[Click eStock] "NCSoft Meets Expectations with Aion 2... Target Price Raised to 320,000 Won"

On January 12, Hana Securities raised its target price for NCSoft to 320,000 won, citing increased earnings visibility for 2026 due to the successful launch of "Aion 2" and the introduction of an in-house payment system.

Lee Junho, a researcher at Hana Securities, stated in the company analysis report titled "NCSoft - The Momentum Has Already Shifted" released on the same day, "The target price was calculated by applying a target multiple of 20 times to the expected earnings per share (EPS) for 2026."

Lee commented, "Although 'Aion 2' is still in its early launch phase, it is worth noting the process of reaching 100 billion won in payments. The company has consistently adopted a low business model that meets user expectations and communicated through live broadcasts, achieving this performance based on traffic." He continued, "As long as the current direction and efforts continue, the blueprint mapped out through the first half of 2027 will remain valid, and the company's value will rise." He maintained a "Buy" investment opinion and set the target price at 320,000 won.

For the fourth quarter of last year, NCSoft's consolidated results are expected to fall short of consensus, with operating revenue of 410 billion won and operating profit of 2.9 billion won. However, Lee explained that this is an accounting issue, as some revenue was deferred due to the recognition of game product sales for "Aion 2" over the sales period. "Aion 2," which launched in Korea and Taiwan on November 19 last year, reached 100 billion won in payments within six weeks of its release. Lee noted, "By conducting early pre-registration through its proprietary launcher, Purple, the company increased the proportion of in-house payments," and predicted, "Based on high profitability, it will make a significant contribution to earnings in 2026 as well."

This year, operating revenue is estimated to reach 2.1036 trillion won, up 39.9% year-on-year, and operating profit is expected to surge 2,469.8% to 403.1 billion won. Lee said, "We slightly raised our estimates to reflect the acquisition of casual game developer Lihuhu and the upcoming release of 'Lineage Classic.'" He explained, "Thanks to the strong performance of 'Aion 2,' NCSoft plans to launch 'Lineage Classic' on February 7." Subsequently, "Limit Zero Breakers," "Time Takers," and "Cinder City" are scheduled for release, and at Gamescom in August, the global version of "Aion 2" and "Horizon Steel Frontiers" are expected to be unveiled. The expected release date for "Horizon Steel Frontiers" is the first quarter of 2027, effectively outlining a roadmap through the first half of 2027.

Lee added, "The current estimates do not reflect revenue from 'Time Takers' and 'Cinder City,' as their success potential is considered low, but the figures may be revised upward if unexpected results are confirmed."