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Neowiz P's lie. (Photo=Neowiz) |
[Alpha Biz= Paul Lee] Seoul, April 24, 2025 — Shinhan Investment Corp. reaffirmed a “Buy” rating and KRW 28,000 price target on Neowiz (KRX: 095660), citing growing expectations for upcoming downloadable content (DLC) tied to the hit title Lies of P.
According to analyst Seok-Oh Kang, Neowiz’s Q1 operating profit is expected to reach KRW 8.8 billion, up 21.6% quarter-over-quarter and surpassing the market consensus of KRW 6.8 billion. “Post-launch sales for Lies of P remain solid at an estimated 100,000 to 200,000 copies per month, while the company’s web board games maintain stable performance,” he noted.
Kang highlighted Brown Dust 2, a subculture-themed intellectual property (IP), as another growth driver. “The game has rebounded by addressing user complaints, and with the upcoming 1.5-year anniversary update, we expect sales to nearly double compared to the same period last year,” he said. Additional titles like Cats & Soup and The Legend of Heroes are contributing to a stronger bottom line by providing steady revenue streams.
The DLC for Lies of P, titled Overture, is slated for a June release. With the Xbox Game Pass contract ending in March, analysts expect an uptick in direct sales. “Given the base game’s Metacritic score of 82 and over 7 million cumulative users within five months of release, brand recognition is already well-established,” Kang added.
The upcoming DLC is expected to offer 15–20 hours of additional gameplay—roughly half of the base game’s 30–35-hour playtime—which is likely to resonate well with fans. Kang estimates that Lies of P, including its DLC, will exceed 700,000 total sales post-launch.
Neowiz has also been actively promoting the title, including a recent orchestral concert in March and planned showcases at upcoming global game exhibitions.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
