KB Securities analyzed that NCSOFT's stock price is likely to show a favorable trend due to expectations for new releases next year. The analysis states that there is heightened anticipation for various new titles, including Aion 2, which is expected to be released in the fourth quarter of this year, as well as new entries being showcased consecutively at Gamescom in late August and the Tokyo Game Show in September. Accordingly, the target stock price has been raised by 19% from the previous 210,000 won to 250,000 won, while maintaining the investment opinion as 'buy.'
The consolidated revenue for NCSOFT in the second quarter is expected to be 358.8 billion won, with an operating profit of 5.3 billion won. This represents a decline of 2.7% and 39.7%, respectively, compared to the same period last year. The operating profit is also projected to fall short of market expectations (consensus) by 7.7 billion won.
Lee Seon-hwa, a researcher at KB Securities, noted, 'Although mobile and PC game revenue remains at a similar level to the previous quarter and restructuring costs were excluded from labor expenses, marketing expenses have increased,' and 'This trend is expected to continue until the third quarter when there are no new releases.'
However, there is a possibility that the atmosphere could somewhat change with the release of new titles. The launch of Aion 2 is scheduled for the fourth quarter, and afterwards, new titles such as Breakers, LLL, existing IP spin-offs, and Time Takers are lined up in the release pipeline. With the approval granted in China, Lineage M and Lineage 2M are also set to launch in China, raising expectations for performance in the Chinese market.
The researcher explained, 'Adjusting the operating profit estimates for 2026 and 2027 upward by 5.7% and 10.1%, respectively, the target stock price has also been raised.'