28 Apr 2023

Doomsday, a new tower defense style strategy game, gained strong growth momentum after the company launched global mass user acquisition in Mar. The game’s daily gross billing rapidly approached US$300k in mid-Apr. We expect Average Monthly Gross Billing (MGB) of Doomsday will exceed US$10m in 2H23. Another highly anticipated new title, Viking Rise (VR), also received initial success in user acquisition after global launching in Apr. Management stated VR’s user retention rate is high and believe VR has huge potential given there are still much room to add new features. We forecast Doomsday and VR’s combined MGB to reach HK$119m/ HK$188m in FY23/ FY24 and become the major growth driver.

CROSBY Research – IGG (799 HK/BUY): Doomsday and Viking Rise received initial success after mass launching, upgrade to BUY rating