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

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Nov 28th. The aggregated short interest was USD11.5bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Hanwha Ocean, SK Hynix, kakaopay, NAVER, HD HYUNDAI HEAVY INDUSTRIES.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Nov 28th. The aggregated short interest was USD11.5bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Hanwha Ocean, SK Hynix, kakaopay, NAVER, HD HYUNDAI HEAVY INDUSTRIES.


KRX Short Interest Weekly (Nov 28th): Hanwha Ocean, SK Hynix, Kakaopay, NAVER

<ul>
<li>We analysed the earning revision of component stocks of MSCI South Korea in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on ORION, KEPCO, LG Energy Solution, ECOPROBM, NAVER, Samsung Elec (PREF), KIA, LG Chem, Naver, Korea Electric Power, Samsung Electronics Non Voting Pre, Kia, Orion.</li>
</ul>


We analysed the earning revision of component stocks of MSCI South Korea in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on ORION, KEPCO, LG Energy Solution, ECOPROBM, NAVER, Samsung Elec (PREF), KIA, LG Chem, Naver, Korea Electric Power, Samsung Electronics Non Voting Pre, Kia, Orion.


MSCI South Korea Index Earning Revision (Nov): ORION, KEPCO, LG Energy Solution, ECOPROBM, NAVER

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

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

KRX Short Interest Weekly (Nov 28th): Hanwha Ocean, SK Hynix, Kakaopay, NAVER

We analyzed KRX short interest report for the past week and highlighted short interest changes in Hanwha Ocean, SK Hynix, kakaopay, NAVER, HD...

Ke Yan, CFA, FRM

MSCI South Korea Index Earning Revision (Nov): ORION, KEPCO, LG Energy Solution, ECOPROBM, NAVER

We analyzed MSCI South Korea's consensus for Nov 2025 and highlighted changes of EPS in ORION (271560 KS), KEPCO (015760 KS), LG Energy Solution...

Ke Yan, CFA, FRM

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

KRX Short Interest Weekly (Nov 28th): Hanwha Ocean, SK Hynix, Kakaopay, NAVER

We analyzed KRX short interest report for the past week and highlighted short interest changes in Hanwha Ocean, SK Hynix, kakaopay, NAVER, HD...

Ke Yan, CFA, FRM

MSCI South Korea Index Earning Revision (Nov): ORION, KEPCO, LG Energy Solution, ECOPROBM, NAVER

We analyzed MSCI South Korea's consensus for Nov 2025 and highlighted changes of EPS in ORION (271560 KS), KEPCO (015760 KS), LG Energy Solution...

Ke Yan, CFA, FRM

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