[Click e-Stock] Pearl Abyss Still Faces Uncertainty Over "DokeV"

Disclosure Needed on Development Progress and Release Schedule Next Year
Concerns Over Company Valuation if Not Announced

Pearl Abyss announces the release teaser image for Crimson Desert. Pearl Abyss

Concerns remain over the release of Pearl Abyss's new open-world game, "DokeV." While next year's performance is expected to benefit from the launch of "Crimson Desert," there are worries that uncertainty surrounding the 2027 release of DokeV could result in a gap in earnings.

On December 8, Kiwoom Securities raised its target price for Pearl Abyss by 14.7% to 39,000 won, citing these factors, but downgraded its investment rating from "Outperform" to "Market Perform." The previous day's closing price was already close to the new target at 38,650 won.

Kiwoom Securities forecasts Pearl Abyss's revenue next year at 727.5 billion won, with operating profit at 243.8 billion won. The initial quarterly performance of Crimson Desert is projected at 3.75 million package units sold in the first quarter, with cumulative sales reaching 7.5 million units over the following four years.

Assuming DokeV is released in the third quarter of 2027, the forecast incorporates initial quarterly package sales of 4 million units and cumulative sales of 10 million units over the subsequent four years. However, since the in-game footage was released at Gamescom in 2021, there has been a prolonged absence of additional information about DokeV. With the development process not being clearly disclosed and considering the long development and delayed release of Crimson Desert, there are concerns that the assumptions regarding DokeV's release schedule and its contribution to earnings are also subject to risk.

Kim Jingu, a researcher at Kiwoom Securities, warned, "If there is no disclosure of DokeV's development progress or release timeline next year, it may be excluded from the 2027 earnings estimate. In this case, there could be issues with the company's valuation."

There are also lingering concerns regarding Pearl Abyss's flagship title, "Black Desert." Although online revenue improved in the third quarter, it remains uncertain whether this trend will continue. Kim noted, "Competition in the massively multiplayer online role-playing game (MMORPG) genre is intensifying both domestically and internationally. Given this, it is unlikely that Black Desert Online will see revenue growth next year, so we have factored in a 16% decrease in Black Desert IP-based revenue."

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