NCSOFT (036570 KS ) MMORPG strength to shine

Game 2Q18 review: Revenue and net profit beat consensus Results Comment For 2Q18, NCsoft reported revenue and net profit that were better than consensus expectations. August 16, 2018 Positives: Revenue from the PC game - which had continued to decline since the launch of Lineage M , due to cannibalization - was stronger than expected in 2Q18 , recovering 49% QoQ, thanks to promotions and the introduction of a specialized (Maintain) Buy server. Royalty revenue also topped expectations. We believe the company received a one-time incentive payment from Lineage M ’s Taiwanese publisher Gamania following the game’s success in the country. Target Price (12M, W) 500,000 Negatives: Revenues from PC titles Aion and Blade & Soul were disappointing. Lineage Share Price (08/14/18, W) 385,000 M revenue also missed our expectation, despite the massive update in June marking the mobile title’s one-year anniversary. We estimate Lineage M ’s daily average revenue Expected Return 30% at around W2.3bn in 2Q18. Among expense items, labor and marketing expenses were higher than anticipated, the former due to a one-off incentive payout, and the latter due to promotions for Lineage M ’s gunman class update. OP (18F, Wbn) 615 Massive updates for Lineage IP titles and share buybacks in 2H18 Consensus OP (18F, Wbn) 643 NCsoft has no major new releases planned in 2H18. Instead, the company is preparing EPS Growth (18F, %) 9.4 a large-scale content update for Lineage M in 3Q18, and another for Lineage (PC) in Market EPS Growth (18F, %) 9.5 4Q18 to mark the PC title’s 20 th anniversary. For Project TL (a new PC/console title), the P/E (18F, x) 17.5 company plans to conduct closed beta testing (CBT) later this year during winter break . Market P/E (18F, x) 8.9 During the void in new releases, we believe that share repurchases, together with th e KOSPI 2,258.91 updates of flagship titles, will provide downside support to the stock. Between August th th Market Cap (Wbn) 8,447 14 and November 13 , NCsoft will buy back 658,000 of its shares (worth W237.5bn), in Shares Outstanding (mn) 22 order to enhance shareholder value. Expectations on new title releases should b egin to Free Float (%) 84.8 gain traction in November. The company is likely to unveil the concept for its new mobile titles in November, around the same time of the G-Star show in Korea, while the Foreign Ownership (%) 50.3 CBT launch for Project TL in the following month could further boost expectations. Beta (12M) 0.94 52-Week Low 332,500 New releases concentrated in 2019; confidence in true MMORPGs 52-Week High 488,000 New mobile titles, including Aion Tempest , Blade & Soul II , and Lineage II M , are (%) 1M 6M 12M scheduled for release next year. With the company highlighting its focus on developing Absolute -2.5 -3.8 -0.8 “true MMORPGs” that feature open fields and engage large numbers of players , we Relative -0.3 3.2 2.5 expect mobile game revenue to double YoY in 2019.

140 NCSOFT KOSPI Maintain Buy and TP of W500,000 130 We reiterate our Buy rating and target price of W500,000 on NCsoft. We believe that 120 robust revenue from existing titles and royalties will support profitability this year, and 110 expect growth to resume next year with the launch of large-scale new titles. 100 90 80 8.17 12.17 4.18 8.18

Mirae Asset Daewoo Co., Ltd.

[ Internet/Game/Advertising ] FY (Dec.) 12/15 12/16 12/17 12/18F 12/19F 12/20F Revenue (Wbn) 838 984 1,759 1,698 2,619 2,785 Jee -hyun Moon +822 -3774 -1640 OP (Wbn) 237 329 585 615 1,210 1,299 [email protected] OP margin (%) 28.3 33.4 33.3 36.2 46.2 46.6

NP (Wbn) 165 272 441 482 897 962 EPS (W) 7,542 12,416 20,100 21,981 40,894 43,865 ROE (%) 10.6 14.9 19.1 17.4 28.2 24.9

P/E (x) 28.2 19.9 22.3 17.5 9.4 8.8 P/B (x) 2.6 2.7 3.4 2.8 2.3 1.9 Dividend yield (%) 1.3 1.5 1.6 2.1 3.8 4.1 Note: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, Mirae Asset Daewoo Research estimates

August 16, 2018 NCSOFT

Earnings and forecasts

Table 1. 2Q18 review (Wbn, %)

2Q18 Growth 2Q17 1Q18 Preliminary Mirae Asset Daewoo Consensus YoY QoQ Revenue 259 475 436 434 447 68.8 -8.1 Operating profit 38 204 160 162 172 324.8 -21.7 OP margin 14.5 42.9 36.5 37.3 38.5 Net profit 31 119 140 119 126 355.0 17.7 Notes: All figures are based on consolidated K-IFRS; net profit is attributable to controlling and non-controlling interests Source: Company data , FnGuide, Mirae Asset Daewoo Research

Table 2. Quarterly and annual earnings (Wbn, %) 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18F 4Q18F 2017 2018F 2019F Revenue 240 259 727 533 475 436 386 400 1,759 1,698 2,619 Lineage 51 34 35 34 28 42 40 46 154 156 154 Lineage II 18 17 16 15 14 13 13 13 66 54 53 Aion 13 11 10 13 19 16 15 16 47 66 62 Blade & Soul 45 39 38 40 34 31 30 31 161 126 113 2 14 14 20 35 24 20 19 19 83 81 73 Mobile games 23 94 551 327 264 210 202 189 995 864 1,627 Other 11 15 13 11 8 13 12 12 50 45 75 Royalties 64 36 44 60 84 92 55 75 203 307 461 Operating profit 30 38 328 189 204 160 131 121 585 615 1,210 OP margin 12.7 14.5 45.1 35.5 42.9 36.5 33.8 30.2 33.3 36.2 46.2 Net profit 17 31 275 121 119 140 107 117 444 484 899 Net margin 7.3 11.9 37.8 22.6 25.1 32.1 27.8 29.3 25.2 28.5 34.3 YoY Revenue -0.6 7.5 234.3 87.4 98.3 68.8 -46.9 -24.9 78.8 -3.5 54.2 Lineage -34.8 -64.2 -57.8 -71.5 -45.1 24.5 13.0 35.1 -58.9 1.0 -1.0 Lineage II 7.7 -12.6 -24.1 -26.0 -22.7 -19.9 -14.7 -13.6 -14.7 -18.0 -2.0 Aion -33.9 -38.5 -36.8 -29.6 41.1 44.3 46.1 30.3 -34.6 40.0 -5.0 Blade & Soul -17.5 -20.2 -5.2 0.5 -23.9 -21.4 -21.0 -21.4 -11.6 -22.0 -10.0 -53.4 -14.7 31.5 134.8 66.2 46.6 -5.8 -46.4 8.1 -2.0 -10.0 Mobile 51,113.1 110,771.6 1,613.2 1,028.2 124.0 -63.4 -42.3 4,935.0 -13.2 88.3 Other -1.5 -14.9 -22.2 -17.4 -24.8 -15.6 -10.0 12.4 -15.1 -10.0 68.2 Royalties 116.1 33.8 80.2 43.2 32.5 155.8 27.2 26.0 66.0 51.4 50.0 Operating profit -59.8 -56.4 403.4 86.0 569.1 324.8 -60.2 -36.1 77.8 5.1 96.9 Net profit -73.7 -65.9 474.3 80.7 584.9 355.0 -61.0 -3.0 63.6 9.0 85.8 Notes: All figures are based on consolidated K-IFRS; revenue from Lineage M , which was released on June 21, 2017, is included in mobile game revenue; Lineage M’s daily average revenue is estimated at W2.4bn in 2018; new releases, including Aion Tempest , B&S II, Lineage II M and Project TL are reflected in 2019; Lineage II: Revolution (Netmarble) and Lineage M (Taiwan) are included in royalties revenue; net profit is attributable to controlling and non-controlling interests Source: Company data , Mirae Asset Daewoo Research

Table 3. Earnings forecast revisions (Wbn, W, %) Previous Revised % chg. Notes 18F 19F 18F 19F 18F 19F Upward revisions to our Lineage and royalty revenue estimates; Revenue 1,820 2,728 1,698 2,619 -6.7 -4.0 downward revision to our mobile gaming revenue forecast Upward revisions to our labor cost estimates; downward revision to Operating profit 696 1184 615 1,210 -11.7 2.2 our marketing expense estimates Net profit 506 861 484 899 -4.4 4.4 EPS (W) 23,005 39,180 21,981 40,894 -4.5 4.4 OP margin 38.2 43.4 36.2 46.2

Net margin 27.8 31.6 28.5 34.3

Notes: Net profit is attributable to controlling and non -controlling interests , EPS is based on net profit attributable to controlling interests ; Source: Mirae Asset Daewoo Research

Mirae Asset Daewoo Research 2 August 16, 2018 NCSOFT

Key variables

Table 4. NCsoft’s major game launch schedules Date Games Notes 3Q18 Lineage M (mobile) Content update Lineage (PC) Likely to update to mark the game’s 20 th anniversary (launched in Sept. 1998 ) Update likely to mark the game’s (launched in Nov. 2012) 6th anniversary - graphic improvements, lifestyle Blade & Soul (PC) - related content added 4Q18 Aion Legions (mobile) New title; strategy RPG genre; to be released in North America and Europe Project TL (PC/console) New title; closed beta test (CBT) to be conducted Pangya mobile New title; casual sport genre; likely to be published domestically Lineage M (mobile) Potential for overseas release (e.g., Japan) Aion Tempest (mobile)) New title; to be launched 2019 Blade & Soul II (mobile) New title; to be launched Lineage II M (mobile) New title; to be launched Harmonix’s new title New title; to be published Notes: Updates schedule for Lineage (PC) and Blade & Soul (PC) is based on releases month; actual schedule and update details are possible to change Source: Company data, press materials, Mirae Asset Daewoo Research

Figure 1. Royalty revenue growth to drive up OP margin in 2018

(Wbn) (%) 500 Blade & Soul : Revolution 50 Royalty revenue (L) OP margin (R) (Netmarble)

400 Lineage M (Taiwan) 40

300 30 200 Lineage Ⅱ: Revolution 20 100

0 10 12 13 14 15 16 17 18F 19F

Source: Company data, Mirae Asset Daewoo Research

Figure 2. Mobile gaming revenue to more than double in 2019, due to release of a number of new mobile titles

(Wbn) 2,000 PC revenue Aion Tempest Lineage II M Mobile game revenue Blade & Soul II

1,500

Lineage M Lineage M update 1,000 Lineage (PC) 20th anniversary update 500

0 12 13 14 15 16 17 18F 19F

Source: Company data, Asset Daewoo Research

Mirae Asset Daewoo Research 3 August 16, 2018 NCSOFT

NCSOFT (036570 KS/Buy/TP: W500,000)

Comprehensive Income Statement (Summarized) Statement of Financial Condition (Summarized) (Wbn) 12/17 12/18F 12/19F 12/20F (Wbn) 12/17 12/18F 12/19F 12/20F Revenue 1,759 1,698 2,619 2,785 Current Assets 1,773 2,103 2,337 2,934 Cost of Sales 212 122 189 201 Cash and Cash Equivalents 187 310 288 512 Gross Profit 1,547 1,576 2,430 2,584 AR & Other Receivables 198 148 228 242 SG&A Expenses 962 960 1,220 1,285 Inventories 1 0 1 1 Operating Profit (Adj) 585 615 1,210 1,299 Other Current Assets 1,387 1,645 1,820 2,179 Operating Profit 585 615 1,210 1,299 Non-Current Assets 1,754 1,606 2,227 2,339 Non-Operating Profit 25 50 26 25 Investments in Associates 34 57 57 57 Net Financial Income 16 25 25 25 Property, Plant and Equipment 229 230 235 235 Net Gain from Inv in Associates -2 4 0 0 Intangible Assets 52 51 50 51 Pretax Profit 610 665 1,236 1,324 Total Assets 3,527 3,710 4,564 5,273 Income Tax 166 181 337 360 Current Liabilities 456 674 755 787 Profit from Continuing Operations 444 484 899 964 AP & Other Payables 43 111 171 182 Profit from Discontinued Operations 0 0 0 0 Short-Term Financial Liabilities 0 0 0 0 Net Profit 444 484 899 964 Other Current Liabilities 413 563 584 605 Controlling Interests 441 482 897 962 Non-Current Liabilities 342 211 253 278 Non-Controlling Interests 3 2 2 2 Long-Term Financial Liabilities 150 0 0 0 Total Comprehensive Profit 919 334 899 964 Other Non-Current Liabilities 192 211 253 278 Controlling Interests 916 339 911 977 Total Liabilities 797 885 1,008 1,066 Non-Controlling Interests 3 -5 -12 -13 Controlling Interests 2,721 2,815 3,544 4,194 EBITDA 615 642 1,237 1,326 Capital Stock 11 11 11 11 FCF (Free Cash Flow) 566 526 926 997 Capital Surplus 433 433 433 433 EBITDA Margin (%) 35.0 37.8 47.2 47.6 Retained Earnings 1,906 2,152 2,881 3,531 Operating Profit Margin (%) 33.3 36.2 46.2 46.6 Non-Controlling Interests 8 10 12 13 Net Profit Margin (%) 25.1 28.4 34.2 34.5 Stockholders' Equity 2,729 2,825 3,556 4,207

Cash Flows (Summarized) Forecasts/Valuations (Summarized) (Wbn) 12/17 12/18F 12/19F 12/20F 12/17 12/18F 12/19F 12/20F Cash Flows from Op Activities 595 551 956 1,022 P/E (x) 22.3 17.5 9.4 8.8 Net Profit 444 484 899 964 P/CF (x) 15.6 12.7 6.8 6.4 Non-Cash Income and Expense 185 182 338 361 P/B (x) 3.4 2.8 2.3 1.9 Depreciation 27 25 25 25 EV/EBITDA (x) 13.7 10.4 5.3 4.5 Amortization 3 2 2 2 EPS (W) 20,100 21,981 40,894 43,865 Others 155 155 311 334 CFPS (W) 28,685 30,388 56,377 60,388 Chg in Working Capital 11 -25 31 31 BPS (W) 131,144 135,403 168,644 198,271 Chg in AR & Other Receivables -42 49 -78 -14 DPS (W) 7,280 7,900 14,700 15,800 Chg in Inventories 0 0 0 0 Payout ratio (%) 34.8 34.7 34.8 34.8 Chg in AP & Other Payables -4 0 1 0 Dividend Yield (%) 1.6 2.1 3.8 4.1 Income Tax Paid -63 -117 -337 -360 Revenue Growth (%) 78.8 -3.5 54.2 6.3 Cash Flows from Inv Activities -460 -332 -810 -496 EBITDA Growth (%) 70.4 4.4 92.7 7.2 Chg in PP&E -28 -24 -30 -25 Operating Profit Growth (%) 77.8 5.1 96.7 7.4 Chg in Intangible Assets -4 0 -2 -3 EPS Growth (%) 61.9 9.4 86.0 7.3 Chg in Financial Assets -1,263 -99 -778 -468 Accounts Receivable Turnover (x) 10.0 10.1 14.4 12.2 Others 835 -209 0 0 Inventory Turnover (x) 2,983.9 3,636.4 4,897.3 4,160.9 Cash Flows from Fin Activities -80 -81 -168 -312 Accounts Payable Turnover (x) 48.4 55.9 64.7 55.0 Chg in Financial Liabilities - - - - ROA (%) 15.1 13.4 21.7 19.6 Chg in Equity 1 0 0 0 ROE (%) 19.1 17.4 28.2 24.9 Dividends Paid -81 -81 -168 -312 ROIC (%) 130.5 358.2 1,278.9 1,361.0 Others - - - - Liability to Equity Ratio (%) 29.2 31.3 28.3 25.3 Increase (Decrease) in Cash 42 122 -21 223 Current Ratio (%) 388.9 312.1 309.6 372.6 Beginning Balance 145 187 310 288 Net Debt to Equity Ratio (%) -51.1 -63.1 -54.1 -59.5 Ending Balance 187 310 288 512 Interest Coverage Ratio (x) 179.6 191.2 376.1 403.7 Source: Company data, Mirae Asset Daewoo Research estimates

Mirae Asset Daewoo Research 4 August 16, 2018 NCSOFT

APPENDIX 1

Important Disclosures & Disclaimers 2-Year Rating and Target Price History

Company (Code) Date Rating Target Price (W) NCSOFT NCsoft (036570) 05/10/2018 Buy 500,000 800,000 04/16/2018 Buy 600,000 09/26/2017 Buy 640,000 600,000 07/09/2017 Buy 600,000 05/01/2017 Buy 500,000 400,000 01/02/2017 No Coverage 200,000 03/11/2016 Buy 420,000

0 Aug 16 Aug 17 Aug 18

Stock Ratings Industry Ratings Buy : Relative performance of 20% or greater Overweight : Fundamentals are favorable or improving Trading Buy : Relative performance of 10% or greater, but with volatility Neutral : Fundamentals are steady without any material changes Hold : Relative performance of -10% and 10% Underweight : Fundamentals are unfavorable or worsening Sell : Relative performance of -10% Ratings and Target Price History (Share price (─), Target price (▬), Not covered ( ■), Buy (▲), Trading Buy (■), Hold (●), Sell ( ◆)) * Our investment rating is a guide to the relative return of the stock versus the market over the next 12 months. * Although it is not part of the official ratings at Mirae Asset Daewoo Co., Ltd., we may call a trading opportunity in case there is a technical or short-term material development. * The target price was determined by the research analyst through valuation methods discussed in this report, in part based on the analyst’s estimate of future earnings. * The achievement of the target price may be impeded by risks related to the subject securities and companies, as well as general market and economic conditions.

Equity Ratings Distribution & Investment Banking Services Buy Trading Buy Hold Sell Equity Ratings Distribution 73.40% 14.78% 11.82% 0.00% Investment Banking Services 77.42% 9.68% 12.90% 0.00% * Based on recommendations in the last 12-months (as of June 30, 2018)

Disclosures As of the publication date, Mirae Asset Daewoo Co., Ltd. has acted as a liquidity provider for equity-linked warrants backed by shares of NCSOFT as an underlying asset, and other than this, Mirae Asset Daewoo has no other special interests in the covered companies.

Analyst Certification The research analysts who prepared this report (the “Analysts”) are registered with the Korea Financial Investment Association and are subject to Korean securities regulations. They are neither registered as research analysts in any other jurisdiction nor subject to the laws or regulations thereof. Each Analyst responsible for the preparation of this report certifies that (i) all views expressed in this report accurately reflect the personal views of the Analyst about any and all of the issuers and securities named in this report and (ii) no part of the compensation of the Analyst was, is, or will be directly or indirectly related to the specific recommendations or views contained in this report. Mirae Asset Daewoo Co., Ltd. (“Mirae Asset Daewoo”) policy prohibits its Analysts and members of their households from owning securities of any company in the Analyst’s area of coverage, and the Analysts do not serve as an officer, director or advisory board member of the subject companies. Except as otherwise specified herein, the Analysts have not received any compensation or any other benefits from the subject companies in the past 12 months and have not been promised the same in connection with this report. Like all employees of Mirae Asset Daewoo, the Analysts receive compensation that is determined by overall firm profitability, which includes revenues from, among other business units, the institutional equities, investment banking, proprietary trading and private client division. At the time of publication of this report, the Analysts do not know or have reason to know of any actual, material conflict of interest of the Analyst or Mirae Asset Daewoo except as otherwise stated herein.

Disclaimers This report was prepared by Mirae Asset Daewoo, a broker-dealer registered in the Republic of Korea and a member of the Korea Exchange. Information and opinions contained herein have been compiled in good faith and from sources believed to be reliable, but such information has not been independently verified and Mirae Asset Daewoo makes no guarantee, representation or warranty, express or implied, as to the fairness, accuracy, completeness or correctness of the information and opinions contained herein or of any translation into English from the Korean language. In case of an English translation of a report prepared in the Korean language, the original Korean language report may have been made available to investors in advance of this report. The intended recipients of this report are sophisticated institutional investors who have substantial knowledge of the local business environment, its common practices, laws and accounting principles and no person whose receipt or use of this report would violate any laws or regulations or subject Mirae Asset Daewoo or any of its affiliates to registration or licensing requirements in any jurisdiction shall receive or make any use hereof. This report is for general information purposes only and it is not and shall not be construed as an offer or a solicitation of an offer to effect transactions in any securities or other financial instruments. The report does not constitute investment advice to any person and such person shall not be treated as a client of Mirae Asset Daewoo by virtue of receiving this report. This report does not take into account the particular investment objectives, financial

Mirae Asset Daewoo Research 5 August 16, 2018 NCSOFT

situations, or needs of individual clients. The report is not to be relied upon in substitution for the exercise of independent judgment. Information and opinions contained herein are as of the date hereof and are subject to change without notice. The price and value of the investments referred to in this report and the income from them may depreciate or appreciate, and investors may incur losses on investments. Past performance is not a guide to future performance. Future returns are not guaranteed, and a loss of original capital may occur. Mirae Asset Daewoo, its affiliates and their directors, officers, employees and agents do not accept any liability for any loss arising out of the use hereof. Mirae Asset Daewoo may have issued other reports that are inconsistent with, and reach different conclusions from, the opinions presented in this report. The reports may reflect different assumptions, views and analytical methods of the analysts who prepared them. Mirae Asset Daewoo may make investment decisions that are inconsistent with the opinions and views expressed in this research report. Mirae Asset Daewoo, its affiliates and their directors, officers, employees and agents may have long or short positions in any of the subject securities at any time and may make a purchase or sale, or offer to make a purchase or sale, of any such securities or other financial instruments from time to time in the open market or otherwise, in each case either as principals or agents. Mirae Asset Daewoo and its affiliates may have had, or may be expecting to enter into, business relationships with the subject companies to provide investment banking, market-making or other financial services as are permitted under applicable laws and regulations. No part of this document may be copied or reproduced in any manner or form or redistributed or published, in whole or in part, without the prior written consent of Mirae Asset Daewoo.

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Mirae Asset Daewoo Research 6 August 16, 2018 NCSOFT

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Mirae Asset Daewoo Research 7