External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

External broker reports(aggregated public sources)

Founded in 1962, Daishin Securities is a leading financial services provider in Korea. Daishin securities does its best to provide high quality financial service and to satisfy the various needs of investors. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul>
<li>Naver confirmed its Naver Plus Store app launch for March 12 and plans to implement a revised commission policy on June 2</li>
<li>The policy revision appears intended to boost commission revenue and commerce ad sales </li>
<li>Revitalizing commerce ecosystem amid slowing transaction volume and boosting profit through commission hike deemed optimistic</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


Naver confirmed its Naver Plus Store app launch for March 12 and plans to implement a revised commission policy on June 2
The policy revision appears intended to boost commission revenue and commerce ad sales 
Revitalizing commerce ecosystem amid slowing transaction volume and boosting profit through commission hike deemed optimistic

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NAVER (035420 KS) - Commerce in Full Swing

<ul><li>4Q24 revenue aligns with consensus, while OP falls short on increased marketing expenses</li><li>Marketing expenses set to rise through 2025, but less likely to hurt OPM</li><li>Signs of recovery seen in commerce services; stock price to stay on an upward trajectory if strong performance persists through 1H25</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

4Q24 revenue aligns with consensus, while OP falls short on increased marketing expensesMarketing expenses set to rise through 2025, but less likely to hurt OPMSigns of recovery seen in commerce services; stock price to stay on an upward trajectory if strong performance persists through 1H25Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Naver (035420 KS) - Signs of Optimism Seen in Commerce Biz

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Naver's CHZZK has been increasing its market share in the Korean live game streaming sector. This improving momentum is likely to continue to positively impact Naver's share price. </li>
<li>CHZZK was the top ranking live streaming platform in Korea in December 2024 with about 2.5 million MAU.</li>
<li>Naver is currently trading at EV/EBITDA of 11.4x and P/E of 18.3x, which are 50% and 51% lower respectively than its historical average valuation multiples from 2020 to 2023.</li>
</ul>


Naver's CHZZK has been increasing its market share in the Korean live game streaming sector. This improving momentum is likely to continue to positively impact Naver's share price. 
CHZZK was the top ranking live streaming platform in Korea in December 2024 with about 2.5 million MAU.
Naver is currently trading at EV/EBITDA of 11.4x and P/E of 18.3x, which are 50% and 51% lower respectively than its historical average valuation multiples from 2020 to 2023.


Naver: CHZZK Increasing Market Share in the Korean Live Game Streaming Sector

<ul>
<li>In the past week, one of the biggest stories in the Korean e-commerce/logistics market has been the entrance of JD Logistics into the South Korean market.</li>
<li>We believe that the ongoing tariff war between the US and China is likely to have accelerated this move by JD Logistics to find new markets for its products. </li>
<li>If JD.com/JD Logistics decide to expand aggressively in Korea, the major Korean e-commerce players (such as Coupang (CPNG US), Naver Corp (035420 KS), Gmarket, and 11st) may be negatively impacted.</li>
</ul>


In the past week, one of the biggest stories in the Korean e-commerce/logistics market has been the entrance of JD Logistics into the South Korean market.
We believe that the ongoing tariff war between the US and China is likely to have accelerated this move by JD Logistics to find new markets for its products. 
If JD.com/JD Logistics decide to expand aggressively in Korea, the major Korean e-commerce players (such as Coupang (CPNG US), Naver Corp (035420 KS), Gmarket, and 11st) may be negatively impacted.


JD Logistics Enters South Korea: Accelerated by Tariff War Between China and the US?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-telecom-co-ltd-bbccd86c-474d-4a4d-946d-10e911a225a2" target="_blank" data-smartkarma-citation="entities:395:1" rel="noopener">SK Telecom (017670 KS)</a> plans to raise around US$280m via selling its 2%+ stake in <a href="https://www.smartkarma.com/entities/kakao-corp" target="_blank" data-smartkarma-citation="entities:15002:1" rel="noopener">Kakao Corp (035720 KS)</a>.</li>
<li>Kakao’s recent performance hasn’t been particularly great and the stock has been suffering even since the Kakao Pay management scandal in 2021.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the recent updates.</li>
</ul>



SK Telecom (017670 KS) plans to raise around US$280m via selling its 2%+ stake in Kakao Corp (035720 KS).
Kakao’s recent performance hasn’t been particularly great and the stock has been suffering even since the Kakao Pay management scandal in 2021.
In this note, we will run the deal through our ECM framework and talk about the recent updates.


Kakao Corp Placement - Momentum Isn’t Great but It Is a Small Deal

South Korea

Naver Corp. provides Internet site with web portal services, such as search engine, online game and content development.  The Company also offers marketing service through text and banner advertisement.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Naver Corp (035420 KS)

NAVER (035420 KS) - Commerce in Full Swing

Naver confirmed its Naver Plus Store app launch for March 12 and plans to implement a revised commission policy on June 2

Daishin Securities

Naver (035420 KS) - Signs of Optimism Seen in Commerce Biz

4Q24 revenue aligns with consensus, while OP falls short on increased marketing expenses. Marketing expenses set to rise through 2025, but less...

Daishin Securities

JD Logistics Enters South Korea: Accelerated by Tariff War Between China and the US?

In the past week, one of the biggest stories in the Korean e-commerce/logistics market has been the entrance of JD Logistics into the South Korean...

Douglas Kim

Kakao Corp Placement - Momentum Isn’t Great but It Is a Small Deal

SK Telecom (017670 KS) plans to raise around US$280m via selling its 2%+ stake in Kakao Corp (035720 KS). In this note, we talk about the deal...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NAVER (035420 KS) - Commerce in Full Swing

Naver confirmed its Naver Plus Store app launch for March 12 and plans to implement a revised commission policy on June 2

Daishin Securities

Naver (035420 KS) - Signs of Optimism Seen in Commerce Biz

4Q24 revenue aligns with consensus, while OP falls short on increased marketing expenses. Marketing expenses set to rise through 2025, but less...

Daishin Securities

Naver: CHZZK Increasing Market Share in the Korean Live Game Streaming Sector

Naver's CHZZK has been increasing its market share in the Korean live game streaming sector. This improving momentum is likely to continue to...

Douglas Kim

JD Logistics Enters South Korea: Accelerated by Tariff War Between China and the US?

In the past week, one of the biggest stories in the Korean e-commerce/logistics market has been the entrance of JD Logistics into the South Korean...

Douglas Kim

Kakao Corp Placement - Momentum Isn’t Great but It Is a Small Deal

SK Telecom (017670 KS) plans to raise around US$280m via selling its 2%+ stake in Kakao Corp (035720 KS). In this note, we talk about the deal...

Sumeet Singh