External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

Founded in 1962, Daishin Securities is a leading financial services provider in Korea. Daishin securities does its best to provide high quality financial service and to satisfy the various needs of investors. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>4Q25 OP came in at W84bn, missing consensus even after factoring in one-offs and ADK consolidation</li><li>PUBG 1Q26 metrics are encouraging, but traditional peak seasonality alone looks insufficient to back annual PUBG growth</li><li>Share price upside hinges on Subnautica 2 launch; new title momentum could build once launch schedule becomes clearer</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>

4Q25 OP came in at W84bn, missing consensus even after factoring in one-offs and ADK consolidationPUBG 1Q26 metrics are encouraging, but traditional peak seasonality alone looks insufficient to back annual PUBG growthShare price upside hinges on Subnautica 2 launch; new title momentum could build once launch schedule becomes clearerContent 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.

Krafton (259960 KS) - Absorbing Seasonal Headwinds in 4Q Results