MOBIRIX to be listed on KOSDAQ, “Projected stable growth” 관리자 2020.10.29 |
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40 ~50% undervalued compared to the average PER of 27.75x based on the combined results of last four quarters of domestic peers and similar companies. Key investment point – Dominate the global download in the market and build a diverse game portfolio.
From the market, it is analyzed that
MOBIRIX, a mobile game company that is about to be listed in the KOSDAQ, will
continue stable growth. Based on 2020 PER is also evaluated to be 42.2 ~ 53%
less compared to domestic peers and similar companies.
The key points of investments are dominance
of the global game downloads and establishment of a diverse game portfolio.
In the case of MOBIRIX, it has a number of
mobile games with more than 50 million downloads, it is proved that MOBIRIX is
overwhelmingly ranked as first in the global download category among domestic publishers.
In 2018, it ranked 4th in Google Play downloads, and 10th
in Google Play and Apple store integrated downloads.
In addition, more than 200 games are
generating revenues, moreover in the second half of the year, 8 games of self-development
and 5 publishing games are prepared to be scheduled, that expected to be
continuously generating profits.
The researcher Jong-Sun, Park mentioned
that “MOBIRIX games are mainly light casual games that do not require high
quality devices so that causes large scale of new register users’ inflow from
the countries with high growth potential such as Southeast Asia and Central
south America”, Even more than this, the company is expected that “Profit
generation will continue through M&A with excellent developer and
publishing of new games”.
Meanwhile, MOBIRIX recorded 40.3 billion (KRW) in sales, and 7.4 billion (KRW) in operating profit last year. In the first half of the year, it achieved 21.3 billion (KRW) in sales, and 2.7 billion (KRW) in operating profit.
MAEKYUNG MEDIA GROUP. ytlim@mkinternet.com
http://game.mk.co.kr/view.php?year=2020&no=1109386
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