[Click e-Stock] "Krafton Shows Signs of Slowing Growth Amid Peak Season"

On November 5, Daishin Securities lowered its target price for Krafton from 440,000 won to 410,000 won, citing an expected slowdown in momentum as both PUBG PC and mobile are projected to face slower growth due to competition, and the release of the next new title in the first half of next year remains uncertain. The investment opinion was maintained as 'Buy'.

Krafton's sales in the third quarter reached 870.6 billion won (up 21% year-on-year), and operating profit was 348.6 billion won (up 7%). While sales met market expectations, operating profit fell short of estimates. PC sales recorded 353.9 billion won (up 29%), and mobile sales reached 488.5 billion won (up 15%).

Both PUBG PC and mobile are reportedly being significantly affected by competing titles. Lee Jieun, a researcher at Daishin Securities, stated, "PC traffic continues to decline, and for mobile, revenue rankings in China are consistently dropping." She added, "Although there will be content updates with a high average revenue per user (ARPU), such as the Porsche collaboration starting in November, it will likely be difficult to offset the decline in traffic." For mobile, while global regions are showing stable growth, the Chinese market has been affected by the emergence of competing titles such as 'Delta Force Mobile' since September.

Lee also noted, "In the fourth quarter, PUBG is expected to see an overall decline in revenue, and additional legal expenses related to Unknown Worlds are anticipated, leading to increased costs." She recommended a conservative approach, stating, "It appears unlikely that new titles will be released in the first half of 2026, so there is currently a lack of momentum from new releases."