ME2ON미투온

ME2ON's half-year profit has recovered from a weak 2024, but the stock is down 42% over the year and a rights offering was announced in September 2026.

ME2ON is a South Korean game developer and publisher with web and mobile titles and some webtoon and entertainment subsidiaries. On trailing twelve months to H1 2026 it reported revenue of about ₩123.5B, operating income of about ₩15.0B and net income of about ₩1.2B, with ₩22.8B in cash and no reported borrowings. The share price is ₩2,950, well below its 52-week high of ₩5,380 but up 46.8% over three months.

What stands out

• Trailing operating margin is 12.1% and net margin only about 1%, so most operating profit did not reach net income in the period.
• Annual net income fell from ₩7.8B in 2023 to ₩0.6B in 2024 and ₩0.8B in 2025, well below 2021-2022 levels.
• The company-stated free cash flow over the trailing period is about ₩20.1B, which is higher than reported net income.
• The DCF-based fair value model gives a base value of ₩7,696, bear ₩5,177 and bull ₩11,759; these are model outputs, not forecasts or targets.
• Recent filings include a change of largest shareholder, several 5%+ holding reports and a rights offering (paid-in capital increase) decision dated 15 September 2026.

What to watch

• Terms, size and pricing of the rights offering, and how it affects existing shareholders.
• Details of the change of largest shareholder and any further 5%+ holding reports.
• Full-year 2026 results and whether net income improves on the trailing figure.