[Click eStock] "Pearl Abyss, 'Red Desert' Expected to Launch in 2025... Target Price Maintained"
EPS 2,623 KRW with Target PER of 19x
Possibility of Launch in 2025 and Sales Forecast of 3 Million Units
Turnaround Expected in 2025... Anticipated Sustained Growth
Daishin Securities analyzed on the 30th that attention should be paid to the momentum of Red Scorpion regarding Pearl Abyss. They maintained a 'Buy' investment rating and a target price of 50,000 KRW. Pearl Abyss closed at 40,050 KRW on the previous trading day.
![[Click eStock] "Pearl Abyss, 'Red Desert' Expected to Launch in 2025... Target Price Maintained"](http://www.asiae.co.kr/news/img_view.htm?img=2024053007493489420_1717022974.png)
Lee Ji-eun, a researcher at Daishin Securities, said, "We calculated the target price by applying a target price-to-earnings ratio (PER) of 19 times to the 2025 earnings per share (EPS) of 2,623 KRW. This sets 2025, when profit growth is expected due to the new release (Red Scorpion), as the target year for the price calculation. The target PER was based on the 2025 average of global competitors.
Pearl Abyss announced during its first-quarter earnings report that it would conduct B2C marketing for the new game 'Red Scorpion' at Gamescom in August. The release is expected to be possible in 2025, with an assumed sales volume of 3 million copies. The researcher stated, "Considering that recently released domestic console games have not exceeded sales of over 2 million copies despite high expectations, and that new IP console releases from global game companies have also not recorded high sales, the estimated sales volume of 3 million copies is reasonable."
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So far, 'Red Scorpion' has been promoted as a AAA-level new release. It is expected that stock price momentum will occur due to participation in game shows and the release of in-game videos. The researcher said, "If the new release is successful, a turnaround will be possible in 2025," adding, "Such new release events and stock price momentum will be effective for short-term trading strategies, and continuous growth of Pearl Abyss is expected along with the growth of the global game industry." Events related to the release of 'Red Scorpion' are expected to provide momentum for stock price increases.
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