NH cuts target for NCSoft stock from KRW 380,000 to KRW 320,000

Published on 10/20/2026 at 02:59 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Aion 2 reached 400,000 concurrent players on October 6, 2026. For NCSoft stock, operating profit reached KRW 173.9 billion in the second quarter.

Launch metrics and analyst caution

NH Investment and Securities cut its NCSoft target from KRW 380,000 to KRW 320,000 on October 8, 2026.
NCSoft's second-quarter operating profit forecast stood at KRW 106.9 billion against consensus of KRW 92.9 billion.
Aion 2 exceeded 400,000 concurrent players on October 6, 2026, while the launch peak for Throne and Liberty was 336,000.

NCSoft, KR7036570000, Illustration mit AI erstellt.

NCSoft (ISIN KR7036570000) reported more than 400,000 concurrent Aion 2 players on October 6, 2026, while NH Investment and Securities cut its target from KRW 380,000 to KRW 320,000 on October 8, 2026. The analyst change followed the game's global launch and concerns that initial traffic had not exceeded high expectations, as Edaily reported.

Aion 2 sets the operating test

The launch is the central operating variable for NCSoft because the company is using Aion 2 to rebuild growth around a new global release. NCSoft's official investor-relations page said the game launched on Steam and Purple on October 5, 2026, and described more than 400,000 concurrent players and top positions across three Steam charts on October 6, 2026, according to NCSoft.

The user figure needs to translate into durable revenue rather than a short launch spike. NH Investment and Securities projected Aion 2 Global revenue of KRW 100.0 billion during its first three months and estimated third-quarter revenue of KRW 749.7 billion, up 108.2 percent year over year, with operating profit of KRW 106.9 billion, slightly above consensus of KRW 92.9 billion, Edaily reported on October 8, 2026.

NCSoft's recent launch chronology

On September 30, 2026, Aion 2 early access began with a peak of 170,000 concurrent players, according to NCSoft. On October 5, 2026, the global launch reached 398,000 concurrent players, according to Edaily. On October 6, 2026, NCSoft highlighted more than 400,000 concurrent players across three Steam charts, according to NCSoft.

What does 400,000 players mean?

The comparison with Throne and Liberty is constructive but demanding. Aion 2's launch peak of 398,000 players exceeded Throne and Liberty's 336,000 peak, while NH Investment and Securities still judged the early traffic short of market expectations. The lower monetization model may support retention, but it also makes conversion into revenue the key test for the next reported period.

Stock context after the launch

NCSoft closed at KRW 215,500 on the Korea Exchange on October 19, 2026. The market is therefore weighing two opposing figures: more than 400,000 players at launch and a KRW 60,000 reduction in NH Investment and Securities' target.