Prosus Ventures,Courtside Ventures,Nexus Venture Partners,NazaraSour

35、ce:CapIQ,Pitchbook&DSP ResearchNote:Drake Star did not act as financial advisor on transactions listed on this page1011Source:CapIQ,Pitchbook&DSP ResearchNote:Drake Star did not act as financial advisor on transactions listed on this pageInvestors Andreessen Horowitz,Nexon,Makers Fund,BITKRAFT Ventu

36、res,Kingsway Capital,HashedCompanys goal is to make a new triple-A blockchain game.It is a large project and thats why CCP went beyond its owner,Pearl Abyss,to raise external fundsInvestors NCSoft,Samsung Electronics,Verizon Ventures,Liberty Global Ventures,Corning,LG Technology Ventures,Otoy,Gates

37、Frontier,Faurecia,Robert Bosch Venture Capital,TaiwaniaCapital,Khosla VenturesCompany will use the fund to manufacture and commercialize its SolidLight holographic display platformInvestor BITKRAFT,Konvoy Ventures,TTV Capital,Andreessen HorowitzThe round will be focused on content as the companys co

38、ntent engine has grown,funding is going to be used for development of internally produced titles,including home-grown games for the African market.Investors Savvy Gaming GroupThe funding will be used to develop the rapidly growing global esports sector for the benefit of global esports community and

39、 to position Savvy as a key enabler along the games value chainInvestor Andreessen HorowitzThe funding will be used to expand the team of engineers and designers for developing a product intersecting a variety of emerging technologies,including blockchain,artificial intelligence and cryptocurrencies

40、Investors Lightspeed Venture Partners,Riot Games,Andreessen Horowitz,BITKRAFT Ventures,othersThe company does not have any games to announce yet.The goal is to build world-class,remote-first team to deliver a next-generation open-world game where the story is influenced by the choices players makeVC

41、DEALSSELECT INVESTMENTSSTAGE LOCATION4Seed4Seed to Early3Seed to Early3Seed to Early2Seed to Early2Seed to Early2Seed to Early*2Seed to Early2Seed to Early2Seed to Early12VCDEALSSELECT INVESTMENTSSTAGE LOCATION9Seed to Late8Early to Late6Seed to Late4Seed to Late3Seed to Late3Seed to Late3Early to L

42、ate2Seed to Late2Seed to Late1Early to LateSource:CapIQ,Pitchbook&DSP Research*Sequoia China and Asia Deals13COMPANYDISCLOSED DEAL VALUE($M)#OF DEALSSELECT DEALS$1,165.018$54.28$245.87$105.04-2-2-2-2$106.02-1Source:CapIQ,Pitchbook&DSP ResearchNote:Deal value only includes publicly disclosed transact

43、ion 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 FocusedLTMLTMLTMNTMLTMNTMLTMNTMLTMNTMLTMNTMLTMPlaytikaPLTK

44、IL31-Dec-22$11.26$4,113.0$5,875.9$2,615.5$594.62.2x2.3x9.5x6.9x16.4x14.5x1%-1%-13%42%22.7%Stillfront GroupSFSE31-Dec-22$1.94$993.6$1,372.5$738.2$199.11.8x1.9x6.8x5.7x17.4x7.0 x30%-4%33%19%27.0%Modern Times GroupMTG BSE31-Dec-22$7.27$883.6$501.2$531.2$117.90.9x0.9x4.2x4.1x28.0 x26.9x4%1%103%4%22.2%Ro

45、vioROVIOFI31-Dec-22$8.48$646.0$466.9$339.6$41.71.4x1.3x10.4x8.1x26.0 x18.8x11%0%-7%36%12.3%HuuugeHUGUS31-Dec-22$6.45$510.8$298.9$318.6$69.90.9x1.1x4.0 x3.4x15.9x12.7x-15%-12%33%25%21.9%SciPlaySCPLUS31-Dec-22$16.96$371.1$552.8$671.0$175.00.8x0.8x3.1x2.7x18.6x15.3x11%6%-2%16%26.1%AzerionAZRNNL31-Dec-2

46、2$1.93$231.2$425.2$483.7-$96.70.9x0.7xNM5.6xNM13.7x47%22%NA178%-20.0%G5 EntertainmentG5ENSE31-Dec-22$20.68$167.7$150.0$134.3$6.31.1x1.1x23.5x4.5x26.9x10.3x6%3%-71%428%4.7%Ten Square GamesTENPL31-Dec-22$21.56$156.6$132.8$123.0$15.61.1x1.0 x8.4x4.7x0.0 x7.4x-15%1%-60%79%12.7%PopreachPOPRCA30-Sep-22$0.

47、18$49.8$89.2$18.0$2.55.3x0.7x7.2x6.0 xNM7.2x0.3%656%49%26%13.7%East Side GamesEAGRCA31-Dec-22$0.59$48.2$44.6$85.9$3.60.5x0.4xNM5.7x6.0 x11.0 x25%22%42%119%4.2%MAG InteractiveMAGISE28-Feb-23$1.52$40.3$33.2$39.0-$0.60.8x0.9x5.4x8.8xNMNM23%-4%NA54%-1.6%Average1.5x1.1x8.9x5.5x17.3x13.2x11%58%11%85%12.2%

48、Median1.0 x1.0 x7.2x5.6x17.4x12.7x9%1%15%39%13.2%North America/Europe PC/console FocusedActivision BlizzardATVIUS31-Dec-22$85.59$67,126.0$58,941.0$7,528.0$1,773.07.8x6.2x31.3x16.3x44.6x22.4x-14%26%-49%104%23.6%Electronic ArtsEAUS31-Dec-22$120.45$33,030.7$32,725.7$7,377.0$2,045.04.4x4.3x15.1x13.2x32.

49、5x18.4x13%3%53%21%27.7%Take-Two InteractiveTTWOUS31-Dec-22$119.30$20,122.9$22,491.6$4,833.7$757.04.7x3.8x27.7x18.7xNM26.2x42%23%-5%59%15.7%Embracer GroupEMBRAC BSE31-Dec-22$4.68$5,894.0$7,430.0$3,610.6$776.52.0 x1.9x9.3x6.4xNM8.0 xNA10%NA48%21.5%UbisoftUBIFR30-Sep-22$26.58$3,293.6$4,027.4$2,064.2$98

50、.51.8x1.7x24.3x3.8xNM50.5x-5%3%-88%880%4.8%Keyword StudiosKWSIE31-Dec-22$34.12$2,669.3$2,626.2$738.2$122.23.5x2.9x19.0 x14.5x52.8x25.9x35%21%37%46%16.5%Paradox InteractivePDXSE31-Dec-22$24.96$2,636.5$2,577.9$189.3$119.113.5x11.6x21.5x16.3x38.6x34.4x36%17%105%32%62.9%CD ProjektCDRPL31-Dec-22$25.82$2,

51、580.2$2,379.0$217.6$96.410.8x9.7x24.1x14.2x32.3x29.6x7%11%50%70%44.3%Team17 GroupTM17GB31-Dec-22$4.70$675.4$616.2$165.6$48.73.6x3.6x12.1x10.2x23.2x14.5x52%1%19%21%29.4%PlayWayPLWPL30-Sep-22$97.52$643.6$611.4$55.6$37.39.6x8.2x14.2x12.1x19.2x16.5x41%16%43%18%67.1%Focus Home InteractiveALFOCFR30-Sep-22

52、$52.15$338.2$362.7$120.6$29.72.7x1.5x11.0 x4.5xNM12.6x-19%80%-32%143%24.6%Digital BrosDIBIT31-Dec-22$22.58$322.1$368.8$146.1$56.62.5x2.3x6.4x5.7x10.3x10.6x11%7%26%13%38.8%Remedy EntertainmentREMEDYFI31-Dec-22$23.69$319.0$264.8$46.6$1.05.6x6.7xNMNMNMNM-3%-17%-92%843%2.2%EG7EG7SE31-Dec-22$2.64$233.6$2

53、04.2$180.1$45.41.1x1.0 x4.5x3.7xNM6.4x4%9%813%21%25.2%Frontier DevelopmentsFDEVGB30-Nov-22$5.80$226.2$198.2$145.6$25.01.3x1.5x7.1x4.6x10.8x24.2x19%-10%43%66%17.2%NaconNACONFR30-Sep-22$2.37$205.6$283.7$157.3$21.41.6x1.4x11.0 x3.7x12.8x8.9x-2%20%31%219%13.6%Developer DigitalDEVOUS31-Dec-22$0.40$177.8$

54、102.3$134.6-$0.21.0 x0.8xNM4.8xNM11.3x37%-5%NANM-0.2%CI GamesCIGPL30-Sep-22$0.80$146.1$114.4$13.6$3.89.7x10.6x30.0 x37.7x32.1x66.4x-44%354%-73%128%28.1%Starbreeze ABSTAR BSE31-Dec-22$0.18$130.1$158.4$12.2$6.412.9x1.7x24.6x4.4xNMNA2%663%374%459%52.0%Thunderful GroupTHUNDRSE31-Dec-22$1.77$124.1$148.2$

55、300.3$35.50.5x0.5x4.1x3.5x10.6x4.9x-2%-2%14%17%11.8%Skonec EntertainmentA276040KR31-Dec-22$9.70$120.9$102.2$2.9-$3.036.6x14.6xNMNANMNM-40%150%NANA-102.3%tinyBuildTBLDUS31-Dec-22$0.59$119.8$92.9$63.3$22.31.4x1.3x4.1x3.5x10.2x6.7x21%10%15%20%35.3%Bloober TeamBLOPL31-Dec-22$5.13$99.1$92.8$14.0$5.76.5xN

56、A16.3xNA25.9xNA-22%NA-25%NA40.7%ZordixZORDIX BSE31-Dec-22$1.45$62.1$67.3$114.5$9.30.6x0.5x7.2x5.1xNM8.4x132%7%43%41%8.1%Snail GamesSNALUS31-Dec-22$1.33$48.7$52.4$74.4$6.60.7xNA6.4xNANMNA-30%NA-84%NA8.9%Motorsport GamesMSGMUS31-Dec-22$5.70$16.1$16.5$10.3-$24.61.6x1.5xNMNMNMNM-32%NANANA-237.9%Average5

57、.7x4.2x15.1x9.8x25.4x20.3x9%61%55%156%10.8%Median3.1x2.1x13.1x5.7x24.5x15.5x4%10%23%48%22.5%Source:CapIQ,As of March 31,2023,in$M except share price,EV/EBITDA and P/E multiples less than 0 and greater than 100 are denoted as NM15COMPANY NAMETICKERCOUNTRYLTMPRICEMCAPEVREVENUEEBITDAEV/REVENUEEV/EBITDA

58、PRICE/EARNINGSREVENUE GROWTHEBITDA GROWTHEBITDA/REVJapan/KoreaLTMLTMLTMNTMLTMNTMLTMNTMLTMNTMLTMNTMLTMSony6758JP31-Dec-22$90.16$111,285.3$135,509.4$81,444.1$15,637.71.7x1.5x8.3x8.1x16.2x16.7x9%11%17%7%19.2%Nintendo7974JP31-Dec-22$38.60$44,937.0$31,957.5$12,666.0$4,103.02.5x2.7x7.4x8.9x13.1x16.1x0%-7%

59、-10%12%32.4%NEXON3659JP31-Dec-22$23.73$20,301.9$16,072.3$2,682.2$878.46.0 x5.2x20.2x15.8x27.7x26.1x29%17%13%17%32.7%Capcom9697JP31-Dec-22$35.62$7,448.4$6,796.7$770.2$337.48.9x6.5x20.3x15.2x34.0 x25.9x-14%36%-8%33%43.8%KraftonA259960KR31-Dec-22$140.73$6,624.4$4,339.9$1,474.2$683.13.1x3.1x6.9x7.7x16.8

60、x16.2x-2%-3%20%15%46.3%Konami Holdings9766JP31-Dec-22$45.66$6,189.9$5,067.6$2,361.0$570.32.2x2.0 x8.9x8.1x20.6x18.1x5%7%9%11%24.2%NCSoftA036570KR31-Dec-22$284.92$5,786.0$4,401.6$2,045.0$528.72.2x2.3x8.6x9.2x17.3x17.1x11%-1%43%6%25.9%Square Enix9684JP31-Dec-22$47.84$5,727.6$4,405.4$2,633.3$440.51.7x1

61、.6x10.1x8.5x13.2x16.4x-1%7%-9%19%16.7%Sega Sammy6460JP31-Dec-22$18.90$4,173.2$3,454.3$2,700.9$372.01.3x1.1x9.8x7.1x13.9x14.8x17%16%17%31%13.8%NetMarbleA251270KR31-Dec-22$50.85$4,166.3$5,534.5$2,125.8$87.02.7x2.5x38.3x25.7xNM83.6x7%8%-61%157%4.1%Kakao GamesA293490KR31-Dec-22$31.98$2,608.1$3,213.3$912

62、.6$214.03.7x2.9x33.1x11.7xNM18.8x13%25%75%33%23.4%Pearl AbyssA263750KR31-Dec-22$35.47$2,173.6$2,055.4$306.7$33.26.9x5.7x56.0 x28.5xNM44.9x-4%22%-38%125%10.8%DeNA2432JP31-Dec-22$13.60$1,514.3$1,152.1$1,009.6$53.71.2x1.1x18.2x10.8x19.0 x19.0 x0%6%-58%101%5.3%WeMade EntertainmentA112040KR31-Dec-22$38.5

63、0$1,287.9$1,300.5$368.5-$53.23.7x2.6xNMNMNMNM38%39%NA109%-14.4%GungHo Online3765JP31-Dec-22$18.22$1,100.2$255.7$800.1$217.10.3x0.3x1.2x1.3x8.0 x9.1x1%-4%-15%11%27.1%Gree3632JP31-Dec-22$5.19$885.0$655.6$567.9$85.21.2x1.3x7.8x10.6x16.3x21.0 x23%-9%42%27%15.0%NHN EntertainmentA181710KR31-Dec-22$20.17$6

64、94.4$423.7$1,681.7$90.70.3x0.2x5.4x3.4xNM18.2x10%10%-33%41%5.4%Com2uSA078340KR31-Dec-22$55.45$657.7$774.9$570.2$12.31.4x1.2x95.7x14.5x25.8x14.5x28%19%-77%351%2.2%DOUBLEUGAMESA192080KR31-Dec-22$33.90$560.2$426.6$490.8$156.00.9x0.8x2.8x2.7xNM6.8x-1%6%-10%7%31.8%DoubleDown InteractiveDDIKR31-Dec-22$7.9

65、8$395.4$152.5$329.8$107.60.5x0.5x1.4x1.5xNM5.4x0%-100%-2%100%32.6%GAMEVIL Inc.A063080KR31-Dec-22$36.89$242.8$315.9$92.4-$1.63.5x2.1xNM29.6xNMNM-18%67%NA774%-1.8%JOYCITYA067000KR31-Dec-22$3.43$235.2$297.8$130.2$8.92.4x2.0 x34.7x13.5xNM16.2x-19%16%-55%157%6.8%T3 Entertainment Inc.A204610KR31-Dec-22$1.

66、56$102.9$49.0$60.6$10.70.8xNA5.3xNA10.0 xNA11%NA37%NA17.7%Me2onA201490KR31-Dec-22$2.98$93.3$96.5$89.1$25.71.1x1.3x3.8xNA15.7xNA2%-15%-19%NA28.8%VespaA299910KR31-Dec-22$2.43$18.9$21.6$4.4-$5.26.5xNANMNANMNA-88%NANANA-120.0%Average2.7x2.2x18.4x11.5x17.8x21.2x2%8%-6%97%13.2%Median2.2x2.0 x8.8x9.2x16.3x

67、16.9x2%8%-9%32%17.7%EsportsSkillzSKLZUS31-Dec-22$0.59$250.7-$6.5$269.7-$214.8NMNMNMNMNMNM-29%-32%NA84%-79.6%Enthusiast Gaming Holdings Inc.EGLXCA31-Dec-22$0.60$90.9$100.0$149.9-$29.30.7x0.6xNMNMNMNM21%5%NA88%-19.5%Wellplayed Rizest Inc.9565JPNA$21.21$57.5$0.0$0.0$0.00.0 xNA0.0 xNANMNA0%NA0%NANAFaZe

68、Holdings Inc.FAZEUS31-Dec-22$0.46$33.3-$1.3$70.0-$45.8NMNANMNANMNA32%NANANA-65.4%Super League Gaming,Inc.SLGGUS31-Dec-22$0.55$20.8$19.0$19.7-$25.71.0 x0.6xNMNMNMNMNM55%NA28%-130.4%AstralisASTRLSDK31-Dec-22$0.24$13.7$12.3$12.6$0.41.0 xNA34.3xNANMNA17%NANANA2.8%Esports TechnologiesEBETUS31-Dec-22$0.41

69、$10.3$39.5$65.9-$15.30.6xNANMNANMNANMNA0%NA-23.2%Esports Entertainment GroupGMBLMT31-Dec-22$2.09$6.6$47.9$43.4-$24.01.1x1.1xNMNMNMNMNM3%NA74%-55.3%Average0.8x0.8x17.2xNMNMNM8%8%0%68%-70.2%Median1.0 x0.6x17.2xNMNMNM17%4%0%79%-60.3%Source:CapIQ,As of March 31,2023,in$M except share price,EV/EBITDA and

70、 P/E multiples less than 0 and greater than 100 are denoted as NMSource:CapIQ,As of March 31,2023,in$M except share price,EV/EBITDA and P/E multiples less than 0 and greater than 100 are denoted as NM16COMPANY NAMETICKERCOUNTRYLTMPRICEMCAPEVREVENUEEBITDAEV/REVENUEEV/EBITDAPRICE/EARNINGSREVENUE GROWT

71、HEBITDA GROWTHEBITDA/REVChina,South East Asia(US and HKG listed)&IndiaLTMLTMLTMNTMLTMNTMLTMNTMLTMNTMLTMNTMLTMTencent Holdings700CN31-Dec-22$49.15$462,004.1$480,704.9$80,402.5$20,729.66.0 x5.3x22.2x16.8x17.6x23.3x-1%11%-18%37%25.8%NetEaseNTESCN31-Dec-22$88.44$54,856.8$42,419.0$13,990.6$3,260.33.0 x2.

72、8x13.0 x11.8x20.4x17.3x10%9%14%10%23.3%Sea LimitedSESG31-Dec-22$86.55$48,618.4$46,304.6$12,449.7-$704.23.7x3.4xNM32.5xNM49.0 x25%8%NA302%-5.7%G-bits Network603444CN31-Dec-22$69.41$4,987.9$4,620.5$749.2$328.16.1x5.4x14.0 x12.8x23.5x20.6x12%14%23%9%43.8%YYYYCN31-Dec-22$31.18$2,171.2-$625.7$2,411.5$241

73、.5NMNMNMNM19.5x26.7x-8%2%276%13%10.0%XD Inc.2400CN31-Dec-22$3.43$1,620.5$1,409.2$497.4-$71.92.9x2.2xNM49.1xNM81.3x27%27%NA140%-14.4%NetDragon777CN31-Dec-22$1.76$946.8$643.9$1,140.5$209.10.6x0.5x3.1x2.9x7.9x5.3x12%7%-19%6%18.3%HUYAHUYACN31-Dec-22$3.61$865.6-$531.8$1,336.8-$89.5NMNMNMNMNMNM-19%-10%NA3

74、3%-6.7%iDreamSky1119CN31-Dec-22$0.56$768.6$995.9$396.4-$187.52.5x1.5xNM5.7xNM8.3x4%63%NA193%-47.3%Archosaur Games Inc.9990CN31-Dec-22$0.73$577.6$300.3$84.7-$96.23.6x1.2xNM7.6xNM45.4x-37%193%NA141%-113.6%NazaraNazaraIN31-Dec-22$6.29$416.2$374.0$118.0$10.83.1x2.3x32.6x20.2x0.0 xNA71%39%2%70%9.2%Ourgam

75、e6899KY31-Dec-22$0.04$40.5$21.9$31.6-$9.90.7xNANMNANMNA51%NANANA-31.5%FingerTango6860CN31-Dec-22$0.02$29.3-$76.1$120.7-$18.5NMNANMNANMNA36%NANANA-15.3%Digital Hollywood2022CN31-Dec-22$0.01$15.2-$8.4$11.1-$5.1NMNANMNANMNA-13%NANANA-45.8%Average3.2x2.7x17.0 x17.7x14.8x30.8x12%33%46%87%-10.7%Median3.1x

76、2.3x14.0 x12.8x18.6x23.3x11%11%8%37%-6.2%China(Shenzhen listed)Quihoo 360601360CN30-Sep-22$2.54$17,781.2$14,681.4$1,304.6-$8.710.9x10.6xNMNMNMNM-24%628%NANA-0.7%37Games002555CN30-Sep-22$4.14$9,185.7$8,332.1$2,218.6$524.63.6x3.5x15.2x15.5x18.7x23.7x4%4%50%1%23.6%Beijing Kunlun300418CN31-Dec-22$6.81$8

77、,076.4$8,375.2$686.7$136.912.1x10.7x37.6x36.0 x47.7x41.0 x-2%13%37%69%19.9%Perfect World002624CN31-Dec-22$2.48$4,901.9$4,948.3$1,112.1$167.94.5x3.8x43.6x17.1x32.0 x35.4x-10%17%109%72%15.1%Kingnet Network002517CN30-Sep-22$1.76$3,715.7$3,375.4$499.1$187.16.5x5.9x17.3x16.4x26.5x25.4x71%10%95%6%37.5%Gia

78、nt Network002558CN30-Sep-22$1.92$3,680.9$3,446.4$302.9$105.111.0 x11.0 x31.2x21.6x27.0 x30.2x6%0%54%47%34.7%Ourpalm300315CN30-Sep-22$0.63$1,718.0$1,340.1$174.2-$0.27.4x7.8xNM22.2xNM60.1x-23%-4%NANA-0.1%Youzu Interactive002174CN30-Sep-22$1.90$1,713.9$1,614.6$302.4$55.55.2x5.8x26.0 x23.6xNM64.4x-38%-1

79、1%NA19%18.3%Dalian Zeus002354CN30-Sep-22$0.90$1,488.6$1,379.6$267.9-$4.55.0 xNANMNANMNA35%NANANA-1.7%ZQ Games300052CN30-Sep-22$3.35$878.3$889.8$45.4$2.818.9x16.7xNMNMNMNM-8%13%20%151%6.2%Average8.5x8.4x28.5x21.8x30.4x40.0 x1%74%61%52%15.3%Median7.0 x7.8x28.6x21.6x27.0 x35.4x-5%10%52%47%16.7%Hardware

80、,Platforms,Advertising&ToolsNVIDIANVDAUS29-Jan-23$277.77$684,980.8$683,715.8$26,974.0$7,121.025.3x22.9x93.5x69.3xNM61.8x0%11%-37%39%26.4%DellDELLUS3-Feb-23$40.21$29,401.7$51,375.7$102,301.0$7,807.00.5x0.6x6.3x5.4x12.4x7.6x1%-15%-7%21%7.6%RobloxRBLXUS31-Dec-22$44.98$27,219.0$25,797.3$2,225.1-$793.711

81、.6x7.6xNM72.6xNMNM16%52%NA145%-35.7%Hewlett PackardHPEUS31-Jan-23$15.93$20,643.2$32,228.2$29,344.0$4,934.01.1x1.1x6.0 x5.9x24.6x8.2x5%1%2%10%16.8%UnityUUS31-Dec-22$32.44$12,157.3$13,645.8$1,391.0-$628.69.8x6.4xNM56.4xNMNM25%53%NA138%-45.2%LogitechLOGNCH31-Dec-22$58.18$9,327.1$8,351.3$4,808.7$674.51.

82、7x2.0 x11.9x13.6x22.1x29.3x-17%-15%-36%9%14.0%ASUS2357TW31-Dec-22$8.93$6,634.8$6,312.4$17,486.1$478.20.4x0.4x10.9x16.7x13.9x19.1x0%-10%-72%21%2.7%ApplovinAPPUS31-Dec-22$15.75$5,928.4$8,196.9$2,817.1$580.62.9x2.9x13.7x7.7xNM51.9x1%0%-3%84%20.6%MSI2377TW31-Dec-22$4.72$3,988.0$3,103.2$5,872.6$384.20.5x

83、0.5x7.8x7.4x12.4x12.5x-11%2%-44%8%6.5%Acer2353TW31-Dec-22$0.92$2,769.3$1,800.6$8,965.3$247.90.2x0.2x6.5x8.4x17.1x17.4x-14%-13%-48%14%2.8%Corsair GamingCRSRUS31-Dec-22$18.35$1,862.3$2,037.9$1,375.1-$0.81.5x1.4xNM20.5xNM31.1x-28%7%NANM-0.1%Media and Games InvestM8GSE31-Dec-22$1.37$217.7$53.4$377.7$91.

84、00.1x0.1x6.6x0.5xNM24.0 x28%-3%82%8%24.1%Flexion MobileFLEXMGB31-Dec-22$1.56$85.9$69.3$82.6$5.10.8x0.6x13.5x6.3xNM12.0 x97%35%0%110%6.2%BidstackBIDSGB30-Jun-22$0.02$32.2$27.7$4.7-$9.45.8x4.2xNMNMNMNM72%38%NA33%NMVersus SystemsVSCA31-Dec-22$0.55$5.9$1.1$1.1-$12.91.0 x0.5xNMNMNMNM44%149%NA17%NMAverage

85、4.2x3.4x17.1x22.4x17.1x25.0 x15%19%-16%47%3.6%Median1.1x1.1x9.4x8.4x15.5x19.1x1%2%-22%21%6.5%17New 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 U

86、SA,all securities are transacted through Drake Star Securities LLC.In the USA,Drake Star Securities 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 C

87、onduct Authority.2022 Drake Star Partners Limited.This report is published solely for informational 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 b

88、y 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.