[Click eStock] "NHN Hanguk Cyber Payment, Benefiting from Online Market Expansion"

Hana Financial Investment Issues 'Buy' Rating and 80,000 KRW Target Price... Closing Price on 10th at 65,500 KRW

[Asia Economy Reporter Kum Bo-ryeong] As NHN Korea Cyber Payment has greatly benefited from the expansion of the domestic online consumer market, Hana Financial Investment on the 11th issued a 'Buy' rating with a target price of 80,000 KRW. The closing price on the 10th was 65,500 KRW.

According to Hana Financial Investment, NHN Korea Cyber Payment showed growth of over 30% in the second quarter as well. Thanks to increased transactions on the Apple App Store and the rise in Tesla vehicle deliveries, the proportion of overseas merchants has risen to 10% of total transaction volume. Payco Order continues to expand with 27,000 merchants, and the number of orders is also increasing.

An Joo-won, a researcher at Hana Financial Investment, explained, "Since last year, NHN Korea Cyber Payment has seen a significant influx of overseas merchants, and their share of transaction volume has been steadily increasing. Based on this reference, we can anticipate further inflow of overseas merchants in the future. Especially since overseas merchants are highly profitable, their increasing share will positively contribute to the company's overall profit growth."

Along with the increase in overseas merchants, the company is leading O2O (online-to-offline) services in the domestic market. Payco Order is rapidly digitizing offline stores through barcode payments and remote ordering services via applications. Researcher An analyzed, "In an era where contactless order payments are gaining attention, this is considered a core business unit that will drive NHN Korea Cyber Payment's growth going forward."

This year's performance is estimated at an operating profit of 37.4 billion KRW and sales of 599.6 billion KRW, representing increases of 17.8% and 27.6% respectively compared to the previous year. Researcher An stated, "We believe NHN Korea Cyber Payment will focus on expanding its scale this year. This is due to benefits from the growth of the domestic online market, efforts to attract global merchants, and the expansion of the Payco Order service. Based on such outstanding growth, the company is securing performance momentum, making this year flawless."