[Click eStock] "Wemade is Gradually Reviving"

NH Investment & Securities analyzed on the 12th that Wemade is expected to see a performance recovery due to the Nightcrow effect and the release of new titles.

Ahn Jae-min, a researcher at NH Investment & Securities, stated in a report on the same day, “The performance of Mir M Global, released in January, confirmed that the P2E game market is still alive, and with the great success of Nightcrow released in April, the performance is expected to enter a recovery phase again.” He added, “Since we hold a 40% stake in Mad Engine, the developer of Nightcrow, it will have a positive impact not only on sales but also on equity-method earnings.”

Ahn Jae-min explained, “Concerns surrounding WEMIX have passed the worst phase,” and “Following Coinone, domestic exchanges are expected to resume WEMIX trading, overseas exchange listings are continuing, and the number of onboarding games on WEMIX PLAY is increasing.”

He said, “Nightcrow, released on the 27th of last month, rose to number one in Google App Store sales rankings within 11 days of its release and has shown steadily increasing sales.” He estimated, “It is currently maintaining an average daily sales level of 2 billion KRW, and from the second quarter, it is expected that the operating loss margin can be significantly reduced.”

He added, “The P2E version of Nightcrow is scheduled for release within this year, and Legend of Mir is being prepared for early next year, so the 2024 performance is expected to recover.”