Naver, lack of momentum in the short term ... Expected long-term new business - the best securities

[Korea financial newspaper goyounghun journalists] do not have fresh momentum in the short term for Naver Best Investment Securities 13 days price breather is sustainable, but in the long run was the new business expected doendamyeo a stock of 100 million won BUY .

Connect the first quarter of Naver earnings are sales 1.0655 trillion won (YoY 13.7%, QoQ -1.8%), operating profit of 288.6 billion won (YoY 12.4%, QoQ -0.6%) expected the same level as in the previous quarter.

The Best Investment seongjonghwa researchers "display ad sales are expected to decline in the previous quarter double-digit influence seasonality and search ad sales increased mobile platform sales exceed PC platform sales decrease and will be a slight increase in the previous quarter," said "line Yen sales basis was diagnosed to exceed the sluggish growth of the solid content, communications and other sectors of the advertising sector increased slightly compared to the previous quarter but weaker yen will be affected. "

Sex researcher "is one 1Q11 compared to sales forecasts and market consensus is met, the operating profit of 7-8% below year Papa and TV advertising continues, because of marketing costs such as advertising line games," he said "this year is 350 billion won forecast annual marketing costs so there is no big change, "he said.

He added, "earnings are such very stable among Naver page, Shopping, Real Madrid, videos, snow Several new businesses have and are developing steadily, autonomous navigation, artificial intelligence, robotics, translation, web browser, such as a new growth engine excavation through the new technologies sector investment there is also steady progress "and" forecast that is likely to trigger a strong increase in the value of these new businesses emerge from the future. "



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