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Photo = Netmarble |
[Alpha Biz= Reporter Kim Jisun] On November 25, Yuanta Securities lowered its target price for Netmarble from 85,000 KRW to 70,000 KRW, reflecting a decline in revenue from its popular game Solo Leveling. However, the firm maintained its "Buy" rating on the company. Netmarble's previous trading price was 49,750 KRW.
Yuanta Securities projects continued revenue growth for Netmarble in 2025, driven by structural cost efficiency and the launch of several new titles. The company reported cost reductions and revenue growth for the third quarter, which led to improved per capita productivity. In particular, labor costs were reduced by 3.6% year-on-year, and overall expenses fell by 4.6%. To address the high fees (30%) associated with mobile platforms, Netmarble increased its focus on PC games, lowering its payment commission rate from 39.6% to 35.5%, a 4.1 percentage point reduction.
Additionally, Netmarble plans to release a total of nine new self-developed games and one publishing title in 2025. Major upcoming releases include Game of Thrones: Kingsroad (an open-world action RPG) and MonGil: Star Dive (an action RPG), both set for release in the first and second halves of 2025, respectively. The company will also launch the MMORPG The RED: Heir of Blood and the console/PC version (STEAM) of the globally successful Solo Leveling in the latter half of 2025.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
