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. 

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>For 3Q25, Shift Up reported revenue of W75.5bn (+30% YoY; 4% above the consensus of W72.9bn) and operating profit of W49.5bn (+39% YoY; 7% above the consensus of W46.3bn).</li><li>Revenue from Goddess of Victory: Nikke reached W44.5bn (+30% YoY), including an estimated W37bn in global (ex-China) revenue (+10% YoY; returning to growth).</li><li>Stellar Blade revenue climbed 23% YoY to W27.7bn, in line with our estimate.</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, Shift Up reported revenue of W75.5bn (+30% YoY; 4% above the consensus of W72.9bn) and operating profit of W49.5bn (+39% YoY; 7% above the consensus of W46.3bn).Revenue from Goddess of Victory: Nikke reached W44.5bn (+30% YoY), including an estimated W37bn in global (ex-China) revenue (+10% YoY; returning to growth).Stellar Blade revenue climbed 23% YoY to W27.7bn, in line with our estimate.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.

Shift Up (462870 KS/Buy)Solid Global Performance from Goddess of Victory: Nikke

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

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Index Rebalance

<ul>
<li>Early take based on avg daily mkt cap: 5 MID→LARGE, 6 LARGE→MID. Count mismatch due to LG CNS likely making a direct jump into LARGE post-March IPO.</li>
<li>Local insto-driven moves remain tradable — in the March reshuffle, price action started from T–2M, with strongest returns in the T–1M window.</li>
<li>With cap gaps near historical norms, it’s time to pre-position around top/bottom cutline names — then scale up into borderlines as we move into the T–1M window.</li>
</ul>


Early take based on avg daily mkt cap: 5 MID→LARGE, 6 LARGE→MID. Count mismatch due to LG CNS likely making a direct jump into LARGE post-March IPO.
Local insto-driven moves remain tradable — in the March reshuffle, price action started from T–2M, with strongest returns in the T–1M window.
With cap gaps near historical norms, it’s time to pre-position around top/bottom cutline names — then scale up into borderlines as we move into the T–1M window.


Sizing up September’s KOSPI Size Index Migration Names

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

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

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shift-up-corp" target="_blank" data-smartkarma-citation="entities:36232:1" rel="noopener">Shift Up (462870 KS)</a> raised around US$320m in its South Korean IPO, after pricing at the top. Around US$1.2bn worth of shares will be released from their lockup soon.</li>
<li>Shift Up is a South Korean games developer, which as released three games so far for the global markets.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Shift Up (462870 KS) raised around US$320m in its South Korean IPO, after pricing at the top. Around US$1.2bn worth of shares will be released from their lockup soon.
Shift Up is a South Korean games developer, which as released three games so far for the global markets.
In this note, we will talk about the lockup dynamics and possible placement.


Shift Up IPO Lockup - US$1.2bn Lockup Release of Strategic, Employees and IPO Investors

South Korea

Shift Up is an all-in -one game design and development studio that crosses a wide range of fields from game production to promotional video and music production, based on original illustration and solid planning and programming skills.

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Shift Up (462870 KS)