사진 확대
Naver and Kakao, the native platform companies, were completely excluded from the domestic stock market rally in the first half of this year as they fell behind in competition with Big Tech’s artificial intelligence (AI) innovation service, which leads the global market. However, Naver’s stock price also rebounded slightly as it focused on securing search services and infrastructure, which are its strengths.
On the other hand, Kakao appears to be weakening as it has not been able to present a clear AI profit model.
According to the Korea Exchange on the 24th, Naver’s stock price rose 6.43% in the last two weeks (August 10-24) to close at 223,500 won.
On the other hand, Kakao’s stock price fell 10.28 percent during the same period. Kakao’s stock price has continued to decline while Naver’s stock price has been fluctuating, solidifying its bottom and recently rebounding. Compared to the beginning of the year, Naver fell only 7.84 percent, but Kakao plunged 40.43 percent.
In particular, Naver has recently worked with Nvidia and Brookfield to make a breakthrough by promoting the global AI factory business. Naver is currently entering the ‘Neo Cloud’ business, which is in a steep growth section, raising expectations for profitable AI business.
Target stock prices are also continuing to rise. Last month, Korea Investment & Securities raised Naver’s target stock price from 330,000 won to 360,000 won, and Shinhan Investment & Securities raised it from 240,000 won to 270,000 won this month.
On the other hand, Kakao has recently started to enhance corporate value by presenting a detailed roadmap for shareholder return along with corporate governance restructuring, but the market response is cold. Critics point out that specific shareholder return cards have not stimulated investor sentiment as they have been seen as a reduction in growth resources or weakening of the main business engine at a time when the profitability of new AI businesses is urgently needed.
Oh Dong-hwan, a researcher at Samsung Securities, pointed out, “As Kakao AI is not yet highly evaluated in the AI service market, it is difficult to receive a valuation premium compared to its global peers.”
[Reporter Moon Ga Young]