Com2uS is a developer that builds its own mobile games and services them worldwide. It earns money from its flagship IP 'Summoners War,' which has passed ₩4 trillion in cumulative revenue, from KBO and MLB baseball games that have topped ₩1 trillion cumulatively, and from publishing outside developers' games. Following a swing to profit in 2025, Q1 2026 revenue of ₩144.7 billion and operating profit of ₩5.1 billion saw operating profit overtake the entire prior full year at once, and a P/B of 0.28x and a 5.7% dividend yield provide a safety net on assets and dividends. What stands out lately is that if new-title hits and baseball-season revenue add up so that quarterly profit continues steadily, the undervaluation and high-dividend appeal become clear, whereas Q1 revenue fell 13.9%, the operating margin is still thin at around 1%, and the current ratio of 84.6% leaves short-term financial headroom less than ample, so earnings durability needs confirming each quarter.
At-a-glance assessment financial health · growth · profitability · valuation
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 84.6%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- Revenue rose 0.4% year over year, and the pace is quickening (3-year trend: mixed).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 13.9% lower than a year earlier.
- ROE is 3.7% (controlling-interest basis). It is below the sector average.
- Operating margin is 0.4%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Com2uS Holdings 29.68% (corporate)
Controlling bloc incl. related parties 29.77%
With the controlling bloc holding 30%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Com2uS is a game developer that builds its own mobile games and services them worldwide.
- Its revenue rests on two core pillars.
- The first is the RPG 'Summoners War,' released in 2014, a flagship IP that has passed ₩4 trillion in cumulative revenue and a global game that earns more than 90% of its revenue overseas.
- The second is a lineup of baseball games based on KBO (domestic pro baseball) and MLB (U.S. pro baseball) licenses, which has topped ₩1 trillion in cumulative revenue and books heavy revenue in the quarters when the season is under way.
- Added to these is a publishing business that distributes outside developers' games, reducing the risk of revenue concentrating on any single title.
- In short, it makes money through a combination of 'steady spending on an established hit IP + strongly seasonal sports games + discovering new titles.'
- The latest close is ₩25,950 and the market cap is ₩313.8 billion.
- The price sits above its 20-day line (₩25,298) and below its 60-day line (₩28,494).
- With the short- and medium-term trends diverging, direction should be viewed separately.
- The RSI (an indicator comparing upward and downward strength over the past 14 days on a 0-100 scale) is 49.0, a neutral level.
- The one-month change is +3.8%, the three-month change is -19.2%, and it is -38.2% from its 52-week high.
- Its relative strength versus the KOSDAQ is 59 (1-99, computed from index-relative returns over the past year weighted toward the recent period; higher means stronger than the market).
- That places it in roughly the top 40% of all stocks by strength.
- Over the past three months it led the index by 8.6%.
- Chart reading is best done together with volume and disclosure dates.
- On confirmed 2025 results, the P/E (how many times one year of profit the price represents) is 8.60x, the P/B (how many times net assets the price represents) is 0.32x, the ROE (how much it earns in a year on shareholders' equity) is 3.7%, the operating margin is 0.4%, and the debt ratio (debt relative to equity) is 162.3%.
- One point to note is that 2025 was an inflection-bottom year with thin core operating profit of ₩2.6 billion.
- In fact, Q1 2026 operating profit (₩5.1 billion) has already exceeded the entire 2025 annual operating profit.
- For such an earnings-inflection stock, the forward P/E reflecting this year's earnings (9.3x) is closer to the company's true picture than trailing metrics computed from last year's single-year numbers.
- And that forward P/E is clearly lower than peer developers (Netmarble, NC, Krafton, etc., in the 13-15x range), reading as an undervaluation signal where the price is cheap relative to earnings.
- A P/B of 0.28x means a price below one-third of net assets, so the asset-side safety net is also thick.
- That said, the current ratio of 84.6% (assets that can be turned into cash sooner are smaller than debt due within a year) and interest coverage below 1x are areas to check on short-term financial headroom, worth watching alongside, separate from the cheap valuation.
- Over five years, revenue rose from ₩558.7 billion in 2021 to ₩739.6 billion in 2023, then held in the ₩690-billion range at ₩693.9 billion in 2024 and ₩696.4 billion in 2025 (five-year CAGR 5.7%).
- The top line was thus maintained without big swings.
- Over the same span, operating profit sank to a ₩33.2 billion loss in 2023, then settled in the black at ₩6.1 billion in 2024 and ₩2.6 billion in 2025, and net profit turned around from a loss in 2024 to a ₩36.5 billion profit in 2025 (a turnaround).
- The key is this year's pace of recovery.
- Q1 2026 operating profit was ₩5.1 billion, up 206.9% from the same period a year earlier, already exceeding last year's full-year operating profit.
- That operating profit tripled even though revenue (₩144.7 billion) fell 13.9% year on year is the result of trimming the cost structure and raising operating efficiency.
- Add the seasonality in which baseball games book revenue in Q2-Q4 when the season runs, plus new titles such as Dowon Amgwi and Project ES joining in, and this year's earnings strength is on a path to step up one level off last year's bottom.
- The picture of this year's expected earnings improving clearly over last year rests on these cost-efficiency gains and the season and new-title effects.
- The recent disclosure flow runs from 'revealing the shape of results' to 'business-structure reorganization' to 'shareholder-return intent.' The May 13 consolidated operating (preliminary) results fair disclosure first signaled the direction of Q1 results (revenue down, operating profit up), and the May 15 quarterly report disclosed the confirmed figures (revenue ₩144.7 billion, operating profit ₩5.1 billion).
- On April 8 and May 14 (amended) a subsidiary-merger decision was disclosed, creating a need to account for a change in the basis when comparing consolidated results and financial metrics with the past going forward.
- In the March 31 value-up plan (voluntary disclosure), the company stated a policy of continuing shareholder returns through dividends and buybacks funded by prior operating cash flow, which ties into a dividend yield in the 5% range at the current price.
- The April 22 and May 8 IR disclosures show the company continuing regular communication with investors.
- The strengths are clear.
- Summoners War, a global IP generating cash overseas for more than a decade, and baseball games with ₩1 trillion in cumulative revenue underpin the floor of revenue, and a P/B of 0.28x and a 5.7% dividend yield provide a safety net on both assets and dividends.
- Above all, following the 2025 swing to profit, Q1 2026 operating profit overtaking the entire prior full year at once is a signal that core earnings have passed a bottom and turned toward recovery.
- So the forward P/E lower than peer developers and the 0.28x P/B are more naturally read not as 'a reason to avoid because it is expensive' but as 'room for re-valuation if the earnings recovery continues.' There are points to watch too.
- Q1 revenue fell 13.9% so a top-line decline is under way, the operating margin is still thin at around 1%, and the current ratio of 84.6% and interest coverage below 1x leave short-term financial headroom less than ample.
- In short, under conditions where new-title hits and baseball-season revenue add up so that quarterly profit continues steadily, this company's undervaluation and high-dividend appeal become clear; conversely, if Summoners War revenue declines quickly or new titles underperform, the top line and earnings can wobble together.
- The point to watch is whether profit continues quarter by quarter.
🔎 Valuation vs peers Inconclusive
Rather than a simple sector code, the peer set was chosen by business substance as 'developers that build their own mobile and online games and service them globally.' SHIFT UP, Netmarble, NC, and Krafton are all Korean game developers that hold their own IP and earn a large share of revenue overseas, so their business character is close to Com2uS.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Shift Up | 10.68x | 2.22x | 20.78% |
| Netmarble | 13.93x | 0.58x | 4.14% |
| NCSOFT | 15.51x | 1.60x | 10.30% |
| Krafton | 14.98x | 1.56x | 10.43% |
(a) Position versus the true peer set: Com2uS has the lowest P/E and P/B of the four names. On the numbers alone it is the cheapest. (b) However, its ROE (3.7%) and operating margin (0.4%) are far lower than peers, so it is more reasonable to see the low P/B not as 'cheap' but as a discount pricing in a state where 'the core business does not turn its capital sufficiently.' Assets are thick (P/B 0.31x) and the dividend is high, but earnings power must recover for undervaluation to lead to 're-valuation.' (c) Last year's trailing P/E of 8.4x fails to properly capture core strength since operating profit was just ₩2.6 billion, and with Q1 2026 operating profit (₩5.1 billion) already exceeding the full year, this is an inflection stretch with real limits. With no official company forward guidance, forward can only be gauged from a DART seasonality approximation (operating profit ₩27.1 billion), so it is hard to say definitively cheap or expensive, and it is left Inconclusive.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩163.4 billion | approx. ₩6.1 billion | — |
Price history Close · MA20 · MA60
The latest close is ₩25,950 and the market capitalization is ₩313.8 billion. The price sits above its 20-day moving average (₩25,298) and below its 60-day moving average (₩28,494). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 49.0, a neutral level. The one-month change is +3.8%, the three-month change is -19.2%, and the position relative to the 52-week high is -38.2%. Relative strength versus the KOSDAQ is 59 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 60% of all stocks. Over the past three months it outpaced the index by 8.6%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M +8.59% / 6M +0.79% / 12M -36.22%
Key metrics vs sector median
Valuation
The P/E of 8.60x is below the sector median (13.30x). The P/B of 0.32x is below the sector median (1.58x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets. That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Intrinsic value (DCF estimate)
DCF (discounted cash flow) estimate — discount rate 10.7%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 3.7%, below the sector average (5.0%). The operating margin is 0.4%. The debt ratio is 162.3%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $490.2M | $459.9M | $461.6M | +0.36% ↑ faster |
| Operating profit | -$22.0M | $4.1M | $1.7M | -57.02% |
| Net profit | $26.3M | -$71.4M | $24.2M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $370.3M | $475.3M | $490.2M | $459.9M | $461.6M |
| Operating profit | $34.9M | -$11.1M | -$22.0M | $4.1M | $1.7M |
| Net profit | $85.8M | $22.1M | $26.3M | -$71.4M | $24.2M |
| Revenue CAGR | 4-yr avg 5.66% | ||||
Revenue rose 0.4% year over year (2023 ₩739.6 billion → 2024 ₩693.9 billion → 2025 ₩696.4 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit fell 57.0% year over year. Over the 5 years on record, revenue compound annual growth (CAGR) is 5.7%. The two-year revenue CAGR is -3.0%. In the most recent quarter (Q1 2026), revenue was 13.9% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The dividend yield, at 5.0%, is on the high side.
Points to watch
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 84.6%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
Recent news & events searched · sourced
- 2026-05-15FilingQ1 2026 quarterly report filed (consolidated revenue ₩144.7 billion, operating profit ₩5.1 billion, net loss ₩7.8 billion)Short term: revenue fell 13.9% year on year, confirming a top-line slowdown, while operating profit rose, so cost efficiency improved. The net loss appears to reflect non-operating items, so the core and non-operating lines need to be viewed separately. Source
- 2026-05-13EarningsQ1 2026 consolidated operating (preliminary) results fair disclosureShort term: revealed the shape of results ahead of the quarterly report. A material that signaled the direction of falling revenue and rising operating profit to the market first. Source
- 2026-05-14FilingSubsidiary-merger decision (amended) — consolidated business-structure reorganizationMedium term: the subsidiary merger can change the comparison basis for consolidated results and financial metrics, so a change in basis must be accounted for when comparing future quarterly figures with the past. Source
- 2026-03-31DividendValue-up plan (voluntary disclosure) — shareholder returns through dividends and buybacks based on operating cash flowMedium term: a policy of continuing dividends and buybacks (with some purchased shares to be canceled) funded by a set proportion of the trailing three-year average operating cash flow. Coupled with a 5.1% dividend yield at the current price, a safety net on the shareholder-return side. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-20OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15PeriodicQuarterly report
- 2026-05-14Merger decision (amended)
- 2026-05-13EarningsFair-disclosure notice
- 2026-05-13EarningsFair-disclosure notice
- 2026-05-08Disclosure
- 2026-05-08OwnershipOwnership-change filing
- 2026-04-22Disclosure
- 2026-04-22EarningsEarnings disclosure
- 2026-04-08Merger decision
- 2026-03-31Disclosure
- 2026-03-30Dividend disclosure
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.