Duyuru • Mar 09
Gravity Co., Ltd., Annual General Meeting, Mar 27, 2026 Gravity Co., Ltd., Annual General Meeting, Mar 27, 2026, at 10:00 Tokyo Standard Time. Location: conference room 2 located at 3f business tower, 396 world cup buk-ro, mapo-gu, seoul 121-795, South Korea Duyuru • Mar 06
Ragnarok Zero: Global - Pre-Registration Opens March 5 for the First Global Ragnarok PC Server Gravity Co., Ltd.'s Subsidiary Gravity Game Unite SDN. BHD announced that Pre-Registration for Ragnarok Zero: Global will officially open on March 5, 2026. Ragnarok Zero: Global is the first Global PC service for the Ragnarok franchise, bringing the nostalgic world of Midgard to players across Southeast Asia, Europe and Oceania through a unified global service environment. Officially licensed by Gravity Co., Ltd., Ragnarok Zero: Global recreates the original Ragnarok Online experience while introducing carefully developed improvements that enhance gameplay without losing the spirit of the classic MMORPG. The game also features seven language options: Thai, Bahasa Indonesia, English, German, French, Chinese, and Turkish, making it one of the most globally accessible Ragnarok PC titles ever released. In addition, UGC (User Generated Content) that allows players to directly participate, introduced for the first time in the Ragnarok IP, is also currently in preparation, with further details to be revealed at a later date. One of the defining features of Ragnarok Zero: Global is its subscription-based service model. Unlike free-to-play environments that often introduce pay-to-win elements, Ragnarok Zero focuses on fair competition and balanced gameplay, ensuring that player progression is driven by adventure, cooperation, and effort rather than excessive monetization. Ragnarok Zero introduces several unique features that distinguish it from previous Ragnarok titles. Ragnarok Zero is designed to be the most faithful evolution of the original Ragnarok Online, preserving its classic progression, community-driven gameplay, and nostalgic atmosphere. The game features exclusive Ragnarok Zero episodes, delivering new storylines and content that expand the world of Midgard while maintaining the spirit of the original game. While inspired by RO1, Ragnarok Zero introduces refined progression and gameplay flow, offering a structured and different leveling experience. Ragnarok Zero: Global modernizes several gameplay systems while keeping the classic Ragnarok feel. Key improvements include: Reworked UI/UX based on the original RO1 interface for easier navigation and control, Expanded camera and field of view for improved gameplay visibility, Auto-combat support for smoother progression, Simplified regional travel routes, reducing unnecessary movement complexity. These updates allow players to enjoy the nostalgic Ragnarok experience with a more comfortable and modern gameplay environment. To celebrate the launch of Ragnarok Zero: Global Pre-Registration, a series of community events will run from March 5 to end of Pre-Registration period, giving players multiple ways to participate and earn exclusive rewards before the official launch. Players can participate in the following events: Pre-Registration Reward Event - Players who complete pre-registration will receive exclusive in-game rewards. Pre-Registration Milestone Event - Rewards will be unlocked as the total number of global pre-registrations increases. Referral Code Event - Players can invite friends using referral codes to receive additional rewards together. Hidden Code Event - Special codes hidden across official channels can be discovered and redeemed for rewards. SNS Followers Milestone Event - Community rewards will be unlocked as official social channels reach follower milestones. Player Survey Event - Players' selected countries during registration will be automatically reflected in global participation statistics, showcasing community activity across different regions. Daily Login Event - Players visiting the official page daily can earn cumulative attendance rewards. VVIP Reward Event (GNJOY Exclusive) - Existing GNJOY Ragnarok players can verify their accounts to receive special VVIP rewards. These events aim to engage the global Ragnarok community while allowing players to prepare for their adventure in Midgard ahead of launch. Duyuru • Feb 11
Gravity Co., Ltd. Announces Ragnarok: Twilight (Vietnam) Official Launching in Vietnam on February 10, 2026 GRAVITY Co., Ltd. announced that Ragnarok: Twilight (Viet Vietnamese Title: Ragnarok: Twilight - Chang Vang), an MMORPG Mobile game, has officially launched in Vietnam on February 10, 2026. Ragnarok: Twilight is an MMORPG game based on Ragnarok IP that features fast-paced growth and farming, and exciting gameplay through hero transformation system. It has lowered the burden of acquiring equipment by offering 100% drop rate for rare equipment and card when defeating the MVP boss. Additionally, users can enjoy stress-free combat through exclusive MVP gameplay, which is viable for solo play. Ragnarok: Twilight is available for download from Google Play and Apple App Store. Ragnarok: Twilight is gaining massive popularity by achieving consecutive success in previously launched regions including China, Taiwan, Hong Kong and Macau, and Southeast Asia (except Vietnam). The game achieved strong growth, ranking first in free download of Google Play in four regions in Southeast Asia and second in Singapore. It has also ranked second in free download of Apple App Store in Thailand, third in Malaysia and the Philippines, sixth in Singapore, and ranked second in top-grossing of Apple App Store in Thailand and fourth in Malaysia. Furthermore, Ragnarok: Twilight has achieved back-to-back success by ranking eighth in top-grossing in WeChat Mini Programs game in China, second in top-grossing the Apple App Store in Taiwan, sixth in Macau and eighth in Hong Kong. Duyuru • Nov 08
Ragnarok 3 Reveals the 'Emperium Showdown' Gvg Gameplay Trailer The MMORPG Ragnarok 3, published by Gravity Game Vision and co-developed with JoyMaker, released its first gameplay trailer on October 21, featuring the large-scale "Emperium Showdown." The trailer gives players an early look at intense siege battles and strategic cooperative play within massive large-scale warfare. Ragnarok 3 preserves the classic world and job system of the Ragnarok universe while being completely reborn with enhanced, next-generation graphics. Developed primarily for the PC platform, the game also supports cross-platform play on mobile devices, delivering a nostalgic yet refreshing adventure -- rekindling fond memories for longtime fans while offering new players an exciting introduction to the world of Ragnarok. The newly released in-game trailer for "Emperium Showdown" highlights the thrill of large-scale strategic warfare unfolding on the battlefield. As the final stage of territory conquest, Emperium Showdown is an ultimate showdown where two guilds face off to claim victory as the last standing conqueror. This content introduces powerful siege weapons such as battering rams and siege ladders, as well as controllable giant gears and cannons. Players can strategically utilize battlefield resources and coordinate with teammates to experience the immersive tension of offense and defense as if they were on a real battlefield. Focusing on tactical positioning and teamwork, each battle features unpredictable variables and strategic challenges that elevate the intensity and excitement of gameplay. An offline pre-release event, allowing players to experience the core content of Ragnarok 3's territory conquest system -- the "Emperium Showdown" -- was successfully held on October 25 across select regions in Asia. During the event, hundreds of participants engaged in large-scale battles, experiencing the intensity and excitement of the Emperium Showdown firsthand. The atmosphere was charged with enthusiasm as players coordinated strategies and competed in real-time on-site matches. Duyuru • Oct 24
Gravity Game Vision, Ltd. Launches Ragnarok: Twilight, an Idle MMOARPG Mobile Game, in Southeast Asia on October 23, 2025 GRAVITY Co., Ltd. announced that GRAVITY Game Vision, Ltd., Gravity's wholly-owned subsidiary, has officially launched Ragnarok: Twilight, an Idle MMOARPG Mobile game, in Southeast Asia on October 23, 2025. Ragnarokok: Twilight provides the classic element of the original Ragnarok Online and features for implementing 100% equipment drop rate for the first time as Ragnarok IP title, alleviating item acquisition. It is available for download through Google Play, Apple App Store and Huawei AppGallery in Southeast Asia including Thailand, Malaysia, Singapore, Indonesia, and the Philippines, etc. Ragnarokok: Twilight achieved remarkable success by ranking eight in top grossing after launching as WeChat Mini Programs game in China in February. Then it ranked second in top grossing of Apple App Store in Taiwan, sixth in Macau and eighth in HongKong after its official launch in July. Ragnarok: Twilight also received positive feedback during its closed beta test (CBT) held in Southeast Asia in September, raising anticipation among users. Duyuru • Jul 16
PT Gravity Game Link Launches Dragonica Origin GRAVITY Co., Ltd. announced that PT Gravity Game Link, Gravity's Indonesia subsidiary, has officially launched Dragonica Origin, an MMORPG PC game, in 10 regions of Southeast Asia on July 16, 2025. Dragonica Origin is set in a fantasy world filled with dragons and magic, featuring dynamic side-scrolling combat and class-specific comic skill that define its unique play style. It is available for playing by downloading the PC version client from the official website. Duyuru • Apr 17
Gravity Co., Ltd. Announces Official Launch of Ragnarok: Back to Glory, in Korea and Southeast Asia on April 17, 2025 GRAVITY Co., Ltd. announced the official launch of Ragnarok: Back to Glory, in Korea and Southeast Asia on April 17, 2025. Ragnarokok: Back to Glory is a 3D MMORGPG Mobile game that features a globally integrated marketplace, allowing users in Taiwan, Hong Kong, Macau, Korea and Southeast Asia to freely trade in-game items. The game received positive feedback from users during the CBT conducted in Korea and it garnered significant interest in Southeast Asia with over 2 million users signing up for pre-registration, demonstrating strong anticipation for its official launch in both regions. Ragnarok: Back to Glory is available for download on Google Play and Apple App Store and can also be downloaded through local app markets in Southeast Asia. Duyuru • Apr 10
Gravity Rolls Out Global Launch of Snow Bros. 2 Special, A Retro Game Remake with Enhanced Features G Gravity officially released the retro remake 'Snow Bros. 2 Special' worldwide on April 10. 'Snow Bros. 2 Special') is a refreshed version of the beloved arcade game Snow Bros. 2, preserving the original arrangement where players rescue a princess from the Attsu the Great King. The remake enhances the visuals and design to align with contemporary styles and aesthetics. Additionally, it supports both local and multiplayer game play for up to four participants, enabling gamers around the world to connect and play together. The game introduces a range of new modes, from the classic original to survival, time attack, sky run, and boss rush. 'Snow Bros. 2 special' also brings a unique twist with the Monster Challenge, where players take control of monsters to progress through levels. Additionally, it broadens the game's content by incorporating a variety of new monsters and bosses. The game has been released on the Nintendo Switch™? and Steam®? platforms and supports 15 languages, including Korean, English, Japanese, Simplified and Traditional Chinese, and French, making it accessible to a wide audience. It is available for purchase and download from the My Nintendo Store and Steam Store. In addition to digital availability, 'Snow Bros. 2 Special" can be purchased as a physical package for the Nintendo Switch™?, specifically appealing to collectors. The limited edition package for the Nintendo switch™? features several exclusive items, including a mini figurine set, a metal keychain, character stickers, an artbook, and an original soundtrack in CD jewel case. Availability of these packages may vary by region, subject to local circumstances. Duyuru • Mar 19
Gravity Co., Ltd. Launches in China GRAVITY Co., Ltd. announced that Xian Jing Chuan Shuo:Po Xiao ("Ragnarok: Dawn", Tentative English Title), an idle MMORPG mobile game, has made an early success after its launch in China on February 20, 2025. Following the ISBN received in June 2024, Ragnarok: Dawn officially launched in China on February 20, 2022, via mobile messenger WeChat Mini Programs. Building on the positive feedback from CBT conducted in January, Ragnarok: Dawn achieved notable success upon launch, ranking eighth in top grossing of WeChat Mini Programs. This early success has further heightened anticipation for the upcoming release of the mobile app version. Duyuru • Mar 10
Gravity Co., Ltd., Annual General Meeting, Mar 31, 2025 Gravity Co., Ltd., Annual General Meeting, Mar 31, 2025, at 10:00 Tokyo Standard Time. Location: conference room2 located at 3f, business tower, 396 world cup buk-ro, mapo-gu, seoul 121-795, South Korea Duyuru • Feb 14
Gravity Co., Ltd. to Report Q4, 2024 Results on Feb 14, 2025 Gravity Co., Ltd. announced that they will report Q4, 2024 results on Feb 14, 2025 Duyuru • Jan 30
Gravity Announces Global Release of World Craft Rpg 'Kamibako Gravity officially released the new PC and console game 'KAMiBAKO (KAMiBAKO - Mythology of Cube -, hereinafter referred to as KAMiBAKO)' in global regions excluding Japan on the 30th. KAMiBAKO is a world craft RPG that combines unique genres such as map crafting, puzzles, battles, and RPGs, providing a unique experience. In a world fragmented by a great division, where the land is riddled with cubic holes, the journey to restore the land and revive the world's vitality unfolds. As a restorer, the player can solve the fragmentation puzzle, and on lands that are not fragmented, crops and produced materials can be obtained through farming, building construction, and other activities. Players can defeat the monsters that appear on the land to collect cubes, which can be used to summon spirits and use the mana within the cubes to unleash powerful special moves during battles. KAMiBAKO is available for digital purchase on Steam®, PlayStation®4, PlayStation®5, and Nintendo Switch™ platforms in global regions. Players can download the game immediately after purchasing from the KAMiBAKO sales page from each platform. The game supports Korean, English, Japanese, and Simplified/Traditional Chinese. In August 2024, KAMiBAKO was pre-released in Japan as both a package and digital version for PlayStation®4, PlayStation®5, and Nintendo Switch™. Duyuru • Nov 07
Gravity Co., Ltd. Announces the Official Launching of the Ragnarok in 10 Regions of Southeast Asia and Ragnarok: Rebirth in Taiwan, Hong Kong and Macau GRAVITY Co., Ltd. announced that since the official launching of The Ragnarok in 10 regions of Southeast Asia and Ragnarok: Rebirth (Chinese title: RO Xian Jing Chuan Shuo:Zhong Sheng) in Taiwan, Hong Kong and Macau on October 31, 2024, the early success has been made in the launching markets. The Ragnarok has ranked first in free download of Google Play in 6 regions of Thailand, Indonesia, Philippines, Malaysia, and Singapore, etc., and ranked second in free download of Apple App Store in 4 regions of Thailand, Indonesia, Philippine, Philippines and Malaysia after pre-download on October 29, 2024. After its launching, the game ranked third in top grossing of Google play in Thailand and Philippines, and ranked first in Philippines and second in Thailand and Indonesia in top grossing of Apple App Store. Ragnarok: Rebirth (Chinese title; RO Xian Jing ChuanShuo:Zhong Sheg) has ranked second in Hong Kong and Macau, and third in Taiwan in free download of Google Play, and ranked first in free download of Apple App store in Taiwan, Hong Kong andMacau after pre-download on October29, 2024. It has ranked second in Macau, seventh in Taiwan and eighth in Hong Kong in top grossing of AppleApp Store, and ranked fifth in top grossing of Google Play in Macau after its launching. Duyuru • Aug 09
Gravity Launches 'Grandia HD Collection' for PlayStation 4 in Asia Gravity, a global gaming company, launched the PlayStation 4 download version of the RPG "Grandia HD Collection," which was remastered and ported by GungHo Online Entertainment America, on the PlayStation® Store across Asia on July 18. The "Grandia HD Collection" includes high-definition remastered versions of "Grandia," originally released for the Sega Saturn home video console in 1997 and acclaimed with awards such as the GameSpot/IGN Editor's Choice Award and the CESA Grand Prize, as well as "Grandia II," which debuted in 2000 and received accolades including the IGN Editor's Choice Award and the EGM Gold Award. This collection has garnered positive reviews from RPG enthusiasts worldwide since its release on the Nintendo Switch™ in North America and Europe in August 2019 and in Japan in March 2020. It was subsequently released as both a package and a download version in Asia in 2021. This positive reception has also generated interest among new players. The newly released PlayStation 4 download version mirrors the one launched in Japan, North America, and Europe in March of this year and is now available for purchase on PlayStation®Store. Duyuru • Jul 26
Gravity Announces Cute and Dark Puzzle Adventure 'PIGROMANCE' Official Launch on Steam! Gravity announced the official release of the puzzle adventure 'PIGROMANCE' on Steam on July 25. The puzzle adventure 'PIGROMance' elaborates the story of a pig born with the fate of becoming a sausage, escaping from a sausage factory to find its love. Players can enjoy solving puzzles while escaping from the Cuttingman and navigating the dangerous obstacles lurking throughout the sausage factory. 'PIGROMANCE' features cute chibi graphics with contrasting vibes of dark lighting, intricate visual and sound effects, and spooky BGMs that almost resemble disturbing fairy stories. Even before its official release, 'PIGROMANCE' was recognized for its remarkable playability and fresh concept by winning various awards, including the Excellence Prize in the 2024 INDIE CRAFT, MWU(Made With Unity) KR 2023 'Best Indie' Category, 1st place in the 2022 Level Up Showcase, 2nd place for 2022 G-STAR Indie Awards, and Silver Award at Global Indie Game Development Contest 2020. 'PIGROMANCE') was praised at various game events for its fresh storytelling and developing suspense. The official launch version is now available for play on Steam supporting 9 different languages, including Korean, English, Japanese, Simplified Chinese, and French. Gravity is offering a 20% discount until August 7th to celebrate the official release. Duyuru • Jul 06
Gravity Co., Ltd. to Report Q2, 2024 Results on Aug 09, 2024 Gravity Co., Ltd. announced that they will report Q2, 2024 results on Aug 09, 2024 Duyuru • Jun 06
Gravity Co., Ltd. Launches New 3D Platformer Game ALTF42 Worldwide Gravity Co., Ltd. announced its global launch of the new 3D platformer 'ALTF42' on the Steam platform at 12 AM(PDT) on June 5. 'ALTF42' is the official sequel to 'ALTF4,' a game enjoyed by numerous users worldwide. The new title is poised to achieve global success, leveraging Gravity's extensive experience and expertise in the global service. The game features upgraded graphics and more challenging trap placements, enhancing its difficulty. It also introduces unique content such as a coin system, turtle race tracks, costumes, and giant boss battles, offering a variety of engaging experiences. In the official release version, a jungle-themed stage, the longest in 'ALTF42,' has been added. Players can experience the joy of navigating various traps and animals aligned with the jungle concept. Randomly flying butts appear throughout the stage, providing opportunities to acquire additional items and coins. 'ALTF42' is available in 15 languages, including Korean, English, Japanese, French, and German. Gravity will hold a speed run challenge event with a total prize pool of $5,000 for the global region from 12:00 AM(PDT) on June 5 to June 12. To participate, players must record a video of themselves clearing the game from the first stage to the final stage during the event period and upload it to the event page. The top 10 participants with the fastest clear times will receive prize money, distributed based on their rankings. Reported Earnings • Apr 01
Full year 2023 earnings released: EPS: ₩18,999 (vs ₩11,968 in FY 2022) Full year 2023 results: EPS: ₩18,999 (up from ₩11,968 in FY 2022). Revenue: ₩725.5b (up 56% from FY 2022). Net income: ₩132.0b (up 59% from FY 2022). Profit margin: 18% (in line with FY 2022). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Duyuru • Mar 08
Gravity Co., Ltd., Annual General Meeting, Mar 29, 2024 Gravity Co., Ltd., Annual General Meeting, Mar 29, 2024, at 10:00 Korea Standard Time. Location: 4F, Business Tower, 396 World Cup buk-ro, Mapo-gu, Seoul South Korea Agenda: To consider Audit Results, Business Reports and Management's Report on Internal Control over Financial Reporting for the Fiscal Year 2023; to consider Approval of Consolidated and Non-consolidated Financial Statements for the Fiscal Year 2023; to consider Approval of Appointment of Directors; and to consider Approval of the Compensation Ceiling for Directors in 2024. Duyuru • Feb 29
Gravity Co., Ltd. Announces Ragnarok Origin Reinvented Version Launching in North, Central, South America Gravity Co., Ltd. announced that Ragnarok Origin will be launched in North, Central, South America on February 28, 2024, and Gravity Game Vision Ltd. (GGV), is publishing the game. Ragnarokok Origin is reinvented with 3D engine and higher quality of graphic compared to previous version. Upgraded mechanics and a revamped user interface will make the game play easier. Also, the classic aesthetics, BGM and story will bring back the memories of great experience from long-time fans. The game will be available not only for iOS and Android, but also for PC version. Duyuru • Oct 27
Gravity Officially Launches New Roguelike Game Wetory on Nintendo Switch and Steam Gravity launched its new roguelike game, Wetory, on Nintendo Switch, and Steam on October 26. Wetory is a 3D action roguelike game with magnificent cartoon-like graphics. The storyline follows the main character, whose feet leak watercolors, on a journey to regain the lost colors of the world from a villain. Players attack and evade enemy attacks by strategically using the tile map and obstacles. The skill tree, with different attack characteristics by color, simple game controls, and solid strategies, adds to the game's fun. Wetory has captured the hearts of players worldwide, receiving significant attention by being selected among the top 10 indie games of Gamescom 2022 and as a finalist in the global indie game category at the Tokyo Game Show 2022. It also won the popularity award at the BIGS (Banggusuk Indie Game Show) for two consecutive years. Duyuru • Sep 21
GRAVITY Co., Ltd. Announces Launch of Ragnarok Landverse in Southeast Asia GRAVITY Co., Ltd. announced that Ragnarok Landverse, an MMORPG blockchain PC game, is officially launched in Southeast Asia (exclude Thailand and Indonesia), South America, Middle East, India, Africa and Oceania on September 20, 2023. Ragnarok Landverse is a sequel of the original MMORPG PC game, Ragnarok Online, with newly added blockchain features. The game provides a player-driven economy and incentivizes players with digital financial assets that can be obtained with every minute of play. By leveraging web3 features, all players can participate in a secure and fair marketplace driven by demand and supply, and adding a whole new layer of strategy to the gameplay. During the launching period, various incentives and multiple events with prize worth up to USD 5,000 are offered to support the players. Maxion PTE. LTD, a blockchain-based game developer company, publishes the game on Maxion Platform with NFT marketplace. Duyuru • Sep 20
Gravity Launches New Roguelike Game ‘Wetory’ in Early Access Gravity launched its early access version of Wetory, a new roguelike game, on Steam and Stove Indie at noon on the 20th. Wetory, a roguelike game, is a journey to retrieve the stolen colors from the villain. The skill tree consisting of different characteristics by color, simple game control and solid strategies add to the fun of the game. Recognized for its originality and uniqueness, Wetory was selected among the top 10 indie games of Gamescom in 2022 and as the finalist in the global indie game category at the Tokyo Game Show 2022. In addition, it is drawing attention across the globe by winning the popularity award at the BIGS (Banggusuk Indie Game Show) for two consecutive years. In the early access version of Wetory, all stages of the game can be played, and user convenience has been improved with a total of 17 languages including Korean and English available. In addition, Gravity plans to provide users with a comprehensive gameplay experience through system improvement and additional item updates before the game launch. Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: ₩6,478 (vs ₩2,513 in 2Q 2022) Second quarter 2023 results: EPS: ₩6,478 (up from ₩2,513 in 2Q 2022). Revenue: ₩238.9b (up 148% from 2Q 2022). Net income: ₩45.0b (up 158% from 2Q 2022). Profit margin: 19% (in line with 2Q 2022). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Duyuru • Jun 29
Gravity Launches Mobile Idle Relaxing Game ‘WITH: Whale In The High’ for the Global Region Gravity opened its official global service for 'WITH: Whale In The High', a mobile relaxing idle game, on June 29, at 3 pm (KST, UTC+9). 'WITH: Whale In the High (WITH)' is a mobile relaxing idle game published by Gravity and developed by Skywalk, a mobile game developer. In WITH, the main story unfolds after the main character, Wiz, winds up on the back of aale by accident. Users can decorate the Wiz village to their tastes with the main content such as hideout expansion and Wizoration while playing the game. Numerous contents including interacting with whales, decorating aquariums, taking pictures, etc., and trendy expressions of each Wiz's characteristics using MBTI are expected to deliver a variety of entertainment. The beautiful pastel-colored graphics and high-quality background music further spotlight the peaceful charm of the game. WITH provides services in a total of 13 languages, including English, Korean, and Japanese, with the aim of targeting the global market. In celebration of the official launch of the WITH for the global region, Gravity provides rewards such as "Crocodile costume sets," pets, and jewels for Wiz decoration to all users who access the game. Furthermore, various in-game events, including "WITH Festa Event," will be held to offer abundant benefits. Valuation Update With 7 Day Price Move • Jun 28
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$72.90, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 21x in the Entertainment industry in the US. Total returns to shareholders of 32% over the past three years. Reported Earnings • Apr 29
Full year 2022 earnings released: EPS: ₩11,968 (vs ₩9,490 in FY 2021) Full year 2022 results: EPS: ₩11,968 (up from ₩9,490 in FY 2021). Revenue: ₩463.6b (up 12% from FY 2021). Net income: ₩83.2b (up 26% from FY 2021). Profit margin: 18% (up from 16% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$65.75, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 24x in the Entertainment industry in the US. Total returns to shareholders of 123% over the past three years. Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to US$56.95, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 30x in the Entertainment industry in the US. Total returns to shareholders of 96% over the past three years. Duyuru • Jan 05
Gravity Co., Ltd. Officially Launches Ragnarok X: Next Generation in Korea on January 5, 2023 GRAVITY Co., Ltd. announced that the company has officially launched Ragnarok X: Next Generation, an MMORPG mobile game, in Korea on January 5, 2023. Ragnarok X: Next Generation is the third title of the Ragnarok 20(th) Anniversary Trilogy. The unique story, an active 3D graphic, various contents, and a flexible exchange system are the stand-out features of the game. The number of pre- registered accounts also exceeded 1 million, and a Closed Beta Test (CBT) has run in Korea from October 11th to October 13th, 2022. The users gave favorable reviews of the game's unique stories along with the well-structured Ragnarok worldview and the job classes. After its launch in Taiwan, Hong Kong and Macau on October 15, 2020, Ragnarok X: Next Generation successfully ranked first on the top-grossing chart in Apple App Store and Google Play. Furthermore, in June 2021, Ragnarok X: Next Generation ranked the first in Apple App Store in Thailand, Indonesia and Philippines. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Kee Woong Park was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 09
Investor sentiment improved over the past week After last week's 15% share price gain to US$49.13, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 24x in the Entertainment industry in the US. Total returns to shareholders of 26% over the past three years. Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment deteriorated over the past week After last week's 15% share price decline to US$45.32, the stock trades at a trailing P/E ratio of 7.3x. Average trailing P/E is 22x in the Entertainment industry in the US. Total returns to shareholders of 24% over the past three years. Seeking Alpha • Aug 25
Gravity Is Cheap But Ragnarok Online Is Getting Old Summary
Gravity managed to create some QoQ growth despite broader trends showing declines in gaming, and it is being held up by the original Ragnarok Online title.
PC gaming is more resilient, and that's where the Ragnarok IP is selling better, with PC games being more dedicated than mobile gamers.
The Gravity strategy is to milk the Ragnarok Online franchise to death, something that started in the early 2000s and holds a lot of nostalgia value with players like MapleStory.
The offshoots on mobile are low-quality games that earn through licenses and royalties from other developers, part of a strategy to re-engage IP fans as much as possible in pay-to-win games.
They are making headway in new geographies, but these pay-to-win games don't have much longevity. RO is aging and doesn't have a valuable growth profile.
Gravity (GRVY) trades cheaply because it should. This is not a vibrant videogame company, and its strategy isn't built for long-term growth, just for milking the 20-year-old Ragnarok IP like a cash cow. Whether it's over or undervalued is less clear, because they have growth and profits for now, but don't invest in this thinking it's a representative videogaming company and should follow broader secular support for games as entertainment. Their strategy is to gather low-hanging fruit rapidly before they rot. What is next for the company is unclear. The cash pile is nice, but you can't just create a new title, especially in a market that is so competitive nowadays. We pass.
Gravity Strategy
Ragnarok Online is an old MMO that a lot of people hold dear as an accessible game from their childhoods. There are plenty of fans, and they still play the PC version of the game from time to time. There's not much wrong with this original title, except that it's getting old. Videogames aren't interesting forever, even World of Warcraft became stale after the 5th or 6th expansion. Ragnarok Online dominates the 'Online Gaming' segment, and it's driven by nice economics from subscription revenues. People engage with the game much in the same way ageing fans go back to games like MapleStory and even RuneScape, although the Asian influences shared with MapleStory make it a closer comp to RO. They are managing to grow this game by introducing it into new geographies, specifically China. But China is not such a friendly market for gaming anymore. Thailand was a major new market that was responsible for most of the delta in online gaming revenues these last years. But it is now in decline, with the game sticking for a few years, which isn't bad, but not forever.
Online Segment Revenues (20-F GRVY)
In general, the RO title is ageing. We look at it like a worse WoW. At some point, it will just go into an inevitable decline, especially since MMOs rely heavily on network effects. It's a bit of a death spiral when that starts to happen over a more protracted period of time. But we don't hate RO.
What we really don't like is the mobile segment, which is by far the majority of the revenue. The strategy is to license out the Ragnarok IP to mobile developers who make low-quality pay-to-win 'gacha games' in many instances that really don't stick. We see the shift as Gravity licenses out the IP as of late.
Mobile Segment Revenue (20-F GRVY)
The total revenues aren't growing that fast. We think the probability that these games have rather short engagement periods as people get bored of P2W mechanics and grind-style games on mobile, which is anyway a medium that isn't as dedicated for gaming and generally less engaging, is pretty high. While growth is being sustained by new releases under the Ragnarok IP creating licensing revenue, it's just not very sustainable. Indeed, even in the licensing mode of making money, things aren't blasting off, they already are trending into a plateau.
Conclusions
The relative resilience of the online gaming segment is evident in the Q2 results, with it growing in the mix. Reported Earnings • Aug 11
Second quarter 2022 earnings released: EPS: ₩2,513 (vs ₩2,125 in 2Q 2021) Second quarter 2022 results: EPS: ₩2,513 (up from ₩2,125 in 2Q 2021). Revenue: ₩96.5b (up 15% from 2Q 2021). Net income: ₩17.5b (up 18% from 2Q 2021). Profit margin: 18% (in line with 2Q 2021). Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 19% per year. Reported Earnings • May 15
First quarter 2022 earnings released: EPS: ₩2,365 (vs ₩3,391 in 1Q 2021) First quarter 2022 results: EPS: ₩2,365 (down from ₩3,391 in 1Q 2021). Revenue: ₩88.6b (down 16% from 1Q 2021). Net income: ₩16.4b (down 30% from 1Q 2021). Profit margin: 19% (down from 22% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Kee Woong Park was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 11
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₩9,481 (up from ₩9,023 in FY 2020). Revenue: ₩413.9b (up 2.0% from FY 2020). Net income: ₩65.9b (up 5.1% from FY 2020). Profit margin: 16% (in line with FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$43.60, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 24x in the Entertainment industry in the US. Total loss to shareholders of 21% over the past three years. Valuation Update With 7 Day Price Move • Feb 15
Investor sentiment deteriorated over the past week After last week's 29% share price decline to US$45.44, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 34x in the Entertainment industry in the US. Total loss to shareholders of 14% over the past three years. Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$87.47, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 37x in the Entertainment industry in the US. Total returns to shareholders of 166% over the past three years. Reported Earnings • Nov 14
Third quarter 2021 earnings released: EPS ₩3,792 (vs ₩3,638 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: ₩128.7b (down 2.4% from 3Q 2020). Net income: ₩26.4b (up 4.2% from 3Q 2020). Profit margin: 21% (up from 19% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment improved over the past week After last week's 19% share price gain to US$108, the stock trades at a trailing P/E ratio of 11.2x. Average trailing P/E is 26x in the Entertainment industry in the US. Total returns to shareholders of 523% over the past three years. Valuation Update With 7 Day Price Move • Aug 20
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩82.12, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 26x in the Entertainment industry in the US. Total returns to shareholders of 301% over the past three years. Reported Earnings • Aug 14
Second quarter 2021 earnings released: EPS ₩2,125 (vs ₩1,884 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: ₩83.6b (down 5.5% from 2Q 2020). Net income: ₩14.8b (up 13% from 2Q 2020). Profit margin: 18% (up from 15% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has increased by 66% per year, which means it is tracking significantly ahead of earnings growth. 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 ₩118, the stock trades at a trailing P/E ratio of 12.1x. Average trailing P/E is 36x in the Entertainment industry in the US. Total returns to shareholders of 301% over the past three years. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improved over the past week After last week's 19% share price gain to ₩130, the stock trades at a trailing P/E ratio of 13.3x. Average trailing P/E is 39x in the Entertainment industry in the US. Total returns to shareholders of 281% over the past three years. Reported Earnings • May 16
First quarter 2021 earnings released: EPS ₩3,391 (vs ₩1,333 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₩105.1b (up 43% from 1Q 2020). Net income: ₩23.6b (up 154% from 1Q 2020). Profit margin: 22% (up from 13% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has increased by 54% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 04
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩104, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 37x in the Entertainment industry in the US. Total returns to shareholders of 192% over the past three years. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improved over the past week After last week's 16% share price gain to ₩131, the stock trades at a trailing P/E ratio of 16.3x. Average trailing P/E is 38x in the Entertainment industry in the US. Total returns to shareholders of 217% over the past three years. Reported Earnings • Apr 03
Full year 2020 earnings released: EPS ₩9,023 (vs ₩5,738 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₩406.0b (up 13% from FY 2019). Net income: ₩62.7b (up 57% from FY 2019). Profit margin: 15% (up from 11% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 11
Full year 2020 earnings released: EPS ₩9,002 (vs ₩5,738 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₩406.0b (up 13% from FY 2019). Net income: ₩62.6b (up 57% from FY 2019). Profit margin: 15% (up from 11% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Feb 24
New 90-day low: US$129 The company is down 12% from its price of US$148 on 25 November 2020. The American market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 29% over the same period. Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment deteriorated over the past week After last week's 21% share price decline to ₩143, the stock is trading at a trailing P/E ratio of 23x, down from the previous P/E ratio of 29.1x. This compares to an average P/E of 39x in the Entertainment industry in the US. Total returns to shareholders over the past three years are 245%. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improved over the past week After last week's 20% share price gain to ₩217, the stock is trading at a trailing P/E ratio of 34.4x, up from the previous P/E ratio of 28.7x. This compares to an average P/E of 31x in the Entertainment industry in the US. Total returns to shareholders over the past three years are 364%. Valuation Update With 7 Day Price Move • Dec 18
Investor sentiment improved over the past week After last week's 16% share price gain to ₩208, the stock is trading at a trailing P/E ratio of 33x, up from the previous P/E ratio of 28.4x. This compares to an average P/E of 31x in the Entertainment industry in the US. Total returns to shareholders over the past three years are 366%. Is New 90 Day High Low • Dec 17
New 90-day high: US$193 The company is up 50% from its price of US$129 on 17 September 2020. The American market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment industry, which is up 20% over the same period. Valuation Update With 7 Day Price Move • Dec 04
Market bids up stock over the past week After last week's 21% share price gain to ₩179, the stock is trading at a trailing P/E ratio of 28.3x, up from the previous P/E ratio of 23.4x. This compares to an average P/E of 28x in the Entertainment industry in the US. Total returns to shareholders over the past three years are 374%. Valuation Update With 7 Day Price Move • Nov 28
Market bids up stock over the past week After last week's 17% share price gain to ₩162, the stock is trading at a trailing P/E ratio of 26x, up from the previous P/E ratio of 22.2x. This compares to an average P/E of 27x in the Entertainment industry in the US. Total returns to shareholders over the past three years are 338%. Is New 90 Day High Low • Nov 26
New 90-day high: US$148 The company is up 65% from its price of US$89.50 on 27 August 2020. The American market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment industry, which is up 3.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS ₩3,638 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ₩131.8b (up 70% from 3Q 2019). Net income: ₩25.3b (up 182% from 3Q 2019). Profit margin: 19% (up from 12% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Sep 29
New 90-day high: US$144 The company is up 161% from its price of US$55.20 on 30 June 2020. The American market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment industry, which is up 10.0% over the same period.