International Games System (3293 TT, NT$728.00) - Clearing gloom, returning to normal track

Research evidence excerpt

International Games System (3293 TT, NT$728.00) - Clearing gloom, returning to normal track

r about 54%,

with stable profit performance and room for steady growth. The main surprise came from

Source: CMoney

the US market, which grew from 10% previously to 13%, mainly due to the company’s self-

What's changed

operated Tada Gaming platform, which, through cooperation and development with local

New Old %

distributors, focuses on Social Sweepstakes-type games, demonstrating the effectiveness

Rating Buy Buy

of the company’s years of cultivation in the region. IGS operates the Tada GamingTarget price 1000 1000 0

EPS forecast 46.2 44.47 4 platform independently and applies for gaming licenses in various European and

Target PE 21.6 22.5 American countries, then partners with local agents to provide customized game content.

This platform provides another source of sales growth outside the Southeast Asian market,

Financial summary Year-end: Dec 31

NT$mn FY25 FY26F FY27F while also avoiding excessive concentration risk in a single market. We are optimistic

Net sales 22,033 25,877 28,856 about its medium- to long-term development.

YoY growth (%) 19.0 17.4 11.5

Op profit 13,066 15,344 17,655

YoY growth (%) 26.5 17.4 15.1

Profit performance steadily growing, with high yield themeNet profit 10,852 13,019 14,850

YoY growth (%) 19.8 20.0 14.1 Looking ahead, the company’s overall game licensing business features high GM and

EPS (NT$) 38.51 46.20 52.70

stable sales performance, with steady expansion in the Southeast Asian market. It isDPS (NT$) 36.0 41.7 47.5

PE (x) 18.6 15.5 13.6 expected that after obtaining licenses for Tada Gaming in various European and American

PB (x) 10.6 9.1 8.0

countries, sales performance will gradually improve, supporting global market expansion.

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