- \n
- FY25 scale-up driven by Mineloader and organic recovery. <\/strong>Winking Studios\u2019 FY25 revenue rose 42.6% YoY to US$45.5mn, supported by Mineloader\u2019s US$11.4mn contribution and a rebound in organic momentum in 2H25. Gross profit increased 43.2% YoY to US$13.5mn, while gross margin remained stable at 29.8%.<\/li>\n<\/ul>\n\n\n\n
\n\n\n\nFY25 Financials Review<\/h2>\n\n\n\n
FY25 revenue rose 42.6% YoY to US$45.5mn, driven by Mineloader (US$11.4mn over 9 months) and organic recovery in 2H25. Gross margin held stable at 29.8%; Adjusted EBITDA rose 13.2% to US$5.4mn. Reported net profit of US$0.3mn. Final dividend maintained at SG$0.024 cents per share.<\/p>\n\n\n\n
\u00a0<\/div>\n\n\n\nPC and Console Recovery Supports Mid-Term Outsourcing Demand<\/h2>\n\n\n\n
The PC and console market is entering a new expansion phase after the post-2020 slowdown, with Newzoo forecasting global PC and console software revenue to rise from US$82.4bn in 2025F to US$103.7bn by 2028F. Growth is expected to be led by PC and console revenue CAGRs of 6.6% and 4.4% respectively over 2025-2028F, supported by premium releases, higher production values and rising visual complexity. Together with BCG\u2019s view that the broader gaming market is recovering, with industry revenue projected to reach US$350bn by 2030 and 55% of surveyed gamers reporting increased playtime, this reinforces demand for scaled art-outsourcing partners. Winking\u2019s strengthened AAA capabilities, Vertic Studios launch and North American expansion through Ampera position the Group to capture this recovery.<\/p>\n\n\n\n
\u00a0<\/div>\n\n\n\nValuation & Action<\/h2>\n\n\n\n
We maintain an OUTPERFORM<\/strong> rating with a revised target price of S$0.304<\/strong>, based on a DCF valuation with a terminal growth rate of 2.0% and a cost of equity of 7.21%. This represents 32.1% upside from the current share price of S$0.23. The revised target price reflects the updated operating assumptions following FY25 results and an enlarged diluted share base after incorporating the additional 10.0mn Ampera consideration shares. The separate up-to-35.0mn Ampera incentive share arrangement is excluded from our base-case share count as issuance remains contingent on long-term adjusted EBITDA and VWAP performance targets.<\/p>\n\n\n\n
\u00a0<\/div>\n\n\n\nRisks<\/h2>\n\n\n\n
Exposure to USD\/SGD exchange rate fluctuations, integration challenges from acquisitions, margin pressure from price-sensitive customers, slower-than-expected conversion of indicative bookings, and potential future share dilution from performance-linked share issuances.\u00a0<\/p>\n\n\n\n
\u00a0<\/div>\n\n\n\n
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FY25 scale-up driven by Mineloader and organic recovery. Winking Studios’ FY25 revenue rose 42.6% YoY to US$45.5mn, supported by Mineloader’s US$11.4mn contribution and a rebound in organic momentum in 2H25. Gross profit increased 43.2% YoY to US$13.5mn, while gross margin remained stable at 29.8%.<\/p>\n","protected":false},"author":1,"featured_media":43355,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","_uag_custom_page_level_css":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[14],"tags":[],"class_list":["post-89544","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-reports"],"aioseo_notices":[],"uagb_featured_image_src":{"full":["https:\/\/www.kgieworld.sg\/researchstg\/wp-content\/uploads\/2024\/04\/Winking-Logo-2.png?wsr",800,800,false],"thumbnail":["https:\/\/www.kgieworld.sg\/researchstg\/wp-content\/uploads\/2024\/04\/Winking-Logo-2-150x150.png?wsr",150,150,true],"medium":["https:\/\/www.kgieworld.sg\/researchstg\/wp-content\/uploads\/2024\/04\/Winking-Logo-2-300x300.png?wsr",300,300,true],"medium_large":["https:\/\/www.kgieworld.sg\/researchstg\/wp-content\/uploads\/2024\/04\/Winking-Logo-2-768x768.png?wsr",768,768,true],"large":["https:\/\/www.kgieworld.sg\/researchstg\/wp-content\/uploads\/2024\/04\/Winking-Logo-2.png?wsr",800,800,false],"1536x1536":["https:\/\/www.kgieworld.sg\/researchstg\/wp-content\/uploads\/2024\/04\/Winking-Logo-2.png?wsr",800,800,false],"2048x2048":["https:\/\/www.kgieworld.sg\/researchstg\/wp-content\/uploads\/2024\/04\/Winking-Logo-2.png?wsr",800,800,false]},"uagb_author_info":{"display_name":"admin","author_link":"https:\/\/www.kgieworld.sg\/researchstg\/author\/admin\/"},"uagb_comment_info":0,"uagb_excerpt":"FY25 scale-up driven by Mineloader and organic recovery. Winking Studios' FY25 revenue rose 42.6% YoY to US$45.5mn, supported by Mineloader's US$11.4mn contribution and a rebound in organic momentum in 2H25. Gross profit increased 43.2% YoY to US$13.5mn, while gross margin remained stable at 29.8%.","_links":{"self":[{"href":"https:\/\/www.kgieworld.sg\/researchstg\/wp-json\/wp\/v2\/posts\/89544","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kgieworld.sg\/researchstg\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kgieworld.sg\/researchstg\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/researchstg\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/researchstg\/wp-json\/wp\/v2\/comments?post=89544"}],"version-history":[{"count":0,"href":"https:\/\/www.kgieworld.sg\/researchstg\/wp-json\/wp\/v2\/posts\/89544\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/researchstg\/wp-json\/wp\/v2\/media\/43355"}],"wp:attachment":[{"href":"https:\/\/www.kgieworld.sg\/researchstg\/wp-json\/wp\/v2\/media?parent=89544"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/researchstg\/wp-json\/wp\/v2\/categories?post=89544"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/researchstg\/wp-json\/wp\/v2\/tags?post=89544"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}