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Photo = Netmarble |
[Alpha Biz= Reporter Kim Sangjin] Hana Securities has set a target price of KRW 68,000 for Netmarble, citing strong expectations for the performance of the upcoming title "The Seven Deadly Sins: Origin," scheduled for release in Q3 2025. The firm has also recommended a "Buy" investment opinion. As of the previous trading day, Netmarble's stock closed at KRW 57,100.
Hana Securities forecasts that Netmarble's operating profit will turn positive this year, reaching KRW 261.7 billion, while its operating revenue is expected to grow by 14.3% year-on-year to KRW 2.8591 trillion.
This year, Netmarble has been efficiently managing labor and marketing expenses while launching multiple new games. The game "Solo Leveling: ARISE," released on May 8, has achieved an average daily revenue of KRW 2.9 billion per quarter, contributing significantly to Q2's performance due to its strong IP from the webtoon.
The MMORPG games "Raven2" and "The Chronicles of Asdal: World of Powers," although mobile-based, have benefited from a high proportion of PC launcher transactions, which significantly reduces transaction fees compared to the 30% fees charged by Google and app stores, thus enhancing profitability.
The recently released "The Seven Deadly Sins: Idle" and the upcoming "Demis Ribbon" are expected to have higher mobile transaction fees in the latter half of the year. However, Joonho Lee, an analyst at Hana Securities, noted that the upcoming "The Seven Deadly Sins: Origin" will likely contribute significantly to both revenue and operating profit due to its high PC and console launcher usage.
Hana Securities highlights Netmarble's investment points as its ability to utilize external IPs, its diverse genre pipeline, and cost efficiency.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
