April 25, 2024

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[THE INVESTOR] We Made Entertainment has joined hands with a Chinese state-owned company and strengthened the intellectual property rights of its flagship game “The Legend of Mir 2,” said Shinhan Investment on April 18 raising the target price to 72,000 won (US$67.62) from 64,000 won. 

The game developer has partnered with a company owned by China’s Ministry of Culture and Tourism to jointly protect the hit game’s IP, This alliance will effectively protect the game and ease concerns over possible lawsuits while raising the possibility of a joint venture in China, said analyst Lee Mun-jong.

Boosted by a series of new games, its operating profit this year will surge 364 percent from last year to 27.7 billion won.Games developed on its own, including “Icarus M” and “Mir Mobile,” will contribute to earnings improvement, he said, adding that after a crackdown on illegal copies of its games in China its revenue will rise. 

By Hwang You-mee (glamazon@heraldcorp.com)