Pearl Abyss Corp. (263750.KQ): 2Q26E preview; Earnings tracking the lower end of guidance; Resetting target multiple; Sell

研报英文原文证据摘录

Pearl Abyss Corp. (263750.KQ): 2Q26E preview; Earnings tracking the lower end of guidance; Resetting target multiple; Sell

Goldman Sachs Pearl Abyss Corp. (263750.KQ)

multi-IP durability, repeatable launch execution, and global monetization visibility. In

this context, we think multiples could contract when earnings are overly dependent on a

single aging franchise or when the new pipeline lacks clear evidence of sustainability.

Under this structure, general guardrails to our Games valuation framework include:

n High LT earnings visibility on multi-IP flywheel and global platform reach (2027E

P/E above 19x-21x): Companies achieving top-tier execution across all three pillars

should simultaneously enjoy a structural premium due to their platform-based

global reach paired with zero single-franchise dependency.

n Strong floor based on multiple durable franchises/evergreen IPs (2027E P/E

16x-18x): Companies with multiple robust IPs have generally traded in the 16x-18x

valuation range. In our view, while global exposure can provide optionality, a highly

defensible, evergreen domestic franchise floor supports strong earnings longevity.

n High near-term cash-flow visibility but single-IP concentration (2027E P/E

13x-15x): Companies that fundamentally lack multi-asset IP diversification have

tended to trade at this valuation range. Regardless of how robust their current traffic

or near-term earnings spikes may appear, concentration in a single-asset ecosystem

exposes companies to sizeble terminal one-IP risks, forcing a structural multiple

discount relative to global peers. However, for elite single-IP platforms

demonstrating secular lifespan expansion and strong global monetization, we think a

baseline floor of 13x can be maintained, reflecting superior cash-flow visibility.