[Alpha Biz= Paul Lee] Daishin Securities on Tuesday lowered its target price for Netmarble to 66,000 won, down 12% from its previous estimate, citing limited new game momentum for this year. The brokerage maintained its “Buy” rating.

In a research note, analyst Lee Ji-eun said the valuation multiple was discounted due to a lack of strong new title catalysts.

Netmarble’s fourth-quarter revenue is forecast at 734 billion won, with operating profit estimated at 104.8 billion won, representing year-on-year increases of 13.1% and 197.7%, respectively. Both figures are expected to be in line with market consensus.

Lee noted that the fourth quarter, traditionally a peak season, should see quarter-on-quarter revenue growth driven by titles such as Marvel Contest of Champions (MCoC) and The Seven Deadly Sins: Grand Cross. Performance contributions from Vampire and Seven Knights Re:Birth (global), launched in the third quarter, are also expected, along with incremental revenue from fourth-quarter releases including RF Online (global) and Solo Leveling (Steam).

Operating expenses are not expected to show any significant anomalies, although marketing costs may rise slightly quarter-on-quarter due to global expansion of existing titles and participation in the G-Star gaming exhibition.

Lee pointed out that while Netmarble has unveiled multiple new titles for 2026, similar to last year, the overall lineup differs in quality compared to 2025. She explained that many of the successful titles in 2025 were RPGs optimized for short-term user acquisition and early monetization, often referred to as “grind-based” games.

In contrast, the 2026 lineup includes only a limited number of RPG titles such as SOL: Enchant, Monster Guild, and Shangri-La. Lee noted that SOL: Enchant is a publishing title rather than an internally developed game, resulting in lower margins, while some projects may face potential launch delays. Overall pre-release expectations for the upcoming titles are assessed to be lower than those of last year’s lineup.

She also highlighted that The Seven Deadly Sins: Origin, previously regarded as a key title, has seen its release delayed again from January to March, following several minor postponements since last year.

While Lee noted that schedule delays alone may have a limited short-term impact on the share price, she emphasized that user pre-launch interest is a more critical factor. Based on indicators such as wishlist data, she assessed current user interest to be relatively low and recommended a cautious investment approach.

 

 

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