External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Equity Bottom-Up

<ul><li>For 3Q25, Pearl Abyss reported revenue of W106.8bn (+34% YoY) and operating profit of W10.6bn (turning to profit YoY), beating the consensus estimates of W79.7bn in revenue and -W12.5bn in operating loss.</li><li>The earnings surprise was driven by a rebound in Black Desert PC sales following new class and regional updates.</li><li>Black Desert revenue came in at W79.5bn (+47% YoY, +45% QoQ), exceeding expectations by 47%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 3Q25, Pearl Abyss reported revenue of W106.8bn (+34% YoY) and operating profit of W10.6bn (turning to profit YoY), beating the consensus estimates of W79.7bn in revenue and -W12.5bn in operating loss.The earnings surprise was driven by a rebound in Black Desert PC sales following new class and regional updates.Black Desert revenue came in at W79.5bn (+47% YoY, +45% QoQ), exceeding expectations by 47%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pearl Abyss (263750 KQ/Hold)Red Desert Delay Concerns Dismissed

<ul><li>For 2Q25, Pearl Abyss posted revenue of W79.6bn (-3% YoY) and an operating loss of W11.8bn (loss sustained YoY), falling short of the consensus estimates (revenue of W81bn and operating loss of W9.6bn).</li><li>The weak performance was mainly due to the continued decline and stabilization of the Black Desert IP.</li><li>Black Desert revenue came in at W54.9bn (-9% YoY, -13% QoQ), down more sharply than expected and missing forecasts by 6%</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 2Q25, Pearl Abyss posted revenue of W79.6bn (-3% YoY) and an operating loss of W11.8bn (loss sustained YoY), falling short of the consensus estimates (revenue of W81bn and operating loss of W9.6bn).The weak performance was mainly due to the continued decline and stabilization of the Black Desert IP.Black Desert revenue came in at W54.9bn (-9% YoY, -13% QoQ), down more sharply than expected and missing forecasts by 6%Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pearl Abyss (263750 KQ/Hold)The Fate of the Boy Who Cried Wolf

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>Now that Lee Jae-Myung has become new South Korean President, the uncertainty revolving who will lead South Korea in the next five years is now over.</li>
<li>In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the market for the remainder of 2025.</li>
<li>The four investment themes include Korean Holdcos/Quasi Holdcos, Korean Cultural Contents, Securities, and SK Group Companies.</li>
</ul>


Now that Lee Jae-Myung has become new South Korean President, the uncertainty revolving who will lead South Korea in the next five years is now over.
In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the market for the remainder of 2025.
The four investment themes include Korean Holdcos/Quasi Holdcos, Korean Cultural Contents, Securities, and SK Group Companies.


Lee Jae-Myung Becomes the New South Korean President - Four Investment Themes That Could Outperform

Event-Driven

<ul>
<li>On 29 April, Krafton announced that it plans to acquire a 39.37% controlling stake in Neptune Company from Kakao Games for 165 billion won ($114.9 million).</li>
<li>Prior to this deal, Krafton owned a 3.2% stake in Neptune. After this deal is completed, Krafton will own a 42.53% stake (19.86 million shares) of Neptune.</li>
<li>Krafton reported excellent results in 1Q 2025. The company beat its sales, operating profit, and net profit by 10.1%, 18.3%, and 13.8%, respectively in 1Q 2025. </li>
</ul>


On 29 April, Krafton announced that it plans to acquire a 39.37% controlling stake in Neptune Company from Kakao Games for 165 billion won ($114.9 million).
Prior to this deal, Krafton owned a 3.2% stake in Neptune. After this deal is completed, Krafton will own a 42.53% stake (19.86 million shares) of Neptune.
Krafton reported excellent results in 1Q 2025. The company beat its sales, operating profit, and net profit by 10.1%, 18.3%, and 13.8%, respectively in 1Q 2025. 


Krafton: Acquisition of Controlling Stake in Neptune from Kakao Games

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Korea Stock Exchange Kospi Index / Event-Driven

<ul>
<li>The Constitutional Court approved President Yoon’s impeachment. The PM steps in as interim president, with a new election expected by May 28, 2025, before June 3.</li>
<li>The Democratic Party is the frontrunner, and if they win, expect a "regime change trade" with policy shifts toward green energy, welfare, public stimulus, and SME-focused initiatives.</li>
<li>Big-Cap builders, nuclear stocks, and major financials may struggle if the new regime focuses on public housing, anti-nuclear policies, and pro-SME, labor-friendly initiatives.</li>
</ul>


The Constitutional Court approved President Yoon’s impeachment. The PM steps in as interim president, with a new election expected by May 28, 2025, before June 3.
The Democratic Party is the frontrunner, and if they win, expect a "regime change trade" with policy shifts toward green energy, welfare, public stimulus, and SME-focused initiatives.
Big-Cap builders, nuclear stocks, and major financials may struggle if the new regime focuses on public housing, anti-nuclear policies, and pro-SME, labor-friendly initiatives.


Yoon’s Impeachment Confirmed: Key Timeline & Regime Change Trade

South Korea

Pearl Abyss Corp. operates as a computer games making company. The Company offers games development, games exporting, and other services. Pearl Abyss serves customers worldwide.

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Pearl Abyss (263750 KS)

Pearl Abyss (263750 KQ/Hold)Red Desert Delay Concerns Dismissed

For 3Q25, Pearl Abyss reported revenue of W106.8bn (+34% YoY) and operating profit of W10.6bn (turning to profit YoY), beating the consensus...

Mirae Asset Securities

Pearl Abyss (263750 KQ/Hold)The Fate of the Boy Who Cried Wolf

For 2Q25, Pearl Abyss posted revenue of W79.6bn (-3% YoY) and an operating loss of W11.8bn (loss sustained YoY), falling short of the consensus...

Mirae Asset Securities

Lee Jae-Myung Becomes the New South Korean President - Four Investment Themes That Could Outperform

In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the...

Douglas Kim

Krafton: Acquisition of Controlling Stake in Neptune from Kakao Games

On 29 April, Krafton announced that it plans to acquire a 39.37% controlling stake in Neptune Company from Kakao Games for 165 billion won ($114.9...

Douglas Kim

Yoon’s Impeachment Confirmed: Key Timeline & Regime Change Trade

Yoon’s impeachment confirmed: What is the immediate impact on the local stock market, and which sectors are likely to move.

Sanghyun Park

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