Winking Studios Limited (WKS) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Winking Studios Limited S$0.18, price S$0.21, upside -12.2%, quality 51 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Winking Studios Limited, an investment holding company, operates as an art outsourcing and game development studio in Mainland China, Taiwan, South Korea, the United States, Japan, and internationally.
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Winking Studios Limited, an investment holding company, operates as an art outsourcing and game development studio in Mainland China, Taiwan, South Korea, the United States, Japan, and internationally. The company operates three segments: Original Equipment Manufacturer (Art Outsourcing), Original Design Manufacturer (Game Development), and Global Publishing and Others. It creates and develops digital art assets, including 2D concept art, 3D modelling, 2D animation, and 3D animation and visual effects, as well as environment and game character design services. The company also offers programming, game development, and design and script writing services, as well as releases game products produced by the company and third-party game developers, such as PlayStation, Switch, and Steam platforms. In addition, it sells video games and peripheral gaming products; and engages in Intellectual property licensing business. The company was founded in 1997 and is headquartered in Singapore. Winking Studios Limited is a subsidiary of Acer Gaming Inc.
Stock analysis
Winking Studios Limited (WKS) currently trades at 0.2050 SGD, while our model-based Fair Value estimate is 0.1800 SGD, implying the stock looks roughly 13.9% overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 0.1800 SGD per share, and 5 of the 24 models we run sit above the 0.2050 SGD price.
Bear case: the Earnings-Based group reads lowest at 0.0200 SGD, and 19 of the 24 models stay below the price. Evidence for this calculation is low.
Quality & growth
The Quality Score stands at 51/100 (solid quality), in the Communication Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Winking Studios Limited reported revenue of $45.5M in FY2025 versus $23.7M in FY2021, a compound +17.7%/yr. Reported net income was $326K in FY2025, compounding −43.1%/yr from FY2021.
Key figures
Market cap 90.6M SGD (≈ $70.8M) · P/S ratio 2.09 · Net margin 0.7% · Return on equity 0.6% · Return on assets (EBIT) 5.3% · Operating margin −0.5% · Revenue (TTM) $45.5M · Revenue growth (YoY) +56.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 25% below its 52-week high and 5% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 50% fair-value upside, at −12%, WKS screens richer than that median.
Fair Value models
Bear 0.1800 SGDFair Value 0.1800 SGDBull 0.1800 SGD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.90/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+42.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+22.9%
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−41.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−41.9%
Dividend (yield on the price)0.0%
Profit margin 2021 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.14% → 2%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−1.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+14.1%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −3.6% a year for the price and +11.5% for the forecasts.
Compare Winking Studios Limited with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Electronic Gaming & Multimedia · 148 stocks
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Winking Studios Limited (WKS) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 0.1800 SGD versus a price of 0.2050 SGD, about −12% upside (overvalued).
What is the fair value of WKS?
Our model-based fair value for Winking Studios Limited is 0.1800 SGD (as of Sep 23, 2026), built from audited fundamentals. The current price: 0.2050 SGD.
What is the quality score of WKS?
Winking Studios Limited has a Quality Score of 51/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Winking Studios Limited (WKS)?
Our model-based price target is the fair value of 0.1800 SGD (as of Sep 23, 2026) from 24 valuation models. It is a calculation from audited fundamentals, not an analyst target.
What is the Winking Studios Limited stock forecast for 2026?
Our models put fair value at 0.1800 SGD, about −12% upside versus a price of 0.2050 SGD (overvalued). The calculation is refreshed regularly with new filings.
What is the revenue of Winking Studios Limited (WKS)?
Winking Studios Limited reported trailing-twelve-month revenue of about $45.5M (latest available figure, as of Sep 23, 2026).
What growth is priced into Winking Studios Limited (WKS)?
For today's price to be fair in a discounted-cash-flow model, Winking Studios Limited would have to grow free cash flow by -1.3 % per year for five years (discount rate 11.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew +17.7 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of WKS use?
Our models discount Winking Studios Limited at 11.0 %: a base by market capitalisation (micro), damped by beta 0.03, country premium for Singapore. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Winking Studios Limited that is -1.3 % per year a year over ten years, using the same discount rate (11.0 %) and the same formula as our fair value.
How much growth has Winking Studios Limited (WKS) delivered so far?
Over the past 4 years revenue at Winking Studios Limited grew +17.7 % a year. The price currently implies -1.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Winking Studios Limited (WKS) growing?
The median revenue growth in the sector is +1.6 % a year. That is the yardstick for the growth priced into Winking Studios Limited (-1.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Winking Studios Limited (WKS)?
The free-cash-flow yield on the price is 6.47 %: that much free cash flow Winking Studios Limited produces per unit of market value. When it exceeds the discount rate of our models (11.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Winking Studios Limited (WKS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Winking Studios Limited it is 0.1800 SGD per share (as of Sep 23, 2026), against a price of 0.2050 SGD. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Winking Studios Limited stock overvalued or undervalued in 2026?
As of Sep 23, 2026, WKS trades above its calculated fair value: price 0.2050 SGD, fair value 0.1800 SGD, a gap of about −12% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of WKS?
No. The price is what the market pays today (0.2050 SGD); the fair value is what the company's own numbers justify (0.1800 SGD). For Winking Studios Limited the two are 0.0250 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is Winking Studios Limited worth?
The market values Winking Studios Limited at about 90.6M SGD (market capitalisation, as of Sep 23, 2026). Per share that is 0.2050 SGD; our models calculate a fair value of 0.1800 SGD per share.
How solid is the balance sheet of Winking Studios Limited (WKS)?
Balance-sheet figures for Winking Studios Limited (as of Sep 23, 2026): return on equity 0.6%. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is WKS from its 52-week high?
Winking Studios Limited trades at 0.2050 SGD, about 25% below its 52-week high of 0.2750 SGD and 5% above the low of 0.1960 SGD (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 0.1800 SGD is for.
Which stocks are comparable to Winking Studios Limited?
From the same area (Communication Services) we also value Konami Group, NetEase, Inc, Take-Two Interactive Software, Inc, Roblox Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Winking Studios Limited stock attractive at the current price?
The data as of Sep 23, 2026: price 0.2050 SGD, calculated fair value 0.1800 SGD (−12%), Quality Score 51/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of WKS calculated?
We run Winking Studios Limited through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 0.1800 SGD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Winking Studios Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Winking Studios Limited (WKS)?
The closing price on Sep 23, 2026 was 0.2050 SGD. Our model-based fair value is 0.1800 SGD, about −12% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Winking Studios Limited right now?
The price sits above even our optimistic bull case (0.1800 SGD). The favourable scenario is already priced in. Solid but not exceptional quality (51/100) and above fair value, neither a clear bargain nor a standout compounder. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of Winking Studios Limited
How large is the market capitalisation of Winking Studios Limited (WKS)?
The market capitalisation of Winking Studios Limited is 90.6M SGD (≈ $70.8M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Winking Studios Limited (WKS)?
The price-to-sales ratio of Winking Studios Limited is 2.09 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of Winking Studios Limited (WKS)?
The net margin of Winking Studios Limited is 0.7% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Winking Studios Limited (WKS)?
The return on equity (ROE) of Winking Studios Limited is 0.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Winking Studios Limited (WKS)?
On an EBIT basis the return on assets of Winking Studios Limited is 5.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Winking Studios Limited (WKS)?
The operating margin of Winking Studios Limited is −0.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Winking Studios Limited (WKS)?
Revenue at Winking Studios Limited is growing +56.6% versus a year earlier (3y avg +22.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Winking Studios Limited (WKS)?
Earnings per share at Winking Studios Limited are growing −35.2% versus a year earlier. How much earnings per share grew versus a year earlier.
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