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We Increase Our FVE for Naver to KRW 831,000

BBSP Equity Asia Weekly Research 10 August 2017

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Equity Bottom-Up

<ul><li class="p1">For the past decade, Naver has dominated the Korean search market, via which it generates strong revenue growth and cash flow.</li><li class="p1">According to KoreanClick, Naver’s market share is about 75% in terms of queries, much higher than Daum’s 14%-15% and Google Korea’s 8%-9%.</li><li class="p1">We expect the company to continue its leadership in the search market in South Korea, and this cash cow business will generate sufficient cash flow to support its investment in research and development and overseas expansion</li></ul><p><em>Analyst: Marie Sun</em></p>

For the past decade, Naver has dominated the Korean search market, via which it generates strong revenue growth and cash flow.According to KoreanClick, Naver’s market share is about 75% in terms of queries, much higher than Daum’s 14%-15% and Google Korea’s 8%-9%.We expect the company to continue its leadership in the search market in South Korea, and this cash cow business will generate sufficient cash flow to support its investment in research and development and overseas expansionAnalyst: Marie Sun

Initiating Coverage of Naver With Wide Moat, Stable Trend, and FVE of KRW 752,000; Stock Overvalued

Naver Corp

Initiating Coverage of Naver With Wide Moat, Stable Trend, and FVE of KRW 752,000; Stock Overvalued