[Infostock Daily= Reporter An Hoe Hyun] Sangsangin Investment & Securitie said on the 26th that Webzen's new works success and solid sales of its existing flagship games are continuing, offering investment opinion Buy and target stock prices at 49,000 won.
"MU IP-based games maintain top sales in China, and sales of MU: Arch Angel, which was released on May 27, are exceeding market expectations," the company explained, adding, "Sales of new and existing flagship games have rebounded, maintaining solid performance."
In the third quarter, sales rose 82.9% year-on-year to 86.7 billion won, and operating profit rose 54.3% to 28.7 billion won over the same period. Its fourth-quarter earnings are expected to reach 91.5 billion won in sales and 37.4 billion won in operating profit, up 108.9% and 154.4%, respectively, from a year earlier.
Also, "Given the success of MU: Arch Angel and better-than-expected growth of R2M, the rise in stock prices due to rising market profit estimates and rising valuation are expected to continue until the fourth quarter," the company said.
Reporter An Hoe Hyun ahh@infostock.co.kr
