[Click eStock] "Mobidays, Subsidiary Business Expansion and Expectations for Second Half Performance"

Roles of Subsidiaries Mobigames and Mobicontentstech
Acquisition of K-pop Goods Platform 'Cocodive'
Expectations for Collaboration with TikTok and Market Entry

Hana Securities analyzed on the 24th that Mobidays is raising expectations for improved performance in the second half of the year along with the expansion of its subsidiary's business. No separate investment opinion or target price was presented. Mobidays' closing price on the previous trading day was 2,385 KRW.

Choi Jae-ho, a researcher at Hana Securities, said, "Mobidays' revenue in the first quarter of 2024 was 6.79 billion KRW, a 72.4% increase compared to the previous year, but operating profit turned to a loss of 400 million KRW." He added, "This is analyzed as a slump due to investment costs for new businesses. However, in the second half of the year, performance improvement is expected compared to the first half due to the launch of new games by subsidiary Mobigames and the business expansion of Mobicontentstech."

Mobidays is a marketing-based comprehensive content company established in 2014. It performs various forms of online integrated advertising, advertisement production, and media agency services tailored to advertisers' needs. It provides DA (Display Advertising)/SA (Search Advertising) performance marketing, media lab advertising consulting services, mobile marketing platforms (Mobiconnect, AD-Network), and other services targeting major clients in gaming, insurance, securities, and more. Last year, it entered the marketing personnel education and training business by acquiring Yeonple (Mobicareeredu), a marketing specialized practical education platform operator.

Researcher Choi said, "Mobigames completed global publishing of the puzzle adventure game 'Mabeob-ui Sup' (Magic Forest) last year and the subculture strategy game 'Byeol-ui Jeonjaeng' (War of Stars) this year." He added, "Especially, 'Byeol-ui Jeonjaeng' ranked number one in the popular game rankings on the two major app stores, achieving success. A sequel is also being prepared for additional publishing." Additionally, Mobicontentstech operates a platform business that allows overseas customers to easily purchase albums and goods of K-pop stars. It expanded its business by acquiring the B2C-based K-pop album and goods planning and distribution sales platform 'Cocodive' for about 30 billion KRW. Currently, it holds exclusive contracts for MD product production with idol groups such as 'Kiss of Life' and 'Lusemble,' and is pursuing cooperation with additional artists.

Mobidays was selected as an official TikTok partner in 2021. Benefits are also expected depending on the domestic market entry of 'TikTok Shop.' Researcher Choi said, "Mobidays is strengthening its competitiveness in marketing and content businesses through this subsidiary business expansion and new business investment, and expects performance improvement in the second half of the year."