[Edaily Reporter Kwon Oh Seok ] Hana Securities announced on the 1st that it is maintaining its “Buy” rating and 50,000 won target price for Netmarble Corporation(251270).

Lee Jun-ho, an analyst at Hana Securities, stated, “The current stock price is at an all-time low as earnings expectations continue to be revised downward due to the disappointing performance of ‘The Seven Deadly Sins: Origin’ and ‘MonGil: STARDIVE,’ released in the first half of the year, and the lack of new titles in the third quarter,” adding He added, “Since expectations for the three new titles scheduled for release in the fourth quarter are not particularly high, if Netmarble confirms their release dates and unveils its 2027 lineup around the time of the third-quarter earnings announcement to ensure visibility for earnings growth, a strong rebound is possible.”
Netmarble Corporation’s third-quarter consolidated operating revenue is projected to be 695 billion won (down 3.1% year-over-year), and operating profit is expected to be 69 billion won (down 30.0%), both falling short of consensus and previous estimates. This is because there were no new game releases in the third quarter, and existing titles continued to stabilize at lower levels.
He explained, “Although we are continuing to implement improvements and updates to extend the PLC (product life cycle) of ‘The Seven Deadly Sins: Origin’ and ‘MonGil: STARDIVE,’ which were released in the first half of the year, it appears they have not achieved a meaningful rebound,” adding, “We estimate third-quarter operating expenses at 623.5 billion won (+3.0%).”
For 2026, he forecast operating revenue of 2.8293 trillion won (-0.2%) and operating profit of 284.2 billion won (-19.4%). The analyst noted, “Three new titles are in preparation for the fourth quarter. At Tokyo Game Show 2026, the company operated demo booths for ‘I Level Up Alone: Karma’ and ‘Shangri-La Frontier: The Seven Strongest Species’ and conducted on-site marketing,” the analyst noted, emphasizing, “For a release within the year, the launch schedule must be announced by October.”
Another highly anticipated new title is “Project EGIS Co., Ltd.” Developed by its U.S. subsidiary Kabam, it is an AFK idle RPG (role-playing game) and is presumed to be a new title utilizing global IP (intellectual property), similar to “Marvel Contest of Champions.” The analyst added, “Since no specific information has been disclosed yet, it has not been aggressively factored into our estimates. We plan to reflect it in our estimates alongside marketing efforts.”