NH Investment & Securities noted on the 29th that although SHIFT UP's revenue ranking was not bad with the release of the Chinese version of NIKKE, it did not exceed expectations significantly, leading to a sharp decline in its stock price. The firm adjusted its target price downward from 80,000 won to 70,000 won, while maintaining its investment opinion of 'buy.' The previous trading day's closing price for SHIFT UP was 49,100 won.
An Jae-min, a researcher at NH Investment & Securities, explained, "The release of 'The Goddess of Victory: NIKKE' (Chinese version) has extinguished the momentum, and market expectations have not been significantly exceeded, but revenue is not bad."
The game recorded 13th place in the Apple App Store revenue ranking as of the 28th, with approximately 70% of revenue coming from Android and PC. Therefore, it is expected to achieve the previously estimated daily average revenue of 1.2 billion won and annual net revenue of 53 billion won (daily average of 900 million won).
Researcher An said, "Considering the characteristics of the subculture genre and the steady revenue shown by NIKKE Global, stable performance is expected to be maintained. Following the character update one week after the launch on the 28th, a large-scale update is scheduled for the third week, making a rebound in revenue rankings in June worth aiming for again."
However, researcher An pointed out that there are no new releases expected until next year. He stated, "With the launch of the Chinese version of NIKKE, the momentum for new releases has disappeared, and considering that there will be no new releases until the end of next year, except for the PC version of Stella Blade, I have adjusted the target price-to-earnings ratio (PER, market capitalization ÷ net income) downward from 25 times to 22 times."