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

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Equity Bottom-Up

<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.

External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

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.

<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

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/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

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)