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

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>For 3Q25, Kakao Games reported revenue of W127.5bn (-22% YoY) and an operating loss of W5.4bn (turning to red YoY), broadly in line with the consensus estimates (revenue W125.0bn, operating loss W4.2bn).</li><li>Mobile revenue came in at W84.8bn (-34% YoY), 12% below expectations, mainly due to the continued stabilization of Odin: Valhalla Rising and ArcheAge War.</li><li>PC revenue reached W42.7bn (+25% YoY), roughly W20bn above expectations, driven by multiple collaboration updates for PUBG.</li></ul><p><em>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.</em></p>

For 3Q25, Kakao Games reported revenue of W127.5bn (-22% YoY) and an operating loss of W5.4bn (turning to red YoY), broadly in line with the consensus estimates (revenue W125.0bn, operating loss W4.2bn).Mobile revenue came in at W84.8bn (-34% YoY), 12% below expectations, mainly due to the continued stabilization of Odin: Valhalla Rising and ArcheAge War.PC revenue reached W42.7bn (+25% YoY), roughly W20bn above expectations, driven by multiple collaboration updates for PUBG.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.

Kakao Games (293490 KQ/Hold)Enduring a Lean Season