[Click eStock] "Com2uS Confirms Early Global Performance of Chronicle"

Daishin Securities Report

Daishin Securities maintained a buy rating and a target price of 90,000 won for Com2uS on the 13th. They judged that stock price growth is expected as the sales of Chronicle Global show an upward trend.

Com2uS launched Summoners War Chronicle in 170 countries worldwide, excluding North America and South Korea, on the 9th. Since its release, it has achieved better-than-expected results, ranking first in mobile download rankings in major countries such as Japan, Taiwan, Singapore, and Thailand. The number of concurrent Steam users has also shown an upward trend since the launch, and sales exceeded both market and company expectations during the first three days after release.

In the North American region, where the Summoners War IP fandom is large, the launch of Chronicle in November last year did not meet market expectations in terms of box office performance, leading to low expectations for other global regions. The company also set the daily average sales guidance for global regions this year at less than 150 million won.

Lee Ji-eun, a researcher at Daishin Securities, said, “We confirmed traffic and sales performance exceeding expectations immediately after the launch of Chronicle, and overseas user responses also seem positive. If the current level of traffic is maintained and sales growth continues to be confirmed, we plan to revise upward our earnings estimates.”

Sales of existing games are also on the rise. For Sky Arena, which accounts for the largest portion of the company’s sales, the first quarter is usually an off-season, but after conducting an IP collaboration with Assassin’s Creed on the 28th of last month, the mobile sales ranking has been rising recently. Researcher Lee Ji-eun explained, “If the steady sales of existing games and the continuous confirmation of the global launch performance of Chronicle are sustained, stock price momentum will occur.”