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>3Q25 earnings meet consensus largely driven by expanded commerce biz, albeit with heavier cost burden</li><li>Commerce expansion tailwinds to subside from 2026; Naver appears to lag behind peers in the pace of AI business</li><li>Dunamu inclusion should help improve margins; focus more on long-term growth and structural shift, rather than short-term events</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.

3Q25 earnings meet consensus largely driven by expanded commerce biz, albeit with heavier cost burdenCommerce expansion tailwinds to subside from 2026; Naver appears to lag behind peers in the pace of AI businessDunamu inclusion should help improve margins; focus more on long-term growth and structural shift, rather than short-term eventsContent 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 Nov 6, 2025) - Longer-Term Growth Visibility over Short-Term Event-Driven Noise

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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.

<ul><li>For 3Q25, NAVER reported revenue of W3.14tr (+16% YoY; 3% above the consensus) and operating profit of W571bn (+9% YoY; 1% above the consensus).</li><li>Search platform revenue came in at W1.06tr (+6% YoY), in line with expectations; we expect this result to help ease concerns about slowing growth.</li><li>Commerce revenue expanded 36% YoY to W985bn (beating expectations by 9%), aided by Smart Store growth (driven by enhanced AI recommendations) and increased take rates. </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.

For 3Q25, NAVER reported revenue of W3.14tr (+16% YoY; 3% above the consensus) and operating profit of W571bn (+9% YoY; 1% above the consensus).Search platform revenue came in at W1.06tr (+6% YoY), in line with expectations; we expect this result to help ease concerns about slowing growth.Commerce revenue expanded 36% YoY to W985bn (beating expectations by 9%), aided by Smart Store growth (driven by enhanced AI recommendations) and increased take rates. 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/Buy)A Strong Buying Opportunity

<ul><li>Webtoon Entertainment announced a partnership with The Walt Disney Company, sending its shares soaring 81% and lifting its market cap by nearly W1.3tr in a single day.</li><li>As a result, we estimate the value of NAVER’s equity stake in the subsidiary has risen by over W800bn.</li><li>Under the partnership, Webtoon Entertainment will create a dedicated Disney section within its English-language app and release approximately 100 Disney titles, starting with adaptations of The Amazing Spider-Man, The Avengers, Star Wars, Alien, and As Old As Time: A Twisted Tale.</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.

Webtoon Entertainment announced a partnership with The Walt Disney Company, sending its shares soaring 81% and lifting its market cap by nearly W1.3tr in a single day.As a result, we estimate the value of NAVER’s equity stake in the subsidiary has risen by over W800bn.Under the partnership, Webtoon Entertainment will create a dedicated Disney section within its English-language app and release approximately 100 Disney titles, starting with adaptations of The Amazing Spider-Man, The Avengers, Star Wars, Alien, and As Old As Time: A Twisted Tale.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/Buy)Disney Partnership to Provide a Boost

<ul><li>NAVER reported in-line 2Q25 results, with revenue of W2.92tr (+12% YoY; vs. consensus of W2.95tr) and operating profit of W522bn (+10% YoY; vs. consensus of W528bn).</li><li>The commerce and content segments performed strongly, offsetting weakness in the search platform unit.</li><li>Search platform revenue was W1.037tr (+6% YoY), 4% lower than expected. That said, return on ad spend (a key ad efficiency metric) improved more than 20% YoY.</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 reported in-line 2Q25 results, with revenue of W2.92tr (+12% YoY; vs. consensus of W2.95tr) and operating profit of W522bn (+10% YoY; vs. consensus of W528bn).The commerce and content segments performed strongly, offsetting weakness in the search platform unit.Search platform revenue was W1.037tr (+6% YoY), 4% lower than expected. That said, return on ad spend (a key ad efficiency metric) improved more than 20% YoY.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/Buy)In-Line 2Q25 Results

<ul><li>NAVER reported in-line 2Q25 results, with revenue of W2.92tr (+12% YoY; vs. consensus of W2.95tr) and operating profit of W522bn (+10% YoY; vs. consensus of W528bn).</li><li>The commerce and content segments performed strongly, offsetting weakness in the search platform unit.</li><li>Search platform revenue was W1.037tr (+6% YoY), 4% lower than expected. </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 reported in-line 2Q25 results, with revenue of W2.92tr (+12% YoY; vs. consensus of W2.95tr) and operating profit of W522bn (+10% YoY; vs. consensus of W528bn).The commerce and content segments performed strongly, offsetting weakness in the search platform unit.Search platform revenue was W1.037tr (+6% YoY), 4% lower than expected. 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.

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.

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Naver Corp (035420 KS)

Naver (035420 KS Nov 6, 2025) - Longer-Term Growth Visibility over Short-Term Event-Driven Noise

Dunamu inclusion should help improve margins; focus more on long-term growth and structural shift, rather than short-term events

Daishin Securities

NAVER (035420 KS/Buy)A Strong Buying Opportunity

For 3Q25, NAVER reported revenue of W3.14tr (+16% YoY; 3% above the consensus) and operating profit of W571bn (+9% YoY; 1% above the consensus).

Mirae Asset Securities

NAVER (035420 KS/Buy)Disney Partnership to Provide a Boost

Webtoon Entertainment announced a partnership with The Walt Disney Company, sending its shares soaring 81% and lifting its market cap by nearly...

Mirae Asset Securities

NAVER (035420 KS/Buy)In-Line 2Q25 Results

NAVER reported in-line 2Q25 results, with revenue of W2.92tr (+12% YoY; vs. consensus of W2.95tr) and operating profit of W522bn (+10% YoY; vs....

Mirae Asset Securities

NAVER (C KS/Buy)In-Line 2Q25 Results

NAVER reported in-line 2Q25 results, with revenue of W2.92tr (+12% YoY; vs. consensus of W2.95tr) and operating profit of W522bn (+10% YoY; vs....

Mirae Asset Securities

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