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

Mirae Asset Securities

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.

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 4Q25, Kakao Games reported revenue of W98.9bn (-26% YoY) and an operating loss of W13.1bn.</li><li>While earnings were weak overall, with top-line contraction deepening and operating losses widening, we note that PC revenue exceeded our estimate by roughly W7bn, coming in at W29.9bn (+45% YoY).</li><li>The solid PC performance was driven by a collaboration update for PUBG, which is continuing to record stable traffic/metrics.</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 4Q25, Kakao Games reported revenue of W98.9bn (-26% YoY) and an operating loss of W13.1bn.While earnings were weak overall, with top-line contraction deepening and operating losses widening, we note that PC revenue exceeded our estimate by roughly W7bn, coming in at W29.9bn (+45% YoY).The solid PC performance was driven by a collaboration update for PUBG, which is continuing to record stable traffic/metrics.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)Looking Ahead to 2027