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Naver Headquarters Exterior View (Photo: Naver) |
[Alpha Biz= Paul Lee] SK Securities increased its target price for Naver from 260,000 KRW to 290,000 KRW on Monday, citing the expected benefits of a revised commission fee structure. The brokerage firm maintained its "Buy" rating on the stock.
According to SK Securities, Naver currently imposes a 1.81% commission fee when users are directed to a store through search. However, starting June 2, a new fee structure will be applied based on transaction volume in Naver Shopping, regardless of how users access the store.
The new fee structure will charge sellers 0.91% to 1.82% when transactions occur via external marketing efforts, while other transactions will be subject to a fee of 2.73% to 3.64%. SK Securities estimated that Naver’s on-platform gross merchandise volume (GMV) last year was approximately 31 trillion KRW, and the fee restructuring could generate an additional 160 billion KRW in revenue in the second half of this year.
The firm added that the likelihood of sellers leaving the platform remains low since Naver’s commission rates are still lower than those of other e-commerce platforms. While increased marketing costs in the first half of the year may pose a financial burden as Naver promotes its new applications, transaction volume growth is expected to drive revenue gains in the latter half of the year.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
