NCSoft(036570):Hold(downgrade)

1) High expectation for the publication of new games has        

   already  reflected in the price.

2) We downgrade our rating to a Hold

3) "Guild wars" success is expected but need time to evaluate

     for results

4) 3Q 04 results are as expected

5) If new games show a meaningful success, we may re-evaluate our

    target price and investment rating on NCSoft