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第十一届GACA评选全面启动，报名进行中 瑞银证券9月26日发布 《Krafton
APAC Focus: Key beneficiary of the fastest
growing game market: India
》报告 ，以下是主要内容。 更多报告，加入 知识星球 后添加小助手（微信号：youxiribao666） Global game companies' valuation comps - Krafton is trading below its global peers We believe the market is underestimating Krafton's growth potential in India.
Comparing India's current trajectory to China's growth driven by rising income,
smartphone and 4G adoption, and our analysis of the competitive landscape and
Krafton's investments, we estimate its India revenue could reach $320mn by 2028E
(+20% CAGR), 55% above cons. Although the stock is up 75% YTD due to strong
PUBG growth, the stock is trading at 15x 2025E PE, below its historical average and
we see further upside potential as cons earnings rise. We lift 25E/26E EPS by
3%/6% and PT to Won430,000, implying 27% share price upside potential. Indi
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