Daol Investment & Securities said on the 23rd that while the long-term direction for Devsisters is positive, investors should watch for short-term volatility driven by new-release momentum (upside potential). It did not provide a target price or investment rating. Devsisters closed at 40,000 won in the previous session.
On the 21st, Devsisters presented three plans to expand its intellectual property (IP) at the online showcase "DevNow 2026." They are the expansion of the fandom, the expansion of genres, and the expansion into culture. To that end, the company is planning not only games but also a U.S. pop-up store and convention participation.
Kim Hye-young, an analyst at Daol Investment & Securities, said, "Because content is key to expanding the fandom, starting this year the company will link the narratives of each game around the Time Management Bureau (a fictional agency in the Cookie Run universe that monitors and manages all timelines of the world) and actively push for a unified universe."
This year, "Cookie Run: Oven Smash," "Cookie Run Crumble," and "Cookie Run Card Collection" are slated for release, strengthening the new-title lineup. The company is developing "Project AR" for release next year and the open-world action role-playing game (RPG) "Cookie Run: New World" for Cookie Run's 20th anniversary in 2029.
Kim said, "Last year's results were disappointing due to a lack of new titles beyond regional expansion, but the pipeline expansion from this year through 2029 is positive," adding, "In particular, 'Pokopia,' which leverages the Pokémon IP, once again showcased the strength of the IP, so Devsisters' growth potential also looks significant."
However, note that game companies see significant earnings volatility depending on whether they have new releases. Kim said, "Share prices of game companies tend to rise on new-release momentum and then decline around launch, a pattern that repeats," and added, "With expectations for 'Cookie Run: Oven Smash,' which launches on the 26th, the stock has risen about 30% recently, so short-term volatility could increase."