Game Stocks Revived by New Release Momentum

Game Stocks, Previously Overlooked Amid This Year's Bull Market, Now on the Rise
NCSoft Surges Over 8% on September 12
Anticipation Builds for New Release "Aion 2"
Devsisters Also Jumps Over 10% on Hopes for Upcoming Titles

Game stocks, which had been relatively overlooked during this year's stock market rally, have recently been on the rise. The momentum from new releases is coming into focus, driving up the share prices of game companies. If these new titles become hits after their launch, the bullish trend in stock prices is expected to continue.

According to the Korea Exchange on September 15, NCSoft closed at 220,000 won on September 12, up 8.91% from the previous day. This marked four consecutive days of gains.

Anticipation for new releases served as the driving force behind the stock's rise. On September 12, NCSoft announced that its highly anticipated new title for the second half of the year, "Aion 2," will be released simultaneously in Korea and Taiwan on November 19. Pre-registration began on September 11 through the official website and both major application markets.

"Aion 2" is a massively multiplayer online role-playing game (MMORPG) being developed by NCSoft using Unreal Engine 5. It inherits the intellectual property (IP) of "Aion," which was launched in 2008. The securities industry sees a high likelihood of success for "Aion 2."

Kim Jingu, a researcher at Kiwoom Securities, commented, "Given the detailed gameplay revealed through three live sessions, the well-balanced PvE (player versus environment) and PvP (player versus player) content, trendy appearance items such as character customization, costumes, weapons, and wings that appeal even to Generation Z, and the establishment of a marketplace centered on 'Kina' (the in-game currency) to secure a large active user base (AU), the success of 'Aion 2' as a flagship new title is highly likely."

Lee Jongwon, a researcher at BNK Investment & Securities, stated, "The game is expected to have a high proportion of PvE content and will depart from the high-spending policies of the existing 'Lineage' style. Instead, the core user incentives will be a monetization model centered on battle passes and non-progression items such as costumes and skins optimized for character customization." He added, "As promotions ramp up in the second half of the year, market expectations for the launch of major new IPs will continue to rise."

On the same day, Devsisters also rose by more than 10%. The stock reached 55,400 won during the session, hitting a new 52-week high. The success of its games in the US, combined with momentum from upcoming year-end releases, pushed the share price higher. Oh Donghwan, a researcher at Samsung Securities, said, "The physical trading card game (TCG) 'Cookie Run: Bravers,' launched in 2023, was sold in the US this July, and by October, it had received orders for a cumulative 10 million cards. The expected revenue is 9 billion won, of which Devsisters will recognize about 30% as sales." He added, "Given the North American TCG market's characteristic of maintaining stable revenue through expansion pack sales even after launch, 'Bravers' is expected to offset the volatility of mobile game revenue with its stable sales."

Devsisters plans to launch the brawler action game "Oven Smash" in the fourth quarter of this year. Researcher Oh commented, "Whether business performance improves will depend on the success of 'Oven Smash.' Devsisters is undervalued compared to major domestic and international game companies due to revenue volatility and long intervals between new releases, but the launch of 'Oven Smash' could help eliminate this discount."

On the same day, Com2uS also closed up 2.01%. This is believed to reflect expectations for the upcoming MMORPG "The Starlight," scheduled for release on September 18. Kim So-hye, a researcher at Hanwha Investment & Securities, said, "'The Starlight' surpassed 1 million pre-registrations following its showcase in June, confirming high demand for MMORPGs. In the short term, the performance of 'The Starlight' will serve as a momentum driver." In addition, Com2uS plans to unveil the new animation-based role-playing game (RPG) "Dowonamgwi Crimson Inferno" at the Tokyo Game Show (TGS 2025), which will be held from September 25 to 28. "Dowonamgwi" is a TV animation that began airing in July this year. Researcher Kim So-hye noted, "Since this IP animation is being broadcast on major Japanese channels and Netflix, its first unveiling at the Tokyo Game Show is expected to serve as a strong momentum driver."