Mirae Asset Securities analyzed on the 30th that Mitogen is expected to enter a phase of performance recovery starting from the second quarter of this year.
Researcher Im Hee-seok of Mirae Asset Securities stated, "In the first quarter of this year, performance was sluggish due to the absence of new releases and increased investments," and added, "In the second quarter, the strong sales of Tripix Journey will help recover top-line growth."
He continued, "We estimate sales of 24.9 billion KRW and operating profit of 7.7 billion KRW in the second quarter," and added, "The new releases officially launching from the third quarter will also contribute to strong performance in the second half of the year."
It is analyzed that Mitogen will achieve sales of 102.6 billion KRW and operating profit of 29.8 billion KRW this year, which represent increases of 5% and 1%, respectively, compared to last year.
Researcher Im said, "The current stock price is based on a price-earnings ratio (PER) of 5.5 times according to this year's expected performance," and analyzed, "It is at the lowest valuation level since listing." He further predicted, "With the release of multiple new games, webtoons, and web novels, both performance momentum and new release momentum will occur simultaneously in the second half of this year."
He emphasized, "Mitogen owns a Chinese subsidiary capable of obtaining domestic publishing licenses," and added, "This situation is advantageous for acquiring publishing licenses compared to other game companies."
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