External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Equity Bottom-Up

<ul><li>For 4Q25, Kakao Games reported revenue of W98.9bn (-26% YoY) and an operating loss of W13.1bn.</li><li>While earnings were weak overall, with top-line contraction deepening and operating losses widening, we note that PC revenue exceeded our estimate by roughly W7bn, coming in at W29.9bn (+45% YoY).</li><li>The solid PC performance was driven by a collaboration update for PUBG, which is continuing to record stable traffic/metrics.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 4Q25, Kakao Games reported revenue of W98.9bn (-26% YoY) and an operating loss of W13.1bn.While earnings were weak overall, with top-line contraction deepening and operating losses widening, we note that PC revenue exceeded our estimate by roughly W7bn, coming in at W29.9bn (+45% YoY).The solid PC performance was driven by a collaboration update for PUBG, which is continuing to record stable traffic/metrics.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kakao Games (293490 KQ/Hold)Looking Ahead to 2027

<ul><li>For 3Q25, Kakao Games reported revenue of W127.5bn (-22% YoY) and an operating loss of W5.4bn (turning to red YoY), broadly in line with the consensus estimates (revenue W125.0bn, operating loss W4.2bn).</li><li>Mobile revenue came in at W84.8bn (-34% YoY), 12% below expectations, mainly due to the continued stabilization of Odin: Valhalla Rising and ArcheAge War.</li><li>PC revenue reached W42.7bn (+25% YoY), roughly W20bn above expectations, driven by multiple collaboration updates for PUBG.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 3Q25, Kakao Games reported revenue of W127.5bn (-22% YoY) and an operating loss of W5.4bn (turning to red YoY), broadly in line with the consensus estimates (revenue W125.0bn, operating loss W4.2bn).Mobile revenue came in at W84.8bn (-34% YoY), 12% below expectations, mainly due to the continued stabilization of Odin: Valhalla Rising and ArcheAge War.PC revenue reached W42.7bn (+25% YoY), roughly W20bn above expectations, driven by multiple collaboration updates for PUBG.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kakao Games (293490 KQ/Hold)Enduring a Lean Season

South Korea

Kakao Games Corp. operates as a multiply platform gaming company. The Company provides mobile games, computer games, virtual reality games, and other related products. Kakao Games markets its products worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Kakao Games (293490 KS)

Kakao Games (293490 KQ/Hold)Looking Ahead to 2027

The solid PC performance was driven by a collaboration update for PUBG, which is continuing to record stable traffic/metrics.

Mirae Asset Securities

Kakao Games (293490 KQ/Hold)Enduring a Lean Season

Mobile revenue came in at W84.8bn (-34% YoY), 12% below expectations, mainly due to the continued stabilization of Odin: Valhalla Rising and...

Mirae Asset Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)