ABC

1. VinaGame
VinaGame has three meaningful and diverse revenue streams that can all
grow in great ways. Game Online and Online Advertisement are the most
exciting growth opportunities in this age and Internet and Telecom add-in-
value service is the best positioned to take advantage of it.

2. Vinagame
1. Game online
2. Online advertisement
3. Telecom and internet add-in-value
service
4. Music license and Phone music
theme.

3. Opportunity
• Vietnam in the term of technology growth with young generation.
• Tech infrastructure been improved year-to-year by Gorvement.
• Popular of Internet and purchase-in-apps culture.
• Behavior licences education in new generation.

4. Risks and Threat
• Risks in the competition in the market of technology companies.
• Risks in network security.
• Risks in data information security.
• Risks in shortage of senior or highly specialized personnel.
• Risks in changes in policy of investment and development.
• Risks in changes in policy of Internet operating.
• Risks in environmental change.

5. Impressive Sale Performance
-
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
2016A 2017A 2018A 2019A 2020A 2021A
Main Revenue Performance
Game online Online Advertisement Telecom and internet
Sale performance (Mil - VND)
2016A 2017A 2018A 2019A 2020A 2021A
Game online 2,525,110 3,582,016 3,463,973 4,221,038 4,759,676 6,156,948
Online Advertisement 361,516 524,756 724,145 778,941 983,109 1,001,128
Telecom and internet 30,284 64,176 61,936 132,503 294,612 444,576
Music license and Phone music 25,866 22,465 31,305 15,446 11,543 31,384
Others (Commericial activities) 80,365 73,539 35,429 30,072 19,976 15,024
Total 3,023,140 4,266,951 4,316,788 5,178,001 6,068,915 7,649,060
2016A 2017A 2018A 2019A 2020A 2021A
Net Revenue 3,023,140 4,266,951 4,316,788 5,178,001 6,068,916 7,649,059
EBITDA 672,823 1,006,738 765,723 799,753 714,705 394,954
Net income 803,983 1,378,158 531,893 822,609 338,433 580,358
0%
50%
100%
150%
200%
250%
300%
2016A 2017A 2018A 2019A 2020A 2021A
Fianancial Performance
Net Revenue EBITDA Net income
2016A 2017A 2018A 2019A 2020A 2021A
Net Revenue 100% 141% 143% 171% 201% 253%
EBITDA 100% 150% 114% 119% 106% 59%
Net income 100% 171% 66% 102% 42% 72%

6. Financial Ratio - Analyst

7. Revenue Forecast
- Age Range of the Game User. Average Revenue per Age.
- How long the player pay first time for the purchase-in-apps items?
- Average revenue per paying user.
- Retention rate and Churn rate
- Conversion rate

8. Capex forecast

9. Benchmarking Analysis

12. DCF Model