Update shared on 10 Dec 2025
Fair value Increased 1.03%Analysts have modestly raised their price target on NCSOFT from ₩252,160 to ₩254,760, citing slightly improved profit margin expectations that more than offset marginally lower projected revenue growth and a small uptick in the discount rate.
What's in the News
- NCSOFT unveiled Horizon Steel Frontiers, a new global MMORPG based on Sony's Horizon universe, at G-Star 2025, emphasizing advanced MMORPG systems and deep combat customization (Key Developments).
- The company launched an official Horizon Steel Frontiers brand website featuring a debut trailer, developer interviews, and a 10-minute gameplay and commentary video from CEO Taekjin Kim and Executive Producer Sunggu Lee (Key Developments).
- NCSOFT showcased a slate of five global titles at G-Star 2025, including AION 2, CINDER CITY, Horizon Steel Frontiers, LIMIT ZERO BREAKERS, and TIME TAKERS, highlighting its multi-genre pipeline (Key Developments).
- AION 2 is scheduled for official launch on Wednesday, November 19 in Korea and Taiwan, with a global release planned for 2026. It is positioned as a complete edition of the original AION (Key Developments).
- All demo stations at NCSOFT's G-Star booth are equipped with NVIDIA GeForce RTX 5080 GPUs, underscoring continued technical collaboration to optimize demos of AION 2 and CINDER CITY (Key Developments).
Valuation Changes
- The Fair Value Estimate has risen slightly from ₩252,160 to ₩254,760, reflecting a modest upward revision in intrinsic value.
- The Discount Rate has increased marginally from 9.33 percent to approximately 9.37 percent, indicating a slightly higher required return.
- Revenue Growth has edged down slightly from about 15.29 percent to roughly 14.99 percent, signaling a minor softening in top line expectations.
- The Net Profit Margin has improved modestly from around 12.49 percent to about 12.80 percent, supporting a more optimistic earnings outlook.
- The Future P/E has declined slightly from roughly 21.63x to about 21.53x, suggesting a small compression in the valuation multiple despite the higher fair value estimate.
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