Pearl Abyss 1Q26 Preview: 51.9% Margin Case After Crimson Desert

With Crimson Desert's official milestones (4M units by April 1, 5M by April 15) now on the record, what does Pearl Abyss's (263750.KQ) first launch quarter print actually look like? Central case: KRW 395B revenue, KRW 205B operating profit, 51.9% OPM. But the key 1Q26 variables aren't the unit number — they're the accounting frame (principal vs. agent), realized ASP, and the marketing/commission expense lines that are still footnoted black boxes.

Samsung Electro-Mechanics: Why the Stock Doubled in 90 Days

Samsung Electro-Mechanics (009150.KS) doubled in 90 days — KRW 400k to KRW 680k+. This wasn't a generic AI-tailwind rally: FC-BGA entered Nvidia's Vera Rubin ecosystem as first vendor on Groq3 LPU, MLCC pricing cycle turned with Murata/Taiyo Yuden leading hikes, and the Vietnam KRW 1.8T expansion plus Sumitomo glass-substrate JV added a 2027+ growth axis. This is a structural transition: price-taker to price-setter, Samsung-dependence to Big Tech 6-customer mix, MLCC+FC-BGA optionality on glass interposer.