[Click eStock] "Vespa, New Release Momentum Strengthens Toward Year-End"

[Asia Economy Reporter Hyunseok Yoo] Hanwha Investment & Securities analyzed on the 1st that Vespa is expected to enter its first new release cycle from the second half of this year, with new release momentum strengthening toward the end of the year. No investment opinion or target price was provided.

Dongha Kim, a researcher at Hanwha Investment & Securities, stated, "The new release schedule includes the full-scale marketing of Aggretsuko: The Puzzle in Q3 this year, the launch of Catopia Rush (targeting North America), and the release of Time Defenders and KingsRaid Remaster, which are expected to be the biggest new releases in Q1 next year," adding, "In the second half of next year, three new titles will be released."

He added, "In the second half of this year, Vespa plans to enter the content business through the production of the KingsRaid anime in Japan," and evaluated, "Considering the participation of top-tier staff in Japan, success is expected, and if the anime succeeds, the IP value of KingsRaid is likely to increase."

Researcher Kim expects that Vespa's anime will generate not only direct revenue but also increase existing KingsRaid sales (through increased awareness via mid-roll ads within the anime), contribute to the success of KingsRaid Season 2 Remaster (such as introducing anime original characters in the game), create additional revenue through merchandise and OTT sales, and expand into console and PC games, thus significantly increasing operating revenue related to the KingsRaid IP once again.

He expects a turnaround in performance starting next year. "Although a loss was recorded in Q2 due to increased advertising expenses, performance improvement is expected from the second half of this year, with the large-scale KingsRaid update and the launch of Aggretsuko: The Puzzle in Q3 reducing the deficit," he said. He added, "An increase in KingsRaid sales due to the anime effect in Q4 this year and rising awareness of Aggretsuko in Japan and the US are expected to lead to a return to profitability. Next year, with the release of the anticipated titles Time Defenders and KingsRaid Remaster, along with three new titles, Vespa will enter the investment recovery phase, so a performance turnaround is expected."

This content was produced with the assistance of AI translation services.