[Click eStock] "NCSoft to Launch TL in Early Next Year... Growing Anticipation for New Releases"

[Asia Economy Reporter Minji Lee] On the 14th, SK Securities maintained a buy rating and a target price of 550,000 KRW for NCSoft, based on the analysis that continuous external growth will be driven by multiple new game releases.

NCSoft is currently servicing PC and mobile games based on the Lineage, Aion, Blade & Soul, and Guild Wars IPs. In the third quarter, sales reached 604.2 billion KRW and operating profit was 144.4 billion KRW, representing growth of 21% and 50% respectively compared to the same period last year. Mobile game sales decreased by 8% quarter-on-quarter due to a stable decline in Lineage W sales despite solid Lineage M sales, exceeding market consensus.

PC game sales increased by 1% quarter-on-quarter due to revenue growth from the Aion classic server update. Operating profit improved significantly due to adjustments in labor costs and reduced marketing expenses.

The upcoming PC and console MMORPG new title "TL," scheduled for release in the first half of next year, is generating high expectations as it is being developed targeting North American and European users, unlike the existing Lineage BM (billing model). The trailer video has surpassed 9 million views, which is similar to the trailer views of Pearl Abyss's highly anticipated overseas new title "Dokkaebi."

Researcher Sojung Lee of SK Securities analyzed, "Concerns about growth have diminished as multiple new titles such as Project R and G, LLL, Blade & Soul, and Aion 2 are expected to be released over the next 2 to 3 years." It is expected that 2 to 3 new titles will be launched next year, with annual sales projected at 2.6723 trillion KRW and operating profit at 621.4 billion KRW.

Researcher Lee also stated, "With the release of multiple new titles starting next year, external growth will continue, and by partially reducing the proportion of pay-to-win content, NCSoft can shed the negative image associated with pay-to-win."

This content was produced with the assistance of AI translation services.