Revenue however saw a 7.1% y-o-y growth to US$15.2 million driven by the group’s art outsourcing and game development segments, which both segments saw a surge in orders. On a constant currency basis, revenue would have gained 10.5% y-o-y.
UOB Kay Hian is reiterating its “buy” recommendation on Winking Studios with a higher target price of 38 cents from 35 cents previously.
This comes on the back of the group announcing its 1HFY2024 ended June results, which saw earnings decline by 28.0% y-o-y to US$909,000 ($1.2 million) from US$1.3 million a year ago. This was mainly due to ongoing listing expenses as well as marketing and promotional expenses.
