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.

External broker reports(aggregated public sources)

Naver Financial and Dunamu BODs To Decide on A Comprehensive Stock Swap on 26 November

Naver Financial and Dunamu Finalizes the Merger Ratio

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><p><em>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.</em></p>

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

Naver Corp

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