New Risk • May 23
New major risk - Revenue and earnings growth Earnings have declined by 0.09% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 0.09% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩92.8b market cap, or US$61.1m). Reported Earnings • Mar 20
Full year 2025 earnings released: EPS: ₩861 (vs ₩828 in FY 2024) Full year 2025 results: EPS: ₩861 (up from ₩828 in FY 2024). Revenue: ₩91.7b (up 10.0% from FY 2024). Net income: ₩16.0b (up 2.3% from FY 2024). Profit margin: 18% (down from 19% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 16% per year. Annonce • Mar 10
Mgame Corp., Annual General Meeting, Mar 23, 2026 Mgame Corp., Annual General Meeting, Mar 23, 2026, at 09:01 Tokyo Standard Time. Location: conference room, geumcheon-gu, seoul South Korea Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩4,750, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 13x in the Entertainment industry in South Korea. Total loss to shareholders of 45% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩160 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 06 April 2026. Payout ratio is a comfortable 17% but the company is paying out more than the cash it is generating. Trailing yield: 3.3%. Lower than top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (0.6%). Declared Dividend • Nov 08
Dividend of ₩160 announced Dividend of ₩160 is the same as last year. Ex-date: 29th December 2025 Payment date: 6th April 2026 Dividend yield will be 2.6%, which is higher than the industry average of 2.0%. Sustainability & Growth Dividend is covered by earnings (19% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 3.3% per year over the past 2 years and payments have been stable during that time. Earnings per share has grown by 10% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Annonce • Nov 07
Mgame Corp. announces Annual dividend, payable on April 06, 2026 Mgame Corp. announced Annual dividend of KRW 160.0000 per share payable on April 06, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩5,400, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 25x in the Entertainment industry in South Korea. Total loss to shareholders of 45% over the past three years. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: ₩828 (vs ₩1,144 in FY 2023) Full year 2024 results: EPS: ₩828 (down from ₩1,144 in FY 2023). Revenue: ₩83.4b (up 2.2% from FY 2023). Net income: ₩15.7b (down 28% from FY 2023). Profit margin: 19% (down from 27% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. Annonce • Mar 08
Mgame Corp., Annual General Meeting, Mar 24, 2025 Mgame Corp., Annual General Meeting, Mar 24, 2025, at 09:00 Tokyo Standard Time. Location: conference room, geumcheon-gu, seoul South Korea Buy Or Sell Opportunity • Feb 20
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at ₩5,210. The fair value is estimated to be ₩4,315, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years, while earnings per share has been flat. Upcoming Dividend • Dec 20
Upcoming dividend of ₩160 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 08 April 2025. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (1.0%). Buy Or Sell Opportunity • Dec 11
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 2.9% to ₩5,620. The fair value is estimated to be ₩4,625, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years, while earnings per share has been flat. New Risk • Dec 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 8.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (32% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (8.9% average weekly change). Market cap is less than US$100m (₩102.3b market cap, or US$71.5m). Buy Or Sell Opportunity • Nov 25
Now 24% overvalued Over the last 90 days, the stock has fallen 5.5% to ₩5,650. The fair value is estimated to be ₩4,553, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years, while earnings per share has been flat. Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₩5,220, the stock trades at a trailing P/E ratio of 5.5x. Average trailing P/E is 20x in the Entertainment industry in South Korea. Total loss to shareholders of 57% over the past three years. New Risk • Nov 20
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 32% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (32% accrual ratio). Minor Risk Market cap is less than US$100m (₩129.6b market cap, or US$92.8m). Reported Earnings • Nov 20
Third quarter 2024 earnings released: EPS: ₩187 (vs ₩168 in 3Q 2023) Third quarter 2024 results: EPS: ₩187 (up from ₩168 in 3Q 2023). Revenue: ₩19.7b (up 13% from 3Q 2023). Net income: ₩3.53b (up 10.0% from 3Q 2023). Profit margin: 18% (in line with 3Q 2023). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Nov 05
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 17% to ₩6,470. The fair value is estimated to be ₩5,326, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 8.3%. Buy Or Sell Opportunity • Oct 02
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 7.0% to ₩6,600. The fair value is estimated to be ₩5,471, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 8.3%. Annonce • Aug 05
Mgame Corp. (KOSDAQ:A058630) announces an Equity Buyback for KRW 3,000 million worth of its shares. Mgame Corp. (KOSDAQ:A058630) announces a share repurchase program. Under the program, the company will repurchase up to KRW 3,000 million worth of its shares according to the contract with MIRAE ASSET SECURITIES CO., LTD. The purpose of the program is stock price stability and shareholder value enhancement. The program will expire on February 5, 2025. As of August 4, 2024, the company had 430,748 treasury stock holdings in acquisition within the scope of allotment and through other acquisition, respectively. Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: ₩1,144 (vs ₩1,162 in FY 2022) Full year 2023 results: EPS: ₩1,144 (down from ₩1,162 in FY 2022). Revenue: ₩81.6b (up 11% from FY 2022). Net income: ₩21.9b (down 3.5% from FY 2022). Profit margin: 27% (down from 31% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 19
Third quarter 2023 earnings released: EPS: ₩168 (vs ₩227 in 3Q 2022) Third quarter 2023 results: EPS: ₩168 (down from ₩227 in 3Q 2022). Revenue: ₩17.5b (up 12% from 3Q 2022). Net income: ₩3.20b (down 41% from 3Q 2022). Profit margin: 18% (down from 35% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. New Risk • Jul 27
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩125.6b (US$98.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment improved over the past week After last week's 18% share price gain to ₩8,610, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 17x in the Entertainment industry in South Korea. Total returns to shareholders of 152% over the past three years. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. 2 independent directors (7 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Annonce • Sep 26
Mgame Corp. (KOSDAQ:A058630) announces an Equity Buyback for KRW 3,000 million worth of its shares. Mgame Corp. (KOSDAQ:A058630) announces a share repurchase program. Under the program, the company will repurchase up to $3,000 million worth of its shares according to the contract with DB Financial Investment Co., Ltd. The purpose of the program is stock price stability and shareholder value enhancement. The program will expire on March 26, 2023. As of September 25, 2022, the company had 0 treasury stock holdings in acquisition within the scope of allotment and through other acquisition, respectively. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩6,380, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 16x in the Entertainment industry in South Korea. Total returns to shareholders of 71% over the past three years. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. 2 independent directors (7 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improved over the past week After last week's 24% share price gain to ₩12,500, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 19x in the Entertainment industry in South Korea. Total returns to shareholders of 268% over the past three years. Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment improved over the past week After last week's 15% share price gain to ₩10,400, the stock trades at a trailing P/E ratio of 12.6x. Average trailing P/E is 30x in the Entertainment industry in South Korea. Total returns to shareholders of 183% over the past three years. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₩8,610, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 32x in the Entertainment industry in South Korea. Total returns to shareholders of 169% over the past three years. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improved over the past week After last week's 19% share price gain to ₩14,050, the stock trades at a trailing P/E ratio of 23.2x. Average trailing P/E is 51x in the Entertainment industry in South Korea. Total returns to shareholders of 414% over the past three years. Valuation Update With 7 Day Price Move • Oct 19
Investor sentiment improved over the past week After last week's 16% share price gain to ₩9,300, the stock trades at a trailing P/E ratio of 15.4x. Average trailing P/E is 41x in the Entertainment industry in South Korea. Total returns to shareholders of 226% over the past three years. Valuation Update With 7 Day Price Move • Sep 01
Investor sentiment improved over the past week After last week's 23% share price gain to ₩10,500, the stock trades at a trailing P/E ratio of 17.4x. Average trailing P/E is 39x in the Entertainment industry in South Korea. Total returns to shareholders of 196% over the past three years. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improved over the past week After last week's 25% share price gain to ₩11,300, the stock trades at a trailing P/E ratio of 24.1x. Average trailing P/E is 38x in the Entertainment industry in South Korea. Total returns to shareholders of 212% over the past three years. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩6,040, the stock is trading at a trailing P/E ratio of 11.4x, down from the previous P/E ratio of 13.4x. This compares to an average P/E of 25x in the Entertainment industry in South Korea. Total returns to shareholders over the past three years are 31%. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improved over the past week After last week's 22% share price gain to ₩6,490, the stock is trading at a trailing P/E ratio of 12.2x, up from the previous P/E ratio of 10x. This compares to an average P/E of 22x in the Entertainment industry in South Korea. Total returns to shareholders over the past three years are 40%. Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩5,270, the stock is trading at a trailing P/E ratio of 9.9x, down from the previous P/E ratio of 11.9x. This compares to an average P/E of 20x in the Entertainment industry in South Korea. Total return to shareholders over the past three years is a loss of 1.5%. Valuation Update With 7 Day Price Move • Dec 04
Market bids up stock over the past week After last week's 20% share price gain to ₩6,510, the stock is trading at a trailing P/E ratio of 12.3x, up from the previous P/E ratio of 10.2x. This compares to an average P/E of 20x in the Entertainment industry in South Korea. Total returns to shareholders over the past three years are 44%. Is New 90 Day High Low • Dec 03
New 90-day high: ₩6,020 The company is up 4.0% from its price of ₩5,800 on 04 September 2020. The South Korean market is up 11% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Entertainment industry, which is down 9.0% over the same period. Is New 90 Day High Low • Oct 16
New 90-day low: ₩4,880 The company is down 5.0% from its price of ₩5,160 on 17 July 2020. The South Korean market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is down 4.0% over the same period.