[Click eStock] "Shift Up Needs Nikke Rebound for Short-Term Stock Recovery"

On July 7, Hana Securities lowered its target price for Shift Up from 86,000 won to 77,000 won, stating that a rebound in global and Chinese indicators in the second half of the year is necessary to offset the momentum and earnings gap expected in 2026. The investment rating was maintained at 'Buy'.

Shift Up's operating revenue for the second quarter was 84.6 billion won (+29.7% year-on-year), and operating profit was 58.7 billion won (+30.4%), both slightly below market expectations. The company's flagship game, Goddess of Victory: Nikke, marked its 2.5-year global anniversary with a collaboration update featuring Stellar Blade, but the results were considered disappointing compared to expectations.

Stellar Blade is estimated to have sold 1.3 million copies of its PC version and surpassed cumulative sales of 3.5 million units within 14 months of its release, buoyed by strong popularity in China. At this pace, cumulative sales are projected to reach 5 million units by the second anniversary of its launch.

Lee Junho, a researcher at Hana Securities, commented, "The surprise from Stellar Blade is remarkable, but the issue lies with Goddess of Victory: Nikke," adding, "Globally, the game has experienced a decline of more than 10% year-on-year since the first quarter." He noted that while the quality of the recent Stellar Blade collaboration reached the highest level possible for a subculture game, additional meaningful features beyond collaborations are needed to attract new and returning users.

However, Lee emphasized, "The momentum gap in 2026 can be overcome by the high earnings visibility expected in 2027, and the company is also preparing 'Project Spirit' with a target release after 2027." He added, "If the stock price declines due to a lack of short-term momentum, this presents an opportunity to increase holdings with a long-term target market capitalization of 4.5 trillion won."