Source Facts: Kyobo Securities / June 30, 2026
Investment Opinion and Target Price: BUY / 390,000 KRW
Key Momentum: Expansion of PUBG IP-based genres, diverse new project launches, and scaling of publishing capabilities
📊 1. [Valuation Metrics and Investment Indicators Analysis]
- Current Price (as of June 29, 2026): 223,500 KRW
- 2026E Financial Metrics: PER 9.3x, PCR 7.3x, PBR 1.2x, EV/EBITDA 4.1x, ROE 13.9%
- Investment Opinion: Maintain ‘BUY’ and Target Price at 390,000 KRW
- Future Profit Growth: Expected upward adjustment of 2027 profit estimates as new game pipelines and release schedules are clarified
🚀 2. [Market Opportunity (TAM) and Detailed Performance Estimates]
- Q2 2026 Earnings Preview:
- Revenue: 1.25 trillion KRW (YoY +89.4%)
- Operating Profit: 420.5 billion KRW (YoY +70.9%)
- Key Growth Drivers:
- PUBG (PC): Revenue grew +31.8% due to successful collaborations (e.g., Stellar Blade) and content updates.
- New Titles: Subnautica 2 generated 215 billion KRW in revenue, selling 4 million copies within 5 days of release.
- Expansion Strategy: Scaling via PUBG IP genre expansion, 1st party publishing, and 2nd party publishing investments.
- Upcoming Pipeline: 10 internal new titles and 3 2nd party publishing titles are targeted for release between 2H 2026 and 2027.
📝 Editor’s Comment (by K-STOCK Editor)
Krafton is demonstrating a robust growth phase, transitioning from a single-IP dependency to a multi-faceted game publisher. The strong performance of both the flagship PUBG franchise and the new title ‘Subnautica 2’ underscores the company’s capability to leverage intellectual property effectively. Investors are likely watching how the strategic move toward global 1st and 2nd party publishing will translate into sustainable long-term profitability. With the 2026 forward P/E sitting at 9.3x, the market’s assessment appears to be balancing the high growth potential against the execution risks of the upcoming game pipeline.
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