[Click e-Stock] "For Com2uS, Success of New Titles in Japan Is the Key Variable"

On December 29, Daishin Securities stated that while Com2uS is targeting the Japanese market to improve its performance and rebound its stock price in 2026, a conservative approach is necessary until the success of its new titles is confirmed. Accordingly, the target price was lowered from 45,000 won to 40,000 won, while maintaining a 'Buy' investment rating.

Com2uS's expected sales for the fourth quarter of this year are 177 billion won (down 7% year-on-year), and operating profit is projected at 8 billion won (up 270%). Sales are expected to fall short of market expectations, while operating profit is anticipated to exceed expectations thanks to cost efficiency improvements.

Lee Jieun, a researcher at Daishin Securities, commented, "The impact of the large-scale update of 'Summoners War: Sky Arena' and the continued contribution from 'The Starlight' are expected to be reflected in the results," adding, "Steady sales growth from KBO and MLB titles is also anticipated." RPG game sales are estimated at 73.8 billion won (down 8%), and sports game sales are estimated at 60.7 billion won (up 4%).

While existing flagship titles have served as cash cows throughout the year and the growing popularity of professional baseball has provided a positive boost, the performance of new titles has been evaluated as disappointing. Lee noted, "For performance improvement and a valuation rerating in 2026, the success of new titles is virtually the only breakthrough."

She added, "The launch of the new title 'Doyonamgui Crimson Inferno,' based on a popular Japanese manga IP, and the acquisition of Japanese IPs such as 'Gachiakuta' through the participation of major Japanese publisher Kodansha in the production committee, appear to be strategic moves. However, considering that Com2uS has repeatedly underperformed in the Japanese market, a positive stock price trend will only be possible once the success of new titles is confirmed."