[Edaily Reporter Kwon Oh Seok ] Yuanta Securities Korea announced on the 9th that it is maintaining its “Buy” rating on Netmarble Corporation(251270)but lowering its target price from 52,000 won to 46,000 won.

Choi Ji-woon, an analyst at Yuanta Securities Korea, stated, “As the release of new titles in 2026 has been delayed, confidence in the schedule has waned; therefore, we believe it is necessary to confirm adherence to the release schedule and the initial performance of the new titles.” He added, “In particular, the confirmation of the release schedule for titles planned for the first quarter and the disclosure of specific information regarding the new lineup are expected to be key factors in enhancing the visibility of future earnings.”
Previously, third-quarter consolidated revenue and operating profit stood at 634.7 billion won (-8.8% year-over-year) and 50.4 billion won (-44.6%), respectively, with operating profit falling 39% short of the market consensus. The lack of new game releases and declining sales of existing titles were cited as the primary causes of the poor performance.
He explained, “‘SOL: enchant,’ released in June, began contributing to revenue this quarter, recording approximately 50.8 billion won in revenue, while ‘RF Online Next,’ which expanded into global markets, also saw significant quarter-over-quarter growth with revenue of approximately 44.4 billion won.” He added, “In contrast, ‘The Seven Deadly Sins: Origin,’ released in March, saw its revenue drop to about half the previous quarter’s level as the launch effect faded.”
Analyst Choi noted, “In the fourth quarter, visibility for revenue growth is expected to be limited as the launches of the three previously announced new titles have all been postponed to 2027,” but predicted that profitability would improve compared to the previous quarter through cost efficiency measures.
Revenue for 2027 is projected at 2.7491 trillion won (+2.1%), with operating profit at 278.1 billion won (+15.4%). Despite a decline in revenue from existing titles, the company anticipates revenue growth through an expanded release of new titles. It plans to launch a total of 13 new titles in 2027, with a target of releasing three titles in the first quarter: “Shangri-La Frontier,” “I Alone Level Up: KARMA,” and “WB All-Star Raising.”
He added, “With most of the new titles being in-house developments, an increase in the share of PC payments, lower app store commission rates, and more efficient marketing are expected to contribute to improved company-wide profitability.”