WHAT’S THE STORY?Kakao Games to receive boost from Battlegrounds: Kakao Games signed acontract with Bluehole Games that will have it publishing the latter’s flagship titleBattlegrounds domestically by year-end. The game enjoys significant popularityworldwide, with concurrent users exceeding 1.3m on global game platform Steam. Eventhough it has yet to be officially launched in Korea, the PC café share of Battlegrounds hasalready reached the number-two spot at 16%, and once released by Kakao Games as apartially-paid model, we would expect it to take the top spot. For reference, Korea’sleading game (in terms of traffic) League of Legends generates annual sales of KRW300bin Korea. We expect Battlegrounds to significantly boost Kakao Games’ enterprise value.    Kakao Bank enjoying robust asset growth: The deposit and loan growth of KakaoBank has thus far beat forecasts, with its loans topping KRW1.4t as of Aug 27 (one monthsince debuting) while recent recapitalization would further boost deposit and loan growth.    The bank has yet to prove its risk-management ability, but unexpectedly rapid assetgrowth and likelihood of expanding into other financial areas bodes well for further hikesin enterprise value.

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