Equity Analysis /
South Korea

KR : Netmarble - Attractive entry point

    Mike HONG
    CGS-CIMB
    13 April 2021
    Published by

    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.