[Click eStock] "Com2uS to Intensify New Releases Starting Year-End"

NH Investment & Securities analyzed on the 12th that Com2uS is expected to improve its performance next year due to the results to be released from the end of this year. The investment opinion 'Hold' and the target stock price of 43,000 KRW were maintained.

Ahn Jae-min, a researcher at NH Investment & Securities, said, "The 10th anniversary of Summoners War and the baseball game IP remain strong, recording stable sales, but the absence of additional hit titles is regrettable," adding, "We expect to gradually overcome the current sluggish performance momentum through active publishing business development and the release of new titles utilizing the existing Summoners War and baseball game intellectual property (IP)."

He explained, "New games scheduled from the end of 2024 include two games using the Summoners War IP (Summoners War: Legion (idle RPG), Legend Summoner (casual action)) and Pro Baseball RISING, which secured the Japanese NPB license, along with in-house development and preparation of eight publishing games," adding, "We expect performance growth from 2025 depending on the success of these new titles."

The second-quarter performance was evaluated as meeting market expectations. Com2uS's sales and operating profit in the second quarter were 173 billion KRW and 1.4 billion KRW, respectively. Although sales decreased by 24.2% compared to the same period last year, operating profit turned positive. He said, "We recorded favorable sales due to the 10th anniversary event of Summoners War, the peak season effect of the baseball game, and the impact of Star Seed released in March."