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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Equity Bottom-Up

<ul><li>For 3Q25, Wemade announced revenue of W163.6bn (-24% YoY) and operating profit of W26.3bn (-49% YoY), beating consensus estimates (W157.1bn and W15.5bn, respectively).</li><li>Game revenue was W107.7bn (-16% YoY), 15% above our estimate, aided by the global launches of two casual titles (Lost Sword and Hellsquad Rrrush!).</li><li>The firm booked licensing revenue of W54.8bn (-34% YoY; 7% higher than our estimate), including W50bn from China related to the Mir IP. </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, Wemade announced revenue of W163.6bn (-24% YoY) and operating profit of W26.3bn (-49% YoY), beating consensus estimates (W157.1bn and W15.5bn, respectively).Game revenue was W107.7bn (-16% YoY), 15% above our estimate, aided by the global launches of two casual titles (Lost Sword and Hellsquad Rrrush!).The firm booked licensing revenue of W54.8bn (-34% YoY; 7% higher than our estimate), including W50bn from China related to the Mir IP. 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.

Wemade (112040 KQ/Buy)Promising 2026 Outlook

<ul><li>For 2Q25, Wemade reported below-consensus results, with revenue of W116.8bn(-32% YoY; vs. consensus of W126.9bn) and an operating loss of W28.5bn (remaining in the red YoY; vs. consensus of -W14.7bn).</li><li>Game revenue totaled W114.7bn (-31% YoY), 4% below expectations, with the mobile segment seeing a 23% QoQ decline due to a downward stabilization in revenue from Legend of Ymir and Lost Sword.</li><li>The company posted licensing revenue of W0.7bn and blockchain revenue of W0.6bn.</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, Wemade reported below-consensus results, with revenue of W116.8bn(-32% YoY; vs. consensus of W126.9bn) and an operating loss of W28.5bn (remaining in the red YoY; vs. consensus of -W14.7bn).Game revenue totaled W114.7bn (-31% YoY), 4% below expectations, with the mobile segment seeing a 23% QoQ decline due to a downward stabilization in revenue from Legend of Ymir and Lost Sword.The company posted licensing revenue of W0.7bn and blockchain revenue of W0.6bn.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.

Wemade (112040 KQ/Buy)Awaiting New Releases

South Korea

Wemade Co., Ltd. develops and markets on-line games that enable users to play over the internet.  The Company also provides computer game software and mobile games for cellular phone users.

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Wemade Co (112040 KS)

Wemade (112040 KQ/Buy)Promising 2026 Outlook

For 3Q25, Wemade announced revenue of W163.6bn (-24% YoY) and operating profit of W26.3bn (-49% YoY), beating consensus estimates (W157.1bn and...

Mirae Asset Securities

Wemade (112040 KQ/Buy)Awaiting New Releases

For 2Q25, Wemade reported below-consensus results, with revenue of W116.8bn(-32% YoY; vs. consensus of W126.9bn) and an operating loss of W28.5bn...

Mirae Asset Securities

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