Winking Studios Ltd
SGX:WKS

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Winking Studios Ltd
SGX:WKS
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Price: 0.24 SGD Market Closed
Market Cap: S$106.1m

EV/S

1.6
Current
27%
Cheaper
vs 3-y average of 2.2

Enterprise Value to Sales (EV/S) ratio compares a company`s total enterprise value to its revenue. It shows how much investors are paying for each dollar of the company`s sales, including both equity and debt.

EV/S
1.6
=
Enterprise Value
S$93m
/
Revenue
$45.5m

Enterprise Value to Sales (EV/S) ratio compares a company`s total enterprise value to its revenue. It shows how much investors are paying for each dollar of the company`s sales, including both equity and debt.

EV/S
1.6
=
Enterprise Value
S$93m
/
Revenue
$45.5m

Valuation Scenarios

Winking Studios Ltd is trading below its 3-year average

If EV/S returns to its 3-Year Average (2.2), the stock would be worth S$0.33 (37% upside from current price).

Statistics
Positive Scenarios
3/4
Maximum Downside
-42%
Maximum Upside
+37%
Average Upside
13%
Scenario EV/S Value Implied Price Upside/Downside
Current Multiple 1.6 S$0.24
0%
3-Year Average 2.2 S$0.33
+37%
5-Year Average 2.2 S$0.33
+37%
Industry Average 0.9 S$0.14
-42%
Country Average 1.9 S$0.28
+19%

Forward EV/S
Today’s price vs future revenue

Today's Enterprise Value Revenue Forward EV/S
S$93m
/
Jan 2026
$45.5m
=
1.6
Current
S$93m
/
Dec 2026
$56.6m
=
1.6
Forward
S$93m
/
Dec 2027
$64.6m
=
1.4
Forward
S$93m
/
Dec 2028
$75.4m
=
1.2
Forward

Forward EV/S shows whether today’s EV/S still looks high or low once future revenue are taken into account.

Peer Comparison

All Multiples
EV/S
P/E
All Countries
Close
P/E Multiple
Earnings Growth PEG
SG
Winking Studios Ltd
SGX:WKS
Average P/E: 57.6
255.3
131%
1.9
US
A
Activision Blizzard Inc
LSE:0H8X
34.2
36%
1
CN
NetEase Inc
NASDAQ:NTES
14.6
14%
1
JP
Nintendo Co Ltd
TSE:7974
23
26%
0.9
US
Electronic Arts Inc
NASDAQ:EA
74.5
32%
2.3
SG
Sea Ltd
NYSE:SE
29.7
27%
1.1
US
Roblox Corp
NYSE:RBLX
Negative Multiple: -37.3 N/A N/A
US
Take-Two Interactive Software Inc
NASDAQ:TTWO
Negative Multiple: -9.9 N/A N/A
CN
Z
Zhejiang Century Huatong Group Co Ltd
SZSE:002602
32.9
104%
0.3
JP
Konami Holdings Corp
TSE:9766
31.2
22%
1.4
JP
N
Nexon Co Ltd
TSE:3659
23
18%
1.3

Market Distribution

In line with most companies in Singapore
Percentile
47th
Based on 590 companies
47th percentile
1.6
Low
0 — 0.8
Typical Range
0.8 — 4.4
High
4.4 —
Distribution Statistics
Singapore
Min 0
30th Percentile 0.8
Median 1.9
70th Percentile 4.4
Max 96 818.7

Winking Studios Ltd
Glance View

Market Cap
106.1m SGD
Industry
Media

Winking Studios Ltd. is a holding company doing business through its subsidiaries. The company employs 734 full-time employees The company went IPO on 2023-11-20. The Company’s segments include Original Equipment Manufacturer (Art Outsourcing Segment), Original Design Manufacturer (Game Development Segment) and Global Publishing and Others. The Art Outsourcing Segment create and develop digital art assets as part of its provision of art outsourcing services. The company provides design services, including 2D concept art, 3D modelling, 2D animation, 3D animation and visual effects, which includes environment design and game character design. Game Development Segment provide game development services, including programming, development, design, and script writing of games. Its Global Publishing and Other Services Segment release game products developed by the Company as well as third party game developers on global game platforms, including PlayStation and Switch and Steam.

WKS Intrinsic Value
0.25 SGD
Undervaluation 5%
Intrinsic Value
Price S$0.24
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