Equity Analysis /
South Korea

KR : NCSOFT - TL offers little excitement

    Mike HONG
    CGS-CIMB
    25 March 2022
    Published by

    NCSoft released a trailer for its new console/PC title, Throne and Liberty; we believe the game lacks innovation as it uses existing mobile-MMOs’ systems. We believe investors should use the short-term momentum driven by TL as a profit taking opportunity, given uncertainty over its success and release date. Reiterate Reduce. Our TP remains at W350k, based on 17x CY22F P/E.