[Alpha Biz= Reporter Kim Minyoung] On the 7th, Kiwoom Securities announced that it expects an improvement in performance for Pearl Abyss following the issuance of a Chinese foreign license for "Black Desert." The investment rating remains "buy," and the target price has been revised upward from 51,000 won to 57,000 won, representing a 11.7% increase from the previous closing price of 41,100 won.
Kiwoom Securities incorporated estimates for the performance of "Black Desert Online" from the fourth quarter of this year following the issuance of a Chinese foreign license on June 5th. They noted that "Black Desert Online" demonstrates sustained global sales compared to "Black Desert Mobile," suggesting that a neutral-level estimate reflection is necessary.
Regarding the global gaming market, where China occupies 24.3%, Kiwoom Securities estimated that the revenue from "Black Desert Online" in China, reflecting the total revenue, accounts for 24.1%, aligning neutrally with the market share. They emphasized that this decision aligns with neutral expectations.
Kiwoom Securities also highlighted increasing expectations for Pearl Abyss' upcoming title, "Crimson Desert." They noted the potential for sales estimates to be revised upward if it can meet the expectations of a global user base, suggesting synergies with existing products.
Alphabiz Kim Minyoung (kimmy@alphabiz.co.kr)
