Mirae Asset Securities said on the 22nd that, thanks to the success of new titles, results from global expansion, and expense efficiency, a surprise is expected in the third and fourth quarters for Netmarble. It maintained its investment opinion of Buy and raised the target price to 95,000 won from the previous 90,000 won. Netmarble's previous trading day closing price is 66,100 won.
Mirae Asset Securities said that Netmarble's recently released "Seven Knights Rebirth Global" is showing signs of success in the global market. Lim Hee-seok, an analyst at Mirae Asset Securities, said, "It is showing a higher early daily revenue pace than Seven Knights Rebirth in Korea, which posted explosive results in the second quarter," and explained, "Seven Knights Rebirth Global is estimated to be recording more than 800 million won in iOS daily revenue."
"Vampire," released on Aug. 26th, is also sustaining strong performance, holding the No. 1 spot in sales rankings on the two major app markets, extending its run. Mirae Asset Securities estimated initial daily revenue in the 3 billion won range and currently in the low-to-mid 2 billion won range. It raised the estimate for Vampire's third-quarter average daily revenue from 1.5 billion won to 2.0 billion won.
It then projected third-quarter operating profit at 95 billion won, up 12%. The consensus (market forecast) is 83 billion won. Fourth-quarter operating profit is expected to be 143 billion won, 30% above the consensus (111 billion won).
Lim said, "With the success of new titles, results from global expansion, and continued expense efficiency, consecutive surprises are expected in the third and fourth quarters," adding, "Considering that the period is approaching for the launch of major new titles such as 'MonGil' and 'The Seven Deadly Sins: Origin,' strong new-title momentum is expected in the fourth quarter."