Broker: UOB Kay Hian
Date of Report: Friday, 13 March 2026
Excerpt from UOB Kay Hian report.
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Report Summary
- HERE Group delivered a strong 2QFY26 revenue beat, driven by its core IP Wakuku, but 3QFY26 guidance missed expectations due to seasonality. The company maintains a robust full-year revenue outlook.
- Gross margin declined due to strategic offline expansion; marketing spend increased to support brand and customer acquisition. HERE is focusing on offline flagship stores, IP portfolio growth, and global expansion, especially via partnerships and overseas online channels.
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