I’m glad it didn’t turn into a deficit, but both sales and operating profit recorded disastrous performance in 23 years compared to 22. NCsoft has strengths in existing MMORPG games, but it has also released games of various genres to diversify its profitability, but the response is still unknown.Korea’s credit rating downgraded NCSoft’s credit rating outlook to negative. The main reason is the increased business volatility and delayed recovery of operating profitability. If the amount of operating profit generation continues to come out below 500 billion won or the debt ratio increases due to large-scale investment, the creditworthiness will decline. In fact, if you look at NCsoft’s business performance in 23 years, its operating profit fell below 500 billion won.NCsoft downgrades credit rating outlookCEO Park Byung-moo, who appeared as co-CEO of NCsoft, said he would invest 3.3 trillion won to prepare for a merger and acquisition to create ‘post-lineage’. In the current financial position, excessive investment is likely to lead to a decline in credit rating. If the credit rating falls, it will be more difficult to receive funds through bond issuance. NCsoft will start recommending resignationThings continue to have a negative impact on NCsoft’s stock price. Not only external factors but also internal factors are evenly affected. There is also a story that the game operation manager created a special character with a super account and made the game participate and pay cash by inducing competition among users. In addition, due to the recent deterioration in cash flow, the credit rating outlook for corporate bond issued was also lowered from stable to negative. NCsoft itself introduced a co-representative system to improve its constitution. This was covered once in the last post. As an extension of the content, it seems that restructuring is being carried out. I will tell you in detail what it is about.I’m also a shareholder of NCsoft. I started investing after the COVID-19 period, but I’m frustrated that the stock price has not been using any energy since then. With the performance not improving, I’m bitter that issues such as the controversy over super accounts and suspicion of manipulating probability-based items continue to appear, adversely affecting the stock price. Internal management is a very important part, but I hope that small mistakes in my main job, the game, will not destroy the image NCsoft has built up.It seems that the establishment of a system for the efficiency of internal personnel, which CEO Park Byung-moo talked about, has begun. I’ve delivered you about it in the last post.NCsoft Super Account Controversy and Stochastic Item ManipulationCEO Park Byung-moo became a co-representative to achieve internal management improvement of NCSoft. In other words, he came in to improve the corporate constitution. The main targets for the recommendation job are non-development sectors and support organizations. The specific size of the reduction has not been revealed, but it is known to be more than 5% of the total employees. We are not considering voluntary retirement. This is because we judged that voluntary retirement for company-wide could make even the development workers who have to make games get swept away by the atmosphere and quit. We are not just going through restructuring, but we are preparing to establish a clear performance compensation system, but we need to wait and see how it will appear in detail.
