We see three positives for valuations: 1) focus on game genres that are in line with the global trend 2) capabilities to develop AAA games and 3) strong growth potential in markets outside Asia. We initiate our coverage on Pearl Abyss with BUY for a target price of KRW120,000, based on a 12-month forward EPS of KRW4,899 and a target PER of 25x.
Initiate coverage with BUY for a target price of KRW120,000 Crimson Desert will be evaluated based purely on its quality.īlack Desert Mobile released in China on April 26 is forecast to generate steady royalty revenue, contributing to company-wide profit growth. Risks associated with a new IP game have decreased compared to the past. We clearly see a pent-up demand for new IP titles, as in the case of Cyberpunk 2077. Amid the absence of new IP titles, games of existing IPs are suffering a decline in Metacritic scores. The global success of an open-world game hinges on its own original world view, immersive narrative, and graphics optimization. The stunning reveal trailer released at The Game Awards (TGA) has already captured the attention of global users. 11, 2020 /PRNewswire/ - Pearl Abyss Premieres New Crimson Desert Gameplay Trailer at The Game Awards. Crimson Desert executive producer Daeil Kim talks you through the impressive in-game trailer from The Game Awards, giving more insight into this gorgeous new. Crimson Desert, if launched as scheduled, should enjoy the limelight in the absence of rival games.Ĭrimson Desert is built on Pearl Abyss’s proprietary game engine to deliver high fidelity graphics and game features. It is evident that there is still robust demand for this genre. Other open-world titles rolled out early this year, such as Dying Light 2 and Elden Ring, are recording strong sales volume.
CRIMSON DESERT ENGLISH PC
Hopes for strong growth driven by Crimson Desert and Black Desert Mobile ChinaĬrimson Desert, an open-world action adventure game, is set to be released in both PC and console versions at end-2022. Sales likely fell QoQ due to high base effect created by Pearl Abyss Capital’s one-off investment gains booked in 4Q21.
The company should have swung to a loss owing to sales drop and labor cost hikes from new hires, despite declines in marketing spend and other expenses. Pearl Abyss is expected to have posted sales of KRW88.8bn (-12.0% YoY,-24.7% QoQ) and operating loss of KRW1bn (negative swing YoY and QoQ, operating margin of -1.1%) for 1Q22.
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