[Click eStock] "Wemade, MirM CBT Successfully Concluded... Target Price Maintained"

[Asia Economy Reporter Myunghwan Lee] Hana Financial Investment announced on the 25th that it maintains a buy rating and a target price of 80,000 KRW for Wemade. This is because the company's new mobile game 'MirM' is expected to deliver performance in line with expectations.

Wemade conducted a closed beta test (CBT) from the 19th to the 22nd ahead of the official release of MirM. Hana Financial Investment evaluated the improved graphics compared to the previous work and the faithful reflection of the PC original 'Legend of Mir 2' as encouraging. Considering the popularity of the Legend of Mir IP in China, they predicted that performance improvement is possible not only in the second quarter but also in the fourth quarter. MirM is scheduled for an official release in the second quarter of this year following the CBT, and a global version combined with blockchain is planned for release in the fourth quarter.

MirM is regarded as following the standard of Korean massively multiplayer online role-playing games (MMORPGs). However, the martial arts theme was pointed out as a differentiating factor from other MMORPGs. All monetization elements typical of MMORPGs were confirmed within the game, and the intensity of in-game spending is expected to be stronger than Mir4. The content of MirM was also evaluated to include various conflict contents besides siege warfare.

Regarding performance, it was analyzed that the previously estimated initial domestic service daily sales of 800 million KRW and the initial global daily sales estimate of 700 million KRW will be met. This year, MirM is expected to demonstrate development capabilities while raising expectations for 'MirW,' scheduled for release next year.

Yoon Yeji, a researcher at Hana Financial Investment, said, "The potential as a blockchain game platform currently has low interest," but added, "There is room for improvement depending on future changes in the regulatory environment."