[Click e-Stock] "Neowiz Set to Become Leading Domestic Console Game Developer... Target Price Raised"

Target Price Raised from 31,000 Won to 35,000 Won

On June 9, NH Investment & Securities raised its target price for Neowiz from 31,000 won to 35,000 won, stating that the company is expected to establish itself as a leading domestic console game developer. The investment opinion was maintained as 'Buy'.

Ahn Jae-min, an analyst at NH Investment & Securities, explained, "The downloadable content (DLC) for 'Lies of P,' titled 'Lies of P: Overture,' was released on June 7. After the DLC launch, we estimate sales of the original Lies of P at 400,000 units and Overture at 1.1 million units, with revenue adjusted upward to 41.1 billion won. Taking this into account, we raised our target price."

Upon release, Overture achieved high rankings on both Steam and the PlayStation Store, showing strong initial performance. As of June 8, on the Steam Top Seller chart, the original Lies of P ranked first and Overture second in Korea, while globally the original ranked third and Overture sixth. On the Korean PlayStation Store, it ranked fourth among popular games. Analyst Ahn stated, "The launch of Overture once again confirmed the franchise IP potential of Lies of P. With a 50% discount event on the main game following the DLC release, we saw an increase in sales, and the DLC itself is also selling well. This is expected to alleviate concerns about the console game's lifecycle and revenue sustainability."

There are expectations that Neowiz will solidify its position as a leading domestic console game developer. Analyst Ahn predicted, "Neowiz is preparing to release five console games after 2026. With the next installment of Lies of P and various other projects, the company is expected to establish itself as a frontrunner in domestic console game development."