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 1Q26, Shift Up reported revenue of W47.3bn (+12% YoY; in line with the consensus of W45.8bn) and operating profit of W21.5bn (-18% YoY; 13% below the consensus of W24.8bn).</li><li>Revenue from Goddess of Victory: Nikke came in at W32.7bn (+1% YoY), 13% below our estimate.</li><li>The title’s New Year update had a limited impact, weighing on global performance. </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, Shift Up reported revenue of W47.3bn (+12% YoY; in line with the consensus of W45.8bn) and operating profit of W21.5bn (-18% YoY; 13% below the consensus of W24.8bn).Revenue from Goddess of Victory: Nikke came in at W32.7bn (+1% YoY), 13% below our estimate.The title’s New Year update had a limited impact, weighing on global performance. 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)Conditions Should Improve from 2H26

<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

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)