Hana Securities said on the 30th that Netmarble's releases this year are delivering strong results and its global expansion is growing significantly, which is positive. It raised its target price to 73,000 won from 71,000 won and maintained its "buy" investment rating. Netmarble's closing price in the previous session was 63,000 won.
Hana Securities estimated Netmarble's third-quarter operating revenue and operating profit on a consolidation basis this year at 690 billion won and 79.5 billion won. That would be increases of 6.6% and 21.4%, respectively, from a year earlier.
With Vampyr released in the third quarter, it achieved higher performance than RF Online Next in the first quarter of this year. After its third-quarter launch, average daily revenue is expected to be 2 billion won, with quarterly revenue around 70 billion won. Seven Knights Re:Verse appears to have generated more than 90 billion won in revenue, similar to the previous quarter, through global expansion on the 18th of this month.
Lee Jun-ho, a Hana Securities researcher, said, "It is encouraging that the company is maintaining a stable level of profit each quarter through new releases."
However, Hana Securities noted it is unfortunate that the release of The Seven Deadly Sins: Origin, the most anticipated title this year, has been delayed. The researcher said, "The PC, console, and mobile release has been set for Jan. 28 next year," and added, "There are concerns that competition will intensify as many open-world titles from Chinese game companies are scheduled for release, but we expect to achieve at least a certain level of results based on The Seven Deadly Sins intellectual property (IP)."
He added, "If the company succeeds in improving its fundamentals by achieving global success with massively multiplayer online role-playing games (MMORPGs) that have centered on domestic success, expectations for subsequent challenges will rise further."