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, 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><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, 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

Wemade Co

Wemade (112040 KQ/Buy)Promising 2026 Outlook