De-risked AIDC capex; subleasing visibility key Quick Note

研报英文原文证据摘录

De-risked AIDC capex; subleasing visibility key Quick Note

Global Markets Research

Naver Corporation 035420.KS 035420 KS 27 July 2026

EQUITY: INTERNET & NEW MEDIA

RatingDe-risked AIDC capex; subleasing visibility key Remains Neutral

Target price KRW 210,000 RemainsQuick Note

Closing price KRW 207,500 24 July 2026Nvidia's equity investment and Brookfield SPV: Unlocking capital-efficient AIDC growth

Naver has officially disclosed on 27 July a strategic partnership and financing framework

to scale its AIDC capacity at GAK Sejong to 200MW by 2028 as part of its 1GW long-term

vision. (link) Under the initial USD10bn investment phase, Nvidia (NVDA US, Not rated) Research Analysts

will acquire ~4.5% of Naver common shares for USD1bn. As outlined in Naver’s regulatory South Korea Internet & New Media

disclosures, Nvidia’s capital payment (due Oct 2026) is contingent upon Naver securing at Angela Hong - NFIK

least USD9bn in external computing infrastructure capital. To satisfy this condition, Naver angela.hong@nomura.com

has selected global infrastructure manager Brookfield (BN US, Not rated) as its exclusive +822 3783 2360

partner under a 12-week negotiation window to establish an off-balance-sheet SPV/project

financing framework.

Financial impact: Off-balance-sheet SPV eliminates balance sheet leverage risks

The establishment of the Brookfield SPV directly addresses market concerns regarding

Naver’s balance sheet leverage and capital intensity, in our view. By placing the

underlying real estate, power infrastructure, and Nvidia DSX platform/GPU assets within

an off-balance-sheet SPV (where Brookfield holds majority equity), Naver avoids

consolidating multi-billion-dollar project debt onto its own balance sheet. Naver will enter