Source Facts: Yuanta Securities / June 30, 2026
Investment Opinion and Target Price: BUY / 52,000 KRW
Key Momentum: Proving AAA-class game development capabilities through the global success of ‘Crimson Desert’ and securing growth visibility through upcoming DLCs and the next project, ‘DokeV’.
📊 1. [Valuation Metrics and Investment Indicators Analysis]
- Current price (as of June 29, 2026): 36,850 KRW.
- The target price was calculated by applying a target PER of 12.7x to the 12-month forward (12M Fwd) EPS of 4,099 KRW.
- The target PER applies a 30% discount compared to the peer group of global PC/console game companies.
- Based on 2026 earnings projections, the valuation represents a PER of 6.5x and PBR of 1.9x.
🚀 2. [Market Opportunity (TAM) and Detailed Performance Estimates]
- 2026 Annual Performance Outlook: Revenue of 902.8 billion KRW (YoY +231%) and operating profit of 470.2 billion KRW (YoY +1,360%, OPM 52%) are expected.
- ‘Crimson Desert’ Achievements:
- Reached 6 million units sold within 83 days of release.
- Recorded 266.5 billion KRW in revenue in the first quarter.
- PC and console sales split is approximately 5:5.
- Future Tasks and Growth Strategy:
- Planning to extend revenue contribution beyond initial sales through continuous updates and DLCs.
- The next project, ‘DokeV’, acts as a variable to increase growth visibility, pending future public reveals, game show participation, and wishlist reactions.
- Profitability is expected to improve due to the exclusion of the loss-making subsidiary CCP from consolidated statements following its sale.
📝 Editor’s Comment (by K-STOCK Editor)
With the success of ‘Crimson Desert’, Pearl Abyss has clearly proven its ability to develop AAA-class games using its own engine on the global market. The company is now at a critical juncture where it must move beyond an earnings structure overly focused on short-term package game sales and extend the IP lifespan through continuous content updates and DLC strategies. To overcome the potential earnings decline projected for 2027, the company needs to demonstrate development progress on its next project, ‘DokeV’, and build market confidence in the long-term viability of its package game successes.
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