Source Facts: Yuanta Securities / June 30, 2026
Investment Opinion and Target Price: BUY / 24,000 KRW
Key Momentum: Securing earnings sustainability and multiple recovery through the successful market entry of 6 upcoming PC/console titles.
📊 1. [Valuation Metrics and Investment Indicators Analysis]
- Current price (as of June 29, 2026): 18,150 KRW.
- The target price was calculated by applying a target PER of 11.5x to the 12-month forward (12M Fwd) EPS of 2,098 KRW.
- The target PER reflects a 20% discount compared to the peer average of global live-service game companies and those with proven IP portfolios, accounting for the gap in large-scale new releases.
- Based on 2026 earnings, the valuation corresponds to a PER of 9.1x and PBR of 0.6x.
🚀 2. [Market Opportunity (TAM) and Detailed Performance Estimates]
- 2026 Annual Performance Outlook: Revenue of 420.3 billion KRW (YoY -3%) and operating profit of 36.4 billion KRW (YoY -39%) are expected.
- Business Segment Status:
- ‘Lies of P’: Sales of the main game and DLC are stabilizing at a lower level.
- ‘Brown Dust 2’: Whether sales can be maintained following the 3rd-anniversary update is a key variable for second-half performance.
- Webboard games: Existing user repeat payments act as a buffer against sales volatility during the gap in new game releases.
- Upcoming New Title Pipeline (6 PC/Console titles):
- Publishing titles (Wolfeye Studios, Zakazane Studio): These have entered the production stage.
- Self-development lineup: Projects currently in development include , , the next installment of , and .
- Specific information, such as trailers, game show submissions, and platform confirmations, is expected to become visible sequentially starting from 2027.
📝 Editor’s Comment (by K-STOCK Editor)
Neowiz is currently experiencing a profit decline due to the absence of large-scale new releases, despite having proven its internal development capabilities through the success of ‘Lies of P’. However, it is positive that the stable cash flow from webboard games serves as a defense during this gap. Investors should focus on the development progress, disclosure timing, and subsequent user reactions for the 6 upcoming PC/console titles, which will start to ramp up in 2027. Ultimately, the visibility of success for these new titles will be the most critical factor for mid-to-long-term multiple recovery and re-rating.
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