Source Facts: Yuanta Securities / June 30, 2026
Investment Opinion and Target Price: BUY / 59,000 KRW
Key Momentum: Verifying the success of the second-half new title lineup, improvement in profit margins through the expansion of in-house launchers, and potential cuts in Google Play Store fees.
📊 1. [Valuation Metrics and Investment Indicators Analysis]
- Current price (as of June 29, 2026): 37,900 KRW.
- The target price was calculated by applying a target PER of 13.5x to the 12-month forward (12M Fwd) EPS of 4,358 KRW.
- The target PER reflects a 10% discount compared to the peer group of global live-service game companies and those with proven IP portfolios.
- Based on 2026 earnings projections, the valuation represents a PER of 8.1x and PBR of 0.5x.
🚀 2. [Market Opportunity (TAM) and Detailed Performance Estimates]
- 2026 Annual Performance Outlook: Revenue of 2.8764 trillion KRW (YoY +2%) and operating profit of 370.2 billion KRW (YoY +5%, OPM 13%) are expected.
- Performance Status and Key Variables:
- Initial performance indicators for titles released in the first half (, ) fell short of expectations.
- While <SOL: enchant> adds to revenue from the second quarter and QoQ top-line improvement is expected, earnings estimates should be approached conservatively due to the low revenue contribution of first-half new titles.
- Marketing cost burdens may persist in the second half due to the scheduled launch of multiple new titles.
- Future New Title Pipeline: , , , , and are scheduled for release; their performance and marketing efficiency will be key variables for earnings.
📝 Editor’s Comment (by K-STOCK Editor)
Netmarble is currently experiencing a lowered short-term earnings outlook due to the performance of first-half releases falling short of expectations. For a stock price rebound, it is essential to confirm that new titles are effectively defending against revenue declines in existing games and that this translates into actual profitability improvements. Attention should now be focused on the potential for operating margin improvement in 2027, with the success of the second-half new title lineup serving as a critical turning point for corporate value.
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