Pyongyang fired off a new intermediate-range ballistic missile, called Pukguksong-2, on Sunday from an airbase in the country's northwestern province toward waters off its east coast.

The missile, launched at a high angle, flew about 500 kilometers.

The latest launch came after North Korean leader Kim Jong-un said in his New Year's address that the country has entered the final stage of its preparations to test-fire an ICBM.

"By showing off advances made in missile capabilities, North Korea appears to show that its development of an ICBM is proceeding smoothly and it can test-fire it within this year," the report said.

As for the timing of North Korea's missile provocations, Pyongyang could refrain from launching an ICBM during the upcoming military drills between Seoul and Washington, the report said. It forecast the next provocation could take place at some point during a possible summit between the leaders of the US and China.

"There is a high possibility that it could fire off an ICBM if China faithfully implements UN sanctions and cooperates with Washington over the North Korean issue," it added.

It said that North Korea will likely launch the ICBM from an inland location near the Chinese border such as Panghyon in a bid to avoid a possible missile interception by Washington. (Yonhap)