Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>On 26 November, Naver Financial and Dunamu finalized the merger ratio. Under the proposed share swap, one share of Dunamu will be exchanged for 2.54 shares of Naver Financial. </li>
<li>Dunamu's equity value is 15.1 trillion won, and Naver Financial's is 4.9 trillion won.</li>
<li>Overall, we have a positive view of this merger and it is likely to positively impact Naver's share price as well. </li>
</ul>


On 26 November, Naver Financial and Dunamu finalized the merger ratio. Under the proposed share swap, one share of Dunamu will be exchanged for 2.54 shares of Naver Financial. 
Dunamu's equity value is 15.1 trillion won, and Naver Financial's is 4.9 trillion won.
Overall, we have a positive view of this merger and it is likely to positively impact Naver's share price as well. 


Naver Financial and Dunamu Finalizes the Merger Ratio

<ul>
<li>Dunamu and Naver Financial are expected to hold separate board meetings on 26 November and the potential merger of the two companies is on the agenda. </li>
<li>The valuation of Dunamu is expected to be about 15 trillion won and the valuation of Naver Financial is expected to be about 5 trillion won.</li>
<li>This merger offers clear long-term advantages, including the opportunity to compete globally with overseas fintech firms like PayPal and Coinbase. Additionally, the collaboration strengthens Korea's position as a stablecoin leader. </li>
</ul>


Dunamu and Naver Financial are expected to hold separate board meetings on 26 November and the potential merger of the two companies is on the agenda. 
The valuation of Dunamu is expected to be about 15 trillion won and the valuation of Naver Financial is expected to be about 5 trillion won.
This merger offers clear long-term advantages, including the opportunity to compete globally with overseas fintech firms like PayPal and Coinbase. Additionally, the collaboration strengthens Korea's position as a stablecoin leader. 


Naver Financial and Dunamu BODs To Decide on A Comprehensive Stock Swap on 26 November

<ul>
<li>According to numerous local media, Naver Corp (035420 KS) is set to acquire Dunamu, the operator of Upbit which is the largest cryptocurrency exchange in Korea. </li>
<li>According to Naver Corp (035420 KS), its subsidiary, Naver Financial, is discussing various collaborations with Dunamu, including stablecoins  and potential stock exchange. However, nothing has been finalized so far. </li>
<li>If Dunamu is valued at 15 trillion won, this would suggest a P/E of 18x based on 2025 annualized net profit of 836 billion won (net profit in 1H25 annualized). </li>
</ul>


According to numerous local media, Naver Corp (035420 KS) is set to acquire Dunamu, the operator of Upbit which is the largest cryptocurrency exchange in Korea. 
According to Naver Corp (035420 KS), its subsidiary, Naver Financial, is discussing various collaborations with Dunamu, including stablecoins  and potential stock exchange. However, nothing has been finalized so far. 
If Dunamu is valued at 15 trillion won, this would suggest a P/E of 18x based on 2025 annualized net profit of 836 billion won (net profit in 1H25 annualized). 


Naver to Acquire Dunamu? (Operator of Upbit - Largest Cryptocurrency Exchange in Korea)

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Dec 12th. The aggregated holding was USD848.5bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,741mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in SK Hynix, ECOPRO, Samsung Electronics, Hyundai Motor, Alteogen.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Dec 12th. The aggregated holding was USD848.5bn.
We estimate that foreign flows to be inflows of USD1,741mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix, ECOPRO, Samsung Electronics, Hyundai Motor, Alteogen.


KRX Foreign Holding Weekly (Dec 12th): SK Hynix, ECOPRO, Samsung Electronics, Hyundai Motor

Equity Bottom-Up

<ul>
<li>In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks (4 to 18 July 2025).</li>
<li>
<a href="https://www.smartkarma.com/entities/korea-electric-power-corporation-kepco" target="_blank" data-smartkarma-citation="entities:16:1" rel="noopener">Korea Electric Power (KEPCO) (015760 KS)</a> was the best performing stock among the top 100 stocks in KOSPI in the past two weeks. </li>
<li>The top 10 picks in this bi-weekly include LG Uplus, KCC, SK Hynix, Naver, Korea Kolmar, Korea Investment Holdings, Misto Holdings, Lotte Tour Development, LG Chem, and SK Inc.</li>
</ul>


In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks (4 to 18 July 2025).

Korea Electric Power (KEPCO) (015760 KS) was the best performing stock among the top 100 stocks in KOSPI in the past two weeks. 
The top 10 picks in this bi-weekly include LG Uplus, KCC, SK Hynix, Naver, Korea Kolmar, Korea Investment Holdings, Misto Holdings, Lotte Tour Development, LG Chem, and SK Inc.


Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (4 to 18 July 2025)

South Korea

Naver Corp. provides Internet site with web portal services, such as search engine, online game and content development.  The Company also offers marketing service through text and banner advertisement.

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Naver Corp (035420 KS)

Naver Financial and Dunamu Finalizes the Merger Ratio

On 26 November, Naver Financial and Dunamu finalized the merger ratio. Under the proposed share swap, one share of Dunamu will be exchanged for...

Douglas Kim

Naver Financial and Dunamu BODs To Decide on A Comprehensive Stock Swap on 26 November

Dunamu and Naver Financial are expected to hold separate board meetings on 26 November and the potential merger of the two companies is on the agenda.

Douglas Kim

Naver to Acquire Dunamu? (Operator of Upbit - Largest Cryptocurrency Exchange in Korea)

According to numerous local media, Naver Corp (035420 KS) is set to acquire Dunamu, the operator of Upbit which is the largest cryptocurrency...

Douglas Kim

KRX Foreign Holding Weekly (Dec 12th): SK Hynix, ECOPRO, Samsung Electronics, Hyundai Motor

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, ECOPRO, Samsung Electronics, Hyundai...

Ke Yan, CFA, FRM

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (4 to 18 July 2025)

The top 10 picks in this bi-weekly include LG Uplus, KCC, SK Hynix, Naver, Korea Kolmar, Korea Investment Holdings, Misto Holdings, Lotte Tour...

Douglas Kim

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