External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Equity Bottom-Up

<ul><li>For 3Q25, NCsoft announced revenue of W360bn (-10% YoY) and an operating loss of W7.5bn (remaining in the red YoY), broadly in line with the consensus estimates (W368bn and -W8.9bn, respectively).</li><li>PC revenue came in at W88bn (+9% YoY), 5% above our estimate, driven by rebounds for Lineage and Guild Wars 2.</li><li>Royalty revenue was also solid at W47bn (+23% YoY), 14% above our estimate, driven by Lineage M in Taiwan and Blade &amp; Soul in China. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 3Q25, NCsoft announced revenue of W360bn (-10% YoY) and an operating loss of W7.5bn (remaining in the red YoY), broadly in line with the consensus estimates (W368bn and -W8.9bn, respectively).PC revenue came in at W88bn (+9% YoY), 5% above our estimate, driven by rebounds for Lineage and Guild Wars 2.Royalty revenue was also solid at W47bn (+23% YoY), 14% above our estimate, driven by Lineage M in Taiwan and Blade &amp; Soul in China. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NCsoft (036570 KS/Buy)Introduction of Proprietary Payment System Marks a Significant Shift

Thematic (Sector/Industry)

<ul><li>Key themes: Rising competition, AI adoption, and app store commission cuts</li><li>With games increasingly competing with short-form video platforms for users’ time and attention, the overall gaming market is projected to grow only about 3% YoY in 2026</li><li>Users are increasingly seeking low-effort instant gratification, resulting in particularly high churn for titles requiring greater effort and longer-term progression</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Key themes: Rising competition, AI adoption, and app store commission cutsWith games increasingly competing with short-form video platforms for users’ time and attention, the overall gaming market is projected to grow only about 3% YoY in 2026Users are increasingly seeking low-effort instant gratification, resulting in particularly high churn for titles requiring greater effort and longer-term progressionContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Games (Overweight/Maintain)30% App Store Commission Model Nearing Its End

South Korea

NCSOFT Corporation develops and markets on-line games that enable users to play over the Internet and computer software, such as web editing software.  The Company also designs and constructs databases, Intranet, and commercial Internet access systems.

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NCSOFT Corp (036570 KS)

NCsoft (036570 KS/Buy)Introduction of Proprietary Payment System Marks a Significant Shift

For 3Q25, NCsoft announced revenue of W360bn (-10% YoY) and an operating loss of W7.5bn (remaining in the red YoY), broadly in line with the...

Mirae Asset Securities

Games (Overweight/Maintain)30% App Store Commission Model Nearing Its End

With games increasingly competing with short-form video platforms for users’ time and attention, the overall gaming market is projected to grow...

Mirae Asset Securities

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