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
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