Mirae Asset Securities said on 18th that NAVER is expected to benefit from growth in the stablecoin market and that its webtoon business is also likely to see accelerated global growth. It raised its target price to 340,000 won from 310,000 won and maintained a buy rating. NAVER's closing price in the previous trading day was 235,000 won.
Lim Hee-seok, an analyst at Mirae Asset Securities, noted, "If the issuance of a won-denominated stablecoin by NAVER and Upbit becomes a reality, the stablecoin business will grow into one capable of generating 300 billion won in annual revenue by 2030." By 2035, the two are expected to post 1 trillion won in combined revenue, with NAVER seeing revenue contribution of around 500 billion won.
As the share of stablecoin payments expands, Naver Financial's savings in payment fees are expected to reach around 145 billion won by 2030. The ratio to payment-fee revenue is also expected to fall to below 50% by 2030 from the current 54%.
Mirae Asset Securities also focused on the webtoon business. Lim said, "Global growth will continue with the supply of Disney titles and the launch of new platforms," adding, "If it evolves into a platform where users can also enjoy animation, demand through a subscription business model (BM) could increase." From a long-term perspective, assuming a 10% subscription penetration (a $10 monthly plan), it could generate $1.8 billion in new annual revenue, and at a 20% assumption, $3.6 billion.
Lim emphasized, "NAVER Webtoon's global total time spent rivals the total time spent on NAVER in Korea, but quarterly ad revenue is only about 5%, leaving room for explosive growth from higher ad unit prices."
He added, "With stablecoin-related legislation enacted in the fourth quarter, optimism over benefits from stablecoin activation is expected to emerge strongly," and said, "The webtoon collaboration with Disney will lead to a mid- to long-term rerating (revaluation)." Mirae Asset Securities picked NAVER as its top pick in the internet sector.