[Click e-Stock] "Crimson Desert Expectations Down... Pearl Abyss Target Price Lowered"

"Extended Period Without New Releases... Maintain 'Sell' Rating"

On August 13, Mirae Asset Securities lowered its target price for Pearl Abyss from 36,000 won to 30,000 won while maintaining its 'Sell' investment rating.

Heeseok Lim, an analyst at Mirae Asset Securities, stated, "We have adjusted our performance estimates and changed our reference year to reflect sales trends for Crimson Desert." He added, "If the DLC schedule is delayed, there is a possibility that this year's performance outlook could be further downgraded."

In the second quarter, Pearl Abyss posted revenue of 192.6 billion won and operating profit of 67.6 billion won, which were down 41% and 68% quarter-on-quarter, respectively. These results were also 30% and 52% below market expectations, respectively. The poor performance was analyzed to have been impacted by the steep decline in revenue from Crimson Desert. Crimson Desert sales amounted to 136.1 billion won, down 49% from the previous quarter. The number of units sold decreased from 4 million in the first quarter to 2.11 million units in the second quarter, while the average selling price (ASP) fell from 74,000 won to 63,000 won over the same period.

Mirae Asset Securities has reduced this year's revenue guidance by 19–24% and operating profit guidance by 35–40%, reflecting adjusted expectations for Crimson Desert. Analyst Lim noted, "Crimson Desert is attempting a turnaround through the release of DLC and platform expansion." He added, "Currently, the DLC under development is being reviewed for content direction and quality. Specific information will be released in the third quarter, and the company is aiming for a launch within this year."

However, he also suggested that the company is at the beginning of an extended period without new releases, making further derating inevitable. Lim explained, "It is difficult to expect a meaningful rebound in sales from the release of the Crimson Desert DLC alone. Even assuming no delay issues for the next title DokeV, its release is possible only in the second half of 2028. Another new project, Plan 8, is being developed with a 2–3 year launch interval in mind."

This content was produced with the assistance of AI translation services.