[Alpha Biz= Reporter Kim Sangjin] Hyundai Motor Securities stated on the 12th that significant performance recovery for Com2uS is unlikely within the second half of this year, but profit recovery is expected to accelerate starting next year. They maintained a 'Neutral' investment rating and lowered the target price from 46,000 KRW to 43,000 KRW.
Hyundai Motor Securities noted, "Com2uS's performance in the second quarter of this year is expected to show revenue of 194.3 billion KRW (down 11.8% year-on-year) and an operating profit of 800 million KRW (a return to profitability), which may fall short of market expectations." They added, "Revenue from 'Summoners War' grew in the mid-single digits due to its 10th-anniversary event, and growth in sports games remained solid, but a decline in revenue from 'Chronicle' and subsidiaries is projected to result in a 12% year-on-year decrease."
The firm also stated, "We maintain a conservative investment rating considering the absence of new in-house developed titles this year," and added, "The timing for buying Com2uS shares will be more opportune when the release schedule for 'Baseball Rising' next year becomes clearer."
AlphaBIZ Kim SangJin(letyou@alphabiz.co.kr)
