The Korean Exchange may operate by a different set of rules.
Here's what I'm thinking.
There's a lot of uncertainty with regard to NCSoft's earnings next quarter, let alone next year. A lot is riding on how well GW2 did in the West--not just in terms of box sales--but, more importantly, with gem sales. It did well in box sales, but did it underperform? Some sources said it did. Also, what about retention? They are in a position only now to gague this.
There's also uncertainly when it comes to NCSoft's appeal in the West. On the one hand, they seem to be baking away. But if they are backing away, why all the "to do" with the restructuring? This will not impact GW2 or Aion now, but what about a year from now? A year is shorter than you think, and a lot can change, a lot remains uncertain.
Also, there's the whole reception of Blade and Soul in Asia. I've heard that the title wasn't as well received as was hoped when it launched in China. And if it can't do well in China, the odds of it doing well here or in Europe are...well...not as good.
Aion, Lineage and Lineage 2 are the big money makers here. But interest in all three is fading. As far as anything else coming downthe pipe, you have Wildstar, which is a very under-the-radar niche project still a year or more away. It isn't predicted to net serious numbers. It's also a high-risk tile.
Which means NCSoft's entire future rests on its collaboration with Nexon: Mabinogi 2. It's about the only title in development with the potential to win a mass international audience. And it isn't even NCSoft's. It's Nexon's.
Now NCSoft's fundamentals are strong, but in the tech world, strength isn't where you are at, but where you are going. And where is NCSoft going right now? Their major titles are old, they have less of them, and they've placed a lot of eggs in relatively few baskets.
All of this seems to correspond to why their stock price is down. It's a mature company that looks set in its ways; the odds are that it won't get much bigger than it already is, and the odds are greater that they'll lose market share in the coming years to the other heavyweights (SOE, Blizzard/Vivendi, Square/Enix, EA) and soon-to-be heavyweights from China (NetDragon, Giant Interactive). This, combined with competition from newer, more innovative startups that have the potential to grow larger, and NCSoft is looking like US Steel in the 80's.
Again, that's the long view. The short view is, as I said, uncertainty.