Winking Studios - UOB Kay Hian 2024-08-23: Game-Changing Moves Ahead To Accelerate Growth; Raise Target Price By 9%

• Winking Studios’s 1H24 core earnings fell 34% y-o-y to US$1.2m, missing expectations and forming 28% of our full-year forecast. We lift 2025-26 earnings forecasts on full-year contributions from Winking Studios’s new acquisitions.
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Earnings below expectations on post-acquisition integration impact.

• Winking Studios (SGX:WKS)'s reported 1H24 revenue of US$15m (+7% y-o-y) and core net profit of US$1.2m (-34% y-o-y), forming 47% and 28% of our full-year forecasts respectively. The core earnings miss came from weaker gross margin (-3ppt y-o-y) and net margin (-2.9ppt y-o-y) after the acquisition of two art outsourcing studios, On Point Creative and Pixelline Production in 1H24.
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Double-digit revenue growth in local currencies.

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Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Previous report by UOB:
2024-04-04 Winking Studios - Levelling Up In The Dynamic World Of Game Art.

Price targets by other brokers at Winking Studios Target Prices.

Listing of research reports at Winking Studios Analyst Reports.

Relevant links:
Winking Studios Share Price History,
Winking Studios Announcements,
Winking Studios Dividend Payout Dates & Corporate Actions,
Winking Studios News