NC (036570) shares were trading at 239,000 won on the 2nd during the session, up 9,000 won from the previous trading day. Based on the provided quotes, the gain is 3.91%.

Hyundai Motor Securities assessed that the early success of NC's new title 'AION2' has exceeded expectations. Accordingly, the firm maintained its top pick opinion on the game sector and raised its target price from 350,000 won to 380,000 won.

The target price hike was driven by an upward revision of earnings per share (EPS) forecasts. Hyundai Motor Securities is also paying attention to the performance of new titles following AION2, projecting combined revenue of 510.3 billion won for three major new titles in 2027.

Analysts also see further upside in terms of valuation. According to the report, the price-to-earnings ratio (PER) is around 9x, which is considered low even compared to global software companies. Hyundai Motor Securities judged that even with a conservatively applied target PER, there is more than 30% upside. In particular, it believes upside can be explained through EPS growth even if the market's valuation multiple does not rise. It evaluated the stock as attractive for purchase based on the success of new titles and profit expansion forecasts.

However, revenue and profit forecasts for new titles may change depending on future user inflows, revenue sustainability, and operational performance. Whether AION2's early success translates into stable earnings, and the performance of subsequent new titles, are the key points to watch.

[This article was written based on provided market quotes and securities firm analysis, and is not investment advice. Intraday share prices may fluctuate, and earnings forecasts and target prices may change according to market conditions and analysis revisions. Responsibility for investment decisions and gains or losses lies with the investor, and AI assistance was used in writing this article.]