Photo = Netmarble

 

[Alpha Biz= Reporter Kim Sangjin] On September 3, IBK Securities upgraded its investment rating and target price for Netmarble, highlighting structural changes resulting from improved game development capabilities and financial restructuring.

The investment rating was raised from "Trading Buy" to "Buy," and the target price was increased from ₩64,000 to ₩73,000.

IBK Securities noted that Netmarble has demonstrated robust development capabilities with the success of "Solo Leveling" and predicted further revenue growth due to a major update in September and the upcoming new season on OTT (video streaming) platforms in Q4.

The firm also expects new releases scheduled for Q4, including "King Arthur," "RF Online," and "Demis Ribbon," to contribute positively to performance.

IBK Securities observed that the benefits of cost efficiency measures implemented over recent years were explosively reflected in the company’s Q2 2024 results. Netmarble reported an operating profit of ₩111.2 billion for Q2, marking its first quarterly operating profit exceeding ₩100 billion since 2017.

 

 

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