[Click eStock] "Krafton, New Release 'Injoy' Expected to Succeed"

Daishin Securities has raised expectations for the success of Krafton's new game 'inZOI,' analyzing that the company could potentially develop it into a long-term IP (intellectual property) upon its official release. The investment rating was maintained at 'Buy' with a target price of 480,000 KRW.

Released on early access on the 28th, inZOI has attracted significant market attention by ranking first in Steam's pre-release indicators (No. 1 on the wishlist, approximately 250,000 followers) as well as securing the No. 1 spot in Steam's global real-time sales rankings after launch. Lee Ji-eun, a researcher at Daishin Securities, stated, "We have projected inZOI's 2025 sales volume at 1.7 million units with an average selling price (ASP) of 52,000 KRW, reflecting this in our earnings estimates. Considering it is a new IP and an early access version, achieving sales of over 1.5 million units would be regarded as a successful hit."

For the first quarter of this year, Krafton's sales are estimated at 811.4 billion KRW (up 22% year-over-year), and operating profit at 403 billion KRW (up 30% year-over-year), both expected to exceed market expectations. The researcher noted, "The success of inZOI should be noted more for its potential to expand the company's game lineup rather than its short-term earnings contribution. If the success of inZOI is confirmed to some extent in the second quarter, it could lead to increased expectations for new releases in the second half of the year."