Source Facts: Hana Securities / June 30, 2026
Investment Opinion and Target Price: BUY / 45,000 KRW
Key Momentum: Strengthening the status of ‘Goddess of Victory: Nikke’ as a steady seller and high expectations for the new project ‘Project Spirit’
📊 1. [Valuation Metrics and Investment Indicators Analysis]
- Current price (as of June 29, 2026): 32,800 KRW.
- 2026 estimated metrics: PER 15.3x, PBR 1.67x, EV/EBITDA 9.03x.
- Investment opinion: Maintain ‘BUY’.
- Target price: Maintain 45,000 KRW.
🚀 2. [Market Opportunity (TAM) and Detailed Performance Estimates]
- Q2 Performance Outlook: Operating revenue is estimated at 57.7 billion KRW (YoY -48.7%, QoQ +22.0%), and operating profit is estimated at 33.1 billion KRW (YoY -51.5%, QoQ +53.8%), expected to exceed consensus.
- Major IP Performance:
- ‘Goddess of Victory: Nikke’: Q2 revenue is estimated at 45.7 billion KRW (YoY +1.3%, QoQ +39.8%), successfully rebounding through the 3.5-year anniversary update.
- ‘Stellar Blade’: Q2 revenue is estimated at 10.2 billion KRW (YoY -84.5%, QoQ -20.9%), maintaining stable sales even two years after launch.
- New Project Pipeline:
- ‘Stellar Blade: Blood Rain’: As the official sequel, it is expected to sell over 5 million copies in the early stages of release.
- ‘Project Spirit’: Currently under joint development with Tencent, with a future simultaneous global release expected.
📝 Editor’s Comment (by K-STOCK Editor)
It seems when everyone said the game market was dead, Shift Up went ahead and wrote a drama of a 3.5-year rebound with ‘Nikke’! It makes you say, “Shift Up is the real deal for subculture games!” It is impressive to see ‘Stellar Blade’ still selling two years later, which really proves their quality. Now, all eyes are on the unveiling of ‘Project Spirit’ in the second half of the year; it will be very interesting to see if they can show chemistry with Tencent and succeed in global domination. Whether the market is cold or hot, companies that make high-quality games on their own path eventually come out on top. Shareholders might want to keep an eye on their heart rates with every new piece of project news!
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