Wemade Play위메이드플레이

Wemade Play is profitable on a trailing basis and trades at a very low multiple, but its shares have fallen sharply over the past year.

Wemade Play, a Korean mobile game developer best known for the Anipang puzzle series, reported trailing revenue of ₩127.8B and operating income of ₩12.5B for the twelve months to H1 2026, with a 9.8% operating margin. The shares closed at ₩5,870 on 22 October 2026, down 37.8% over one year and well below the 52-week high of ₩9,690. The data gives a DCF base value of ₩13,876, but this is a model output, not a forecast.

What stands out

• Trailing net income of ₩11.3B is well below 2025's ₩18.8B, while 2024 net income of ₩23.6B was higher still, so reported earnings have been volatile.
• Revenue has been broadly flat to modestly higher, at ₩125.3B in 2025 versus ₩120.4B in 2024; operating income in 2025 was ₩10.7B, up from ₩1.1B.
• The stock trades at about 5.4x trailing earnings and 0.2x book value, with no dividend listed in the data.
• Cash of ₩49.5B exceeds borrowings of ₩5.3B, and trailing free cash flow is ₩18.6B.
• Foreign ownership rose from 3.5% to 5.4% over the past 60 days, while retail investors were net sellers over the last 20 days.
• A corporate value-up plan and an amended version were filed on 22 October 2026; the data does not include their contents.

What to watch

• Management said on 22 October that two new titles and several publishing titles are due next year; release timing and performance are not in the data.
• The data does not show the next scheduled earnings date; the Q3 2026 report and any further value-up plan details will be key.
• Earnings have swung between profit and loss over recent years and revenue depends heavily on in-app purchases through app marketplaces, so results can change quickly.