![]() ![]() Marketing expenses fell to W4.9bn (-88.4% y-y, -89.9% q-q) amid a lack of game events in 1Q23, helping to bring OP growth. Meanwhile, sales of Lineage W came to W122.6bn (daily average sales of W1.36bn -67.2% y-y, -30.7% q-q), showing a decline. Lineage M sales totaled W130.1bn (daily average sales of W1.45bn +12.3% y-y, +15.4% q-q), remaining stable even after six years from the game’s launch. Although Lineage W sales were sluggish, overall marketing costs narrowed thanks to reduced Lineage M promotion. ArcheAge Korea will be getting its version 1.2 update next week (16th April), and player rewards will significantly increased for both PvE and PvP. Of note, although OP declined both y-y and q-q, it easily beat the recently lowered consensus. After the CBT, the game will enter final preparations for launch.ġQ23 review: OP beats reduced expectations Throne and Liberty (TL) is on track for beta test ‘Laslan Vanguard’ in Korea at end-May. ![]() In addition, Lost Ark, which showed a strong performance last year in the North American market, is also poised for success on the global stage. Korean architecture (Korean: ) refers to an architectural style that developed over centuries in Korea. Expectations for TL remain valid, and the recent success of Nightcrow, ArcheAge War, and Wars of Prasia confirms that the Korean MMORPG market still holds potential. We maintain a Buy rating and TP of W530,000 on NCSOFT. After the CBT, expectations should further pick up on the approach of launch date disclosure. CBT for TL in Korea is expected to be an inflection point. NCSOFT is striving to overcome unfavorable game feedback from players and investors by achieving success with new games. ![]()
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