We project NCSoft’s 1Q22 revenue at W697bn (+36.0% yoy) and OP at W139bn (+144.8% yoy, 20% OPM); our OP is 28% below consensus. Lineage M/2M/W’s DAR has fallen 7%/52%/50% YTD. We are scepticalabout the success of Lineage W’s expansion and TL’s reception in the West. Reiterate Reduce. Our TP remains at W350k, still based on 17x 12MF P/E.