External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

External broker reports(aggregated public sources)

Founded in 1962, Daishin Securities is a leading financial services provider in Korea. Daishin securities does its best to provide high quality financial service and to satisfy the various needs of investors. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>4Q25 OP came in at W84bn, missing consensus even after factoring in one-offs and ADK consolidation</li><li>PUBG 1Q26 metrics are encouraging, but traditional peak seasonality alone looks insufficient to back annual PUBG growth</li><li>Share price upside hinges on Subnautica 2 launch; new title momentum could build once launch schedule becomes clearer</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.

4Q25 OP came in at W84bn, missing consensus even after factoring in one-offs and ADK consolidationPUBG 1Q26 metrics are encouraging, but traditional peak seasonality alone looks insufficient to back annual PUBG growthShare price upside hinges on Subnautica 2 launch; new title momentum could build once launch schedule becomes clearerContent 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.

Krafton - Absorbing Seasonal Headwinds in 4Q Results

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

Mirae Asset Securities

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

<ul><li>For 1Q26, we expect Krafton to report revenue of W1.255tr (+44% YoY; 5% above the consensus of W1.20tr) and operating profit of W462bn (+1% YoY; 13% above the consensus of W408bn).</li><li>The mobile division likely saw a visible revenue recovery, returning to growth (+12% YoY) following a 19% YoY decline in 4Q25.</li><li>A strong performance from Peacekeeper Elite (Chinese version of PUBG Mobile) likely drove the rebound in the mobile segment. </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 1Q26, we expect Krafton to report revenue of W1.255tr (+44% YoY; 5% above the consensus of W1.20tr) and operating profit of W462bn (+1% YoY; 13% above the consensus of W408bn).The mobile division likely saw a visible revenue recovery, returning to growth (+12% YoY) following a 19% YoY decline in 4Q25.A strong performance from Peacekeeper Elite (Chinese version of PUBG Mobile) likely drove the rebound in the mobile segment. 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.

Krafton (259960 KS/Buy)PUBG Traffic Continues to Exceed Expectations

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>Now that Lee Jae-Myung has become new South Korean President, the uncertainty revolving who will lead South Korea in the next five years is now over.</li>
<li>In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the market for the remainder of 2025.</li>
<li>The four investment themes include Korean Holdcos/Quasi Holdcos, Korean Cultural Contents, Securities, and SK Group Companies.</li>
</ul>


Now that Lee Jae-Myung has become new South Korean President, the uncertainty revolving who will lead South Korea in the next five years is now over.
In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the market for the remainder of 2025.
The four investment themes include Korean Holdcos/Quasi Holdcos, Korean Cultural Contents, Securities, and SK Group Companies.


Lee Jae-Myung Becomes the New South Korean President - Four Investment Themes That Could Outperform

Equity Capital Markets

<ul>
<li>On 5 June, Shift Up announced that it will be postponing its IPO to July. The original book building period for the institutional investors was from 3 to 13 June.  </li>
<li>The final book building date has been postponed to 27 June. The subsequent public offering subscription for general investors was also postponed to 2 to 3 July.</li>
<li>A major investment positive of Shift Up is enormous initial success of Stellar Blade which was the best selling game in the U.S. and numerous other countries in April 2024. </li>
</ul>


On 5 June, Shift Up announced that it will be postponing its IPO to July. The original book building period for the institutional investors was from 3 to 13 June.  
The final book building date has been postponed to 27 June. The subsequent public offering subscription for general investors was also postponed to 2 to 3 July.
A major investment positive of Shift Up is enormous initial success of Stellar Blade which was the best selling game in the U.S. and numerous other countries in April 2024. 


Shift Up Delays the IPO and Stellar Blade Tops Number One Game in the US in April

Krafton (259960 KS) - Absorbing Seasonal Headwinds in 4Q Results

South Korea

Krafton, Inc. operates as a game development company. The Company develops console games, mobile games, computer games, and other related products. Krafton markets its products throughout South Korea.

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Krafton (259960 KS)

Krafton - Absorbing Seasonal Headwinds in 4Q Results

PUBG 1Q26 metrics are encouraging, but traditional peak seasonality alone looks insufficient to back annual PUBG growthShare price upside hinges on...

Daishin Securities