[Click e-Stock] "Netmarble Continues Strong Performance Despite Momentum Gap"

On October 20, Daishin Securities stated that while Netmarble’s stock price has recently entered a correction phase due to a lack of new title momentum following the August launch of "Vampire," it is expected to gradually recover, supported by strong earnings in the second half of the year and anticipation for new releases in 2026. The investment opinion remains "Buy," and the target price is maintained at 81,000 won.

Netmarble’s third-quarter sales for this year are projected to reach 708.7 billion won (up 9.5% year-on-year), with operating profit at 90.6 billion won (up 38.3%), both exceeding market expectations. The strong performance is attributed to the success of "Vampire," released in August. Netmarble has been launching hit titles every quarter this year, and "Vampire" continues to hold the number one spot in domestic Google Play sales rankings in the fourth quarter.

However, Daishin Securities researcher Lee Jieun noted, "Sales from major titles that drove strong results in the first half, such as 'MCoC,' 'Solo Leveling,' and 'Seven Knights Rebirth,' are expected to stabilize at lower levels, so operating profit is likely to decrease compared to the previous quarter." She added, "On the cost side, there have been no unusual factors, and the trend of cost efficiency continues."

Netmarble plans to release "Monster Tamer: Star Dive," "Solo Leveling" (Steam, November 17), and "RF Online" (Taiwan, Hong Kong, Macau) in the fourth quarter. Among these, the release dates for two titles, excluding "Solo Leveling," have not yet been confirmed. "The Seven Deadly Sins: Origin," originally scheduled for a fourth-quarter release, will now be unveiled on January 28 next year. Although the release has been delayed by about a month, the confirmation of the launch date itself is seen as a positive development.

Lee commented, "Unlike previous large-scale MMORPG releases, the fourth-quarter lineup focuses on regional and platform expansion, so short-term stock momentum may be limited." However, she added, "'RF Online' and 'Solo Leveling' are expanded versions of already successful titles and are expected to make a meaningful contribution to fourth-quarter results."

She continued, "'Monster Tamer: Star Dive' has received positive feedback in recent closed beta tests and at the Tokyo Game Show. The fourth quarter is the peak season for Netmarble’s major games, so strong performance is likely to continue." The lineup of new titles for 2026, to be announced at the end-of-year G-Star event and during earnings releases, is also cited as a factor boosting expectations for mid- to long-term growth.

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