[Click eStock] "Wemade, MirM Global Sales Estimate Downgraded"... Target Price ↓

[Asia Economy Reporter Lee Jung-yoon] Hana Securities lowered the target price for Wemade from 80,000 won to 60,000 won on the 13th, stating that the domestic sales of MirM were lower than expected, making it inevitable to revise down the global sales estimates. However, the buy rating was maintained.

Wemade's sales for the third quarter of this year are expected to reach 129.2 billion won, a 104.0% increase compared to the same period last year, with an operating loss of 5.7 billion won. For Mir4, following the second quarter, a downward stabilization continued in the third quarter, with the combined average daily sales domestically and globally estimated at 360 million won. MirM's sales ranking, which had maintained a top 10 position until July, dropped to around 50th due to difficulty issues. The average daily sales for the third quarter were analyzed at 350 million won. With no new releases in the third quarter, additional hiring related to blockchain increased labor costs, and marketing expenditures for expanding Wemade Play's social casino business also rose, so a return to profitability is expected after the fourth quarter.

Yoon Ye-ji, a researcher at Hana Securities, explained, "The global version of MirM is expected to be released as scheduled in the fourth quarter of this year," adding, "Mir4 still maintains about 300,000 concurrent users."

She continued, "Considering that the third quarter sales did not decline significantly compared to the second quarter when including sales generated through coin payments, we believe there is sufficient potential demand for blockchain MMOs (Massively Multiplayer Online role-playing games)."

Based on the initial sales of the global version of Mir4, the daily sales of the global version of MirM in the fourth quarter were estimated at 700 million won. Additionally, Mad Engine, in which Wemade holds a 40% stake, is preparing a new MMO, and Wemade XR is developing the mobile MMO 'Legend of Imir' using the Unreal Engine 5, scheduled for release in 2023.

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