Naver (035420) rose slightly during trading on the 2nd, trading at 191,900 won, up 700 won from the previous session. Based on the market price, the gain is about 0.37%.

■ Q3 Operating Profit Estimated Below Market Consensus

Hanwha Investment & Securities estimated that Naver's operating profit for the third quarter of 2026 will fall short of market consensus, as cost increase burdens are reflected more heavily than previously expected. It should be noted that this is the securities firm's estimate, not confirmed results.

■ AI Data Center Emerges as a Key Point to Watch

Market attention is focused on whether the artificial intelligence data center (AI DC) will contribute to earnings. Hanwha Investment & Securities analyzed that it is currently difficult to concretely estimate the scale of the AI data center's earnings contribution after 2027.

However, the firm forecast that as the year-end approaches, the investment structure, clients, and operational schedule will become more concrete, gradually reducing uncertainty in earnings outlook. The specific conditions and operational plans of the business will serve as key grounds for judging future earnings contribution.

In short, in the short term, profitability pressure from rising costs was presented as a point to watch, while in the mid to long term, the key focus is whether earnings visibility of the AI data center business improves.

[This article was written based on provided market prices and securities firm analysis, and is not investment advice. Intraday stock prices may fluctuate, and earnings forecasts and target prices may change depending on analysis and market conditions. Responsibility for investment decisions and gains or losses lies with the investor, and AI assistance was used in writing this article.]