[Click eStock] "Pearl Abyss, Expecting Increased Sales in China... Target Price Raised to 57,000 KRW"

On the 7th, Kiwoom Securities raised the target price for Pearl Abyss from 51,000 KRW to 57,000 KRW, reflecting the performance of Red Desert and Black Desert Online in China. The investment opinion maintained a 'top pick' stance within the industry.

Kim Jin-gu, a researcher at Kiwoom Securities, stated in a report on the same day, "The new target price is based on the 2025 controlling shareholder equity of 159.9 billion KRW, reflecting the performance of Red Desert and Black Desert Online in China, applying a price-to-earnings ratio (PER) of 25 times and an annual discount rate of 10%."

Researcher Kim added, "With the issuance of the foreign investment license for Black Desert Online in China this May, we newly reflected the game's performance in our estimates starting from the fourth quarter of 2024. Additionally, since Black Desert Online has higher global revenue sustainability compared to Black Desert Mobile, it is my view that a neutral-level estimate reflection is necessary."

However, Kim judged that since the game's live service period has been long, it is reasonable to apply an estimate reflection at the market level.

The most important investment point Kim presents for Pearl Abyss is the expected effect of Red Desert. He said, "At Gamescom in August, through direct user demonstrations, it can meet the expectations of a global mainstream user base, and there is room to raise sales estimates accordingly. Therefore, it can be said that securing mainstream milestones is sufficiently possible."

Accordingly, if the three-dimensional combat shown in the in-game footage of this game can appeal to users from more diverse aspects, it is judged that it will be possible to highlight differentiation points compared to global peer games.

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