[이코노믹리뷰=노성인 기자] Hyundai Motor Securities analyzed that Naver (035420) would benefit from the effect of listing on Nasdaq. Accordingly, we maintained our BUY rating and raised our target price from KRW 450,000 to KRW 500,000.
Kim Hyun-yong, a researcher at Hyundai Motor Securities, said in a report on the 15th, “Coupang submitted the application form (S-1) for listing on the NASDAQ to the US Securities and Exchange Commission (SEC). It is judged as a schedule that can be assumed in words,” he said. “After the foreign press outlook and the public offering that Coupang expects, the market capitalization has been raised from the previous $30 billion forecast to a maximum of $50 billion.”
Researcher Kim said, “Coupang is about 1.0 to 1.7 times P/GMV (PER/GMV) of this year’s total transaction amount (GMV), which is half that of Amazon, and is similar to Alibaba.” “As an operator who is struggling with the company, Naver Shopping’s evaluation certificate is expected to reach a maximum of 18 trillion won from a minimum of 6 trillion won, even assuming a discount compared to Coupang due to the absence of its own delivery network.”
He said, “Naver Shopping already has a solid ecosystem with its strengths, such as high point accumulation rate, strengthening connection with its own contents such as webtoon and music, and loans to sellers.” “The GMV scale of both companies is equal, even considering logistics inferiority compared to Coupang The valuation discount rate is reasonable to be below 30-40%.”
Hence, Hyundai Motor Securities diagnosed that if Coupang’s market value is 30-50 trillion won, even if a conservative 40% discount is assumed, the Naver shopping valuation certificate is 6-18 trillion won.
Researcher Kim added, “If a 40% discount is applied from the coupang value of 34 trillion won, the value of Naver Shopping is expected to increase to 20.4 trillion won.”
Meanwhile, at 9:45 am on the day, Naver is trading at 381,000 won, up 14,500 won (3.96%) from the previous trading day. Naver also updated the reported price by rising to 388,000 won at the beginning of the market.