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

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.

Thematic (Sector/Industry)

<ul><li>We expect AI adoption to drive meaningful price, volume, and cost improvements in 2026, supporting strong momentum in the ad segment.</li><li>E-commerce growth has also been rebounding since 3Q25.</li><li>Our top pick is NAVER due to its attractive valuation. Our target price (W410,000) is based on a P/E of 29x (vs. current 2026F P/E of 18x).</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.

We expect AI adoption to drive meaningful price, volume, and cost improvements in 2026, supporting strong momentum in the ad segment.E-commerce growth has also been rebounding since 3Q25.Our top pick is NAVER due to its attractive valuation. Our target price (W410,000) is based on a P/E of 29x (vs. current 2026F P/E of 18x).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.

Mirae Asset Minutes [2025: Volume 22]Biweekly strategy meeting recap

<ul><li>Contrary to earlier concerns that the spread of generative AI would reduce both query volumes and user time spent on traditional search engines, the data actually show a meaningful increase in time spent on incumbent platforms.</li><li>Indeed, despite downward pressure on query volume, Google’s aggregate user time has increased sharply, with YoY growth exceeding 10% since June and accelerating past 20% since September (Sensor Tower estimates).</li><li>We believe this trend reflects the growing impact of Google’s AI Overviews (formerly SGE) feature, which provides AI-generated summaries and direct answers within search results. </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.

Contrary to earlier concerns that the spread of generative AI would reduce both query volumes and user time spent on traditional search engines, the data actually show a meaningful increase in time spent on incumbent platforms.Indeed, despite downward pressure on query volume, Google’s aggregate user time has increased sharply, with YoY growth exceeding 10% since June and accelerating past 20% since September (Sensor Tower estimates).We believe this trend reflects the growing impact of Google’s AI Overviews (formerly SGE) feature, which provides AI-generated summaries and direct answers within search results. 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.

Internet (Overweight/Maintain)Momentum set to pick up in 2026

<ul><li>In the US, demand for solar equipment and polysilicon has been pulled forward due to the passage of the OBBB.</li><li>Demand is likely to remain strong through 2027.</li><li>Amid new regulations aimed at excluding China from key supply chains, the preference for non-China products is likely to strengthen. </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.

In the US, demand for solar equipment and polysilicon has been pulled forward due to the passage of the OBBB.Demand is likely to remain strong through 2027.Amid new regulations aimed at excluding China from key supply chains, the preference for non-China products is likely to strengthen. 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.

Mirae Asset Minutes [2025: Volume 16]Biweekly Strategy Meeting Recap

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) - 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

Mirae Asset Minutes [2025: Volume 22]Biweekly strategy meeting recap

We expect AI adoption to drive meaningful price, volume, and cost improvements in 2026, supporting strong momentum in the ad segment.

Mirae Asset Securities

Internet (Overweight/Maintain)Momentum set to pick up in 2026

Indeed, despite downward pressure on query volume, Google’s aggregate user time has increased sharply, with YoY growth exceeding 10% since June and...

Mirae Asset Securities

Mirae Asset Minutes [2025: Volume 16]Biweekly Strategy Meeting Recap

In the US, demand for solar equipment and polysilicon has been pulled forward due to the passage of the OBBB. Demand is likely to remain strong...

Mirae Asset Securities

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