[Click eStock] "Com2uS's New Title 'Zeus' Succeeds... Positive Outlook for This Year's Earnings"

Hyundai Motor Securities Sets New Target Price of 50,000 Won for Com2uS

On September 3, Hyundai Motor Securities issued a new price target of 50,000 won for Com2uS, which has found great success with its new release, "Zeus," and initiated coverage with a "Buy" investment opinion.

Hyundai Motor Securities expects Com2uS's earnings this year to significantly exceed market expectations due to the strong performance of "Zeus," projecting sales of 763.7 billion won (up 9.7% year-on-year) and an operating profit of 74.22 billion won (up 2,366% year-on-year). Choi Seungho, a researcher at Hyundai Motor Securities, commented, "Factors that limited Com2uS's share price upside included consecutive new title failures and deepening deficits at its subsidiaries," adding, "Zeus: God of Arrogance has achieved the company's greatest results since Summoners War, and this marks a positive shift back to growth."

It is estimated that Zeus is recording daily sales exceeding 3 billion won in its early stage. The forecast for Zeus's annual sales this year stands at 144.3 billion won. The title was developed by AVerTONE and published by Com2uS.

Researcher Choi noted, "Although Zeus is a publishing title developed by AVerTONE, Com2uS has invested 17 billion won in AVerTONE for a 9% stake and, according to media reports, also holds convertible bonds worth 20 billion won." He added, "Given that MMORPGs (Massively Multiplayer Online Role-Playing Games) tend to experience sharp sales drops, there will likely be some decline, but the robust early performance means Zeus will make a meaningful positive contribution at least through next year."

Com2uS had previously shifted its business strategy towards new titles based on external and animation intellectual properties (IP). Upcoming releases include Dowon-Am-Gwi in the second half of this year, Destiny Child, A-Rank Party, and Gachiakuta IPs next year, and the omniscient reader's viewpoint IP in 2028, all categorized as subculture IPs.

Researcher Choi commented, "Animation IPs have clear upper and lower limits, making the size of the IP fandom crucial." He continued, "The omniscient reader's viewpoint is an ultra-large IP with more than 100 million cumulative views and scheduled film and animation adaptations by 2028. Although Gachiakuta and Dowon-Am-Gwi each have total sales of less than 10 million units, their solid fanbases could enable combined annual sales for the two games to reach 30 billion won." He further added, "While high expectations may not be realistic, each is expected to generate at least break-even level sales."

Regarding the share price outlook, Hyundai Motor Securities predicted a positive trend, citing simultaneous business strategy shifts, cost improvements, and new title successes. Researcher Choi noted, "Although the launch momentum for Zeus has faded, with four new titles lined up for next year, the current price offers an attractive buying valuation." He emphasized, "Should Zeus maintain its hit status over a longer period, a share price rerating is also possible."

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