Kyobo Securities analyzed that Com2us has secured a stable profit structure by strengthening its intellectual property (IP) while improving the expense structure of its media business. It raised its target price from the previous 48,000 won to 62,000 won and presented an investment opinion of 'buy.' The closing price of Com2us on the previous trading day was 51,100 won.
Com2us's baseball game lineup is expected to record around 190 billion won in sales this year. Even assuming no growth in sales from the existing lineup next year, the release of a game based on the Nippon Professional Baseball (NPB) license by the end of the first quarter next year is estimated to generate annual sales of 240 billion won.
Kim Dong-woo, a researcher at Kyobo Securities, said, "As the growth of this year’s baseball lineup continues, there is potential for upward adjustment in estimates based on the revenue contributions of existing titles and the performance of new ones."
Kim noted, "In the case of Com2us's core IP, 'Summoners War,' despite being a 10-year-old game centered around 'Sky Arena,' it demonstrates a strong fandom, and the idle role-playing game (RPG) 'Summoners War: Legion,' based on this, is expected to be released by the end of the first quarter next year and to record annual sales of 30.4 billion won."
However, the fact that multiple games in the same genre are being released is a concern. Kim pointed out, "Considering the cases of competitors, idle RPGs built on a fandom established over a long period have shown sales performance above a certain level."
Kyobo Securities projected that Com2us will enter a period of significant profit growth next year as it continues to pursue an efficient expense management approach, including the release of two self-developed new titles focused on strengths by the end of the first quarter and attempts at additional external publishing.
Kim said, "In the publishing area, titles such as 'Star Lark' and 'Project M' are scheduled for release next year, indicating a continued attempt for growth in scale."