[Edaily Reporter Shin Ha-yeon ] On the 10th, NH INVESTMENT & SECURITIES significantly raised its earnings estimates for Com2uS Corporation(078340), noting that the company’s new game, “ZEUS CO., LTD.: God of Arrogance,” has been performing far better than expected since its release. Analysts suggest that if the game’s success translates into stronger earnings, the company’s currently undervalued stock could be re-evaluated. The firm maintained its “Buy” investment rating and raised the target price by 16.3% from 43,000 won to 50,000 won.

Ahn Jae-min, an analyst at NH INVESTMENT & SECURITIES, stated, “‘ZEUS CO., LTD.: God of Hubris,’ released on August 26, continues to hold the No. 1 spot in the Google Play Store revenue rankings even two weeks after its launch, and is expected to have a significant impact on earnings starting in the third quarter.”

NH INVESTMENT & SECURITIES has significantly raised its revenue estimates for “ZEUS CO., LTD.: God of Arrogance.” Previously, third-quarter revenue was projected at 10.2 billion won, with a daily average of 300 million won, but this has been revised upward to 57.8 billion won, with a daily average of 1.7 billion won. The fourth-quarter forecast has also been raised from the previous 24.3 billion won (daily average of 270 million won) to 76.5 billion won and 850 million won, respectively.

Analyst Ahn explained, “Previously, games released by Com2uS Corporation failed to maintain strong performance during the initial launch phase, which had raised concerns among investors.” He added, “However, we believe thorough preparations have been made for the live service of this new title, and since it has maintained the No. 1 spot on Google’s revenue rankings for the past two weeks, we assess that the likelihood of a sharp revenue decline, as seen in the past, is low.”

“ZEUS CO., LTD.: God of Hubris” climbed to the top of the Google revenue chart immediately after its release and held that position until early September. On the Apple App Store, it also ranked first in revenue during its initial launch period before its ranking was adjusted.

Reflecting the new title’s success, third-quarter earnings forecasts have also been significantly raised. NH INVESTMENT & SECURITIES projected Com2uS Corporation’s third-quarter revenue at 224.6 billion won. This represents a 39.3% increase year-over-year and a 43.1% increase quarter-over-quarter, exceeding both the previous estimate of 178.0 billion won and the market consensus of 192.0 billion won.

Operating profit for the third quarter is projected at 17.1 billion won. This marks a return to profitability from the 19.6 billion won operating loss recorded in the third quarter of last year and is expected to represent a 138.3% increase from the previous quarter. This figure significantly exceeds both the previous forecast of 4.7 billion won and the market consensus of 8.2 billion won.

The improvement in earnings is expected to accelerate further in the fourth quarter. Revenue is estimated at 242.8 billion won, and operating profit at 35.3 billion won. The operating profit margin is projected to rise from 7.6% in the third quarter to 14.6% in the fourth quarter.

Annual earnings expectations have also risen significantly. This year’s revenue forecast was raised by 13.5% from the previous 677.9 billion won to 769.1 billion won. The operating profit forecast was increased by 82.3% from 35.5 billion won to 64.7 billion won. Considering that operating profit last year amounted to only 2.6 billion won, this year’s operating profit is projected to increase by 2,356.2% year-over-year. The operating profit forecast for next year was also revised upward by 32.9%, from 39.2 billion won to 52.1 billion won.

The company is also considered to offer attractive valuation. According to NH INVESTMENT & SECURITIES, while the average price-to-earnings ratio (P/E ratio) for global game companies this year stands at 22.9x, Com2uS Corporation’s P/E ratio is only 8.2x.

Analyst Ahn stated, “While it is true that market interest in gaming stocks in general has waned recently, the performance of this new title deserves to be fully reflected,” adding, “Given that the average 2026 P/E ratio for global gaming companies remains at 22.9x, while Com2uS Corporation stands at just 8.2x, the stock is undervalued.”

However, the target valuation was lowered to account for the potential loss of momentum following the new game’s release. Although the target price-to-earnings ratio (Target PER) was reduced from 17x to 15x, the target stock price actually rose to 50,000 won due to significantly upward revisions to earnings forecasts for this year and next. Compared to the closing price of 31,200 won on the 9th, this represents upside potential of approximately 60%.

Analyst Ahn stated, “Given the exceptionally strong earnings growth projected for 2026–2027, there is still ample upside potential relative to the current stock price,” adding, “If sales remain steady following the September 10 release of the competing title ‘Eclipse,’ the stock price is likely to rebound.”