[서울=뉴스핌] Reporter Kim Joon-hee = Coupang, which is promoting listing on the New York Stock Exchange (NYSE), is estimated to have a maximum corporate value of 50 trillion won, while Naver, which is currently around 60 trillion won, is evaluated as cheap. Hyundai Motor Securities maintained its Buy rating on Naver and raised its target price to KRW 500,000.
Kim Hyun-yong, a researcher at Hyundai Motor Securities, said on the 15th, “Naver Shopping is a top 2 business operator that competes for No. 1 with Coupang in terms of appearance. Even assuming a discount compared to Coupang due to the absence of its own delivery network, Naver Shopping’s evaluation certificate is at least 6 trillion to 18 trillion won This is possible,” he said.
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Researcher Kim said, “Naver Shopping has a strong ecosystem with its strengths such as high point accumulation rate, strengthening connection with its own contents such as webtoon/music, and loans to sellers.” “The total amount of transactions between Naver Shopping and Coupang (GMV) is equal. One situation.”
He continued, “Even if we consider the logistics inferiority to Coupang, the valuation discount rate is reasonable at 30~40% or less.” (+4~100,000 won per week).”
At the same time, a 40% discount was applied to the Coupang value of 30 billion dollars (34 trillion won), raising the Naver shopping value to 20.4 trillion won (+8.4 trillion won). It is explained that the target market cap was raised from 73.9 trillion won to 82.3 trillion won, and the target price was also raised from 450,000 won to 500,000 won.
Meanwhile, Coupang submitted a stock report for listing on the New York Stock Exchange (NYSE) to the US Securities and Exchange Commission (SEC) on the 12th (local time). The number of bands to be offered and price bands to be offered are undecided, and it is expected to be listed as early as the end of March. After the public offering, the estimated market capitalization has increased from the previous $30 billion forecast to a maximum of $50 billion.