NH Investment & Securities has raised its target price for Com2us from 43,000 won to 50,000 won, citing the strong performance of the new game 'Zeus: God of Omens,' which has exceeded market expectations. The game has maintained a top position in revenue rankings since its release, indicating a higher likelihood of sustained growth compared to previous titles.
In a report on September 10, analyst Ahn Jae-min maintained a 'buy' rating on Com2us and increased the target price by 16.3%.
Ahn noted, "The performance of 'Zeus: God of Omens,' which has held the number one spot in Google revenue rankings for two weeks since its launch on August 26, significantly surpasses expectations. It is essential to acknowledge this strong performance."
NH Investment & Securities has significantly revised its revenue estimates for 'Zeus,' raising projections for the third quarter from 10.2 billion won to 57.8 billion won, and for the fourth quarter from 24.3 billion won to 76.5 billion won. Daily revenue estimates were also increased from 300 million won to 1.7 billion won for the third quarter, and from 270 million won to 850 million won for the fourth quarter.
Ahn explained that investors had been concerned about Com2us's previous games, which failed to maintain momentum after initial success. However, he believes that this new title has been well-prepared for live service.
He also predicted that the likelihood of a sharp revenue decline, as seen in the past, is low, given that 'Zeus' has maintained its top revenue ranking two weeks post-launch.
However, Ahn indicated that the game's revenue performance following the release of the competing title 'Eclipse' on September 10 will be crucial in determining the stock's direction. He stated, "If revenue remains stable after the launch of 'Eclipse,' the stock price is likely to rebound."
From a valuation perspective, Ahn noted that Com2us appears undervalued. While the average price-to-earnings ratio (PER) for global gaming companies is around 22.9 times, Com2us stands at just 8.2 times.
Ahn acknowledged that market interest in gaming stocks has waned recently, but he believes the success of this new title should be adequately reflected in the stock price.
NH Investment & Securities has lowered its target PER from 17 times to 15 times, considering the potential for momentum to fade after the game's release. However, due to significant expected growth in 2026 and 2027, the target price has been raised.
As of September 9, Com2us's stock closed at 31,200 won, indicating a potential upside of about 60.3% to the new target price of 50,000 won. Ahn concluded, "Given the substantial expected growth in 2026 and 2027, there remains ample room for the stock to rise from its current level."
* This article has been translated by AI.
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