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Naver's main office in south of Seoul. Yonhap |
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SEOUL, December 10 (AJP) - South Korean tech giant Naver has bucked the trend of foreign investor sell-offs, attracting significant overseas interest in recent weeks.
Data from the Korea Exchange reveals that foreign investors purchased Naver shares worth approximately 904 billion won ($633 million) over the past month.
The company’s stock price has remained resilient, closing price on Tuesday at 209,000 won, up 3.72 percent from the previous day. This upward momentum has persisted even as South Korea grappled with political unrest following President Yoon Suk Yeol’s declaration of martial law on Dec. 3.
Foreign investors have been the primary drivers of Naver’s share price surge, maintaining their buying spree throughout November and December. The increased interest coincides with the company’s strong third-quarter performance, which saw double-digit growth in both revenue and operating profit.
Naver, often dubbed South Korea’s internet giant, has seen its stock price recover from a low of 150,000 won in August, though it remains below its all-time high of 465,000 won reached in July 2021.
“The pieces of the puzzle for stock price recovery are falling into place, with profits being the first piece,” said Jung Ho-yoon, an analyst at Korea Investment & Securities Co. “Despite moderate revenue growth, profit improvement through cost control and meaningful advertising performance amid market downturn have been notable.”
Currently, Naver trades at a price-earnings ratio of 17, which is significantly lower than its global peers, according to DAOL Investment & Securities Co.
Kim Dong-young 수습기자 davekim0807@ajupress.com
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