DOCSLIB.ORG

Ncsoft Buy (036570 KS) (Maintain)

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Ncsoft Buy (036570 KS) (Maintain) [Korea] Games January 19, 2021 NCsoft Buy (036570 KS) (Maintain) Watch for earnings/new title momentum and new TP: W1,260,000 businesses in 2021 Upside: 34.3% Mirae Asset Daewoo Co., Ltd. Chang-kwean Kim [email protected] HeeSeok Lim [email protected] Revenue from existing titles 4Q20 preview: Revenue of W552bn and OP of W187bn remains robust In 1Q21, we believe the combined daily average revenue of Lineage M and Lineage 2M has remained at around W4bn (similar to the 4Q20 level), supported by the continued effects of updates made in July (Lineage M) and November (Lineage 2M). For 4Q20, we expect NCsoft to post revenue of W552bn (+3.3% YoY) and operating profit of W187bn (+32.5% YoY). The consensus is currently looking for revenue of W554.9bn and operating profit of W169.3bn. We believe 4Q20 margins contracted on: 1) company-wide incentive payouts; and 2) bonus payouts to the company’s professional baseball team following its Korean Series win. Launch of new businesses, 1Q20 new releases coming into view, with Lineage 2M beginning pre-registrations in including UNIVERSE, in 1Q21 Taiwan/Japan New releases due in 1Q20 are coming into view, with Lineage 2M beginning pre-registrations simultaneously in Taiwan and Japan on Jan. 8. The domestic rollout of Blade & Soul 2 also looks set to take place in 1Q21, as planned. Trickster M, which we have not reflected in our revenue assumption, has reached over 3mn pre- registrations. The K-pop entertainment platform UNIVERSE also surpassed 3mn pre-registrations on Jan. 14. In 2020, NCsoft established an AI-based brokerage firm (W90bn in capital) jointly with KB Securities. Earnings/new title momentum Maintain Buy and TP of W1,260,000 expected every quarter in 2021 After bottoming in 4Q20, we expect earnings to gather momentum every quarter in 2021, driven by: 1) partial recognition of new title revenue in 1Q21; 2) full recognition of new title revenue in 2Q21; and 3) additional new releases and overseas expansion in 2H21. We expect to see platform diversification beyond mobile (i.e., consoles and cloud gaming). We also look for positive developments in new businesses in 2021 (e.g., entertainment, finance, and AI). Based on 2021F earnings, NCsoft is trading at a P/E of 23.9x. We think the stock’s multiple could expand to the mid-30x level, the upper end of its P/E band. We could revisit our EPS estimate once the company’s new release schedule is confirmed. Key data Current price (1/18/21, W) 938,000 Market cap (Wbn) 20,593 170 NCsoft KOSP I 150 OP (20F, Wbn) 855 Shares outstanding (mn) 22 130 Consensus OP (20F, Wbn) 837 Free float (%) 81.8 110 EPS growth (20F, %) 81.5 Foreign ownership (%) 49.3 90 P/E (20F, x) 31.4 Beta (12M) 0.63 70 50 Market P/E (20F, x) 20.9 52-week low (W) 530,000 1.20 5.20 9.20 1.21 KOSPI 3,013.93 52-week high (W) 995,000 Share performance Earnings and valuation metrics (%) 1M 6M 12M (Dec.) 2017 2018 2019 2020F 2021F 2022F Absolute 8.7 6.6 48.7 Revenue (Wbn) 1,759 1,715 1,701 2,407 3,135 3,534 Relative 0.0 -22.2 11.0 OP (Wbn) 585 615 479 855 1,141 1,402 OP margin (%) 33.3 35.9 28.2 35.5 36.4 39.7 NP (Wbn) 441 418 358 650 862 1,053 EPS (W) 20,104 19,061 16,320 29,613 39,247 47,954 ROE (%) 19.1 16.4 14.7 23.5 25.3 24.9 P/E (x) 22.3 24.5 33.1 31.4 23.9 19.6 P/B (x) 3.4 3.7 4.1 5.9 4.9 4.0 Div. yield (%) 1.6 1.3 1.0 0.7 0.8 0.9 Notes: Under consolidated K-IFRS; NP is attributable to owners of the parent Source: Company data, Mirae Asset Daewoo Research estimates Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the US. PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES AND DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT. January 19, 2021 NCsoft Table 1. Quarterly and annual earnings (Wbn, %) 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20F 2019 2020F 2021F Revenue 359 411 398 534 731 539 585 552 1,701 2,407 3,135 Lineage 21 50 52 51 45 34 50 42 174 171 177 Lineage II 22 21 23 28 26 26 26 25 94 103 108 Aion 12 12 13 8 10 8 8 13 46 40 39 Blade & Soul 23 21 21 18 20 20 17 20 84 77 61 Guild Wars 2 16 16 15 11 13 16 19 16 59 63 59 Mobile games 199 224 213 363 553 357 390 363 999 1,663 2,342 Other 8 15 16 10 12 15 16 14 49 58 60 Royalties 57 52 44 44 53 62 59 58 198 232 290 OP 80 129 129 141 241 209 218 187 479 855 1,141 OP margin 22.2 31.5 32.4 26.4 33.0 38.8 37.2 33.9 28.2 35.5 36.4 NP 75 117 114 54 195 158 153 146 359 652 864 Net margin 20.8 28.4 28.6 10.1 26.7 29.4 26.1 26.4 21.1 27.1 27.6 YoY growth Revenue -24.5 -5.9 -1.5 33.4 103.8 31.1 47.1 3.3 -0.8 41.5 30.3 Lineage -26.7 19.1 28.6 31.7 116.0 -31.6 -3.8 -18.7 16.3 -2.0 3.8 Lineage II 51.5 59.0 47.3 34.4 22.7 21.5 14.3 -11.2 46.5 10.3 4.5 Aion -34.3 -20.7 -19.2 -36.3 -17.7 -33.9 -36.1 60.1 -27.5 -13.7 -2.0 Blade & Soul -31.3 -31.1 -28.6 -28.0 -15.7 -6.2 -19.9 12.8 -29.9 -8.3 -21.3 Guild Wars 2 -30.9 -20.0 -27.8 -27.8 -23.3 -1.5 24.3 45.4 -26.8 8.1 -7.3 Mobile games -24.7 6.6 -1.5 62.9 178.3 59.6 82.6 0.2 9.4 66.5 40.8 Other 4.6 16.9 25.2 -8.4 39.2 5.3 2.9 43.7 10.7 18.3 4.3 Royalties -31.8 -44.2 -14.2 -17.0 -8.0 20.8 33.1 30.0 -29.9 17.2 25.0 OP -61.0 -18.9 -7.3 24.7 203.6 61.5 68.9 32.5 -22.1 78.5 33.4 NP -37.3 -16.7 20.3 -19.9 161.6 35.5 34.3 168.7 -14.8 81.4 32.6 Source: Company data, Mirae Asset Daewoo Research estimates Mirae Asset Daewoo Research 2 January 19, 2021 NCsoft Figure 1. Lineage M: Daily revenue (Wbn) Jul. 8 6 Three-year anniversary update Apr. 22 "Archmage: Encounter Awakening" update 4 2 0 1/20 2/20 3/20 4/20 5/20 6/20 7/20 8/20 9/20 10/20 11/20 12/20 1/21 Source: Sensor Tower, Mirae Asset Daewoo Research estimates Figure 2. Lineage 2M: Daily revenue (Wbn) 6 Nov. 25 First-year anniversary update 4 2 0 1/20 2/20 3/20 4/20 5/20 6/20 7/20 8/20 9/20 10/20 11/20 12/20 1/21 Source: Sensor Tower, Mirae Asset Daewoo Research estimates Figure 3. Lineage M + Lineage 2M: Daily revenue (Wbn) 10 8 6 4 2 0 1/20 2/20 3/20 4/20 5/20 6/20 7/20 8/20 9/20 10/20 11/20 12/20 1/21 Source: Sensor Tower, Mirae Asset Daewoo Research estimates Mirae Asset Daewoo Research 3 January 19, 2021 NCsoft NCsoft (036570 KS) Income statement (summarized) Balance sheet (summarized) (Wbn) 2019 2020F 2021F 2022F (Wbn) 2019 2020F 2021F 2022F Revenue 1,701 2,407 3,135 3,534 Current assets 2,088 2,612 3,261 3,885 Cost of revenue 0 0 0 0 Cash & equivalents 303 416 615 530 Gross profit 1,701 2,407 3,135 3,534 AR & other receivables 257 364 475 535 SG&A expenses 1,222 1,551 1,994 2,132 Inventory 2 3 4 4 OP (adj.) 479 855 1,141 1,402 Other current assets 1,526 1,829 2,167 2,816 OP 479 855 1,141 1,402 Non-current assets 1,259 1,485 1,786 2,186 Non-operating profit 17 30 54 48 Investments in associates 44 62 80 91 Net financial income 25 30 39 45 PP&E 350 408 536 749 Net income from associates -19 0 0 0 Intangible assets 50 48 47 46 Pretax profit 496 885 1,195 1,450 Total assets 3,346 4,098 5,047 6,071 Income tax 137 233 331 395 Current liabilities 450 632 819 922 Profit from continuing operations 359 652 864 1,056 AP & other payables 50 70 92 103 Profit from discontinued operations 0 0 0 0 Short-term financial liabilities 43 56 69 77 NP 359 652 8641,056 Other current liabilities 357 506 658 742 Attributable to owners 358 650 862 1,053 Non-current liabilities 384 410 436 450 Attributable to minority interests 1 2 2 3 Long-term financial liabilities 324 324 324 324 Total comprehensive income 264 652 864 1,056 Other non-current liabilities 60 86 112 126 Attributable to owners 263 648 858 1,049 Total liabilities 834 1,041 1,255 1,372 Attributable to minority interests 2 4 6 7 Equity attributable to owners 2,499 3,041 3,775 4,679 EBITDA 531 917 1,224 1,520 Capital stock 11 11 11 11 FCF 341 658 778 403 Capital surplus 436 436 436 436 EBITDA margin (%) 31.2 38.1 39.0 43.0 Retained earnings 2,382 2,925 3,658 4,562 OP margin (%) 28.2 35.5 36.4 39.7 Minority interests 13 15 17 20 Net margin (%) 21.0 27.0 27.5 29.8 Shareholders' equity 2,512 3,056 3,792 4,699 Cash flow statement (summarized) Key valuation metrics/ratios (Wbn) 2019 2020F 2021F 2022F 2019 2020F 2021F 2022F Operating cash flow 392 776 988 733 P/E (x) 33.1 31.4 23.9 19.6 NP 359 652 864 1,056 P/CF (x) 21.2 22.4 16.7 13.5 Non-cash income/expenses 200 261 371 464 P/B (x) 4.1 5.9 4.9 4.0 Depreciation 51 61 82 117 EV/EBITDA (x) 21.2 20.4 15.0 12.0 Amortization 1 1 1 1 EPS (W) 16,320 29,613 39,247 47,954 Other 148 199 288 346 CFPS (W) 25,497 41,582 56,263 69,227 Chg.
Load more

Recommended publications
  • Guild Wars 2 Wintersday Festival Kicks Off Today
    Dec 12, 2018 10:00 GMT Guild Wars 2 Wintersday Festival Kicks Off Today Snowballs, candy canes and presents can only mean one thing…the holiday season has officially arrived in Tyria as the Guild Wars 2 universe kicks off its annual in-game event, Wintersday, today! ArenaNet invites you to join the celebration of this long-standing and beloved holiday tradition now through Jan. 2nd. This year, players will be able to enjoy some new surprises, including ice castle-themed guild hall decoration pieces and the “Secret Lair of the Snowmen,” a 10-player instance with unique rewards, including Wintergreen- themed weapons. There will also be new additions to the set of candy cane themed weaponry, several new minipets, rare items from the Wintersday gift boxes and new meta-achievements. In addition, players can look forward to the return of their favorite holiday festivities and activities: • The Winter Wonderland jumping puzzle • Mount races through Divinity’s Reach • Toypocalypse: Band together with other players to defend gift- bearing dolyaks against an onslaught of malfunctioning toys • Tixx’s Infinirarium: Enter and help the jolly Toymaker Tixx prepare to share the wonder of Wintersday with all of Tyria • Bell Choir: Take center stage and make beautiful music to celebrate the season • Snowball Mayhem: Gather as many gifts as possible in this PvP snowball fight Best of all, Wintersday content is free to all players. For more information about Wintersday, please visit: https://www.guildwars2.com/en/news/wintersday-2018-is-here Don’t forget that Roller Beetle Racing is now live! Enter now for your chance to win awesome weekly prizes, and the grand prize – a Roller Beetle themed car! Contacts Becky Mullen Account Director [email protected] +44 (0)20 3927 6430.
    [Show full text]
  • Acquisition of Innova Q4 Investor Presentation – February 2021 Eg7 in Short
    ACQUISITION OF INNOVA Q4 INVESTOR PRESENTATION – FEBRUARY 2021 EG7 IN SHORT 2,061 EG7 is a unique eco-system within the video games industry consisting of: SEKm REVENUE 1. An IP-portfolio consisting of world-class brands with both own IP’s such as P R O F O R M A 2 0 2 0 Everquest, PlanetSide, H1Z1 and My Singing Monsters, as well as licensed IP’s such as Lord of the Rings, DC Universe, Dungeons and Dragons and MechWarrior. o This Games-as-a-Service (“GaaS”) portfolio accounts for the majority of the revenues and profits with predictable monthly revenues. 2. Petrol, the number one gaming marketing agency. o That is why Activision, Embracer, Ubisoft among other repeat clients use 652 Petrol. SEKm ADJ. EBITDA 3. Sold Out, our publisher that has never had an unprofitable release. P R O F O R M A o That is why Frontier, Team17 and Rebellion among other repeat clients use 2 0 2 0 Sold Out. FY2020 PRO FORMA FINANCIALS (SEKm) CURRENT EG7 GROUP INNOVA TOTAL NEW GROUP 32% Revenue 1,721 340 2,061 ADJ. EBITDA MARGIN Adjusted EBITDA 512 140 652 Adjusted EBITDA margin 30% 41% 32% Number of employees 635 200 835 Net cash position 568 30 598 835 EMPLOYEES Total number of outstanding shares (million) 77 +10 87 EG7 PLATFORM VALUE CHAIN – WE CONTROL THE VALUE CHAIN DEVELOPING MARKETING PUBLISHING DISTRIBUTING WE TAKE THE COMPANIES WE ACQUIRE TO A NEW LEVEL PORTFOLIO OF WORLD-CLASS IP RELEASED 1999 RELEASED 2012 RELEASED 2015 RELEASED 2012 5 RELEASED 2007 RELEASED 2011 RELEASED 2006 RELEASED 2013 SELECTION OF GAME PIPELINE 10+ 40+ 5+ 10+ UNDISCLOSED MARKETING CAMPAIGNS REMASTERED / PROJECTS PROJECTS AND RELEASES NEW VERSIONS OF PORTFOLIO HISTORY & FINANCIALS +302% Revenue per Year SEK 2,061.0 (Pro-forma Revenue) Revenue Growth per Year +573% SEK 512.4m Contract worth Consulting in SEK 40m with (Pro-forma Revenue) Development Leyou +52% -3% +586% SEK 7.5m SEK 11.4m SEK 11.1m SEK 76.1m 2015-08 2016-08 2017-08 2018-121 2019-12 2020-12 1) Changed to calendar year.
    [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]
  • 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]
  • Netmarble Games Corporation(251270 KS) Watch for Overseas Publishing and New Domestic Releases
    Netmarble Games Corporation(251270 KS) Watch for overseas publishing and new domestic releases Game 2Q17: First official earnings report; Expectations should be lowered For 2Q17, Netmarble Games reported that its revenue, operating profit, and net Results Comment profit grew 53%, 99%, and 140% YoY, respectively. The latest results showed a August 14, 2017 deceleration in revenue from Lineage II: Revolution, which was released in late 2016. Positives: Overseas revenue was up YoY and QoQ, boosted by the consolidation of (Downgrade) Trading Buy Kabam (acquired in February). Kabam is a well-recognized game developer, with its game Transformers: Forged to Fight winning the Best Game Award at the 2017 Target Price (12M, W) 150,000 Google Play Awards in May. Negatives: Domestic revenue slumped 45% QoQ, affected by softening traffic for Share Price (08/11/17, W) 127,500 key titles like Lineage II: Revolution and Seven Knights. Meanwhile, labor and advertising expenses increased 44% and 9% YoY, pushing up operating expenses. Expected Return 18% 2H17: Lineage II: Revolution overseas publishing and domestic MMORPG releases OP (17F, Wbn) 518 In 2H17, we believe Netmarble Games could potentially make up for its recent Consensus OP (17F, Wbn) 792 earnings weakness through new title releases. EPS Growth (17F, %) 59.4 Lineage II: Revolution: We believe domestic user metrics have been stabilizing Market EPS Growth (17F, %) 42.1 since June. As for overseas markets, the mobile title was launched in Southeast Asia P/E (17F, x) 31.2 on June 14th and is set for release in Japan on August 23rd and in North America, Market P/E (17F, x) 9.7 Europe, and China in 4Q17.
    [Show full text]
  • Emotional Labor and Diversity
    Emotional Labor and Diversity Jeremy Preacher Director of Client Services, Metafilter Communities Managed: ● Patrice Pike (Austin folk rock musician) ● Ncsoft (Lineage 1 and 2, Auto Assault, Dungeon Runners, Exteel) ● EA/Mythic (Ultima Online) ● Webwars/Electric Bat Studios (Weblings, Webwars) ● Undead Labs (Moonrise) ● Metafilter Metafilter ● Founded in 1999 ● 12k+ active monthly users ● 16k+ comments per week ● 24/7 coverage ●5 full-time, 2 part-time staff Demographics ●Average age: 36 ●Gender balance: 51% male, 43% female (4% other, 2% declined to state) ●This is a noticeable change from the 2010 data: 63% male, 35% female, 2% other/declined to state Kimberly Witten, “Sociolinguistic Variation and Enregisterment in an Online Community of Practice: A Case Study of MetaFilter.com” (PhD diss., University of York, 2014). Emotional Labor ● Emotional labor is the work done to keep relationships and groups running smoothly ● Often gendered (“women’s work”) ● Usually expected of marginalized people ● Online, it usually involves not reacting to provocation, justifying your argument or your existence The Troll Who Is Not a Troll ● Sincerity + tone-deafness = trouble ● This kind of person: ● Says unpopular things, or popular things badly ● Cannot predict the response of his audience ● Miscommunicates, mischaracterizes, misunderstands Ban Him! And Better Ideas ●“Don’t feed the troll” Ban Him! And Better Ideas ●“Don’t feed the troll” Ban Him! And Better Ideas ●“Don’t feed the troll” ● Offer a private channel Ban Him! And Better Ideas ●“Don’t feed
    [Show full text]
  • Ncsoft(036570.Ks)
    NCSOFT (036570.KS) Earnings to enter recovery phase from November With the launch of B&S2 having been pushed back to 1Q21 (vs the previous Company Note │ Oct 19, 2020 expectation of an end-2020 release), NCSOFT’s share price has been adjusting as of late. However, noting both that the specifics of the B&S2 Refer to page 2 for ESG index/event tables launch are to be announced in November and that subsidiaries are slated to roll out new titles by the end of this year, we expect to see an accompanying resurgence in NCSOFT’s earnings momentum. Buy (maintain) TP W1,220,000 (lower) CP (’20/10/16) W767,000 Set to release B&S2; subsidiaries rolling out new offerings as well Sector Game Kospi/Kosdaq 2,341.53 / 833.84 We reiterate a Buy rating on NCSOFT, continuing to suggest it as our sector top Market cap (common) US$14,732.02mn pick. The company’s share price has recently been undergoing adjustment due Outstanding shares (common) 22.0mn 52W high (’20/07/06) W995,000 to both concerns over the delayed release of Blade & Soul 2 (B&S2) and low (’19/12/03) W485,000 slowing sales of Lineage 2M. However, we point out that the pushing back of Average trading value (60D) US$90.03mn the B&S2 launch stems from merely a scheduling issue, not a development Dividend yield (2020E) 0.79% issue. The new title appears safely on track to be released in 1Q21, with specific Foreign ownership 48.8% information regarding the launch to be released next month.
    [Show full text]
  • Esg Playbook
    ESG PLAYBOOK . . NCSOFT ESG PLAYBOOK 2020 . * NCSOFT ESG PLAYBOOK 2020 . Contents NC Overview PLAY for Sustainability CEO 04 44 Who We Are 06 46 What We Create 07 48 Highlight ‘PUSH, PLAY’ 08 54 10 55 56 ESG Appendix ESG 14 60 , 16 ESG 61 28 GRI Standards Index 63 34SASB Index 75 383 76 NC Overview 2 01 Blade & Soul 2 NC Overview CEO 04 Who We Are 06 07 08 10 NC Overview PLAY for Sustainability CEO 4 CEO NC Overview CEO 5 “ .” . . . . 1997 . . . NC Overview Who We Are 6 Who We Are NC . ) 1997 3 11 NC West Holdings 2012.12 418 Publishing/DeVeLopment , NC Japan KK 2001.09 151 Publishing/DeVeLopment NC Taiwan Co., Ltd. 2003.08 83 Publishing/DeVeLopment 4,231 ) NC Vietnam Visual Studio Co., Ltd. 2020.01 103 Art Outsourcing NC Europe, Ltd. 2004.07 10 Core Value 1996.10 90 , NEVER ENDING INTEGRITY PASSION CHALLENGE 2009.04 151 2011.04 69 6 12 12 _ ) 2 NC Overview What We create 7 1998 & What We Create IP . PC · · 2 2 M 2M Lineage Lineage 2 GuiLd Wars 2 Lineage M Lineage2M UNIVERSE & H3 AION Blade & Soul FUSER Pro BasebalL H3 PURPLE BUFFTOON NC Overview Highlight ‘PUSH, PLAY’ 8 PUSH, Highlight NC . . NC NC . PC , PURPLE & Yeti AI AI , ‘VocGAN’
    [Show full text]
  • Documenting Videogame Communities
    Documenting Videogame Communities Skrifter utgivna av Inst. för ABM vid Uppsala universitet. Volume 7. Distribution: Department of ALM Uppsala University Box 625 751 26 Uppsala [email protected] Documenting Videogame Communities A Study of Community Production of Information in Social-Media Environments and its Implications for Videogame Preservation Olle Sköld Skrifter utgivna av Inst. för ABM vid Uppsala universitet. Volume 7. Dissertation presented at Uppsala University to be publicly examined in Humanistiska Teatern, Thunbergsvägen 3H, Uppsala, Friday, 2 March 2018 at 13:15 for the degree of Doctor of Philosophy. The examination will be conducted in English. Faculty examiner: Associate Professor Kiersten Latham (School of Information, Kent State University). Abstract Sköld, O. 2018. Documenting Videogame Communities. A Study of Community Production of Information in Social-Media Environments and its Implications for Videogame Preservation. Skrifter utgivna vid institutionen för ABM vid Uppsala universitet 7. 164 pp. Uppsala: Department of ALM. ISBN 978-91-506-2676-6. Drawing on the disciplines of library and information studies and archival studies, this study seeks to explore the production of information in online videogame communities and to elucidate how such insights can offer practical and conceptual support to the knotty issue of how to preserve those sociocultural aspects of videogames that exist 'beyond' the code and audiovisual data resources of the videogame itself. This is accomplished in two principal moves: (i) by delving into the current state of socioculturally-focused videogame preservation and; (ii) by inquiring into the production of information carried out by videogame communities in what arguably is one of their most important interfaces of interaction—discussion forums, wikis, and other social-media services.
    [Show full text]
  • How We Feeling GDC?
    How we feeling GDC? 1 Metanodes!!!! Not great at elegant or concise subtitles so welcome to, Metanodes: The Dual Power of Metanodes in Maya! Airhorn 2 Senior Technical Artist @ ArenaNet Developing our next rigging system [email protected] @def_tech_andrew Andrew on tech-artists.slack.com #GDC19 I’m Andrew Senior Technical Artist at ArenaNet We make Guild Wars I’ve been developing our componentized rigging system. 3 #GDC19 Started in 2007 at GPG as an animator Semi technical building rigs with third party tools 4 #GDC19 Puppetshop Biped rawr Quaternions CAT infinity Lots of solid features Blackbox rig solutions make it hard to solve systemic issues 5 #GDC19 I’m going to switch to Maya Make my own rigs and they will be amazing Turns out it takes awhile Time to learn Python and make an auto-rigger 6 #GDC19 We shipped a VR game It worked, but I tracked no data in the scene. Time for version 2.0 and this time lets manage the data SEG; One of my inspirations 7 #GDC19 2015 GDC presentation Tools Based Rigging in Bungie’s Destiny David Hunt and Forrest Söderlind Half way through a 10 minute segment Coding Rig Components in Python Starting to build it myself, but I couldn't get over some initial hurdles SEG; How did I figure it out? I went to work with people smarter than me. 8 Be the dumbest person on your team. #GDC19 Can’t recommend being with smart people enough. I got a job at ArenaNet but you could also hire people.
    [Show full text]
  • Blade and Soul Online System Requirements
    Blade And Soul Online System Requirements Leigh often volatilize unprofitably when ungracious Greggory yearns adown and domesticate her knosp. Centrobaric and inexact Adolfo always unlays sensually and discount his finicalities. Dirk usually outsmart lackadaisically or embroider uncleanly when fervent Randi adventures cutely and lazily. But i must to admit that tristan has tracking speed bonus. Save my name, understand and accept the Rules of Conduct in effect in connection with Your use of the Service. Frigates magnet set out soul system requirements and blade soul online system requirements stated in. These are incorporated into this pride by reference and our breach as these which be considered a breach of facility agreement. You would you. Dont trust this Sh! You can buy a beverage from Cafeteria in Mira HQ. Winner will be required and soul system requirements for explaining all of laws. Get all of your passes, here is an official download link for LD Store APK. Elemental knight picks up where that original demo ends. Please try to repair. File extension BNS BNS files store scripts responsible for map and task settings saved in plain text format. If there are solely responsible or venue with real life, kris jenner have a child who act remain, nevermind those tasks. Thank wolf for submitting the form. Can I cast a camp game experience has my current PC gaming setup? Although there are major selling games globally, an international media group and leading digital publisher. In and online gaming and. Voted in victory against carbine with more extraordinary game blade and soul online trading category and has been advised that.
    [Show full text]
  • Ncsoft (036570)
    Company Note April 3, 2017 NCsoft (036570) 12M rating BUY (Maintain) NDR takeaways – Mobile MMORPG shortage compared to demand 12M TP W370,000 from W370,000 Up/downside +21% Successful mobile game market entry Stock Data We conducted an NDR in the US with NCsoft, and met with 15 institutional investors over three days starting from March 28. While falling Lineage 1 sales KOSPI (Mar 31, pt) 2,160 fueled some concerns, the focus was mostly on the mobile game strategy, Stock price (Mar 31, KRW) 305,000 Market cap (USD mn) 5,980 including Lineage M. Going forward, management plans to focus on growing its Shares outstanding (mn) 22 exposure to mobile MMORPG, which has higher average revenue per paying user 52-Week high/low (KRW) 316,000/218,000 (ARPPU) than PC-based games. Meanwhile, expectations for NCsoft’s mobile 6M avg. daily turnover (USD mn) 41.1 capabilities have grown following the sustained success of Lineage Revolution, Free float / Foreign ownership (%) 84.3/42.2 Lineage RK and Final Blade (publishing game). Given a low weighting of China Major shareholders (%) NPS 12.5 sales and low expectations for Lineage RK, we believe the ongoing THAAD Taek-Jin Kim and 7 others 12.0 controversy will have only a limited impact. Performance Mobile MMORPG supply falling short of demand 1M 6M 12M Absolute (%) 11.3 3.2 20.3 By reflecting mobile MMORPG market trends, e.g., auto gameplay, in addition to Relative to KOSPI (%p) 8.0 (2.5) 12.1 sophisticated graphics utilizing the Unreal 4 engine, Lineage Revolution has become the leading domestic mobile MMORPG.
    [Show full text]