IBK Securities announced on November 6 that it has lowered its target price for Netmarble to 43,000 won, citing a lack of new game releases that led to the company's third-quarter performance falling short of market expectations. The investment rating remains at 'buy.'
Lee Seung-hoon, a researcher at IBK Securities, stated in a report that the primary reason for the disappointing results was the absence of new game launches.
Lee noted that the release dates for several anticipated titles originally scheduled for the second half of 2026 have been postponed to 2027. He highlighted that 'SOL: enchant,' released in June, contributed 8% to the quarterly revenue, while 'RF Online Next,' which expanded its service area globally, accounted for 7%.
Looking ahead, the researcher expects that 13 new titles (seven in the first half and six in the second half) will be launched next year, filling the revenue gap. He mentioned that 'Shangri-La Frontier,' 'Solo Leveling: Karma,' and 'WB All-Star Raising' are targeted for release in the first quarter of next year, along with plans to expand various genres and live game regions.
Furthermore, Lee indicated that four of the new titles will support PC and console platforms, and the existing multi-platform strategy will shift to a focus on key platforms before gradual expansion. In the fourth quarter, the global performance of 'Vampire' will be reflected, and preparations for the Chinese launch of 'Solo Leveling: ARISE' and 'KOF All-Star' are underway.
He added that as revenue recovers, operating leverage is expected to improve, and most of the new titles next year will be self-developed, reducing the burden of payment commissions.
* This article has been translated by AI.
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