NHN - 주가 하락폭이 큰 이유

[불스탁분석팀]

 

NHN(035420) : 주가 하락폭이 큰 이유 - 한국증권 홍종길

- 전일 2분기 부진한 실적 발표로 주가 하락 요인이 있었으나, 오후 프로그램 매수 등으로 주가가 0.2% 하락에 그쳤음
- 오펜하이머 펀드가 지분율을 6월26일 8.3% 에서 8월 6일 7.3% 로 낮췄다는 공시로 추가 매도에 대한 우려

Commentary: NHN (035420.KS): Weaker than expected Q212 EBIT; mobile search profitability under question

By Seung Shin
Published 9 Aug 2012 12:29:49 pm JST

NHN (035420.KS) reported 2Q12 EBIT of W149.5bn(-7.5% QoQ, -1.3% YoY), lower than our expectation of W170bn. The company lowered 2012E EBIT margin guidance by 2-3 ppts from its previous 29% target.
While mobile query numbers are now almost on par with PC query numbers during some weekends, the company's search ad revenues increased mildly 12.1% YoY, at a slower pace than display ad revenues that increased 17.6% YoY. Online game revenues declined 14.7% QoQ, and 9.2% YoY, due to structural decline of web board game revenues as well as slower publishing due to competition. LINE continues to attract user base, reaching 53m subscribers now and generated minor revenues from its stamp sales. SNS peers in the US have corrected substantially in the past two weeks (FB down 29%, Zynga down 42%) putting pressure on valuation of NHN's new businesses.
Weak 2Q results highlight that our concerns may not be overdone given risk of cannibalization between PC and mobile search and new business likely diluting EBIT margin and ROE in the medium-term. NHN is rated Sell (last close: W264,000).

 

*** 본 정보는 투자 참고용 자료로서 그 정확성이나 완전성을 보장할 수 없으며, 어떠한 경우에도 법적 책임소재에 대한 증빙자료로 사용될 수 없습니다.