[Click eStock] "Coupang's US Listing Imminent... Naver Reevaluated as Global Commerce Platform"

[Asia Economy Reporter Ji Yeon-jin] Mirae Asset Daewoo announced on the 9th that as Coupang's listing on the New York Stock Exchange in the United States is imminent, the value of Naver's (NAVER) commerce division is expected to be reassessed, maintaining the target stock price at 490,000 KRW.

Coupang is scheduled to be listed on the New York Stock Exchange on the 11th. The public offering price is expected to be $27 to $30, with a maximum corporate value of 57 trillion KRW. This is based on applying Coupang's transaction amount of 22 trillion KRW last year to Amazon's average price-to-sales ratio (PSR) of 2.6 times from 2019 to 2020. This is analyzed to reflect the high penetration rate and growth rate of the domestic e-commerce market as well as the continuous increase in Coupang's market share.

In January this year, the market shares of Naver and Coupang are estimated to be 18.6% and 16%, respectively. According to estimates by market research firm WiseApp, the payment amounts of Naver and Coupang in January grew by 65% and 68% year-on-year, respectively, far exceeding the 22% increase in domestic online shopping transaction amounts in January by three times. Researcher Kim Chang-kwon of Mirae Asset Daewoo said, "Naver is fully launching its global commerce platform strategy as the largest shareholder of Z Holdings," adding, "By building a global product database, payment, and delivery system, overseas transaction amounts will be recognized in the second half of this year, and with Coupang's IPO, Naver's commerce division value is expected to be reassessed."

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