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

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

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