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

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Thematic (Sector/Industry)

<ul><li>Key themes: Rising competition, AI adoption, and app store commission cuts</li><li>With games increasingly competing with short-form video platforms for users’ time and attention, the overall gaming market is projected to grow only about 3% YoY in 2026</li><li>Users are increasingly seeking low-effort instant gratification, resulting in particularly high churn for titles requiring greater effort and longer-term progression</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.

Key themes: Rising competition, AI adoption, and app store commission cutsWith games increasingly competing with short-form video platforms for users’ time and attention, the overall gaming market is projected to grow only about 3% YoY in 2026Users are increasingly seeking low-effort instant gratification, resulting in particularly high churn for titles requiring greater effort and longer-term progressionContent 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.

Games (Overweight/Maintain)30% App Store Commission Model Nearing Its End

Equity Bottom-Up

<ul><li>For 2Q25, Neowiz reported revenue of W110.0bn (+26% YoY) and operating profit of W18.6bn (+292% YoY), beating the consensus estimates (W97.3bn and W12.5bn, respectively), driven by: 1) the Lies of P downloadable content (DLC; launched on Jun. 7); and 2) the second-anniversary update for Brown Dust 2.</li><li>PC/console revenue reached W57.5bn (+54% YoY), exceeding expectations by roughly W20bn. Mobile revenue grew 9% YoY to W44bn, in line with expectations.</li><li>Brown Dust 2 saw record-high revenue and traffic, driven by the second-anniversary update in June. </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 2Q25, Neowiz reported revenue of W110.0bn (+26% YoY) and operating profit of W18.6bn (+292% YoY), beating the consensus estimates (W97.3bn and W12.5bn, respectively), driven by: 1) the Lies of P downloadable content (DLC; launched on Jun. 7); and 2) the second-anniversary update for Brown Dust 2.PC/console revenue reached W57.5bn (+54% YoY), exceeding expectations by roughly W20bn. Mobile revenue grew 9% YoY to W44bn, in line with expectations.Brown Dust 2 saw record-high revenue and traffic, driven by the second-anniversary update in June. 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.

Neowiz (095660 KQ/Buy)Solid Earnings Delivery Continues

South Korea

Neowiz offers online games application services.  The company offers variety types of online games such as action and sports games.

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Neowiz (095660 KS)

Games (Overweight/Maintain)30% App Store Commission Model Nearing Its End

With games increasingly competing with short-form video platforms for users’ time and attention, the overall gaming market is projected to grow...

Mirae Asset Securities

Neowiz (095660 KQ/Buy)Solid Earnings Delivery Continues

For 2Q25, Neowiz reported revenue of W110.0bn (+26% YoY) and operating profit of W18.6bn (+292% YoY), beating the consensus estimates (W97.3bn and...

Mirae Asset Securities

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