Equity Analysis /
South Korea

KR : Pearl Abyss Corp - Korea’s first AAA console-game developer

    CGS-CIMB
    30 March 2021
    Published byCGS-CIMB

    We believe that the global release of Crimson Desert in 4Q21 will act as a re-rating catalyst for Pearl Abyss’s share price. We expect Crimson Desert’s initial sales to exceed 2m units globally, which should bode well for the success of the company’s future releases. We upgrade our call to Add. Our higher TP of W360k is based on 30x FY21F P/E (18% previously). We expect FY21F EPS to surge 49%.