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 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/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>We discuss the end of the mandatory lock-up periods for 57 stocks in Korea in January 2025, among which four are in KOSPI and 53 are in KOSDAQ. </li>
<li>The ban on short selling of Korean stocks which is still in place is likely to be lifted on 31 March 2025.</li>
<li>Some of the companies mentioned in this insight which highlights the end of the major lockup periods could help to narrow down the list of candidates for potential shorting. </li>
</ul>


We discuss the end of the mandatory lock-up periods for 57 stocks in Korea in January 2025, among which four are in KOSPI and 53 are in KOSDAQ. 
The ban on short selling of Korean stocks which is still in place is likely to be lifted on 31 March 2025.
Some of the companies mentioned in this insight which highlights the end of the major lockup periods could help to narrow down the list of candidates for potential shorting. 


End of Mandatory Lock-Up Periods for 57 Companies in Korea in January 2025

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Apr 17th. The aggregated holding was USD1,287.1bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,706mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in SK Hynix, Doosan Enerbility, Samsung Elec (PREF), APR, LS ELECTRIC.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Apr 17th. The aggregated holding was USD1,287.1bn.
We estimate that foreign flows to be inflows of USD2,706mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix, Doosan Enerbility, Samsung Elec (PREF), APR, LS ELECTRIC.


KRX Foreign Holding Weekly (Apr 17th): SK Hynix, Doosan Enerbility, Samsung Elec (PREF), APR

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Apr 10th. The aggregated holding was USD1,239.1bn.</li>
<li>We estimate that foreign flows to be inflows of USD4,094mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Samsung Electronics, SK Hynix, KorZinc, SamsungElecMech, Doosan Enerbility.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Apr 10th. The aggregated holding was USD1,239.1bn.
We estimate that foreign flows to be inflows of USD4,094mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Samsung Electronics, SK Hynix, KorZinc, SamsungElecMech, Doosan Enerbility.


KRX Foreign Holding Weekly (Apr 10th): Samsung Electronics, SK Hynix, KorZinc, SamsungElecMech

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)