[Click e-Stock] "Neowiz, Overwhelming Presence of Two Main IPs"

On September 12, Daishin Securities stated that Neowiz's two main intellectual properties (IPs), released two years ago, continue to generate solid revenue. The firm added that if the strong sales trend of new titles persists, it would be reasonable to raise expectations for Neowiz's third-quarter performance. The target price was raised from 31,000 won to 34,000 won.

As of the first half of 2025, Neowiz's major game revenue breakdown is estimated to be 35% from web board games, 15% from "Brown Dust 2," and 15% from the "Lies of P" IP. Although significant revenue growth is difficult to expect from web board games due to the nature of the genre, they have consistently served as a stable cash cow with a margin rate in the low to mid-30% range.

Lee Ji-eun, a researcher at Daishin Securities, commented, "Despite the challenges of sustaining initial momentum in the RPG genre, both 'Brown Dust 2' and 'Lies of P,' released in 2023, are maintaining steady revenue through active live services and platform expansion. We expect strong third-quarter results driven by these two main IPs."

The revenue share of "Brown Dust 2" is approximately 16% (with daily revenue of about 200 million won), and it is projected to reach around 260 million won in daily revenue in the third quarter, thanks to the effect of its second anniversary update. "Lies of P" is also expected to deliver solid results, supported by its inclusion in Sony's PlayStation Plus and price discount events.

Starting with "Shape of Dreams," Neowiz plans to release three new titles in the fourth quarter. Among them, "Shape of Dreams," "Hello Seoul," and "Kill the Shadow" are indie games that will be launched on Steam. Lee noted, "Neowiz has already proven its indie game publishing capabilities by selling approximately 2 million copies of 'Skul: The Hero Slayer' and around 1 million copies of 'Sanabi.' Considering the company's profit-generating capacity, even small-scale sales of indie games are expected to make a meaningful contribution to earnings."

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