[Click eStock] "Webzen, Time to Receive New Release Momentum"

Cape Investment & Securities expects the release of 'Jeonmin Gijeok 2' in Q1 next year... Closing price on the 16th was 36,300 won

[Asia Economy Reporter Kum Boryeong] An analysis has emerged that Webzen is entering a period to receive momentum.

On the 17th, Cape Investment & Securities judged that Webzen is once again at a time to gain new momentum from new releases. This is due to the expected release of 'Jeonmin Gijeok 2' in the first quarter of next year and the announcement that 'Yeongyo Daecheon-sa,' developed by 37Games, will be released on January 6 next year.

Choi Jinseong, a researcher at Cape Investment & Securities, explained, "The new release Yeongyo Daecheon-sa is the mobile version of the web game 'Amheuk Daecheon-sa,' which was released in China in the third quarter of last year. Amheuk Daecheon-sa ranked first in popularity among 37Games' web games at the time of its release and is estimated to have generated about 10 billion KRW in monthly revenue." He added, "As of last year, the web game market accounted for 3.2% of the Chinese game market, while the mobile game market accounted for 68.6%. Therefore, it is expected that Yeongyo Daecheon-sa could achieve daily sales of 1 billion KRW upon release."

Following Yeongyo Daecheon-sa, the release of Jeonmin Gijeok 2 is expected in the first quarter of next year. The predecessor, Jeonmin Gijeok 1 (Mu Origin), was released in December 2014 and recorded approximately 4.6 billion KRW in sales within 13 hours of launch, with monthly sales reaching 35 billion KRW, making it a hit.

Researcher Choi said, "Jeonmin Gijeok 2 is being developed by Cheonma Sigong, the developer of Jeonmin Gijeok 1, and published by Tencent. It obtained the domestic license in July this year. Currently, pre-registrations are underway, and the fourth closed beta test (CBT) has been completed." He added, "Jeonmin Gijeok 2 won the 'Most Anticipated Mobile Game by Players in 2021' award at this year's China 'Golden Plume Award.' The previous year's winner, 'Wanmi Segye,' recorded sales of 113.5 billion KRW over 22 days on the Chinese App Store alone, with daily sales of about 5 billion KRW."

Webzen's closing price on the 16th was 36,300 KRW. Researcher Choi analyzed, "Considering that Jeonmin Gijeok 1 received a multiple of about 20 times, the current stock price level presents an attractive valuation."