[Click eStock] "Webzen Announces Release of New Title 'MU Origin 3'"

Average Daily Sales of Mu Origin 3 Estimated at 500 Million KRW in Q1 Next Year
Samsung Securities Maintains Webzen Target Price at 33,000 KRW

[Asia Economy Reporter Gong Byung-sun] Webzen has announced the release of its new title, "MU Origin 3." It is expected that the growth momentum related to the new title will be reflected in the performance starting from the second quarter of next year.

According to Samsung Securities on the 9th, Webzen has been conducting internal tests for MU Origin 3 from the 6th to the 10th. MU Origin 3 is scheduled to be officially released in the domestic market in the first quarter of next year after testing.

Webzen has not yet disclosed the original work of MU Origin 3, but it is presumed to be the domestic version of "Quan Min Qi Ji 2," which was released in China this year. Researcher Oh Dong-hwan of Samsung Securities said, "Considering the high recognition of MU Origin in the domestic market and the success records of previous works, the possibility of MU Origin 3's success in the domestic market is high," and predicted, "The average daily sales of MU Origin 3 in the first quarter of next year will be about 500 million KRW, similar to the previous work."

The new title momentum is expected to be reflected from the second quarter of next year. Starting from the second quarter, the global launch of the mobile game "R2M" will begin, and three self-developed new titles will be unveiled. The mobile massively multiplayer online role-playing game (MMORPG) Project M, the animation-style collection RPG Project W, and one casual game are being developed through a subsidiary studio.

In the fourth quarter of this year, sales are expected to rebound due to the performance reflection of "MU Archangel 2," which was released in September. Although sales of licensed games in China are decreasing, MU Archangel 2, which still maintains a position within the top 20 in Google Play sales rankings, is sustaining sales. Sales in the fourth quarter of this year are estimated to increase by 8% compared to the previous quarter, and operating profit is expected to slightly rebound during the same period.

Accordingly, Samsung Securities maintained its investment opinion of "Buy" on Webzen and a target stock price of 33,000 KRW. Researcher Oh explained, "Webzen's corporate valuation had continuously declined due to persistent profit decreases and low visibility of new titles," adding, "The discount factor has been resolved with the announcement of the new title." The closing price on the previous day was 24,850 KRW.

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