DOCSLIB.ORG

Ncsoft Earnings Release Q3, 2007 November 7, 2007

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Ncsoft Earnings Release Q3, 2007 November 7, 2007 NCsoft Earnings Release Q3, 2007 November 7, 2007 NCsoft CORPORATION OK-san Bldg 157-33, Samsung-dong, Kangnam-gu, Seoul 135-090, KOREA | Tel: +82-2-2186-3300 Fax : +82-2-2186-3550 Copyright ⓒ NCsoft Corporation. All Rights Reserved WWW.NCSOFT.COM Global Online Game Publisher NCsoft Table of Contents 01.01 Disclaimer 02.02 Consolidated Company 03.03 Earnings Highlights | 01 04.04 User Statistics | 10 05.05 Appendix – Parent Earnings | 13 Global Online Game Publisher NCsoft Disclaimer Disclaimer The financial results for 3Q 2007 have been prepared on an un-audited basis, and may be subject to change during independent auditing process. Some of the information and data in the material have been prepared based on assumptions. There can be no assurance that the assumptions used by NCsoft are correct and even if they are, that the effect of such assumptions on NCsoft’s business and results of operations will be as projected. Therefore, NCsoft will not be responsible for individual investment decisions based solely on this material. Global Online Game Publisher NCsoft Consolidated Company The consolidated company NCsoftNCsoft (Controlling(Controlling Company)Company) ConsolidatedConsolidated SubsidiariesSubsidiaries EquityEquity MethodMethod AffiliatesAffiliates NCNC InteractiveInteractive (100%)(100%) OrionOrion SoftSoft (100%)(100%) ArenaNetArenaNet (100%) (100%) JJ InteractiveInteractive (100%)(100%) NCNC EuropeEurope (100%)(100%) NCRCNCRC (100%)(100%) NCNC JapanJapan (60%)(60%) NCsoftNCsoft JapanJapan (100%)(100%) NCNC TaiwanTaiwan (85%)(85%) NCNC ChinaChina (100%)(100%) NCNC True(49%)True(49%) Global Online Game Publisher NCsoft Earnings Highlights Consolidated Sales & Profit (Unit : W Mn) 3Q 07 2Q 07 QoQ(%) 3Q 06 YoY(%) Net Sales 80,050 75,882 5% 84,981 -6% - Online Game Sales 75,548 72,076 5% 79,589 -5% - Royalties 4,502 3,806 18% 5,392 -17% Expenses 70,315 65,279 8% 67,486 4% Operating Profit 9,735 10,603 -8% 17,495 -44% (%) 12% 14% 21% Pre-tax Profit 13,702 14,571 -6% 18,257 -25% (%) 17% 0% 0% Net Income 10,075 10,562 -5% 12,801 -21% (%) 13% 14% 15% 1) NC Taiwan has been consolidated beginning 1Q07. Royalties in 3Q06 include royalties from NC Taiwan(1.5 billion Won). 1/18 Global Online Game Publisher NCsoft Earnings Highlights Net Sales Mix by Geography QoQ 3Q 07 2Q 07 Taiwan Taiwan Japan Japan 3% 3% 10% 10% Europe Europe 6% (Unit : W Mn) 3Q 07 2Q 07 QoQ(%) 3Q 06 YoY(%) 10% Korea North 55% America Korea North Korea 47,760 48,502 -2% 53,940 -11% 17% 59% America 17%Royalties Royalties 5% 5% - Game Sales 43,403 44,863 -3% 48,632 -11% - Royalties1) 4,357 3,639 20% 5,308 -18% YoY North America 13,662 12,884 6% 15,791 -13% 3Q 07 3Q 06 Europe 8,181 4,525 81% 6,115 34% Taiwan Japan Japan 7,798 7,669 2% 9,135 -15% Japan 3% 11% 10% Europe Europe 7% Taiwan 2,649 2,302 15% - New 10% Korea North Korea 55% America North 57% Total 80,050 75,882 5% 84,981 -6% America 19% 17%Royalties Royalties 5% 6% * NC Taiwan has been consolidated beginning 1Q07. 1) Royalties in 3Q06 include royalties from NC Taiwan(1.5 billion Won). 2/18 Global Online Game Publisher NCsoft Earnings Highlights Online Game Sales Mix by Games QoQ 3Q 07 2Q 07 Other Guild Guild 0% Wars Wars 17% Lineage (Unit : W Mn) 3Q 07 2Q 07 QoQ(%) 3Q 06 YoY(%) COH/V11% 31% Lineage 9% COH/V 35% Lineage 23,651 25,503 -7% 29,504 -20% 8% Lineage Lineage II II Lineage II 32,424 32,080 1% 31,135 4% 43% 45% CoH / CoV 5,721 6,370 -10% 7,429 -23% Guild Wars 13,012 8,264 57% 11,264 16% YoY Other 740 -141 NM 257 188% 3Q 07 3Q 06 Total 75,548 72,076 5% 79,589 -5% Guild GuildOther Wars Wars 0% 17% Lineage 14% COH/V 31% Lineage COH/V 9% 37% 8% Lineage II Lineage 43% II 40% 3/18 Global Online Game Publisher NCsoft Earnings Highlights Royalties Breakdown (Unit : W Mn) 3Q 07 2Q 07 QoQ(%) 3Q 06 YoY(%) Lineage 3,900 3,168 23% 3,329 17% Taiwan 3,758 3,022 24% 3,214 17% China 127 130 -2% 94 35% H.K 15 16 -6% 21 -29% Lineage II 448 460 -3% 1,935 -77% Taiwan - - NM 1,446 NM China 158 166 -5% 175 -10% Thailand 290 294 -1% 314 -8% Guild Wars - - NM 33 NM Taiwan - - NM 33 NM Others 154 178 -13% 95 62% Royalty Total 4,502 3,806 18% 5,392 -17% ※ Other royalties consist of non-game royalties, such as royalties for character and goods guidebooks, from Korea and Japan. 4/18 Global Online Game Publisher NCsoft Earnings Highlights Consolidated Cost Structure (COGS + SG&A) % of total % of total (Unit : W Mn) 3Q 07 2Q 07 QoQ(%) 3Q 06 YOY(%) sales cost Payroll 33,822 34,058 -1% 42% 48% 29,829 13% Sales Variable Costs 7,566 7,301 4% 9% 11% 11,498 -34% - Royalties 930 967 -4% 1% 1% 1,093 -15% - Payment processing fees 3,750 2,496 50% 5% 5% 2,390 57% - Sales commissions 1,344 1,251 7% 2% 2% 2,141 -37% - Box production costs 323 1,716 -81% 0% 0% 3,401 -91% - Other sales variables 1,219 870 40% 2% 2% 2,473 -51% Advertising 6,532 2,623 149% 8% 9% 3,402 92% Depreciation & Amortization 4,917 4,751 3% 6% 7% 5,992 -18% Others 17,478 16,546 6% 22% 25% 16,765 4% Total : 70,315 65,279 8% 88% 100% 67,486 4% 5/18 Global Online Game Publisher NCsoft Earnings Highlights Quarterly Sales by Equity-Method Affiliates (Unit : W Mn) 3Q 07 2Q 07 QoQ(%) 3Q 06 YoY(%) NC China 1,430 926 54% 728 96% (RMB Mn 11.7) (RMB Mn 7.7) (RMB Mn 6.1) NC True 458 447 2% 507 -10% (Baht Mn 15.5) (Baht Mn 15.7) (Baht Mn 20.3) Total 1,888 1,373 38% 1,235 53% 6/18 Global Online Game Publisher NCsoft Earnings Highlights Equity Method Gain or Loss Breakdown (Unit : W Mn) 3Q 07 2Q 07 QoQ(%) 3Q 06 YoY(%) Korea (273) (206) Loss continued (83) Loss continued Orion Soft (13) (69) Loss continued (16) Loss continued J Interactive (263) (137) Loss continued (67) Loss continued Next Play 3 New New Overseas 22 (279) Turn to black (1,257) Turn to black NC Taiwan - - - (18) - NC China (16) (226) Loss continued (597) Loss continued NC True (3) (85) Loss continued (246) Loss continued NCRC (5) 71 Turn to red (45) Loss continued NCsoft Japan 46 (39) Turn to black (351) Turn to black Total (251) (485) Loss continued (1,340) Loss continued * NC Taiwan has been consolidated beginning 1Q07. 7/18 Global Online Game Publisher NCsoft Game Launch Schedule Game launch Schedule 2nd Half, 2007 1st Half, 2008 Aion – 10/27 Closed beta test Aion – Commercialization 한국 Atrix – Commercialization Punch Monster –beta test Action a side-scrolling RPG Point Blank –beta test Dragonica –beta test FPS a side-scrolling RPG Richard Garriott’s Tabula Rasa – 11/2 북미 / 유럽 Guild Wars : Eye of the North -8/31 Exteel (In-game item sales) 8/18 Global Online Game Publisher NCsoft Earnings Highlights Consolidated Balance Sheet (Unit : W Mn) 3Q 07 2Q 07 Change Asset 544,898 527,069 17,829 Current Asset 380,670 382,753 -2,083 (Cash & cash equivalents) 51,803 55,259 -3,456 (Short term investments) 241,626 248,490 -6,864 (Accounts Receivables) 41,037 36,196 4,841 Fixed Asset 164,228 144,316 19,912 (Investment) 10,539 8,422 2,117 (PPE) 122,406 102,235 20,171 Liability 93,260 83,243 10,017 Current Liability 85,988 76,707 9,281 Fixed Liability 7,272 6,536 736 (Debt) - - - 451,638 443,825 7,813 Shareholder's Equity (Paid in Capital) 10,235 10,202 33 9/18 Global Online Game Publisher NCsoft User Statistics Operating Metrics (Lineage) Korea As of September 2007 Sep. 2005 Dec. 2005 Mar. 2006 Jun. 2006 Sep. 2006 Dec. 2006 Mar. 2007 Jun. 2007 Sep. 2007 Servers 43 43 43 43 43 45 45 45 45 Highest concurrent users 150,863 187,786 161,038 144,109 138,733 144,430 149,034 120,012 134,596 Monthly access 1,220,491 1,627,159 788,180 746,291 716,772 775,579 733,593 583,426 590,542 Personal accounts 256,758 309,452 299,313 262,019 266,564 302,469 287,058 224,664 218,650 Taiwan Sep. 2005 Dec. 2005 Mar. 2006 Jun. 2006 Sep. 2006 Dec. 2006 Mar. 2007 Jun. 2007 Sep. 2007 Servers 36 38 39 40 40 40 40 40 40 Highest concurrent users 135,731 134,462 157,365 159,309 168,218 177,571 193,119 192,546 158,386 Monthly access 428,152 472,156 470,855 434,623 445,636 423,212 428,845 417,365 386,601 Japan Sep. 2005 Dec. 2005 Mar. 2006 Jun. 2006 Sep. 2006 Dec. 2006 Mar. 2007 Jun. 2007 Sep. 2007 Servers 666666666 Highest concurrent users 12,550 14,534 12,448 12,836 12,643 10,599 12,016 10,339 9,322 Monthly access 69,538 74,671 76,027 69,641 76,191 80,019 79,252 48,083 56,430 China Sep. 2005 Dec. 2005 Mar. 2006 Jun. 2006 Sep. 2006 Dec. 2006 Mar. 2007 Jun. 2007 Sep.
Load more

Recommended publications
  • In the United States District Court for The
    IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE ) PARALLEL NETWORKS, LLC, ) ) Plaintiff, ) C.A. No.__________ ) v. ) JURY TRIAL DEMANDED ) NCSOFT WEST CORPORATION, ) ) Defendant. ) ) COMPLAINT FOR PATENT INFRINGEMENT Plaintiff Parallel Networks, LLC (“Parallel”) files this Complaint for patent infringement against Defendant NCSoft West Corporation (“NCSoft” or “Defendant”) and alleges as follows: PARTIES 1. Plaintiff Parallel Networks, LLC is a Delaware limited liability company having its principal place of business at 1105 N. Market St., Suite 300, Wilmington, Delaware 19801. 2. On information and belief, NCSoft West Corporation is a corporation organized under the laws of the State of Washington, and has a principal place of business at 1501 4th Ave. Ste. 2050, Seattle, Washington 98101, and/or is conducting business through an affiliate located at this address. JURISDICTION AND VENUE 3. This civil action for patent infringement arises under the Patent Laws of the United States, 35 U.S.C. §§ 1 et seq. This Court has jurisdiction over the claims presented herein pursuant to 28 U.S.C. §§ 1331 and 1338(a). 01:13887534.1 4. On information and belief, NCSoft makes, imports, sells, and/or offers for sale the Accused Instrumentalities (as defined below) within the United States, including this District, that infringe one or more claims of United States Patent No. 7,188,145 entitled “METHOD AND SYSTEM FOR DYNAMIC DISTRIBUTED DATA CACHING” (the “'145 Patent”). The '145 Patent was duly and legally issued by the United States Patent and Trademark Office on March 6, 2007. A true and correct copy of the '145 Patent is attached hereto as Exhibit 1.
    [Show full text]
  • Nitro Games Signs Agreement with Netmarble EMEA
    COMPANY RELEASE 29 July 2019 12:05 (EEST) Nitro Games signs Agreement with Netmarble EMEA Nitro Games & Netmarble EMEA have signed an Agreement to introduce Heroes of Warland to Arabic and Turkish speaking audiences. Nitro Games has signed a Game Distribution and Servicing Agreement with Netmarble EMEA, the regional office of Netmarble Games, a giant Korean games publisher and one of the fastest growing mobile gaming companies in the world today. The Agreement covers licensing of Nitro Games’ game ”Heroes of Warland” to Netmarble EMEA for publishing in Arabic and Turkish speaking countries. Terms overview: Period: 3 years from Commercial Launch Service Fees: 500.000,00 EUR, paid in installments to Nitro Games, tied to launch progression Royalties: Net 35% to Nitro Games Territories: Turkey, Middle-East, and Africa Target launch: H2 2019, starting with soft-launch Platforms: iOS and Android “Heroes of Warland has gone through a major overhaul during the first half of this year. We’re now proceeding to release this new version also with Netmarble EMEA, by introducing the game to Turkish and Arabic speaking audiences. The first step in the MEA region is a soft-launch that is starting soon.”, says Jussi Tähtinen, CEO & Co-Founder Nitro Games Plc. For more information: Jussi Tähtinen, CEO & Co-Founder Phone: +358 44 388 1071 Email: [email protected] Sverker Littorin, Board member, IR Advisor Phone: +46 70 875 53 09 Email: [email protected] This company announcement contains information that Nitro Games Plc is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication by aforementioned contact person on 29 July 2019 at 12:05 (EEST).
    [Show full text]
  • Holdings-Report.Pdf
    The Fund is a closed-end exchange traded management Investment company. This material is presented only to provide information and is not intended for trading purposes. Closed-end funds, unlike open-end funds are not continuously offered. After the initial public offering, shares are sold on the open market through a stock exchange. Changes to investment policies, current management fees, and other matters of interest to investors may be found in each closed-end fund's most recent report to shareholders. Holdings are subject to change daily. PORTFOLIO HOLDINGS FOR THE KOREA FUND as of July 31, 2021 *Note: Cash (including for these purposes cash equivalents) is not included. Security Description Shares/Par Value Base Market Value (USD) Percent of Base Market Value SAMSUNG ELECTRONICS CO 793,950 54,183,938.27 20.99 SK HYNIX INC COMMON 197,500 19,316,452.95 7.48 NAVER CORP COMMON STOCK 37,800 14,245,859.60 5.52 LG CHEM LTD COMMON STOCK 15,450 11,309,628.34 4.38 HANA FINANCIAL GROUP INC 225,900 8,533,236.25 3.31 SK INNOVATION CO LTD 38,200 8,402,173.44 3.26 KIA CORP COMMON STOCK 107,000 7,776,744.19 3.01 HYUNDAI MOBIS CO LTD 26,450 6,128,167.79 2.37 HYUNDAI MOTOR CO 66,700 6,030,688.98 2.34 NCSOFT CORP COMMON STOCK 8,100 5,802,564.66 2.25 SAMSUNG BIOLOGICS CO LTD 7,230 5,594,175.18 2.17 KB FINANCIAL GROUP INC 123,000 5,485,677.03 2.13 KAKAO CORP COMMON STOCK 42,700 5,456,987.61 2.11 HUGEL INC COMMON STOCK 24,900 5,169,415.34 2.00 SAMSUNG 29,900 4,990,915.02 1.93 SK TELECOM CO LTD COMMON 17,500 4,579,439.25 1.77 KOREA INVESTMENT 53,100 4,427,115.84
    [Show full text]
  • Online Media Business Models: Lessons from the Video Game Sector
    Komorowski, M and Delaere, S. (2016). Online Media Business Models: Lessons from the Video Game Sector. Westminster Papers in Communication and Culture, 11(1), 103–123, DOI: http://dx.doi. org/10.16997/wpcc.220 RESEARCH ARTICLE Online Media Business Models: Lessons from the Video Game Sector Marlen Komorowski and Simon Delaere imec-SMIT, Vrije Universiteit, Brussels, BE Corresponding author: Marlen Komorowski ([email protected]) Today’s media industry is characterized by disruptive changes and business models have been acknowledged as a driving force for success. Current business model research manages only to grasp static descriptions while in reality media managers are struggling with the dynamics of the industry. This article aims to close this gap by investigating a new paradigm of online media business models. Based on three video game case studies of the massively multiplayer online role-playing game genre, this article explores a novel theoretical approach to explain the changes that can be made within business models. The article highlights the importance of changing processes within online media business models and emphasises that the video game sector is at the forefront of business innovation. Finally, it demonstrates that online media business model change is in a trade-off paradigm between capturing or offering potentially higher value per player vs. accessing a potentially larger player-base. Key words: Media industry; business model; process; disruption; video game sector Introduction Today’s media industry is characterized by disruptive transformations shaped by digitization. Digitization is not only generating new business opportunities but threatens traditional commercialization strategies and is proving highly unpredictable with regards to future market development.
    [Show full text]
  • Famitsu PC Game Sales Ranking: April 2007
    Famitsu PC Game Sales Ranking: April 2007 Data Collected: from April 1 to April 30, 2007 Game Titles Month Copies Cumulative This Last Price Average Before Title Platform Publisher Sales Date Genre Sold/Month Copies Sold Month Month (incl. tax) Price Last (Estimated) (Estimated) Final Fantasy XI: Treasures of Aht Urhgan 12 4 Win2000/XP SQUARE ENIX 04-20-06 Open ¥7,900 RPG 3,409 44,215 All-in-One Pack 2006 Medieval 2: Total War Japanese Version - 2 NEW Windows XP SEGA 04-05-07 ¥8,190 ¥7,250 Sim 3,151 3,151 Limited First Release 3 3 Lineage II: Interlude - Beginner's Kit Win2000/XP/Vista NC Japan 03-09-07 ¥3,150 ¥2,865 RPG 2,979 6,011 4 15 7 Nobunaga no Yabo Online: Haten no Sho Win2000/XP KOEI 12-13-06 ¥7,140 ¥6,205 RPG 2,502 8,831 5 7 3 Nobunaga no Yabo: Tenka Sosei Win2000/XP SOURCENEXT 10-06-06 ¥3,970 ¥3,562 Sim 1,936 13,602 6 8 The Sims 2: Seasons! Expansion Pack Win98/Me/2000/XP/Vista Electronic Arts 03-22-07 Open ¥2,864 DAT 1,618 3,636 7 4 5 SimCity 4: Deluxe Win98/Me/2000/XP Electronic Arts 09-25-03 ¥5,980 ¥4,738 Sim 1,518 62,996 8 1 Lineage II: Interlude - Master's Kit Win2000/XP/Vista NC Japan 03-09-07 ¥6,300 ¥5,675 RPG 1,317 11,737 9 10 1 Flight Simulator X WinXP/Vista Microsoft 01-26-07 ¥9,870 ¥9,187 Sim 1,296 10,802 Hoshi no Oujo: Uchu Ishiki ni Mezameta 10 5 Win98/Me/2000/XP Mirai 03-23-07 ¥4,801 ¥4,330 Adv 1,255 3,440 Yoshitsune - For All Ages 11 11 2 Sukatto Golf Pangya: Marugoto Kit Win2000/XP Gamepot 01-19-07 ¥2,940 ¥2,826 Act 1,107 14,910 QuinRos 12 6 16 Heart no Kuni no Alice: Wonderful Wonder World Win98/Me/2000/XP e
    [Show full text]
  • Arenanet & Keywords Qa
    ARENANET & KEYWORDS QA: GROWING TOGETHER ArenaNet and Keywords Studios partner to facilitate QA vendor acquisition and service continuity. OVERVIEW For more than 20 years, international MMORPG developer and publisher ArenaNet has made acclaimed games infused with innovation, hand- crafted detail and creative passion. With the vision of giving their players starring roles in story-rich settings and making them the heroes of cinematic action scenes, ArenaNet partners with Keywords Functionality QA to help ensure optimal and immersive end-user experience. CASE STUDY ArenaNet faced the sudden and unexpected business closure of its main Seattle Game QA provider, Mobius. The vendor’s employees had extensive and irreplaceable experience of ArenaNet’s flagship titles, the hugely successful Guild Wars series. Despite the business dependency, ArenaNet was advised that services would stop and that the related project staff would be let go in 30 days. In parallel, ArenaNet was creating and releasing continuous live updates/seasons to its games and losing the vendor employees’ experience and knowledge would have caused extensive damage to the quality and efficiency its work, negatively impacting the development, engineering and release teams. As a result, ArenaNet’s release plan, forecasted revenues and reputation were at risk of being adversely affected. ArenaNet required seamless QA service continuity and approached Keywords Studios to provide a solution. CHALLENGES 01 02 03 2 ArenaNet faced the sudden closure of its Game cycle break Employee rotation Company risk main Game QA provider, Mobius. The vendor’s employees had irreplaceable Development teams The QA team had The loss meant needed the QA team to irreplaceable talent, built jeopardising releases, experience of the ArenaNet’s flagship titles.
    [Show full text]
  • NCSOFT (036570 KS /Buy )
    NCSOFT (036570 KS /Buy ) Lineage M: Ready for launch Game NCsoft revealed official release date (June 21 st ) and key features of new mobile game Lineage M The game will seek to balance mobile-specific features with the advantages of the PC Issue Comment game Lineage May 17, 2017 Maintain Buy and TP of W500,000; expectations are running high for Lineage M st Mirae Asset Daewoo Co., Ltd. NCsoft’s much-anticipated mobile title Lineage M to come out June 21 [Internet/Game/Advertising ] NCsoft confirmed June 21 st as the official release date for its new mobile game, Lineage th M. The company launched a pre-character creation event at midnight on May 16 for Jee -hyun Moon four million of the game’s pre-registered users; a total of 100 servers of 10 different +822 -3774 -1640 types have been set up. We think yesterday’s Lineage M showcase revealed huge market [email protected] interest, as well as the company’s confidence in the game. NCsoft emphasized the game’s extensive content and incorporation of many of the successful features of the PC version, while also highlighting mobile-specific features, like convenience. Overall, we believe the showcase shed light on the game’s longevity and steady revenue potential. Figure 1. NCsoft’s shares have gained sharply recently on expectations for Lineage M (Max=100) (W'000) 100 "Lineage M" search index (L) 400 "Lineage Red Knights" search index (L) 80 "Lineage 2: Revolution" search index (L) 360 NCsoft stock price (R) 60 320 40 280 20 240 0 200 5/16 7/16 9/16 11/16 1/17 3/17 5/17 Source: NAVER Data Lab, Thomson Reuters, Mirae Asset Daewoo Research Table 1.
    [Show full text]
  • Korea Practice About O’Melveny & Myers
    KOREA PRACTICE ABOUT O’MELVENY & MYERS For over a century, O’Melveny has been helping clients navigate the complex and competitive business landscape. What began as a two-man office in Los Angeles is now a leading international firm with significant resources in major financial and political centers around the world. Our clients include many of the world’s best- known brands in electronics, energy, manufacturing, software, finance and banking, and telecommunications. As businesses, governments, and individuals face ever-changing circumstances, O’Melveny is dedicated to providing innovative counseling that delivers practical results. Our commitment to our clients’ success reflects the Firm’s guiding principles of uncompromising excellence, distinctive leadership, and superior citizenship. We will continue to enhance O’Melveny’s internal resources to help overcome clients’ challenges: sophisticated legal technology, greater lawyer diversity, and professional development. We are optimistic about the future—for our clients, our communities, and our world. WHat MAKES O’Melveny & MYERS DIFFERENT? OUR VALUES Our Firm’s core values are excellence, leadership, and citizenship— and these values are the guiding light for all that we do. OUR APPROACH We strive to be trusted advisors for our clients, and recognize that the adept handling of creative transactions and high-stakes litigation is but one facet of the value we can offer to clients in pursuing their highest strategic objectives. OUR RELATIONSHIPS We seek to build lasting bonds with our clients, and take a long- term approach in the ways we can assist our clients in advancing their business objectives. OUR CoMMITMENT TO ASIA We have been a leader in the Asia market for nearly three decades.
    [Show full text]
  • Ncsoft (036570 KS) Game
    June 26, 2012 Company Report NCsoft (036570 KS) Game Daewoo Securities Co., Ltd. Guild Wars 2 momentum should begin to grow Chang-kwean Kim +822-768-4321 Game successes should lead to upward earnings forecast revisions [email protected] Since NCsoftÊs listing, the companyÊs shares have been determined by the pace of its operating profit growth. Over the past 11 years, the companyÊs shares have traded within a wide P/E range (6~60x) due to their vulnerability to various variables (e.g., expectations for online game market growth, regulatory risks, new game setbacks, delays to service launches, and surges in new game-related revenues). NCsoft has announced the commercial launch schedules and pricing policy for Blade & Soul. And we believe that the launch of Guild Wars 2 is also imminent. The Buy (Maintain) success of these potential blockbusters should lead market watchers to raise their 2012 (especially 3Q) and 2013 earnings forecasts for NCsoft. And these upward Target Price (12M, W) 510,000 Share Price (06/25/12, W) 286,500 earnings forecast revisions should provide a boost to the companyÊs shares. Expected Return (%) 78.0 Generally speaking, upward earnings forecast revisions that occur after a game EPS Growth (12F, %) 66.8 finds success tend to be significant, since it is difficult to exactly estimate the Market EPS Growth (12F, %) 18.8 extent of the success beforehand. P/E (12F, x) 31.1 Market P/E (12F, x) 9.1 Momentum from Guild Wars 2 should grow during July~August KOSPI 1,825.38 Since its open-beta testing, Blade & Soul has showed a stellar performance relative Market Cap (Wbn) 6,272 Shares Outstanding (mn) 22 to NCsoftÊs other games (e.g., Aion (launched in 2008) and TERA (2011)).
    [Show full text]
  • Lineage 2M Pre-Registration Faring Well
    NCSOFT (036570.KS) Lineage 2M pre-registration faring well Company Comment │ Sep 9, 2019 Pre-registration for NCSOFT’s Lineage 2M chalked up over 2mn subscribers within the first 18 hours. Large-scale marketing events for the title are scheduled for Oct 15, with an official launch expected in November. In light of strong expectations for Lineage 2M, we anticipate considerable earnings Buy (maintain) growth in 2020. TP W750,000 (maintain) CP (’19/09/09) W552,000 Sector Game Lineage 2M set to make domestic mobile game history Kospi/Kosdaq 2,009.13 / 631.15 Market cap (common) US$10,150.43mn We maintain a Buy rating on NCSOFT, our top pick in the game sector, with a Outstanding shares (common) 22.0mn TP of W750,000. Following a showcase for Lineage 2M and the initiation of 52W high (’19/09/06) W552,000 low (’18/09/06) W399,500 pre-registration for the title on Sep 5, preparations for the game’s official launch Average trading value (60D) US$27.89mn are now in the final stages. Large-scale marketing events are slated for Oct 15, Dividend yield (2019E) 1.10% with an official launch expected in November. With the success of Lineage 2M Foreign ownership 50.8% becoming more and more certain, expectations towards NCSOFT’s earnings Major shareholders should rise, in turn pumping the company’s share price. NPS 12.6% TJ Kim & 8 others 12.0% Pre-registration for Lineage 2M drew over 2mn subscribers in just the first 18 Share perf 3M 6M 12M hours, an incredible figure.
    [Show full text]
  • Manual the Guild Wars Manual 35 Chapter One: Characters • Districts
    Manual The Guild Wars Manual 35 Chapter One: Characters • Districts 36 • Using Maps 5 • The World of Tyria 40 • Traveling 6 • Two Professions, Many Skills 41 • Towns and Explorable Areas 7 • Attributes 41 • Trading 42 • Who’s Who in Town 8 • Leveling Up 9 • Gaining Attribute Points 48 • Storyline NPCs 10 • Gaining Skill Points 53 • Interacting with Players 53 • Chat 11 • Customizing Your Character 54 • Emotes 11 • Expanding the World Chapter Two: The Ten Professions 54 • Playing Well with Others Chapter Five: Adventuring 15 • Assassin 56 • Choose Your Skills 16 • Dervish 56 • Skills and Attributes Panel 57 • Your Inventory 17 • Elementalist 60 • Enhancements 18 • Mesmer 62 • Other Items 19 • Monk 20 • Necromancer 63 • Character Status 64 • The Skill Bar 21 • Paragon 65 • Health and Energy 66 • Death and Resurrection 22 • Ranger 66 • Morale 23 • Ritualist 67 • Enchantments and Hexes 24 • Warrior 68 • Blazing through Combat Chapter Three: Skills 70 • Hero and Henchmen Waypoints 70 • Hero Combat Modes 71 • Missions and Quests 25 • Anatomy of a Skill 71 • Multiple Characters 27 • Conditions 71 • Experience (XP) 28 • Enchantments and Hexes 72 • Missions 29 • Builds 73 • Quests Chapter Four: Exploring 74 • Special Missions 75 • Dungeons 75 • Additional Rewards 34 • Getting Around 75 • Bonus Rewards 34 • Mouse Movement 2 35 • Keyboard Movement 76 • Hard Mode 3 35 • Camera Control 77 • Bounties Chapter One: 78 • 79Guild s 79 • Guild Halls Characters • Alliances Chapter Six: Player Versus Player The World of Tyria 80 • Characters in PvP Guild 81 • The Battle Isles The kingdoms of Tyria, the Empire of Cantha, the provinces of 82 • The Combat Tutorial Wars®.
    [Show full text]
  • NCSOFT / Arenanet Género: MMORG Formato: PC Idioma: Manual Y Textos En Castellano Fecha De Lanzamiento: 2012 Pegi: 12 + Web
    Título: Guild Wars 2 Distribuidora: Koch Media Editor/Desarrollador: NCSOFT / Arenanet Género: MMORG Formato: PC Idioma: Manual y textos en castellano Fecha de Lanzamiento: 2012 Pegi: 12 + Web: www.guildwars2.com Descripción del juego Guild Wars 2 es un MMO visualmente impresionante, que ofrece a los jugadores la grandeza épica que rodea un juego de rol masivo combinado con un sistema de combate innovador, una experiencia dinámica de juego interactivo con historias personalizadas. En Guild Wars 2, ArenaNet incorpora un modo de juego innovador que permite a los usuarios jugar a su manera, pero manteniendo el desarrollo tradicional que Guild Wars mostró desde sus orígenes, y se mantiene, como en su anterior entrega, sin cuota de suscripción mensual. La saga original de Guild Wars ha vendido más de 6 millones de unidades en todo el mundo, y sigue disfrutando de una serie de jugadores activos y leales que esperan con impaciencia esta secuela. Características Las decisiones personales afectan al desarrollo del juego: Una experiencia dinámica de juego interactiva. Sus opciones y acciones generan un efecto real en el mundo que te rodea. ¿Los habitantes lucharán contra la arrasadora legión centauro o sucumbirán al ataque? ¡Tú decides! Sistema de eventos dinámicos: hace referencia a cualquier evento que ocurre en una zona persistente como resultado de la interacción de los personajes explorando el mundo. Son llamados dinámicos porque cambian constantemente en nuevos eventos, creando un efecto cascada. Una vez que el evento comience se desarrollará independientemente de si hay jugadores en la zona o no. Debido a esto, no existe un concepto real de fracaso o éxito, el resultado de cualquier evento simplemente causará un cambio en la zona.
    [Show full text]