[Click eStock] "Com2uS Expects Profit Recovery Next Year with Multiple New Releases"

NH Investment & Securities analyzed on the 11th that Com2uS is expected to recover profits next year with the release of multiple new titles. The investment opinion 'Buy' and the target price of 53,000 KRW were maintained.

Com2uS plans to publish new games scheduled for 2025, including self-developed titles such as "Summoners War: Legion" (idle RPG) utilizing the Summoners War IP, "Pro Baseball RISING" licensed from Japan's NPB, and "Legend Summoner" (casual action), as well as publishing games like "God & Demon" (idle RPG), "The Starlight" (MMORPG), "Project M" (casual MORPG), and "Project ES" (MMORPG).

Jaemin Ahn, a researcher at NH Investment & Securities, said, "In particular, Pro Baseball RISING is expected to perform well in the large Japanese baseball game market," adding, "It has proven game quality in the domestic market and has gained experience through MLB 9 Innings Rivals, which was released in Japan last year and showed favorable initial results." He continued, "The release is expected in March to coincide with the start of the professional baseball season, and it will compete with Konami’s long-standing IPs, Pro Yakyuu Spirits A and Powerful Pro Baseball."

This year’s third-quarter performance slightly missed expectations. Com2uS recorded sales of 172.8 billion KRW and an operating profit of 1.4 billion KRW in Q3. Sales decreased by 7.5% compared to the same period last year. Operating profit turned positive. He said, "Operating profit slightly missed the previous estimate of 3.2 billion KRW and the market consensus of 2.9 billion KRW," explaining, "This was due to the absence of the Summoners War 10th anniversary event and the peak season effect of baseball games." He added, "After 10 years, Summoners War continues to grow year-over-year with its strong IP power, and baseball games are also showing continuous sales growth."