Once priced at W1m, NCsoft shares stage a comeback after years of decline

Visitors wait in line to try out NCsoft's new title Aion 2 at G-STAR 2025, South Korea's largest gaming expo, held at Bexco in Haeundae-gu, Busan, on July 13. [Yonhap]

NCsoft shares are staging a reversal. After tumbling from around 1 million won ($681) five years ago to the 120,000-won range last year, the stock has been quietly clawing back ground.

The turnaround gained momentum after NCsoft's new massively multiplayer online role-playing game (MMORPG) Aion 2 made a surprise appearance at Samsung Electronics' Galaxy Unpacked event, pushing the stock into an upward trend. With the global launch of Aion 2 confirmed for September, the Unpacked showcase marked the start of a full-scale marketing push. Analysts attributed the rebound to growing expectations for the game's global performance.

NCsoft shares closed at 228,000 won on Friday, up about 1.33 percent from the previous session, according to Korea Exchange.

The stock has continued to rise following Samsung Electronics' Galaxy Unpacked 2026 event, held in London on Wednesday at 10 p.m. Korean Standard Time. Shares closed at 225,000 won on Thursday, up roughly 10,000 won from Wednesday's close of 218,000 won.

NCsoft's Aion 2 demo booth at G-STAR 2025 [NCsoft]

At the Unpacked event, Samsung Electronics gave a surprise preview of gameplay footage from NCsoft's MMORPG Aion 2. The game appeared on stage as Samsung demonstrated Neural Frame Fusion, a new AI-based graphics optimization technology.

This is not the first time NCsoft and Samsung Electronics have worked together. At G-STAR, South Korea's largest gaming expo held last November, NCsoft used Samsung's OLED gaming monitors as demo equipment. The first mobile demonstration of Aion 2 was also conducted on Samsung Electronics products — the Galaxy S25 Ultra and the Galaxy Z Fold 7.

Industry observers see the Samsung Unpacked appearance as the starting gun for NCsoft's full-scale global marketing campaign for Aion 2. The company has already set Sept. 30 as the game's global launch date. NCsoft is also expected to carry out related marketing at Gamescom, which takes place next month in Cologne, Germany.

Securities analysts also see NCsoft as having entered prime buying territory. They expect anticipation for Aion 2's global performance to feed into investor sentiment in earnest from next month. Anticipation for Astraea Oratio, a new subculture-genre title slated for release in the second half of the year, is also seen as a factor that could support the share price.

NCsoft's headquarters in Pangyo [NCsoft]

Shinhan Investment set a target price of 330,000 won for NCsoft and upgraded its investment rating from "neutral" to "buy." Senior researcher Kang Seok-o said NCsoft shares had carried a price-to-earnings premium of 20 to 30 percent above the Kospi gaming sector average of 10 times in the first half of the year, but that the burden had lifted as earnings estimates were revised upward. "Valuation appeal has increased, and with game show appearances in August and September and a new title launch in September approaching, we see this as the right time to buy," he said.

Meanwhile, Samsung Electronics' unveiling of the new Galaxy Z Fold 8 set the broader gaming industry in motion. Nexon and Netmarble joined NCsoft in tying their own game-themed marketing to the new device. Nexon released a Galaxy special theme inspired by Shia Astel, a character from MapleStory M, while Netmarble unveiled two special themes based on Seven Knights Reverse and Monkeyleg: Star Dive.

chami@heraldcorp.com