[Click e-Stock] "NHN Expected to See Strong Growth in 2026"

On January 2, NH Investment & Securities raised its target price for NHN from 36,000 won to 40,000 won.

Ahn Jaemin, a researcher at NH Investment & Securities, explained the reason for the upward revision, stating, "With the TMON and Wemakeprice issues from 2024 resolved, NHN has entered a normalization phase for its 2025 results, and solid earnings growth is expected in 2026."

Ahn added, "Web board games continue to show steady growth, and the effect of raising the monthly purchase limit for web board games to 1 million won (from the previous 700,000 won) will be reflected starting in 2026. For mobile games, the performance of new titles scheduled for release in 2026, such as 'Puzzle Star' (utilizing the Oshi no Ko IP) and 'Dissidia Duel Final Fantasy' (using the Final Fantasy IP), is also something to look forward to."

The fact that the company secured 7,656 GPUs through the government-led 'GPU Construction and Operation Support' project is also seen as a positive factor. Ahn explained, "The company has completed the installation of 7,000 GPUs, and plans to begin services as early as the first quarter of 2026. Related revenue is expected to be generated from the second quarter, and the company has indicated that this will contribute approximately 300 billion won in revenue over five years."

NHN is expected to post solid results in the fourth quarter of 2025 due to the peak season effect. Revenue is estimated at 676.3 billion won, up 5% year-on-year, and operating profit is projected at 32.3 billion won, a 29% increase over the same period.

Ahn stated, "Operating profit is expected to exceed both the market consensus of 29.3 billion won and our previous estimate of 31.2 billion won. Entering the fourth quarter peak season, we anticipate revenue growth in the payment business, technology business, and NHN Link (performance and ticket business). As the company continues to streamline underperforming subsidiaries since last year, profitability is improving, and solid earnings growth is expected to continue into 2026."