[Click eStock] "Com2uS to Achieve Performance Improvement with New Releases This Year"

Korea Investment & Securities Report

[Asia Economy Reporter Minji Lee] Korea Investment & Securities maintained a buy rating and a target price of 220,000 KRW for Com2uS, expecting revenue growth this year due to new game releases.

Com2uS recorded sales of 153.6 billion KRW in the fourth quarter of last year, expected to grow 13.9% year-on-year. Operating profit is projected to be 17.1 billion KRW, down 34.4%, in line with market expectations.

Jung Hoyoon, a researcher at Korea Investment & Securities, said, "The fourth quarter always sees a rebound in Summoners War sales due to event effects, and this time daily sales reached around 1 billion KRW, an 18.2% increase compared to the previous quarter," adding, "From this quarter, the performance of WYSIWYG Studios is consolidated, further expanding the scale."

This year is expected to be a new growth phase for Com2uS. The most anticipated title, Summoners War: Chronicle, is expected to launch in North America or Southeast Asia in the second quarter, followed by a full global release in the third quarter. The introduction of the P2E (Play to Earn) system is predicted to positively impact the game's success, and Chronicle is expected to exceed market expectations. Another popular IP, Fishing Strike, has also adopted the P2E system through the C2X platform and is scheduled for a global release this year.

Researcher Jung explained, "After the release of Summoners War: Chronicle, daily sales are estimated at around 600 million KRW, which strongly proves that the P2E system positively influences revenue," adding, "As Com2uS is the most proactive in responding to P2E, performance achievements related to this are expected this year."

Meanwhile, in the second half of the year, the Com2Verse service, a B2B metaverse, is scheduled to launch. Various companies are currently discussing entry into Com2Verse, and if the service successfully settles, additional valuation increases are anticipated.