[Click e-Stock] "NCSoft, Rising Expectations for Aion 2's Success"

On July 22, Hanwha Investment & Securities raised its target price for NCSoft from 220,000 won to 250,000 won, stating that while the positive response from the Aion 2 user Focus Group Test (FGT) has already been reflected in the consensus (market expectations) for the company's second-quarter results, there is still further upside potential. The investment opinion remains 'Buy'.

NCSoft's sales for the previous second quarter are estimated at 355.1 billion won, with operating profit at 6.6 billion won. Despite the absence of new releases, revenue from most existing PC and mobile games appears to have remained at a similar level to the previous quarter. Kim So-hye, a researcher at Hanwha Investment & Securities, stated, "While sales of Lineage 2M in Korea were somewhat sluggish, the launch in Southeast Asia in May is expected to have contributed to the results to some extent."

Following the Aion 2 FGT at the end of last month, there has been a surge of positive feedback, heightening expectations for the game's commercial success. The graphics based on Unreal Engine 5, detailed customization, and a rich combat system have reportedly received favorable evaluations.

Kim commented, "With legacy titles likely to generate around 1.5 trillion won in sales, for the company to even reach the lower end of its 2026 sales guidance (2 to 2.5 trillion won), five new titles including Aion 2 will need to generate approximately 500 billion won in revenue." She estimated Aion 2's average daily sales in its first month at 2.2 billion won, and projected its 2026 annual sales at 324 billion won, assuming a fourth-quarter launch in Korea and Taiwan and a third-quarter global launch next year.