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Photo = Netmarble |
[Alpha Biz= Reporter Kim Sangjin] Hi Investment & Securities Co. on the 1st lowered its investment opinion on Netmarble to "buy" and its target price to 75,000 won following a change in valuation methods.
"We expect Netmarble's second-quarter sales to rise 41% year-on-year to KRW 847.4 billion and operating profit to a surplus of KRW 98.5 billion," Hi Investment & Securities said. "Old sales are expected to stabilize sales, but we estimate that 'Level Up Alone: ARISE' will drive growth to KRW 216 billion in sales over the next two months," said Hi Investment & Securities.
"Considering that the first-quarter level is ordinary, labor costs continue to decline by 7% to 179.7 billion won," Hi Investment & Securities said. "The payment commission rate is expected to be 37%, down 2.2% points from the average of last year due to increased PC sales through our own launches and improved mobile game mix, and marketing costs are not expected to exceed 20% due to cost reduction strategies such as joint marketing for many new products."
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
