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[Alpha Biz=(Chicago) Reporter Paul Lee] Kiwoom Securities said on the 31st that its target price for Neowiz will be lowered from 57,000 won to 37,000 won. The investment opinion maintained the buy-off.
"The new target price is the result of applying 30 times the target price earning ratio (PER) to the controlling shareholder's net profit of 27.2 billion won this year," Kiwoom Securities said. "We have applied the highest level of multiplayer that can be given to the game industry by highly evaluating the competitiveness of the console segment through Lies Of P, the possibility of subsequent titles and the inherent value of related production teams."
Kiwoom Securities expects P's falsehood to sell 730,000 units in the fourth quarter of last year, up from the third quarter. "Considering events such as package discounts by a certain period of time in the fourth quarter, the blended unit price has been lowered from $61 in the third quarter to $49 in and after the fourth quarter, and we have included estimates based on 2 million cumulative sales for the next three years, including the release quarter, and related results can be achieved," said researcher Kim Jin-gu.
Kiwoom Securities saw that it was worth more than its performance, considering Neowiz's valuation. "We have the potential to induce independent competitiveness by injecting DNAs of top developers in the AI era through the capabilities of key developers, and we are enjoying solid segments that large South Korean game companies do not have through treatment of console developers," said Kiwoom Securities.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
