Netmarble (251270 KS/Buy)Another Earnings Surprise Likely in 4Q25
For 3Q25, Netmarble posted revenue of W696bn (+8% YoY; in line with the consensus) and operating profit of W91bn (+39% YoY; 9% above the consensus).
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Netmarble (251270 KS/Buy)A Strong Buy
We raised our 3Q25 average daily revenue estimate for Vampir to W1.5bn (from W0.5bn) and lifted our 3Q25 operating profit forecast by 21% to W85bn...
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Netmarble (251270 KS/Buy) - A Strong Buy
Vampir (released on Aug. 26) appears to be off to a very strong start, remaining the topgrossing title in both major app stores as of Sep. 7.
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Games (Overweight/Maintain)30% App Store Commission Model Nearing Its End
With games increasingly competing with short-form video platforms for users’ time and attention, the overall gaming market is projected to grow...
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Netmarble (251270 KS/Buy)Earnings Momentum to Continue in 2H25
Despite weaker revenue from existing titles, revenue grew 15% QoQ on a full-quarter contribution from RF Online and the launch of Seven Knights...
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