Samsung Securities evaluated on July 30 that the growth potential of Krafton's Battlegrounds (PUBG) intellectual property (IP) has been confirmed. The firm maintained its target price of 320,000 won and an 'investment' recommendation.
Analyst Oh Dong-hwan noted that Krafton recorded strong performance in the second quarter of this year, driven by solid growth in PC PUBG and the success of the new title Subnautica 2. Samsung Securities analyzed that Krafton's second-quarter revenue reached 1.29 trillion won, a 94.9% increase compared to the same period last year, while operating profit rose 67% to 410.9 billion won, exceeding market consensus by 7.5% and 9.6%, respectively.
Subnautica 2 has sold approximately 6 million copies combined with its predecessor, generating 234.5 billion won in revenue. The revenue from PC PUBG also increased by 57% year-on-year, attributed to the release of two well-made modes and collaborations with IPs such as Stella Blade and aespa.
Oh stated, "PUBG continues to show stable revenue growth through the release of various modes and IP collaborations," adding, "In the second half of the year, we expect continued revenue growth compared to last year with the additional release of two well-made modes, UGC updates, and various IP collaborations including animation, supercars, and idols."
The momentum for new titles is also expected to intensify in the second half of the year. Oh mentioned, "Krafton plans to unveil five new titles at Gamescom in Germany this August," explaining that these new titles will be released sequentially from the fourth quarter of this year through 2027, driving further growth.
He added, "The shooting game currently in development by PUBG Studio and the Eastern fantasy action RPG 'Tarae' are reported to be of high quality," and noted that anticipation is growing for 'Pale World Mobile,' which is scheduled for release in the first half of next year, based on the success of the PC original.
* This article has been translated by AI.
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