Hana Securities analyzed that NEOWIZ's 'The Lies of P' is expected to lead the series of domestic intellectual property (IP) with downloadable content (DLC) available for expansion pack from the original package and its sequel. It raised the target stock price from the previous 35,000 won to 36,000 won, maintaining its investment opinion of 'buy.'
On 22nd, the price, gameplay video, and new illustrations of 'The Lies of P: Prelude' were revealed. The price of this DLC is set at $29.99, half that of the original package. The playtime is reported to be over 15 hours, and the current demo version features three new bosses and four new weapons. In addition to the DLC release, updates are planned for the original package.
Lee Junho, a researcher at Hana Securities, noted, 'This strategy can reduce the high entry barrier of the soul-like genre and enhance accessibility to the IP,' adding that 'the release of the DLC has increased the potential for concurrent sales growth of the original package.'
Hana Securities expects NEOWIZ's operating revenue and operating profit this year to increase by 4.4% and 44.9% year-on-year, reaching 383.3 billion won and 48.2 billion won, respectively. This researcher mentioned that 'The Lies of P: Prelude' is anticipated to be released in August and stated that the sequel to The Lies of P is expected to reveal information in the second half of 2026, set against the backdrop of The Wizard of Oz, noting that it has the appeal to achieve higher sales than The Lies of P, having already gained recognition from global users.
This researcher stated, 'Raising the target stock price to 36,000 won, we maintain our preference for small and medium-sized stocks in the gaming sector,' and noted, 'NEOWIZ's The Lies of P is leading the series of domestic IPs with the original package, expansion pack DLC, and its sequel.'
He added, 'Round8 Studio is developing 2 to 3 other IP series in addition to The Lies of P, and since it is the studio that produced The Lies of P, we can expect a higher quality compared to newly attempting development companies and predict an upward movement as results are confirmed.'