[Click eStock] "Shift Up, Unreflected Expectations for Nike China in Stock Price"

Sangsangin Securities analyzed on the 11th that the current stock price of Shift Up does not reflect the expectations for the mobile game Nike. The investment opinion 'Buy' and the target price of 80,000 KRW were maintained.

In the fourth quarter of last year, Shift Up recorded sales of 59.3 billion KRW and operating profit of 42.1 billion KRW, representing increases of 2.2% and 18.3% respectively compared to the previous quarter. Seungho Choi, a researcher at Sangsangin Securities, said, "Sales exceeded consensus, and operating profit met consensus; the reason for exceeding sales was due to Stella Blade," adding, "Nike's second anniversary sales recorded a higher level compared to the first anniversary sales."

Sangsangin Securities evaluated that Nike, which is currently in pre-registration in China, is progressing smoothly. He explained, "The pre-registration target for Nike is 8 million, and as of now, it stands at 2.88 million, progressing at an appropriate pace of 90,000 per day," and added, "Even if the current pace is maintained, exceeding the target is possible, and marketing effects are expected to be further maximized as the release approaches."

He stated, "The current stock price is at a similar level to before the Chinese license approval, and it seems that the current price does not even reflect the consensus performance of Nike in China," and predicted, "As the release date approaches and indicators are confirmed, the stock price is expected to rise steadily."