We expect its share price to continue to rise throughout 1H21F, driven by the impending Ni no Kuni game release and Netmarble Neo’s IPO. We believe the release of the new mobile game has not been fully priced in, with consensus’ FY21F game revenue on the low side, in our view. Upgrade to Add from Hold. TP maintained at W180k (21.0x 12M forward EV/EBITDA), with a 28.6% upside.
Equity Analysis /
South Korea