Korea Investment & Securities raised its target price for South Korea’s NHN (035420.KS) by approximately 27%, from ₩63,000 to ₩80,000, approximately $59, while maintaining a Buy rating. Analyst Jung Ho-yoon said NHN’s second-quarter results demonstrated the revenue and profit-generating capacity of its newly operational Yangpyeong Data Center, improving visibility for the company’s artificial intelligence data center business. NHN shares closed at ₩71,500, approximately $53, on the 4th. The brokerage expects data center performance to become the main driver of the stock and said continued capacity expansion is structurally important for revenue growth. NHN plans to finalize long-term contracts for the Yangpyeong facility from 2027, with potential revenue estimated at approximately ₩400 billion, or $297.2 million, over four years. The company has also leased a 20MW data center in Pohang and plans to build a 10MW facility for operation by the end of 2027, bringing planned additional capacity to 30MW. The main uncertainty is how NHN secures GPUs: government-provided equipment could produce lower revenue but higher margins, while self-funded purchases would initially face financing interest and depreciation costs but could benefit from rising Neocloud unit prices. Korea Investment changed the cloud division’s valuation period to 2028, when the additional 30MW capacity is scheduled to begin operating, and continues to recommend NHN as a small- to mid-cap AI data center stock.