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

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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External broker reports(aggregated public sources)

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><p><em>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.</em></p>

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

NCSOFT Corp

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