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[Alpha Biz=(Chicago) Reporter Paul Lee] Eugene Investment & Securities feared that NCsoft (036570) could face a performance gap until its next big new film, "Aion 2," due to the failure of Throne and Liberty (TL). The investment opinion was lowered from 'buy' to 'Hold' and the target price was lowered by 38.2% from 340,000 won to 210,000 won.
"NCsoft's fourth-quarter sales will fall 21.3% year-on-year to 431.4 billion won and operating profit will fall only 92.0% to 3.8 billion won over the same period," said Eugene Investment & Securities on the 17th. "It will be below market expectations of 16.7 billion won."
"Lineage M remained No. 1 in sales in the fourth quarter, and Lineage 2M and Lineage W received an n-anniversary update, respectively, but it is understood to have offset the drop in sales compared to the previous quarter," Eugene Investment & Securities said. "This year, competition for multi-access online (MMO) will decrease compared to last year, but it is inevitable that there will be a natural decrease in mobile Lineage sales."
According to Eugene Investment & Securities, TL, which was released on the 7th of last month, applied a low-intensity business model (BM), but user traffic is expected to decrease rapidly immediately after its release, resulting in low sales.
AlphaBIZ 폴 리(hoondork1977@alphabiz.co.kr)
