E-Mart Profit Seen Down 15.1%; Com2uS Game Outlook Raised

Key Summary

E-Mart’s earnings expectations for the third quarter of 2026 have been lowered, while estimates for Com2uS and Cell Bio Human Tech were raised on new-release and export indicators. According to InfostockDaily, a tender offer and a technology transfer were also announced on the same day, showing a market in which investors must assess each company’s earnings trajectory and transaction terms separately rather than focus only on the broader market direction.

The key issue is the changing business segments that determine profit, rather than revenue growth alone. At E-Mart, weaker profitability at Starbucks Korea is expected to weigh on consolidated earnings, while for Com2uS, the continuation of revenue from its new title is a prerequisite for the upgraded estimates.

What Happened

IBK Securities estimated E-Mart’s consolidated revenue for the third quarter of 2026 at 7.7413 trillion won. That would represent a 4.6% increase from the same period a year earlier, but operating profit is expected to fall 15.1% year on year to 128.5 billion won. InfostockDaily reported that SCK (Starbucks Korea) operating profit is expected to decline from 60 billion won in the third quarter last year to -24.2 billion won this year.

The channels amplifying profit-and-loss volatility at E-Mart are SCK’s ability to attract customers and its fixed costs. IBK Securities forecast an 84.2 billion won reduction in SCK’s contribution to operating profit due to its weak performance. Even if losses at SSG.COM narrow as expected, continued weakness at SCK would limit the pace of improvement in consolidated earnings.

By contrast, NH Investment & Securities analyzed that Com2uS’s “Zeus: God of Pride,” released on the 26th of last month, remained No. 1 in Google app-store revenue rankings two weeks after launch. It therefore raised its third-quarter revenue forecast from 10.2 billion won to 57.8 billion won and its fourth-quarter forecast from 24.3 billion won to 76.5 billion won.

Background and Context

The scale of Com2uS’s upgrade is also evident in its daily average revenue assumptions. The third-quarter daily average revenue forecast was raised from 300 million won to 1.7 billion won, while the fourth-quarter figure increased from 270 million won to 850 million won. Actual revenue and earnings have yet to be confirmed, however, and NH Investment & Securities’ outlook is based on the new title maintaining its ranking. If the ranking falls, the assumptions underpinning the estimates will weaken.

Hana Securities identified expanded mask-pack exports as the earnings driver for Cell Bio Human Tech. Mask-pack exports rose more than 80% year on year through August 2026, and third-quarter 2026 revenue is projected at 20.1 billion won and operating profit at 4 billion won, increases of 39% and 112%, respectively. That implies an estimated operating margin of 20%.

Cell Bio Human Tech’s standalone 2026 revenue is estimated at 66.8 billion won, with operating profit at 10 billion won. Hana Securities noted that customers are moving to produce their desired 2027 volumes in advance, but actual orders and production progress must be verified separately.

Impact on the Market and Stocks

• E-Mart: Although revenue is expected to rise, consolidated operating profit is forecast to decline 15.1% year on year as SCK operating profit is estimated at -24.2 billion won. Starbucks Korea’s quarterly profit and loss will be the key inflection point in the next earnings report.
• Com2uS: Estimates for new-title revenue have been raised sharply. However, the upgraded figures could be reversed if the game fails to maintain its post-launch ranking. Com2uS’s 2026 PER was cited at 8.2 times, versus a global game-company average of 22.9 times.
• Cell Bio Human Tech: Demand for sheets supplied to Mediheal and Medicube, along with rising mask-pack exports, has been incorporated into the earnings outlook. Its current forward 12-month PER was cited at 5.7 times, but investors need to confirm whether export growth translates into actual shipments and profit.
• IcecreamEdu·Sigung Tech: Sigung Tech said it would launch a tender offer for up to 3.6 million shares of IcecreamEdu common stock at 1,200 won per share. That represents a 30.72% premium to the previous closing price of 918 won, with total funding of 4.32 billion won.
• Seondo Electric: Researchers at the Korea Institute of Energy Research transferred NeuroPanel, an artificial-intelligence-based intelligent distribution-board technology. Seondo Electric plans to review commercialization potential with the researchers, but product revenue and profitability have not yet been confirmed.

Investor Checkpoints

• For E-Mart, compare SCK’s actual third-quarter 2026 operating profit and consolidated operating profit with the estimates. The magnitude of the earnings decline will change if SCK’s weakness eases.
• For Com2uS, check whether the new title remains No. 1 in Google app-store revenue rankings through the next earnings release and whether the upgraded third- and fourth-quarter revenue forecasts convert into actual earnings.
• For Cell Bio Human Tech, monitor whether it achieves third-quarter 2026 revenue of 20.1 billion won and operating profit of 4 billion won, and whether the advance-production volumes for 2027 are actually reflected.
• The IcecreamEdu tender offer runs from September 10 through September 29, with settlement on the 2nd of next month. The actual number of shares tendered and whether the offer ultimately closes have not been confirmed.

Outlook

The optimistic scenario for this market is that each company’s core indicators track the forecasts. If Com2uS’s new title maintains its ranking and Cell Bio Human Tech’s export volumes expand, the upgraded revenue estimates could flow through to earnings. For Seondo Electric, the significance of the technology transfer would move to the revenue stage once NeuroPanel commercialization becomes concrete.

On the other hand, continued weakness in E-Mart’s SCK customer traffic would increase the fixed-cost burden, while a decline in Com2uS’s new-title ranking could lower the daily average revenue assumption. The tender offer terms have been announced, but actual participation and completion results are still pending. Therefore, current prices reflect the announcements and forecasts; the scope for judgment will broaden once the next earnings release and tender-offer settlement results are confirmed.

Frequently Asked Questions

What is the IcecreamEdu tender-offer price?

Sigung Tech said it would launch a tender offer for up to 3.6 million IcecreamEdu common shares at 1,200 won per share. InfostockDaily reported that this price is 30.72% above the previous closing price of 918 won.

What is E-Mart’s third-quarter 2026 operating-profit outlook?

IBK Securities estimated E-Mart’s third-quarter 2026 operating profit at 128.5 billion won. That is a 15.1% year-on-year decline, with the main backdrop being the forecast that SCK operating profit will fall to -24.2 billion won.

Why was Com2uS’s earnings outlook raised?

NH Investment & Securities raised its earnings outlook because “Zeus: God of Pride,” released on the 26th of last month, remained No. 1 in Google app-store revenue rankings two weeks after launch. The third-quarter revenue forecast was raised to 57.8 billion won and the fourth-quarter forecast to 76.5 billion won.

This article is automatically summarized and analyzed based on the original news report. View the original article (InfostockDaily)