NAVER Shopping and Coupang Grow Three Times Faster Than Overall

[Korea] Internet March 9, 2021

NAVER Buy (035420 KS ) (Maintain)

NAVER Shopping and Coupang grow three times TP: W490,000 faster than overall market in January Upside: 33.0%

Mirae Asset Daewoo Co., Ltd. Chang-kwean Kim [email protected] HeeSeok Lim [email protected]

Jan uary GMV: +65% for NAVER NAVER ’s and Coupang ’s Jan uary e-commerce market shares estimated at 18.6 % and 16%, and +68% for Coupang, vs. +22% respectively for market ó According to media reports, NAVER’s and Coupang’s January GMV expanded 65% and 68% YoY, respectively, based on data from market researcher WiseApp. ó Those numbers are roughly triple the 22% YoY growth rate of domestic online sho pping GMV in January (based on Statistics Korea data). ó We estimate NAVER and Coupang accounted for 18.6% and 16.0%, respectively, of the e- commerce market in January (vs. 13.9% and 11.7%, respectively, in Jan. 2020), suggesting continued market concentration.

NAVER Shopping (C2C) and NAVER to strengthen overseas capabilities; Coupang to expand M&As and spending in 2021 Coupang (B2C) to gain further ó In Korea, NAVER is the main search engine for e-commerce. (In the US, Amazon fills that role.) market share in 2021 ó Meanwhile, one of Coupang’s biggest strengths is its in-house delivery infrastructure—similar to what Amazon has in the US. ó Around 60% of Amazon’s GMV comes from its third-party marketplace (C2C, similar to NAVER), while 40% is generated from its first-party business (B2C, similar to Coupang). ó As Z Holdings’ largest shareholder, NAVER is ramping up its global commerce platform strategy. We believe the company will establish global merchandise database, payment, and delivery systems and begin recognizing overseas GMV in 2H21.

Amazon seen as Coupang ’s peer; Coupang could serve as a potential boost to NAVER ’s valuation NAVER Shopping’s value to come ó Coupang, which is set to go public on the New York Stock Exchange on Mar. 11, proposed an into focus IPO price range of $27-30 per share, which would value the company at up to W57tr. ó In deriving its valuation, we believe Coupang applied a P/S of 2.6x—Amazon’s average multiple based on 2019-20 GMV—to its 2020 GMV of W22tr. ó In our view, this valuation reflects the high penetration and growth rate of the domestic e- commerce market and expectations on Coupang’s continued market share expansion. ó We think Coupang’s IPO could trigger a revaluation of NAVER’s commerce business. We maintain our Buy rating and target price of W490,000.

Key data

Current price (3/8/21, W) 368,500 Market cap (Wbn) 60,531 260 NAVER KOSPI OP (20F, Wbn) 1,215 Shares outstanding (mn) 164 210 Consensus OP (20F, Wbn) 1,176 Free float (%) 78.4 160 EPS growth (20F, %) 44.5 Foreign ownership (%) 57.3

110 P/E (20F, x) 57.2 Beta (12M) 0.35

60 Market P/E (20F, x) 21.0 52-week low (W) 143,000 3.20 7.20 11.20 3.21 KOSPI 2,996.11 52-week high (W) 399,500

Share performance Earnings and valuation metrics (%) 1M 6M 12M (Dec.) 2017 2018 2019 2020F 2021F 2022F Absolute 3.1 18.5 105.3 Revenue (Wbn) 4,678 5,587 6,593 5,304 6,655 8,269 Relative 6.3 -5.0 39.8 OP (Wbn) 1,179 943 710 1,215 1,472 2,081

OP margin (%) 25.2 16.9 10.8 22.9 22.1 25.2 NP (Wbn) 773 649 583 840 1,437 1,859 EPS (W) 4,689 3,937 3,538 5,112 8,751 11,315 ROE (%) 18.5 13.0 10.6 13.6 19.7 20.9 P/E (x) 37.1 31.0 52.7 57.2 42.1 32.6 P/B (x) 4.8 3.1 4.3 6.0 6.5 5.4 Div. yield (%) 0.2 0.3 0.2 0.1 0.1 0.1 Notes: Under consolidated K-IFRS; NP is attributable to owners of the parent Source: Company data, Mirae Asset Daewoo Research estimat es Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including t he US. PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES AND DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT. March 9, 2021 NAVER

Figure 1. NAVER and Coupang: January GMV

(Wtr) 2020 2021 4

* E-commerce M/S +65% 3 13.9% →18.6% YoY * E-commerce M/S +68% 11.7% →16.0% YoY

0 NAVER Coupang

Source: Press reports, Mirae Asset Daewoo Research estimates

Figure 2. NAVER and Coupang: Annual GMV

(Wtr) NAVER Coupang 30

0 2018 2019 2020

Source: Press reports, Mirae Asset Daewoo Research estimates

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Table 1. NAVER: E-commerce M/S and revenue recognition as % of GMV (Wbn) 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 Korea e-commerce GMV 31,589 32,529 33,737 37,408 36,893 37,495 41,690 45,304 YoY 19% 19% 20% 20% 17% 15% 24% 21% NAVER GMV 4,408 4,637 5,230 5,229 5,800 6,167 7,427 8,170 YoY 46% 35% 50% 31% 32% 33% 42% 56% M/S (R) 14.0 14.3 15.5 14.0 15.7 16.4 17.8 18.0 Quarterly e-commerce revenue (L) 177 193 203 219 231 256 285 317 YoY 30% 33% 41% 45% Revenue recognition as % of GMV 4.0% 4.2% 3.9% 4.2% 4.0% 4.2% 3.8% 3.9% Transaction fee rate 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Ad rate 2.0% 2.2% 1.9% 2.2% 2.0% 2.2% 1.8% 1.9% Source: Company data, Mirae Asset Daewoo Research

Figure 3. NAVER: Quarterly e-commerce revenue and M/S

(Wbn) Quarterly e-commerce revenue (L) M/S (R) (%) 400 17.8 18.0 18.0 16.4 15.7 300 15.5 14.0 14.3 14.0 14.0 200

10.0 100

0 6.0 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20

Source: KOSTAT, Mirae Asset Daewoo Research estimates

Mirae Asset Daewoo Research 3 March 9, 2021 NAVER

Figure 4. US e-commerce consumers’ product search choices

<2013> <2015> <2016>

22% 17% 30% 44% 57% 55% 28% 13% 34%

Amazon Google Other Amazon Google Other Amazon Google Other

Source: Bloomberg Intelligence, Mirae Asset Daewoo Research

Figure 5. Amazon: Revenue growth Figure 6. Amazon: Share performance

(%) (US$) 45 4,000 41 39 40 40 38 3,500 34 35 31 31 31 3,000 29 30 28 27 27 26 26 2,500 25 23 22 23 20 20 20 2,000 20 17 1,500 15 1,000 10

5 500

0 0 02 04 06 08 10 12 14 16 18 20 22F 12 13 14 15 16 17 18 19 20 21

Source: Amazon, Mirae Asset Daewoo Research Source: Bloomberg, Mirae Asset Daewoo Research

Figure 7. Amazon: P/E Figure 8. Amazon: P/S

(x) (x) 700 663 649 3.5

600 3.0 Transaction value (GMV) < Market cap 538

500 2.5

400 2.0

300 257 1.5 Average: 1.5x

200 153 1.0 127 100 64 71 75 80 78 0.5 37

0 0.0 08 09 10 11 12 13 14 15 16 17 18 19 20 00 02 04 06 08 10 12 14 16 18 20

Source: Bloomberg, Mirae Asset Daewoo Research Source: Amazon, Bloomberg, Mirae Asset Daewoo Research estimates

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NAVER (035420 KS)

Income statement (summarized) Balance sheet (summarized) (Wbn) 2019 2020F 2021F 2022F (Wbn) 2019 2020F 2021F 2022F Revenue 6,593 5,304 6,655 8,269 Current assets 5,644 5,895 6,676 7,811 Cost of revenue 0 0 0 0 Cash & equivalents 3,741 4,153 4,507 5,131 GP 6,593 5,304 6,655 8,269 AR & other receivables 0 199 249 310 SG&A expenses 5,883 4,089 5,183 6,188 Inventory 55 44 56 69 OP (adj.) 710 1,215 1,472 2,081 Other current assets 1,848 1,499 1,864 2,301 OP 710 1,215 1,472 2,081 Non-current assets 6,656 6,531 7,065 7,876 Non-operating profit 157 880 642 524 Investments in associates 1,558 1,254 1,573 1,954 Net financial income -18 -27 -22 -16 PP&E 1,596 1,674 1,815 1,930 Net income from associates -64 0 0 0 Intangible assets 341 348 367 626 Pretax profit 867 2,095 2,114 2,605 Total assets 12,300 12,426 13,742 15,686 Income tax 466 632 593 731 Current liabilities 3,773 3,247 3,052 3,042 Profit from continuing operations 400 1,132 1,496 1,863 AP & other payables 759 762 568 430 Profit from discontinued operations -4 -296 -65 -13 Short-term financial liabilities 729 646 411 287 NP 397 836 1,431 1,850 Other current liabilities 2,285 1,839 2,073 2,325 Attributable to owners 583 840 1,437 1,859 Non-current liabilities 2,022 1,894 2,029 2,189 Attributable to minority interests -186 -4 -7 -9 Long-term financial liabilities 1,358 1,366 1,366 1,366 Total comprehensive income 536 836 1,431 1,850 Other non-current liabilities 664 528 663 823 Attributable to owners 660 1,030 1,762 2,278 Total liabilities 5,796 5,141 5,081 5,231 Attributable to minority interests -124 -194 -331 -428 Equity attributable to owners 5,805 6,590 7,973 9,776 EBITDA 1,208 1,721 2,012 2,708 Capital stock 16 16 16 16 FCF 921 318 1,133 1,669 Capital surplus 1,575 1,575 1,575 1,575 EBITDA margin (%) 18.3 32.4 30.2 32.7 Retained earnings 5,712 6,498 7,880 9,683 OP margin (%) 10.8 22.9 22.1 25.2 Minority interests 699 695 688 679 Net margin (%) 8.8 15.8 21.6 22.5 Shareholders' equity 6,504 7,285 8,661 10,455

Cash flow statement (summarized) Key valuation metrics/ratios (Wbn) 2019 2020F 2021F 2022F 2019 2020F 2021F 2022F Operating cash flow 1,357 868 1,783 2,319 P/E (x) 52.7 57.2 42.1 32.6 NP 397 836 1,431 1,850 P/CF (x) 24.2 26.0 23.8 18.9 Non-cash income/expenses 873 1,015 1,109 1,348 P/B (x) 4.3 6.0 6.5 5.4 Depreciation 460 472 509 536 EV/EBITDA (x) 24.4 26.9 28.9 21.1 Amortization 38 34 31 91 EPS (W) 3,538 5,112 8,751 11,315 Other 375 509 569 721 CFPS (W) 7,702 11,265 15,458 19,467 Chg. in working capital 567 -473 -187 -158 BPS (W) 43,659 48,587 57,000 67,978 Chg. in AR & other receivables -56 0 0 0 DPS (W) 376 376 376 376 Chg. in inventory 0 11 -11 -13 Dividend payout ratio (%) 13.8 6.6 3.9 3.0 Chg. in AP & other payables 178 0 0 0 Dividend yield (%) 0.2 0.1 0.1 0.1 Income tax -478 -504 -568 -726 Revenue growth (%) 18.0 -19.6 25.5 24.3 Cash flow from investing activities -1,078 -623 -820 -1,134 EBITDA growth (%) 0.3 42.5 16.9 34.6 Chg. in PP&E -429 -550 -650 -650 OP growth (%) -24.7 71.1 21.2 41.4 Chg. in intangible assets -71 -40 -50 -350 EPS growth (%) -10.1 44.5 71.2 29.3 Chg. in financial assets 180 67 -70 -84 AR turnover (x) 22.5 0.0 0.0 0.0 Other -758 -100 -50 -50 Inventory turnover (x) 117.2 106.7 133.1 132.6 Cash flow from financing activities 52 -138 -290 -180 AP turnover (x) 0.0 0.0 0.0 0.0 Chg. in financial liabilities 925 -83 -235 -125 ROA (%) 3.6 6.8 10.9 12.6 Chg. in equity 34 0 0 0 ROE (%) 10.6 13.6 19.7 20.9 Dividends -47 -55 -55 -55 ROIC (%) 29.4 54.4 52.2 56.2 Other -860 0 0 0 Debt-to-equity ratio (%) 89.1 70.6 58.7 50.0 Chg. in cash 418 412 354 624 Current ratio (%) 149.6 181.6 218.7 256.8 Beginning balance 3,323 3,741 4,153 4,507 Net debt-to-equity ratio (%) -30.3 -33.8 -36.0 -37.7 Ending balance 3,741 4,153 4,507 5,131 Interest coverage ratio (x) 20.4 27.7 36.4 56.8 Source: Company data, Mirae Asset Daewoo Research estimates

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Appendix 1

Important disclosures and disclaimers Two-year rating and TP history

Company Date Rating TP (W) (W) NAVER NAVER (035420) 01/29/21 Buy 490,000 600,000 07/24/20 Buy 430,000 500,000 06/30/20 Buy 375,000 400,000 05/25/20 Buy 330,000 11/26/19 Buy 241,000 300,000 09/17/19 Buy 230,000 200,000 08/11/19 Buy 181,000 100,000

07/16/19 Buy 172,000 0 01/23/19 Buy 176,000 Mar 19 Mar 20 Mar 21

Stock ratings Sector ratings Buy Expected 12-month performance: +20% or greater Overweight Expected to outperform the market over 12 months Trading Buy Expected 12-month performance: +10% to +20% Neutral Expected to perform in line with the market over 12 months Hold Expected 12-month performance: -10% to +10% Underweight Expected to underperform the market over 12 months Sell Expected 12-month performance: -10% or worse

Rating and TP history: Share price (─), TP (▬), Not Rated ( ■), Buy (▲), Trading Buy (■), Hold (●), Sell ( ◆) * Our investment rating is a guide to the expected return of the stock over the next 12 months. * Outside of the official ratings of Mirae Asset Daewoo Co., Ltd., analysts may call trading opportunities should technical or short-term material developments arise. * The TP was determined by the research analyst through valuation methods discussed in this report, in part based on estimates of future earnings. * TP achievement may be impeded by risks related to the subject securities and companies, as well as general market and economic conditions.

Ratings distribution and investment banking services Buy Trading Buy Hold Sell Ratings distribution 78.43% 11.76% 8.50% 1.31% Investment banking services 66.67% 22.22% 11.11% 0.00% * Based on recommendations in the last 12 months (as of December 31, 2020)

Disclosures As of the publication date, Mirae Asset Daewoo Co., Ltd. and/or its affiliates own 1% or more of NAVER`s shares outstanding. As of the publication date, Mirae Asset Daewoo Co., Ltd. has acted as a liquidity provider for equity-linked warrants backed by shares of NAVER as an underlying asset; other than this, Mirae Asset Daewoo has no other special interests in the covered companies.

Analyst certification The research analysts who prepared this report (the “Analysts”) are registered with the Korea Financial Investment Association and are subject to Korean securities regulations. They are neither registered as research analysts in any other jurisdiction nor subject to the laws or regulations thereof. Each Analyst responsible for the preparation of this report certifies that (i) all views expressed in this report accurately reflect the personal views of the Analyst about any and all of the issuers and securities named in this report and (ii) no part of the compensation of the Analyst was, is, or will be directly or indirectly related to the specific recommendations or views contained in this report. Mirae Asset Daewoo Co., Ltd. (“Mirae Asset Daewoo”) policy prohibits its Analysts and members of their households from owning securities of any company in the Analyst’s area of coverage, and the Analysts do not serve as an officer, director, or advisory board member of the subject companies. Except as otherwise specified herein, the Analysts have not received any compensation or any other benefits from the subject companies in the past 12 months and have not been promised the same in connection with this report. Like all employees of Mirae Asset Daewoo, the Analysts receive compensation that is determined by overall firm profitability, which includes revenues from, among other business units, the institutional equities, investment banking, proprietary trading, and private client divisions. At the time of publication of this report, the Analysts do not know or have reason to know of any actual, material conflict of interest of the Analyst or Mirae Asset Daewoo except as otherwise stated herein.

Disclaimers This report was prepared by Mirae Asset Daewoo, a broker-dealer registered in the Republic of Korea and a member of the Korea Exchange. Information and opinions contained herein have been compiled in good faith and from sources believed to be reliable, but such information has not been independently verified and Mirae Asset Daewoo makes no guarantee, representation or warranty, express or implied, as to the fairness, accuracy, completeness, or correctness of the information and opinions contained herein or of any translation into English from the Korean language. In case of an English translation of a report prepared in the Korean language, the original Korean language report may have been made available to investors in advance of this report. The intended recipients of this report are sophisticated institutional investors who have substantial knowledge of the local business environment, its common practices, laws, and accounting principles, and no person whose receipt or use of this report would violate any laws or regulations or subject Mirae Asset Daewoo or any of its affiliates to registration or licensing requirements in any jurisdiction shall receive or make any use hereof. This report is for general information purposes only and is not and shall not be construed as an offer or a solicitation of an offer to effect transactions in any securities or other financial instruments. The report does not constitute investment advice to any person, and such person shall not be treated as a client of Mirae Asset Daewoo by virtue of receiving this report. This report does not take into account the particular investment objectives, financial situations, or needs of individual clients. The report is not to be relied upon in substitution for the exercise of independent judgment. Information and opinions contained herein are as of the date hereof and are subject to change without notice. The price and value of the investments referred to in this report and the income from them may depreciate or appreciate, and investors may incur losses on investments. Past performance is not a guide to future performance. Future

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returns are not guaranteed, and a loss of original capital may occur. Mirae Asset Daewoo, its affiliates, and their directors, officers, employees, and agents do not accept any liability for any loss arising out of the use hereof. Mirae Asset Daewoo may have issued other reports that are inconsistent with, and reach different conclusions from, the opinions presented in this report. The reports may reflect different assumptions, views, and analytical methods of the analysts who prepared them. Mirae Asset Daewoo may make investment decisions that are inconsistent with the opinions and views expressed in this research report. Mirae Asset Daewoo, its affiliates, and their directors, officers, employees, and agents may have long or short positions in any of the subject securities at any time and may make a purchase or sale, or offer to make a purchase or sale, of any such securities or other financial instruments from time to time in the open market or otherwise, in each case either as principals or agents. Mirae Asset Daewoo and its affiliates may have had, or may be expecting to enter into, business relationships with the subject companies to provide investment banking, market-making, or other financial services as are permitted under applicable laws and regulations. No part of this document may be copied or reproduced in any manner or form or redistributed or published, in whole or in part, without the prior written consent of Mirae Asset Daewoo. For further information regarding company-specific information as it pertains to the representations and disclosures in this Appendix 1, please contact [email protected] or +1 (212) 407-1000.

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