KGI Securities (Singapore) Pte. Ltd. – November 25, 2025
Excerpt from KGI Securities report.
- Winking Studios completed a major acquisition (Mineloader) for US\$19.8mn, boosting AAA console art production capabilities and adding US\$4.1mn revenue in 1H25.
- Revenue grew 27.3% YoY to US\$19.4mn in 1H25, with gross margin expanding to 30.2% and adjusted net profit rising 21.1% to US\$1.4mn.
- Operational scale-up is underway, with headcount rising to 1,405 and plans for new Southeast Asia hubs and the launch of Vertic Studios targeting high-end AAA projects.
- The company maintains a strong balance sheet with US\$27.1mn in cash and no debt, and is expanding into the UK and Europe for further M&A and Western business growth.
- The global gaming market is forecast to reach US\$188.8bn in 2025, with continued demand for specialised art outsourcing partners, supporting Winking’s growth prospects.
- KGI reiterates an OUTPERFORM rating for Winking Studios with a target price of S\$0.31, based on DCF valuation.
- Risks include USD exchange fluctuations, integration challenges, and slower conversion of bookings.
Above is an excerpt from a report by KGI Securities (Singapore) Pte. Ltd. Clients of KGI Securities can be the first to access the full report from the KGI Securities website: https://www.kgieworld.com.sg/
