1. -- 01/02/2014 2014 10%(201247.13%)2014 864 ( iCash) (3687 TT) (8044 TT)(4965 TT) 2

2. ABAB BBA 7B 1. 5. 4. 2. 3. 3 4 3. PayPal PayPal ( )( )( ) PayPaleBayeBay PayPal 5 /2012 45.9% 2010201120122013F2014F ()5.18.412.919.428.6 76.9%71.1%68.8%67.4%66.9% 20.0%26.3%28.3%29.4%29.8%iResearch 6 4. 50% 20123.7 20127.85 47.13%201249.2% 201220.0%9.3% 2010 ()20111.02.22012 3.72013F2014F5.78.52012 49.2%20.0%9.3% 6.9% 6.7%iResearch 7 10000043180 (1) ezPay(3687 TT)(8044 TT) Yahoo(2) /PayNow(3)(2892 TT) e(2890 TT)PayPal 8 5. () 9 / (1) (2) ( iCash ) 08/2000 2000/ 06/2009 06/2010 2014 11/2007 10 6. 05/03/2013 10240001360 5(1)( (2) (1) (2) 11 (1) 1 (2) ( ( ) ( 2 ) )( e-mail)201015511010120103 12 7. iCash 3 6 (iCash) (iCash)()3,219.11,170.024.112.17.63.7()33.847.800.080.100.290.01 136,500 20126,605B2C3,825(58%) C2C2,780(42%) 5 2,000 12,000()8,000 4,0002,7503,5455,6264,6196,6057,6458,6390 2008200920102011MIC 1420122013F 2014F 8. 201410% 60.9% 17.7% 2014 10%(201247.13%)2014 864 60.9%ATM/web ATM17.7%9.4%6.1%3.5%11/2012 15 ( iCash) (5478 TT)(6180 TT) (4965 TT) 16 9. 50% 20% 5% 50% 20% 5% 50% 20% 5%3687 5478 6180 8044 4965 3687 5478 6180 8044 4965 201420% 2014EPS 2014EPS 7.65 5.42 4.40 6.11 16.44 4.74 9.25 5.16 13.26 3.06 2.17 1.76 2.44 6.58 0.15 6.00 2.52 9.59 0.77 0.54 0.44 0.61 1.64 -2.15 4.37 1.20 7.76 201410% 2014EPS 2014EPS 3.83 2.71 2.20 3.06 8.22 0.91 6.54 2.96 10.21 1.53 1.08 0.88 1.22 3.29 -1.38 4.91 1.64 8.37 0.38 0.27 0.22 0.31 0.82 -2.53 4.10 0.98 7.46 20145% 2014EPS 2014EPS 1.91 1.36 1.10 1.53 4.11 -1.00 5.18 1.86 8.68 0.77 0.54 0.44 0.61 1.64 -2.15 4.37 1.20 7.76 0.19 0.14 0.11 0.15 0.41 -2.72 3.96 0.87 7.3020.70 10.84 5.9112.48 7.55 5.088.37 5.91 4.67 17(1) 3687547861808044496510%239.00 7.15 10.21 3.06 23.42 9.81 8.37 1.22 28.55 10.61 7.46 0.31 32.06 11.06246.50 4.29 12.51 8.22 19.70 7.33 7.58 3.29 32.53 8.59 5.11 0.82 48.22 9.4012/25/2013 99.20 68.60 25.05 -2.91 3.83 0.76 2014EPS 2014EPS 0.91 6.54 2.96 * 3.83 2.71 2.20 50% PER 108.55 10.49 8.47 PBR 1.64 1.39 1.31 -1.38 4.91 1.64 2014EPS 1.08 0.88 * 1.53 20% PER NA 13.97 15.29 PBR 1.70 1.44 1.41 -2.53 4.10 0.98 2014EPS 0.27 0.22 * 0.38 10% PER NA 16.74 25.61 PBR 1.73 1.46 1.46 18 10. (2) 368712/25/2013 2014EPS 2014EPS * 50% PER PBR 2014EPS * 20% PER PBR 2014EPS * 10% PER PBR54786180804449655%239.00 7.15 8.68 1.53 27.54 10.47 7.76 0.61 30.80 10.90 7.30 0.15 32.73 11.14246.50 4.29 8.40 4.11 29.34 8.36 5.93 1.64 41.54 9.12 4.70 0.41 52.44 9.5599.20 68.60 25.05 -2.91 3.83 0.76 -1.00 5.18 1.86 1.91 1.36 1.10 NA 13.24 13.48 1.69 1.43 1.39 -2.15 4.37 1.20 0.77 0.54 0.44 NA 15.70 20.91 1.72 1.45 1.44 -2.72 3.96 0.87 0.19 0.14 0.11 NA 17.31 28.85 1.74 1.47 1.47 19(3) 3687547861808044496520%239.00 7.15 13.26 6.11 18.02 8.72 9.59 2.44 24.91 10.06 7.76 0.61 30.80 10.90246.50 4.29 20.73 16.44 11.89 5.89 10.87 6.58 22.68 7.71 5.93 1.64 41.54 9.1212/25/2013 99.20 68.60 25.05 -2.91 3.83 0.76 2014EPS 2014EPS 4.74 9.25 5.16 * 7.65 5.42 4.40 50% PER 20.93 7.42 4.86 PBR 1.54 1.32 1.18 0.15 6.00 2.52 2014EPS 2.17 1.76 * 3.06 20% PER 667.74 11.44 9.95 PBR 1.66 1.41 1.34 -2.15 4.37 1.20 2014EPS 0.54 0.44 * 0.77 10% PER NA 15.70 20.91 PBR 1.72 1.45 1.44 20 11. (4965 TT) 3 42% ,S&M 28% 20%, 30%TV 43%NB 16% Des kto , 42% p 19% 20148.22EPS 2011 2012 2013F 4Q12 1Q13 2Q13 584 697 691 183 154 158 215 243 248 66 56 61 68 77 88 25 16 21 64 77 79 24 16 20 EPS() 3.62 4.38 4.52 1.38 0.89 1.15 (%) 36.79% 34.91% 35.85% 35.86% 36.25% 38.40% (%) 11.65% 10.99% 12.75% 13.82% 10.37% 13.51% (%) 10.92% 11.08% 11.50% 13.28% 10.19% 12.79% YoY/QoQ(%) 134.35% 19.22% -0.79% 3.81% -16.18% 2.87% YoY/QoQ(%) 131.11% 20.96% 3.00% 16.52% -35.68% 29.09%Others 2% 3Q13 183 64 22 20 1.15 34.70% 12.15% 11.03% 16.07% 0.11%4Q13F 196 68 29 23 1.33 34.56% 14.58% 11.92% 6.88% 15.50%1Q14F 154 56 16 13 0.75 36.58% 10.17% 8.55% -21.44% -43.67%2Q14F 159 60 20 17 0.95 37.95% 12.64% 10.48% 3.10% 26.45%3Q14F 184 66 25 20 1.15 35.88% 13.36% 10.98% 15.94% 21.44%4Q14F 197 70 31 25 1.44 35.74% 15.84% 12.91% 6.97% 25.79%EPS1.76 21(8044 TT) C2C 65% 10% 50%2014 4.20EPS 200 ( ) 15010050 2010201120122013F 2014F EPS() (%) (%) (%) YoY/QoQ(%)2011 2012 2013F 4Q12 1Q13 2Q13 3Q13 4Q13F 1Q14F 2Q14F 3Q14F 4Q14F 13,665 14,961 15,969 3,795 3,914 3,806 4,139 4,110 4,194 4,053 4,385 4,347 2,349 2,674 2,722 706 646 655 699 722 648 655 744 768 469 483 678 153 149 159 166 204 164 151 168 206 408 392 527 118 117 114 124 173 140 129 143 175 4.96 4.76 6.42 1.44 1.42 1.39 1.51 2.11 1.70 1.57 1.74 2.13 17.19% 17.87% 17.05% 18.61% 16.50% 17.22% 16.88% 17.58% 15.46% 16.16% 16.97% 17.67% 3.43% 3.23% 4.24% 4.03% 3.81% 4.18% 4.01% 4.96% 3.90% 3.72% 3.82% 4.74% 2.99% 2.62% 3.30% 3.11% 2.98% 2.99% 2.99% 4.21% 3.34% 3.19% 3.27% 4.03% 27.33% 9.49% 6.74% 1.31% 3.14% -2.75% 8.75% -0.71% 2.04% -3.36% 8.20% -0.86%YoY/QoQ(%)14.47%-4.02% 34.65% 41.80%-1.25%-2.35%8.70% 39.94% -19.23%EPS8.22 22-7.55% 10.83% 22.26% 12. (Strong Buy) 35%(Buy)15%