[Click e-Stock] "NCSoft's Aion 2 Successfully Launched... Commission Fee Reduction Effects as Well"

On November 28, NH Investment & Securities raised its target price for NCSoft from 300,000 won to 320,000 won, citing the successful launch of the new title 'Aion 2' and the cost-saving effects from reduced commission fees on existing games. The company expects a significant improvement in profitability in 2026 and maintained its 'Buy' investment rating.

Contrary to initial concerns, Aion 2 is reportedly showing stable performance. According to NCSoft, the number of characters created in Aion 2 during its first week reached 2,527,698, with 275,867 membership purchase accounts and 556,433 characters with purchased appearances. In the early days after launch, the game saw over 1.5 million daily active users (DAU), and more than 90% of payments were made via PC.

An Jaemin, a researcher at NH Investment & Securities, stated, "Although the introduction of PC payment systems for the company's major mobile games has led to a decline in sales rankings, actual sales based on payment volume appear unchanged. Taking this into account, it is estimated that Aion 2 is generating average daily sales of more than 1.5 billion won." He projected that Aion 2's sales would reach 105 billion won in the fourth quarter of this year and 594.6 billion won in 2026.

Profitability is also expected to improve. Researcher An explained, "With the introduction of proprietary payment systems for existing games (Lineage M, Lineage 2M, and Lineage W) starting in November, commission fees can be reduced by 112.1 billion won. The commission fee rate is expected to decrease from the previous 25.4% to 20.3% in 2026."