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

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

<ul><li>Revenue from Peacekeeper Elite (Chinese adaptation of PUBG Mobile) is showing signs of a sharp rebound following the normalization of promotional activities early this year.</li><li>Based on Sensor Tower estimates, the game’s average daily iOS revenue in January is more than double the 4Q25 level.</li><li>Compared with the pre-Lunar New Year update period last year (Jan. 1-17), average daily revenue over the same period this year is estimated to be up 34% YoY.</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.

Revenue from Peacekeeper Elite (Chinese adaptation of PUBG Mobile) is showing signs of a sharp rebound following the normalization of promotional activities early this year.Based on Sensor Tower estimates, the game’s average daily iOS revenue in January is more than double the 4Q25 level.Compared with the pre-Lunar New Year update period last year (Jan. 1-17), average daily revenue over the same period this year is estimated to be up 34% YoY.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)Focus on 1Q26 Earnings Surprise Potential; Time to Buy

<ul><li>1Q25 consensus beat on solid platform performance; China Mobile leads the upside</li><li>Mobile revenue growth reflected; 2025 earnings forecasts revised up; TP raised by 15% </li><li>High expectations for 2H new titles; yearly profit set to grow 20% or higher; Retain Top pick</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.

1Q25 consensus beat on solid platform performance; China Mobile leads the upsideMobile revenue growth reflected; 2025 earnings forecasts revised up; TP raised by 15% High expectations for 2H new titles; yearly profit set to grow 20% or higher; Retain Top pickContent 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 Apr 30, 2025) - PUBG Holds Strong, New Titles Impress

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