Kim So-hye, a researcher at Hanwha Investment & Securities, predicted that the lack and delay of new works will be sluggish due to the lack of new work.
Kim So-hye analyzed that the stock price price fell 45% on average due to the lack of new works, decrease in live game sales, and increased costs. She also added that she has reduced multiple due to the high risk of new business related to P2E, Meta Bus, and Coin.
Researcher Kim said, “We believe that the sluggish stock price of the game industry is inevitable for the time being because it is not a factor that can be resolved in the early days. Is absent. “
In terms of increasing costs, labor cost burden since last year is expected to increase this year. Kim explained, “The increase in labor costs in 2022 of major game companies is 30%, but the lack of sales growth is expected to continue.”
There is also a attention to NCsoft’s Post Lineage. SK Securities Lee So-jung, a researcher at SK Securities, said, “The TL trailer video is similar to the 8 million views, similar to the new Pearl Abyss’ new ‘Devils’ trailer views, and the verbs are highly interested in North America and Europe where the verb is targeting.” “We expect to be able to escape from the negative image of P2W (Pay to Win) by continuing to grow as many new works are released from 4Q22 and reduce the proportion of billing content.”
Blockchain-related new businesses are conservative. Seong Jong-hwa, a researcher at Evest Investment & Securities, said, “P2E games have to go through various experiments and feedback in the mid-to long-term, so we shouldn’t increase the expectation that it will have a breakthrough sales effect in the short term.” “It is desirable to continue to watch and check the mid-to long-term growth process rather than expect a breakthrough in the short term.” Seong researcher lowered its target price of Com2us Holdings to 77,000 won.
Regarding the Netmarble Blockchain project, the researcher at Daishin Securities said, “We are accelerating the blockchain business, but this year’s blockchain business can contribute to the performance of the game company.” Although the company has introduced blockchain on the game A3, it is estimated that there was a small level of sales rebound of about 100 million won in sales.
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