[Click eStock] "Nasmedia, External Environment Still Unfavorable... Target Price Down"

NH Investment & Securities analyzed on the 10th that the external environment is still unfavorable for Nasmedia to demonstrate its differentiated capabilities. The investment opinion 'Buy' was maintained, but the target price was lowered from the previous 27,000 KRW to 22,000 KRW.

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Since June, Nasmedia has recorded stable performance by securing new media and advertisers despite the unfavorable business conditions, with the Advertising Business Outlook Index (KAI) consistently below 100.

Researcher Hwajeong Lee of NH Investment & Securities stated, "The mid- to long-term growth potential remains valid due to the strengthening of the mobile platform through the Google partnership-based advertising platform (SSP) and AI advancement," adding, "In the case of Netflix advertising, the upward trend of domestic advertising plan users and the gradual inflow of advertisers are making the related performance benefits visible."

Regarding the reason for lowering the target price, Lee explained, "The external environment is still unfavorable," and added, "We will reconsider raising the multiple when the advertising market recovery gains momentum and the company's capabilities become more prominent." She also noted, "It is a time when a long-term approach is effective."

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