[Click eStock] "Com2uS, Stock Price in Absolutely Undervalued Zone"

[Asia Economy Reporter Park Jihwan] Daishin Securities maintained a buy rating on Com2uS on the 27th, stating that although the release of new titles has been delayed, considering its cash and cash equivalents, it remains in an absolutely undervalued range with high valuation appeal. However, the target price was adjusted down by 15% from the previous level to 110,000 KRW.

Lee Mina, a researcher at Daishin Securities, said, "Sales of Summoners War tend to be relatively low in the first and third quarters," and added, "With the delay in the start of the professional baseball season, sales of baseball games are also expected to decline." Accordingly, sales for the first quarter of this year are expected to increase by 0.2% year-on-year to 108 billion KRW, while operating profit is forecasted to decrease by 6.5% to approximately 28.2 billion KRW.

Expectations for new titles to be released in the second half of this year are high. The researcher analyzed, "The next anticipated titles, Summoners War: Hundred Years' War and Summoners War: Chronicle, are scheduled for release in the third and fourth quarters, respectively," and added, "Given the recent market correction and the accompanying decline in stock price, it is an absolutely cheap range."

He emphasized, "Although the recent stock price decline has brought the market capitalization close to 1 trillion KRW, considering the cash and cash equivalents amounting to about 800 billion KRW, the valuation appeal is high," and stated, "It is appropriate to accumulate shares and wait until the release of the anticipated titles in the third quarter."

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