WeMade Max (formerly Joymax) is a game company within the WeMade group. Older PC titles such as 'Silkroad Online' generate a baseline of revenue, while the core of current results is the MMORPG 'Legend of Ymir,' developed by subsidiary Lightcon, whose revenue grew sharply after its 2025 global launch. Disclosures in May 2026 confirmed both an expanding top line and continued losses, and in March the company reorganized under a single-CEO structure led by Son Myeon-seok to concentrate on managing its core development subsidiary. What stands out recently is that the new title nearly doubled the top line in a single year, the debt ratio is low, and a P/B of 0.51x makes the shares cheap relative to asset value; on the other hand, operating and net profit are still in the red, and Q1 revenue fell year over year, so the durability of the new title's revenue and a turn to profit need further confirmation.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue rose 98.5% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 30.6% lower than a year earlier.
- ROE is -7.7% (controlling-interest basis). It is below the sector average.
- Operating margin is -32.8%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder WeMade 36.83% (corporate)
Controlling bloc incl. related parties 74.02%
With the controlling bloc holding 74%, control is very secure but the free float is thin.
🔎 In-depth analysis
- WeMade Max (formerly Joymax) is a game company within the WeMade group.
- It earns money in two broad ways.
- The first is online games it services directly, where older PC titles such as 'Silkroad Online' and 'Lost Saga' have produced a steady baseline of revenue.
- The second, and the core of current results, is the MMORPG 'Legend of Ymir,' developed by subsidiary Lightcon, whose revenue grew sharply after its 2025 global launch.
- In other words, a large part of the company's value rests on the success of new titles and the development capability of the subsidiary, and in the period right after a new title's launch, revenue comes in all at once while development and marketing costs rise alongside it.
- The latest close is ₩4,945 and market capitalization is ₩414.4 billion.
- The price sits above the 20-day line (₩3,655) and above the 60-day line (₩4,462).
- Trading above both the short- and mid-term moving averages, the trend is on the sound side.
- RSI (a supplementary gauge that measures the strength of gains versus declines over the past 14 days on a 0–100 scale) is 61.4, a neutral level.
- The one-month change is +50.3%, the three-month change is +6.7%, and the position versus the 52-week high is -39.1%.
- Relative strength versus KOSDAQ is 70 (on a 1–99 scale, computed from the past year's return versus the index with more recent performance weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 30% of all stocks by strength.
- Over the past three months it outpaced the index by 38.0%.
- Chart interpretation is best done alongside trading volume and disclosure dates.
- The company is currently loss-making.
- In 2025 the operating margin (the share of revenue that becomes operating profit) was -32.8%, the net margin -23.9%, and ROE (how much is earned in a year on shareholders' equity) -7.7%.
- Because earnings are negative, a P/E (how many times one year's earnings the share price represents) cannot be calculated, so the P/B (how many times net assets the share price represents) is used instead.
- The P/B is 0.89x, meaning the shares trade at about half of book net assets (₩5,532 per share).
- In a loss-making phase a higher P/B is a burden, but here the opposite is true — the price sits well below net assets — so there is some asset-value safety cushion in place.
- Financial stability is also on the sound side, with a debt ratio (debt relative to equity) of 122% and a current ratio (assets that can be mobilized immediately versus debt due within a year) of 298%, so short-term funding pressure is small.
- Growth shows two faces.
- Annual revenue rose from ₩69.8 billion in 2023 to ₩75.0 billion in 2024 and ₩148.8 billion in 2025 — up 98.5% in a single year and accelerating — reflecting the full impact of the new title's global launch.
- Earnings, by contrast, turned from a profit in 2023 (operating profit +₩3.8 billion, net profit +₩6.4 billion) to losses in 2024 and 2025, and because of the development and marketing costs spent to launch the new title, 2025 posted an operating loss of -₩48.7 billion and a net loss of -₩35.5 billion, widening the deficit.
- In the most recent quarter, Q1 2026, revenue of ₩32.7 billion was down 30.6% year over year, with an operating loss of -₩15.3 billion and a net loss of -₩11.1 billion.
- This looks like the surge of revenue right after launch settling back to a normal run rate, and how long the game sustains revenue and how much costs fall are the questions going forward.
- This year's earnings remain in the red, and no official annual target from the company has been confirmed, so the timing of a turn to profit cannot yet be pinned to a number.
- In short, top-line growth is clear, but when that growth converts into earnings remains a matter to confirm.
- Recent disclosures cluster around results and governance change.
- In May 2026, a fair disclosure of 2025 consolidated preliminary results and the Q1 2026 quarterly report confirmed both an expanding top line and continued losses.
- In March, a CEO-change disclosure shifted the company from a co-CEO structure to a single-CEO structure led by Son Myeon-seok, reorganizing so that one CEO concentrates on managing the core development subsidiary Lightcon.
- In late April there was a disclosure on a change to the KOSDAQ segment classification following the exchange's periodic reclassification.
- The company's core variables — new titles, results and governance — show up directly in the disclosures, so following this flow makes the company's condition easy to read.
- The strengths and the points to check are both clear.
- On the strength side: the new title's global launch nearly doubled the top line in a single year, the low debt ratio and ample liquidity mean small short-term financial pressure, and the share price has fallen to about half of net assets (P/B 0.51x), placing it on the cheap side relative to asset value.
- On the points-to-check side: operating and net profit are still in the red and revenue itself fell year over year in Q1 2026, so the new title's revenue durability needs further confirmation, and by the nature of game companies, results hinge heavily on whether the next title succeeds.
- In short, if new-title revenue holds steadily and costs are controlled so that earnings turn positive, the current low P/B becomes a strength as is; if losses and revenue declines drag on longer, top-line growth alone will not make the stock easy to assess.
- Reading this company accurately means holding together its starting point of undervaluation relative to assets and its confirmation task of turning to profit.
🔎 Valuation vs peers Inconclusive
As companies in the same game/software sector that are comparable in business and scale, we looked at WeMade (112040) as the parent-equivalent, mid-sized game maker Com2uS (078340), and Neptune (217270), a similar small-cap game developer/holding company.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Wemade | — | 1.53x | -4.58% |
| Com2uS | 8.60x | 0.32x | 3.67% |
| Neptune | — | 0.32x | -12.71% |
(a) Position versus peers: the P/B of 0.89x is below WeMade (1.45x) and above Com2uS (0.31x) and Neptune (0.40x), a mid-level reading within the group of loss-making game companies. (b) Premium/discount: the shares trade below net assets at a discount, but this should be seen as the market reflecting the ongoing losses. (c) A trailing P/E cannot be computed at all because earnings are negative, and with the timing of a turn to profit uncertain, a forward multiple also cannot be fixed to a number now. So rather than declaring the stock cheap or expensive, we leave it Inconclusive. If a turn to profit and sustained new-title revenue are confirmed, the low P/B becomes a strength; if losses drag on, even a low P/B is hard to justify.
Price history Close · MA20 · MA60
The latest close is ₩4,945 and the market capitalization is ₩414.4 billion. The price sits above its 20-day moving average (₩3,655) and above its 60-day moving average (₩4,462). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 61.4, a neutral level. The one-month change is +50.3%, the three-month change is +6.7%, and the position relative to the 52-week high is -39.1%. Relative strength versus the KOSDAQ is 70 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 70% of all stocks. Over the past three months it outpaced the index by 38.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M +37.96% / 6M -5.35% / 12M -35.75%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.89x is below the sector median (1.58x).
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Profitability & financials
Return on equity (ROE) is -7.7%, below the sector average (5.0%). The operating margin is -32.8%. The debt ratio is 122.0%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $46.2M | $49.7M | $98.6M | +98.48% ↑ faster |
| Operating profit | $2.5M | -$5.4M | -$32.3M | — |
| Net profit | $4.2M | -$6.3M | -$23.6M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $23.5M | $57.2M | $46.2M | $49.7M | $98.6M |
| Operating profit | $193,264 | $16.8M | $2.5M | -$5.4M | -$32.3M |
| Net profit | -$848,966 | $16.7M | $4.2M | -$6.3M | -$23.6M |
| Revenue CAGR | 4-yr avg 43.07% | ||||
Revenue rose 98.5% year over year (2023 ₩69.8 billion → 2024 ₩75.0 billion → 2025 ₩148.8 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 5 years on record, revenue compound annual growth (CAGR) is 43.1%. The two-year revenue CAGR is 46.1%. In the most recent quarter (Q1 2026), revenue was 30.6% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- Revenue grew 98.5% year over year, a sign of growth.
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
Recent news & events searched · sourced
- 2026-05-12EarningsFair disclosure of preliminary operating results on a 2025 consolidated basis — annual revenue of about ₩148.8 billion, with operating and net losses continuingShort term: confirmation of continued losses weighs on sentiment. Medium term: the new title expanded the top line, but whether profitability recovers remains the key variable. Source
- 2026-05-15FilingQ1 2026 quarterly report filed — quarterly revenue of ₩32.7 billion (-30.6% year over year), with operating and net losses continuingShort term: revenue concentrated in the early launch period falls away, confirming a top-line slowdown. Medium term: retention after revenue normalizes and cost control will determine the earnings direction. Source
- 2026-03-24FilingCEO change — shift to a single-CEO structure (to concentrate on managing the development subsidiary)Short term: a governance change unifies decision-making. Medium term: affects execution of a new-title strategy centered on the core development subsidiary. Source
- 2026-04-30FilingKOSDAQ segment reclassification (the exchange's periodic reclassification)Short term: a change in market classification. Medium term: since the segment is tied to results and financial condition, whether profitability recovers should be checked alongside it. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-05-12EarningsFair-disclosure notice
- 2026-05-04OwnershipOwnership-change filing
- 2026-04-30Disclosure
- 2026-04-15EarningsEarnings disclosure
- 2026-03-24Disclosure
- 2026-03-24Shareholders' meeting notice
- 2026-03-16PeriodicAnnual business report
- 2026-03-16Audit report
- 2026-03-09Shareholders' meeting notice
- 2026-03-09Shareholders' meeting notice
- 2026-03-09Disclosure
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.