NH Investment & Securities forecasted on the 9th that the growth of KRAFTON's key intellectual property (IP), PlayerUnknown's Battlegrounds (PUBG), will continue this year. NH Investment & Securities maintained its investment opinion on KRAFTON as 'buy' and raised the target price from 470,000 won to 500,000 won. This target price is the highest among domestic securities firms and exceeds the previous closing price of 325,000 won by 53.8%.
Research Institute An Jae-min said, 'The remarkable growth trend of PlayerUnknown's Battlegrounds is expected to continue this year.' According to Research Institute An, there is potential for the growth of PUBG Mobile following PC.
Research Institute An noted, 'The map 'Rondo,' which received positive feedback on PUBG PC in December 2023, is scheduled to be applied to Hwapyeongjeongyeong (the Chinese version of PUBG Mobile) on the 14th' and added, 'It will also be introduced to global PUBG Mobile by March.'
Research Institute An evaluated that KRAFTON's stock price surged significantly last year, but as performance has also increased, it is considered undervalued. He said, 'KRAFTON's estimated price-to-book ratio (PBR; market capitalization ÷ net worth) is merely 14.5 times for 2024 and 13 times for 2025,' and added, 'Considering the anticipated additional growth of PUBG, the valuation has entered an attractive range.'