[Click eStock] "NP, Focus on Organizational Efficiency and New Growth Business Achievements"

On the 16th, Samsung Securities stated about NPI, "Along with organizational efficiency improvements, it is necessary to pay attention to the initial achievements and market establishment of related businesses as they prepare for a rapid response to the growing demand in new growth sectors." No investment opinion or target price was provided.

On the same day, Kang Young-hoon, a researcher at Samsung Securities, said, "Last year, NPI restructured its internal organization and sold real estate assets worth 13.8 billion KRW to secure operating funds and investment resources this year." He added, "They are preparing to expand the scope of their XR content production business. While it was previously limited to advertising and marketing, starting this year, they plan to develop app content accessible through XR HMD (Head Mounted Display) headsets that allow users to enjoy XR."

NPI's consolidated sales for the first quarter of this year were 6 billion KRW, a 64.0% decrease compared to the same period last year, while operating losses widened to 1.5 billion KRW. The operating loss in the first quarter of last year was 1.28 billion KRW.

Researcher Kang said, "Although sales in the digital marketing business increased, the performance of online/offline BE and XR content sectors declined." He explained, "The consolidated subsidiary Pentabrid, responsible for digital marketing planning and production, recorded sales of 4.3 billion KRW, a 34.4% increase compared to the same period last year. Along with top-line growth, operating expenses decreased by 32.5% year-on-year due to reduced variable external production costs."

NPI, established in July 2006, is a brand experience (BE) and XR (Extended Reality) content production solution company. It merged with Samsung SPAC No.2 in August 2021 and was listed on the KOSDAQ market. The largest shareholder is Wysiwyg Studios (20.74%), but due to a reduction in shareholding from partial disposal last year, the relationship changed from a controlling company to an equity-method investee. Consequently, the relationship with Com2uS, the largest shareholder of Wysiwyg Studios, also changed from the ultimate controlling company to other special related parties.

In the fourth quarter, the consolidated subsidiary NPI C&C absorbed and merged RealPitch and changed its name to RealPitch. Currently, the consolidated subsidiaries are Pentabrid and RealPitch.