[Click eStock] "Com2uS, P2E and Metaverse Potential Valid"

Lower-than-expected 4Q Operating Profit Consensus
eBest Investment "Com2uS Target Price Downgraded from 228,000 KRW to 198,000 KRW"

[Asia Economy Reporter Gong Byung-sun] Com2uS is expected to release Play to Earn (P2E) games one after another this year. The potential of the metaverse platform 'Com2Verse' is also a subject to watch in the future.

According to Ebest Investment & Securities on the 10th, Com2uS plans to launch three P2E games this year. The new mobile massively multiplayer online role-playing game (MMORPG) 'Summoners War: Chronicle,' originally scheduled for a global release in the first quarter of this year, has been redeveloped as a blockchain-based P2E game.

Additionally, the game plans to operate utility tokens that can be exchanged for in-game items. However, since the utility tokens in this game are fungible tokens (FT), it is difficult to classify it as an NFT-based game.

Two other games are also scheduled to be released this year as blockchain-based P2E games. Both games are in the sports genre and are not NFT-based games. Sung Jong-hwa, a researcher at Ebest Investment & Securities, explained, "Com2uS plans to develop and release NFT-based P2E games in the mid to long term."

The potential of the metaverse is also promising. In the second half of this year, Com2uS and its affiliates will enter the digital office business of Com2Verse. From the first half of next year, external companies are also expected to join. Furthermore, starting with the digital office business, it is expected to expand into various business sectors such as entertainment, e-commerce, finance, and healthcare in the future.

Researcher Sung said, "Com2Verse is characterized by being implemented in the form of a virtual city and applying a reward concept where tokens are granted when going to the office," adding, "While Zepeto mainly targets the MZ (Millennial and Z) generation, Com2uS focuses on office workers aged 30 and above."

However, the performance in the fourth quarter of last year is expected to be somewhat sluggish. Ebest Investment & Securities estimated Com2uS's fourth-quarter sales last year to be 149.1 billion KRW, a 10.% increase compared to the same period last year, and operating profit to be 14.2 billion KRW, a 45.5% decrease over the same period. The operating profit is about 20.22% below the market consensus.

Accordingly, Ebest Investment & Securities maintained a 'Buy' investment opinion on Com2uS but lowered the target price from 228,000 KRW to 198,000 KRW. The closing price on the 7th was 141,100 KRW.

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