Everyone's Marvel (Courtesy of Netmarble)

Hantu 證 “Netmarble will have plenty of momentum for new projects this year”… Investment recommendation and target price of ‘maintain’

Everyone’s Marvel (Courtesy of Netmarble)

Korea Investment & Securities maintained a ‘buy’ rating and a target price of 140,000 won for Netmarble, saying that it has ample momentum for new releases this year.

Jeong Ho-yoon, a researcher at Korea Investment & Securities Co., Ltd., said on the 21st, “The first quarter results were sluggish, but Netmarble is about to release more than 10 new titles this year, so ‘new title momentum’ is expected.” In particular, he added, “Everyone’s Marvel: Meta World is a game that introduces the concepts of metaverse and blockchain at the same time, and we can expect positive reviews at the same time as the box office.”

This year, Netmarble is expected to launch in global regions excluding the existing launch regions by loading blockchain technology into the second country: Cross World. In the second quarter, Seven Knights Revolution and BTS Dream are also scheduled to be released. In the second half of the year, six new titles are scheduled to be released, including Champions Ascension, Everyone’s Marvel: Meta World, and How to Train Your Monster: Arena.

Netmarble’s 1Q sales are projected to reach W692.2bn and operating profit to reach W34.9bn, 15% below the consensus. Except for the A3 global version P2E (Play to Earn) system update, the effect of the new game was absent, and the sales of existing games seem to have declined naturally.

Researcher Jeong said, “Starting in the second quarter, many new games are waiting for Netmarble until the second half of the year, and there is a possibility that some games will sufficiently exceed market expectations.” We need to pay more attention,” he said.

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