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1、 Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analyst under the FINRA rules.Refer to Other Important Disclosures for information on certain BofA Securities entities that take responsibility for the information herein in particular jurisdictions.BofA Securitie

2、s does and seeks to do business with issuers covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment d

3、ecision.Refer to important disclosures on page 21 to 24.Analyst Certification on page 18.Price Objective Basis/Risk on page 18.12893675 Interactive Media-Asia Pacific Free Fire vs.PUBG Mobile:sustained leadership amid rising BR competition Industry Overview Evergreen IP:resilient amid rising competi

4、tion This report provides a deep-dive on two leading mobile BR shooting titles-Garena Free Fire and PUBG Mobile.Since their global launches in 2017-18,both have evolved into evergreen franchises,consistently ranking among the worlds top-20 grossing mobile games.As of Jan-Sep 2025,they hold roughly 1

5、%of mobile gaming revenue each,compared to 2.5-2.9%for Top 1-5 titles.Both maintain high engagement via live operations,e-sports ecosystems,and frequent content updates.Yet,with an influx of new FPS entrants particularly Delta Force Mobile in China competition risk is rising.Despite these headwinds,

6、we expect Free Fire and PUBG M to remain anchor titles of the global BR landscape,given their diversified regional presence and monetization.Free Fire:scale advantage across emerging markets Free Fire leads in user scale with an estimated 251mn average MAU(Jan-Sep 2025),nearly 3x higher than PUBG Ms