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>Earnings momentum to continue in 2H252Q25 review: OP beats consensus For 2Q25, Netmarble reported revenue of W718bn (-8% YoY; in line with the consensus) and operating profit of W101bn (-9% YoY; above the consensus of W81bn)</li><li>Despite weaker revenue from existing titles, revenue grew 15% QoQ on a full-quarter contribution from RF Online and the launch of Seven Knights Re:Birth</li><li>We estimate Seven Knights Re:Birth generated average daily revenue of around W2bn during the quarter</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>

Earnings momentum to continue in 2H252Q25 review: OP beats consensus For 2Q25, Netmarble reported revenue of W718bn (-8% YoY; in line with the consensus) and operating profit of W101bn (-9% YoY; above the consensus of W81bn)Despite weaker revenue from existing titles, revenue grew 15% QoQ on a full-quarter contribution from RF Online and the launch of Seven Knights Re:BirthWe estimate Seven Knights Re:Birth generated average daily revenue of around W2bn during the quarterContent 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.

Netmarble (251270 KS/Buy)Earnings Momentum to Continue in 2H25