[Click e-Stock] "Shift Up, New Title Momentum Fades... Target Price Lowered"

On May 29, NH Investment & Securities lowered its target price for Shift Up from 80,000 won to 70,000 won, citing a lack of new title momentum in the near term. The investment opinion was maintained as 'Buy'.

Ahn Jae-min, a researcher at NH Investment & Securities, explained, "With the release of Goddess of Victory: New Hope (Nikke China), the momentum from new titles has disappeared. Except for the PC version of Stellar Blade, there are no new releases expected until the end of 2026, so we have lowered the target price-to-earnings ratio (PER) from 25 times to 22 times."

The revenue from Nikke China is evaluated to be at a satisfactory level. Ahn stated, "Although the momentum has faded with the launch of Nikke China and market expectations were not significantly exceeded, the revenue itself is not bad." He continued, "As of 5 p.m. on the 28th, the game ranked 13th in sales on the Apple App Store. Considering that Android and PC account for about 70% of total revenue, our previous assumptions of an initial daily average revenue of 1.2 billion won and an annual net revenue of 53 billion won for 2025 are fully achievable."

Stable performance is expected to be maintained. Ahn said, "Given the characteristics of the subculture genre and the steady revenue shown by Nikke Global, stable results can be sustained." He added, "A character update was carried out one week after launch on the 28th, and a large-scale update (the global first anniversary event) is scheduled for the third week, so it is worth aiming for a rebound in the sales ranking in June." He further stated, "On June 12, the PC version of Stellar Blade will be released, and a cross-collaboration between Stellar Blade and Nikke is planned to coincide with this, so revenue growth is expected for both games."