2Q26: Lineage Classic and one-offs drive another strong beat

研报英文原文证据摘录

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M

Update

August 11, 2026 10:08 AM GMT

Morgan Stanley & Co. International plc, Seoul Branch+

NC Corporation | Asia Pacific

Seyon Park

Equity Analyst

2Q26: Lineage Classic and oneoffs drive another strong beat

Sohyun Park

Equity Analyst

AlphaSignals Earnings Reaction

Strengthens our thesis

Meaningful upside

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

NC Corporation (036570.KS, 036570 KP)

Top Pick

S. Korea Telecoms & Internet | S. Korea

Key Takeaways

doubled y/y)

Stock Rating

Industry View

Price target

Up/downside to price target (%)

Shr price, close (Aug 11, 2026)

52-Week Range

Sh out, dil, curr (mn)

Mkt cap, curr (bn)

EV, curr (bn)

Avg daily trading value (bn)

Management expects Just Play to continue its growth trajectory, linking to NC's

Fiscal Year Ending

12/25 12/26e 12/27e 12/28e

internal games in 2H26, and external studios starting 2027

EPS (W)**

Prior EPS (W)**

EPS (W)§

Revenue, net (W bn)

EBITDA (W bn)

ModelWare net inc (W

bn)

P/E

P/BV

RNOA (%)

ROE (%)

EV/EBITDA

Div yld (%)

FCF yld ratio (%)

Leverage (EOP) (%)

17,877 24,871 24,623 24,716

14,593 20,973 21,922 23,771

1,372

2,658

3,073

3,222

(23)

633

696

701

347

482

477

479

OP of W174bn beat consensus by 29% on higher grossings from Lineage Classic

and upfront recognition of Blade &Soul 2 related royalties from China

Mobile Casual contributed W170bn in revenues, ahead of MSe as Just Play

(consolidated this quarter) continued its strong growth momentum (revenue

Management guided for 3Q26 to come in soft, due to higher marketing spend

ahead of AION 2 launch, but sharp growth in 4Q26 on the back of new title

launches

Mobile Casual continues to surprise to the upside: Just Play is showing strong

growth in active users, which is driving more ads viewed and more revenues

generated. At the current pace, we believe the unit is on track to well surpass

W500bn in annual revenues, with potential to contribute W100bn+ in OP starting

2027. Given initial low expectations from investors, the strong traction from Casual

…