NAVER Corporation: Potential investment in logistics?

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NAVER Corporation: Potential investment in logistics?

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NAVER Corporation

Potential investment in logistics?

Reiterate Rating: BUY | PO: 300,000 KRW | Price: 196,500 KRW

Less likely to invest in fully integrated last mile service 06 July 2026

Korea Economic Daily reported that NAVER is currently looking to directly invest in the Equity

logistics business by initially securing several logistics centers nationwide. The article

also quoted ‘industry source’ that the company may consider hiring delivery personnel, AhyungResearchChoAnalyst>>

implying a fully integrated last mile delivery service. If true, this could increase Merrill Lynch (Seoul)

competition in the e-commerce/logistics businesses. However, we view the likelihood +82ahyung.cho@bofa.com2 3707 0527

looks low for NAVER to shift into an asset-heavy business model, in-line with Zoe (Jung-ae) Chun >>

management’s earlier comments at its 1Q26 earnings call. Research Analyst

Merrill Lynch (Seoul)

Management reviewing asset-light business models zoe.chun@bofa.com

During its 1Q26 earnings call, NAVER management had commented that it is looking

into various options to strengthen competitiveness in logistics, including increasing

direct fulfillment partnership, to improve user experience. Management also set a target Stock Data

to increase N Delivery (from same day delivery, next day, Sunday and preferred day

Price 196,500 KRW

delivery etc). As such N Delivery contribution would rise from 25% by end of this year to

Price Objective 300,000 KRW

50% by 2028-end. The company had earlier announced that it would start offering

Date Established 30-Apr-2026

unlimited free return service for its NAVER Plus members sometime in 2H26.

Investment Opinion B-1-7