Naver: A growth stock that has regained its growth potential... Entering the AI factory business with Nvidia

Summary

The video analyzes Naver's announcement that it is entering the AI factory business in partnership with Nvidia. The hosts detail the planned data center capacity rollout and project that the AI factory could add tens of trillions of won to Naver's valuation. They frame Naver as a growth stock that has regained its growth narrative, supported by solid core earnings, and present a long-term bullish case with a potential doubling of market cap over five years.

• Naver stock rose 10% on the AI factory news despite a weak overall market.
• Naver plans 200MW of AI data center capacity by 2028, with cumulative buildout reaching 1.1GW across phases.
• Market currently ascribes about 20 trillion won per 1GW to AI factory assets, implying ~4 trillion won near-term and up to 20 trillion won long-term value addition.
• Company provided AI factory revenue guidance of 700 billion won in 2027 and 1.8 trillion won in 2028, with operating profit of 100 billion won and 270 billion won respectively; analysts caution the margin guidance may be aggressive.
• Naver already generates strong cash flow (500+ billion won quarterly operating profit) and the new growth catalyst is expected to re-rate the stock's valuation multiples.
• Long-term scenario: if Naver reaches 20 trillion won revenue and 20%+ operating margin by 2030–31, a 15–20x PER would imply a market cap of 60–80+ trillion won, roughly double current levels.
• The hosts see Naver as a buy-on-dips story for a 5-year hold, with a target price of 400,000 won from analysts.