Corporate Logo(source: compan.netmbarble.com)
Shinhan Securities announced on August 8 that Netmarble (251270) is likely to continue delivering earnings surprises in the second half of the year, following its better-than-expected results in the first half. The brokerage raised its target price from 82,000 won to 85,000 won and maintained a “Buy” rating.
Analyst Kang Seok-oh noted, “Starting with the launch of the MMORPG Vampire on August 26, a total of seven new games are scheduled for release in the second half. In September, titles including King of Fighters: AFK, Stone Age, and The Seven Deadly Sins: Origin are expected, followed by Monster Taming: Star Dive, Project SOL, and Solo Leveling: Overdrive in the fourth quarter.”
He added, “By releasing a diverse lineup across various genres, Netmarble is expected to broaden its user base. The estimated average daily revenue for the second-half releases is higher than that of the first half, indicating a stepwise improvement in earnings.”
In the second quarter, Netmarble outperformed market expectations despite a year-on-year decline. The company posted revenue of 717.6 billion won and operating profit of 101.1 billion won, down 8.2% and 9.1%, respectively. However, operating profit exceeded the market consensus of 81.2 billion won. The full-quarter contribution of RF Online and the strong performance of Seven Knights Rebirth, which generated average daily revenue of 2 billion won, were key contributors to growth.
Kang stated, “Netmarble has delivered earnings surprises for six consecutive quarters, exceeding market expectations in both new game performance and profitability. With even stronger titles and improved margins anticipated in the second half, the company is likely to show the steepest growth curve and share price appreciation among domestic gaming firms.”
*[KOSPI] Netmarble(251270) engages in mobile game development and publishing business, with major game titles including ‘MARVEL Contest of Champions’, ‘Jackpot World’, ‘Cash Frenzy’, ‘Lotsa Slots’, and ‘The Seven Deadly Sins: GRAND CROSS’. Market capitalization is 5.303 trillion won (as of July 8, 2025, closing price).
Corporate Logo(source: compan.netmbarble.com)
Shinhan Securities announced on August 8 that Netmarble (251270) is likely to continue delivering earnings surprises in the second half of the year, following its better-than-expected results in the first half. The brokerage raised its target price from 82,000 won to 85,000 won and maintained a “Buy” rating.
Analyst Kang Seok-oh noted, “Starting with the launch of the MMORPG Vampire on August 26, a total of seven new games are scheduled for release in the second half. In September, titles including King of Fighters: AFK, Stone Age, and The Seven Deadly Sins: Origin are expected, followed by Monster Taming: Star Dive, Project SOL, and Solo Leveling: Overdrive in the fourth quarter.”
He added, “By releasing a diverse lineup across various genres, Netmarble is expected to broaden its user base. The estimated average daily revenue for the second-half releases is higher than that of the first half, indicating a stepwise improvement in earnings.”
In the second quarter, Netmarble outperformed market expectations despite a year-on-year decline. The company posted revenue of 717.6 billion won and operating profit of 101.1 billion won, down 8.2% and 9.1%, respectively. However, operating profit exceeded the market consensus of 81.2 billion won. The full-quarter contribution of RF Online and the strong performance of Seven Knights Rebirth, which generated average daily revenue of 2 billion won, were key contributors to growth.
Kang stated, “Netmarble has delivered earnings surprises for six consecutive quarters, exceeding market expectations in both new game performance and profitability. With even stronger titles and improved margins anticipated in the second half, the company is likely to show the steepest growth curve and share price appreciation among domestic gaming firms.”
*[KOSPI] Netmarble(251270) engages in mobile game development and publishing business, with major game titles including ‘MARVEL Contest of Champions’, ‘Jackpot World’, ‘Cash Frenzy’, ‘Lotsa Slots’, and ‘The Seven Deadly Sins: GRAND CROSS’. Market capitalization is 5.303 trillion won (as of July 8, 2025, closing price).