LS Securities has highly evaluated the potential expansion of Naver's (NAVER) artificial intelligence (AI) infrastructure business and raised its target price.

On the 11th, LS Securities maintained its 'Buy' investment opinion on Naver and set a target price of 303,000 won, higher than the previous figure. This reflects the assessment that the construction of AI data centers and AI factories will serve as medium- to long-term growth drivers.

■ 200MW-Scale AI Factory Planned by 2028

Naver is currently pursuing the construction of an AI factory with a capacity of 100MW by the end of 2027 and 200MW by the end of 2028, utilizing its AI data center (AIDC), which is partially in operation, and existing leased data center infrastructure. In particular, the company is focusing on strengthening its AI infrastructure supply capabilities based on its partnership with NVIDIA.

■ "Expanding from AI User to AI Infrastructure Provider"

LS Securities researcher Seon Yu-jin noted that Naver is expanding its role beyond simply being a company that utilizes AI technology to becoming a provider of AI infrastructure. He explained that while Naver already operates AI cloud and GPU service businesses, their share has been small compared to its existing core businesses such as advertising, commerce, and fintech.

He further projected that expanding AI infrastructure supply to external customers would have a positive impact by securing new revenue streams and improving profitability. The analysis suggests that amid rapidly increasing demand for AI services, the data center and GPU-based infrastructure business is highly likely to become a future growth axis for Naver.

■ Synergies with Existing Platforms Expected as Infrastructure Business Scales Up

The market assessment suggests that if Naver fully ramps up its infrastructure business alongside the expansion of its AI ecosystem, synergies with its existing platform business can be expected. By moving away from an advertising- and commerce-centric business structure and increasing the share of AI infrastructure and cloud businesses, the company can diversify its growth drivers.

The securities industry views the future progress of AI data center construction and the acquisition of external customers as key variables that will influence the revaluation of Naver's enterprise value.

[This article was partially produced with the assistance of AI. This article was written with the help of AI based on market analysis data and publicly available information, and is not intended to solicit investment. The responsibility for investment lies with the investor.]