[Asia Economy Reporter Hyunseok Yoo] Leading Investment & Securities analyzed on the 5th that as the value of the 'Cyworld Coin' increases, the evaluation of the company Intromedic will also grow. No investment opinion or target price was provided.
Leading Investment & Securities forecasted that Cyworld will expand its scalability by incorporating a metaverse platform. Intromedic is one of the major investors in Cyworld Z, a newly established corporation that acquired the service operation rights of Cyworld. Researcher Seongman Yoo of Leading Investment & Securities stated, "At the end of this month, Cyworld, which was once South Korea's representative platform with about 32 million users, will return as an open platform equipped with 'metaverse' functions called 'Cyworld Z.' Learning from the past critical factor of 'failure to adapt to mobile' that caused Cyworld to be marginalized in the market, it will be reborn as a 'metaverse platform' that creates a service expansion structure beyond the constraints of 'virtual + reality' based on the 'Cyworld App.'"
He explained, "The Cyworld metaverse strategy consists of three main points: targeting the 'MZ generation' rather than simple 'nostalgia marketing,' aiming for a platform that encompasses all generations by adding the existing Cyworld user base, and building a digital economic ecosystem where content and products can be consumed and produced through the Cyworld metaverse." He added, "Cyworld will expand as a scalable platform through collaboration with various '3rd Party services' by playing the role of a 'Container.'"
Researcher Yoo emphasized the importance of paying attention to the value that Cyworld's cryptocurrency will hold. He explained, "Cyworld possesses 'Dotori,' South Korea's first virtual currency function. In the past, users purchased 'Dotori' to buy items such as 'BGM and skins.'"
He further explained, "Cyworld is also issuing cryptocurrency based on the existing 'Dotori,' issuing a cryptocurrency (tentatively named Cyworld Coin) with a value of '1 Dotori = a certain amount of cryptocurrency.' The most important aspect of cryptocurrency is whether it is assigned real value, and since 'Cyworld Coin' can be exchanged with 'Dotori' at a fixed ratio, it will immediately be assigned value upon release."
Additionally, he stated, "'Cyworld Coin' plans to link with areas outside Cyworld through 'point conversion' with major domestic distribution businesses in the future, and also plans to expand its use in various ways through partnerships with major domestic internet platforms." He emphasized, "As 'Cyworld Coin' gains recognition as a cryptocurrency and NFT and its value increases, the value of Intromedic, which holds Cyworld Coin, is also expected to be re-evaluated."
Along with this, the existing medical device and healthcare business is also expected to improve. He forecasted, "The core business, 'capsule endoscopy,' is increasing performance due to increased overseas (mainly U.S.) sales, and sales of 'quarantine gates,' 'disinfectants,' and 'autonomous sterilization and quarantine robots' are also growing following COVID-19. Recently, the company is focusing on the 'remote medical non-face-to-face healthcare' business incorporating AI technology, and an operating profit of about 1 billion KRW is expected annually from the core business this year."
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