SOUTH KOREA FIRST TO MARKET

研报英文原文证据摘录

SOUTH KOREA FIRST TO MARKET

Asia Pacific Equity Research

South Korea First to Market 24 June 2026

Top Stories

Krafton (Stanley Yang) (259960 KS, OW)

Inflection point: De-rating to Re-rating: New IPs unlock upside, Accumulate

We believe Krafton’s ~3-year de-rating cycle is largely behind it, driven previously by a ‘single-IP’ discount and non-core

expansion strategy. The share price setup now looks favourable for a re-rating, in our view, supported by resilient PUBG

monetization and an increasingly visible multi-title new IP launch cycle. We expect Krafton’s pre-launch share price momentum

to begin in 2H26, c.12 months ahead of a multi-title launch cycle starting from 2027 (Palworld Mobile, etc). We also highlight

Krafton’s attractive pre-rally profile: trading at 9.7x 2026 P/E (vs 6.0x 2028 P/E), a resilient PUBG IP growth cycle, rising new IP

contribution, and a supportive shareholder return policy. Maintain OW and top Korea gaming pick with Dec-26 PT of W410K

(14.1x target 2027E P/E).

Korea Shipbuilding (Simon Han)

Canada CPSP countdown; sentiment washed out, but risk/reward improving

Canada is expected to name a preferred bidder by end-June for its next-generation submarine procurement, with market

speculation around a delay and/or a split award still in play. The contest is framed as Team Korea vs. TKMS, with the headline

differentiations increasingly framed as a trade-off between industrial cooperation, delivery time, NATO interoperability/common-

fleet benefits, and technology transfer. Into the decision, share price performance suggests markets are leaning towards a

neutral-to-negative outcome for Korea (Hanwha Ocean and HHI down 18-19% over 5 days vs. KOSPI -6% while TKMS is