NCsoft (036570) In-Depth Analysis — Turnaround Verification
Stock Price Chart (1-Year)
The current price of ₩232,000 represents a -31.4% pull-back from the 52-week peak (₩338,000), but sits +24.7% above the 52-week low (₩186,065). Trading volume has contracted to 0.41x of its 60-day average near the MA20 (₩232,600).
Earnings Turnaround: Audited DART Data
Rebounding from an operating loss of -₩109.2B in 2024 to profitability (₩16.1B) in 2025, 2026Q1 delivered an explosive recovery with ₩113.3B operating profit and 20.3% margin.
| Period | Revenue | Op Profit | Op Margin | Net Income | YoY Growth |
|---|---|---|---|---|---|
| 2023 (Annual) | 17,798B | +1,373B | 7.7% | 2,139B | — |
| 2024 (Annual) | 15,781B | -1,092B | -6.9% | 941B | -11.3% |
| 2025 (Annual) | 15,069B | +161B | 1.1% | 3,474B | -4.5% |
| 2026 Q1 (Quarter) | 5,574B | +1,133B | 20.3% | 1,524B | +54.7% |
Quarterly Earnings Trajectory
Institutional & Foreign Net Accumulation
Over the past 30 trading sessions, foreign investors accumulated net +96,990 shares and institutions +18,173 shares, while retail investors sold net -112,515 shares. Smart money is quietly positioning ahead of the turnaround.
30-Day Net Flow by Investor
| Investor | Net Buy (Shares) | Assessment |
|---|---|---|
| Foreigners | +96,990 | Strong Buy |
| Financial Investment | +18,547 | Buy |
| Institutions Total | +18,173 | Buy |
| Investment Trust | -11,519 | Mild Sell |
| Insurance | -7,246 | |
| Retail | -112,515 | Heavy Sell |
Technical Analysis
| Indicator | Value | Signal |
|---|---|---|
| RSI(14) | 51.2 | (30~70 ) |
| MA5 | 228,600 KRW | > MA5 ( ) |
| MA20 | 232,600 KRW | ≈ MA20 () |
| MA60 | 254,625 KRW | < MA60 ( ) |
| MA120 | 242,815 KRW | < MA120 ( ) |
| (/60) | 0.41x | — |
Summary: While short-term prices bounce above MA5, medium-term moving averages (MA60/MA120) remain in a downtrend. Volume contraction indicates energy squeezing ahead of a directional catalyst (2026Q2 earnings).
Peer Valuation Comparison
| Company | Market Cap | PER | PBR | ROE | Op Margin | 2026E Growth |
|---|---|---|---|---|---|---|
| NCsoft | 5.5T | 12.0x | 1.41x | 14.0% | 20.3% | +75% |
| Krafton | 11.4T | 13.3x | 1.47x | 12.1% | 40.9% | +15% |
| Netmarble | 3.1T | 9.0x | 0.54x | 6.4% | 8.1% | +8% |
| Pearl Abyss | 2.4T | 16.4x | 2.43x | 16.9% | 64.6% | N/A |
Growth Drivers: 2026 Game Lineup
TL (Throne and Liberty)
Amazon Games publishing into NA/EU markets; key driver behind Q1 revenue explosion.
2
New class updates driving domestic revenue stabilization alongside Lineage franchise.
Nostalgia reboot attracting legacy players with improved ARPU profile.
/ BnS2
H2 Upcoming H2 . 2026 Upside.
Shareholder Returns & Capital Structure
Dividend History
| Year | DPS | Dividend Yield | Payout Ratio |
|---|---|---|---|
| 2023 | 3,130 KRW | 1.30% | 30.0% |
| 2024 | 1,460 KRW | 0.80% | 30.1% |
| 2025 | 1,150 KRW | 0.50% | 6.4% |
Capital Structure Highlights
28.6%, 354% — Good. 1.26T KRW .
Shares — 2024.05 53.3 Shares(981B) Buy . 2026.04 8 Shares (239,000 KRW).
0, CB/BW 0 — Shares . Shares Shares Risk Point .
12.20% Shares Shares. 5%+ Shares Shares . Governance.
Investment Thesis
1. DART
2026Q1 operating profit of ₩113.3B (20.3% margin) confirmed via audited filings (21.7x YoY growth).
2.
PER 12.0x and PBR 1.41x at historical lows; PEG 0.16 highlights sector-leading growth value.
3. Buy
Foreigners 30 +9.7 Shares Buy. Buy. Retail .
1. TL
Monitoring NA/EU MAU sustainability into H2.
2.
Mobile Lineage natural decay rate requiring monitoring.
3.
Volume contraction requiring breakout confirmation.
Priced-In Analysis
| Factor | Status | Notes |
|---|---|---|
| 2026Q1 | Priced In | 52 Shares +25% |
| 2026E Annual (PER 12x) | ||
| TL H2 | Not Priced In | / MAU Upside |
| Not Priced In | Q1 beat → Annual | |
| H2 (, BnS2) | Not Priced In | |
| (2026E 3,475 KRW) | Not Priced In | 2025 1,150 KRW 3 |
Positioning Strategy Recommendations
Buy
232,000 KRW (350,000 KRW) 34% . MA60(254,000 KRW) 1 Buy → 220,000 KRW 2 Buy. : 3-5%.
Risk Point
186,000 KRW(52 Shares ) → . TL MAU .