[Click eStock] 'P-ui Geojit' Box Office Expectations... Neowiz Target Price Raised

[Asia Economy Reporter Junho Hwang] Samsung Securities raised the target price for Neowiz after Neowiz's upcoming PC/console title "P-ui Geojit" was selected as the most anticipated PlayStation game at the German game show 'Gamescom' on the 23rd.

This is the first time a Korean console game has won an award at Gamescom. Last year's winner was Japan's Bandai Namco's "Elden Ring," which sold 17 million copies. "P-ui Geojit" was also nominated for Best Action Adventure Game and Best Role-Playing Game categories.

Soul-like is a genre that collectively refers to games developed similarly to the Souls series by Japan's FromSoftware, such as Demon's Souls and Dark Souls, characterized by a bleak era setting and high difficulty. The recently released soul-like game Elden Ring, launched in February this year, sold about 17 million copies by June.

Samsung Securities noted that unlike Elden Ring, "P-ui Geojit" is developed in a linear space rather than an open world, and its development cost is about 20 billion KRW, which is one-fifth of Elden Ring's budget. However, considering the increased market interest in the soul-like genre after Elden Ring's release and the recognized completeness of "P-ui Geojit" at Gamescom, they judged that achieving annual sales of around 2 million copies is quite feasible.

Additionally, since the relaxed regulations on web board games were applied from the 1st of last month, sales of web board games increased compared to June, and considering the upcoming Chuseok peak season next month, third-quarter web board game sales are expected to rise by about 10% compared to the previous quarter. Although there are no major new releases in the second half of this year, stable operating profit growth is expected due to increased sales of high-margin web board games.

Researcher Donghwan Oh of Samsung Securities stated, "We are raising the expected sales for 'P-ui Geojit,' anticipated to be released in the first half of next year, from 20 billion KRW to 90 billion KRW, and accordingly, the target price is increased from 31,000 KRW to 43,000 KRW." He added, "Although there is still time until the new release, we believe stability has been secured as web board games can support performance during the remaining period."

This content was produced with the assistance of AI translation services.