"Com2uS Tops App Store Revenue Rankings for Second Straight Week... Target Price Raised to 50,000 Won"

[Financial News] NH Investment & Securities raised its target price for Com2uS, which recently released its new game ‘Zeus: God of Pride,’ from 43,000 won to 50,000 won. It maintained its investment rating at ‘Buy.’
On the 10th, NH Investment & Securities analyst Ahn Jae-min said, "‘Zeus: God of Pride,’ released on the 26th of last month, remains No. 1 in Google Play revenue rankings even two weeks after its launch, so its performance is expected to be reflected significantly in results from the third quarter onward." He added, "If revenue remains stable even after the launch of the competing title ‘Eclipse’ today, the stock is likely to rebound."
Ahn raised his revenue forecasts for ‘Zeus: God of Pride’ from 10.2 billion won in the third quarter, based on average daily revenue of 300 million won, and 24.3 billion won in the fourth quarter, based on average daily revenue of 270 million won, to 57.8 billion won in the third quarter, based on average daily revenue of 1.7 billion won, and 76.5 billion won in the fourth quarter, based on average daily revenue of 850 million won.
Ahn said, "Games released by Com2uS have failed to sustain strong early launch performances, which has raised concerns among investors." He continued, "However, this new title has been thoroughly prepared for live service operations, and we believe the likelihood of a steep revenue decline like those seen in the past is low."
He also said, "While it is true that overall market interest in gaming stocks has recently weakened, the performance of this new title deserves to be fully reflected in the stock price." He added that the average 2026 price-to-earnings ratio (PER) of global game companies remains around 22.9 times, whereas Com2uS’s PER is only 8.2 times, putting the company in an undervalued position.
He further noted, "Com2uS is expected to post such strong earnings growth in 2026 and 2027 that it still has ample room to rise from its current share price."
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