A brokerage forecast says Shift Up's (462870) upcoming console title will overtake the revenue of its flagship game, Goddess of Victory: NIKKE. In a company report published on the 14th, Kiwoom Securities maintained a "Buy" rating and a target price of 65,000 won, pointing to 2029 — when new-title launches shift into full gear — as the inflection point for a leap in earnings.
GameY's analysis of the Kiwoom Securities report found that Blood Raine, the official sequel to Stellar Blade, sits at the center of this outlook. The report estimates NIKKE's revenue will decline gently from 165.9 billion won in 2026 to 151.2 billion won in 2029. By contrast, it projects that revenue from the Stellar Blade intellectual property (IP), including Blood Raine, will surge from 15 billion won in 2028 to 477.4 billion won in 2029 — more than triple NIKKE's figure.
With Blood Raine's launch factored in, Kiwoom's estimate for Shift Up's total 2029 revenue jumps to 713.4 billion won. The structure in which NIKKE accounted for 73% of total revenue in 2026 is expected to shift so that, by 2029, NIKKE's share falls to 21% while the new console title drives growth. For that same year, operating profit is estimated at 482.4 billion won, with an operating margin of 67.6%.
Blood Raine is the Stellar Blade sequel first unveiled at Summer Game Fest this past June. Like the original, it is slated for release on PC and console, and an official launch date has not been announced. Kiwoom Securities based its estimates on the assumption of a simultaneous release in the first quarter of 2029. Its sales outlook calls for 5.73 million units in the launch year and 7.78 million units over the long term — a level exceeding the original Stellar Blade's estimated cumulative total of 5.73 million units by 2028.
Blood Raine
Another new title, Project Spirit, is also added to the earnings picture. It is a subculture cross-platform game that Shift Up is developing with a target of a global launch in 2027; assuming a first-quarter 2028 release, Kiwoom reflected its revenue at 94.7 billion won in 2028 and 64.8 billion won in 2029.
The 65,000-won target price is a present value, calculated on this year's basis, that applies an implied price-to-earnings ratio (PER) of 12.5x and an annual discount rate of 10% to estimated 2029 earnings. Using this method, Kiwoom put the implied per-share value at 65,035 won. Compared with the July 13 closing price of 34,150 won, that leaves roughly 90% of upside. Shift Up's market capitalization stands at 2.003 trillion won.
For now, existing titles underpin near-term earnings. Kiwoom forecasts Shift Up's second-quarter revenue and operating profit at 55.4 billion won and 27.1 billion won respectively (operating margin of 48.9%). It expects NIKKE, buoyed by its July summer update and a fourth-anniversary story expansion, to hold this year's revenue at a level comparable to the previous year. While NIKKE shoulders the current cash generation, the market's gaze is shifting to the revenue curve the 2029 console title will trace.
A game that will triple NIKKE's revenue is coming
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