External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Thematic (Sector/Industry)

<ul><li>We expect AI adoption to drive meaningful price, volume, and cost improvements in 2026, supporting strong momentum in the ad segment.</li><li>E-commerce growth has also been rebounding since 3Q25.</li><li>Our top pick is NAVER due to its attractive valuation. Our target price (W410,000) is based on a P/E of 29x (vs. current 2026F P/E of 18x).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect AI adoption to drive meaningful price, volume, and cost improvements in 2026, supporting strong momentum in the ad segment.E-commerce growth has also been rebounding since 3Q25.Our top pick is NAVER due to its attractive valuation. Our target price (W410,000) is based on a P/E of 29x (vs. current 2026F P/E of 18x).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mirae Asset Minutes [2025: Volume 22]Biweekly strategy meeting recap

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>The Born Korea reported excellent book building results. It priced its IPO at 34,000 won, which is 21% higher than the high end of the IPO price range.</li>
<li>A total of 2,216 institutions participated in the IPO demand forecast and the competition rate was 734 to 1.</li>
<li>According to our valuation analysis, it suggests a base case implied price of 40,230 won, which is 18% higher than the IPO price. </li>
</ul>


The Born Korea reported excellent book building results. It priced its IPO at 34,000 won, which is 21% higher than the high end of the IPO price range.
A total of 2,216 institutions participated in the IPO demand forecast and the competition rate was 734 to 1.
According to our valuation analysis, it suggests a base case implied price of 40,230 won, which is 18% higher than the IPO price. 


The Born Korea IPO Book Building Results Analysis

<ul>
<li> According to our valuation analysis, it suggests an implied price of 34,365 won, which is 27% higher than the high end of the IPO price range. </li>
<li>We estimate The Born Korea to generate sales of 467.7 billion won (up 13.1% YoY) and operating profit of 31.4 billion won (up 22.8% YoY) in 2024.</li>
<li>We believe a premium to comps' valuation is appropriate for The Born Korea mainly due to its higher sales growth, higher ROE, stronger balance sheet, and higher profit margins. </li>
</ul>


 According to our valuation analysis, it suggests an implied price of 34,365 won, which is 27% higher than the high end of the IPO price range. 
We estimate The Born Korea to generate sales of 467.7 billion won (up 13.1% YoY) and operating profit of 31.4 billion won (up 22.8% YoY) in 2024.
We believe a premium to comps' valuation is appropriate for The Born Korea mainly due to its higher sales growth, higher ROE, stronger balance sheet, and higher profit margins. 


<ul>
<li>The Born Korea is getting ready to complete its IPO in Korea in November. The total IPO offering is expected to range from 69 billion won to 84 billion won. </li>
<li>Based on the bankers' valuation, the expected market cap of the company ranges from 357 billion won to 419 billion won. </li>
<li>The Born Korea was founded by Baek Jong-Won, the most famous celebrity chef in Korea. </li>
</ul>


The Born Korea is getting ready to complete its IPO in Korea in November. The total IPO offering is expected to range from 69 billion won to 84 billion won. 
Based on the bankers' valuation, the expected market cap of the company ranges from 357 billion won to 419 billion won. 
The Born Korea was founded by Baek Jong-Won, the most famous celebrity chef in Korea. 


Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>Talks circulate that E-Mart may sell its 5% stake in Samsung Life Insurance, valued around ₩1T, due to fundraising needs linked to SSG.com investors' put options.</li>
<li>Initially, Starbucks Korea was a potential sale, but U.S. HQ approval makes it unfeasible. Shinsegae L&amp;B and Food weren't enough to raise funds, leading E-Mart to focus on Samsung Life.</li>
<li>E-Mart's block deal timing is uncertain due to potential legal disputes over unmet put option conditions, yet recent local market discussions suggest E-Mart may avoid legal battles.</li>
</ul>


Talks circulate that E-Mart may sell its 5% stake in Samsung Life Insurance, valued around ₩1T, due to fundraising needs linked to SSG.com investors' put options.
Initially, Starbucks Korea was a potential sale, but U.S. HQ approval makes it unfeasible. Shinsegae L&amp;B and Food weren't enough to raise funds, leading E-Mart to focus on Samsung Life.
E-Mart's block deal timing is uncertain due to potential legal disputes over unmet put option conditions, yet recent local market discussions suggest E-Mart may avoid legal battles.


Potential Samsung Life Insurance Block Deals, Likely to Be Triggered by E Mart

South Korea

Shinsegae Food Co., Ltd. caters company restaurants, schools, and hospitals. The Company also markets and provides various groceries to food companies and restaurants.  Shinsegae Food operates family restaurants as well.

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Shinsegae Food (031440 KS)

Mirae Asset Minutes [2025: Volume 22]Biweekly strategy meeting recap

We expect AI adoption to drive meaningful price, volume, and cost improvements in 2026, supporting strong momentum in the ad segment.

Mirae Asset Securities

The Born Korea IPO Book Building Results Analysis

The Born Korea reported excellent book building results. It priced its IPO at 34,000 won, which is 21% higher than the high end of the IPO price...

Douglas Kim

The Born Korea IPO Valuation Analysis

According to our valuation analysis, it suggests an implied price of 34,365 won, which is 27% higher than the high end of the IPO price range.

Douglas Kim

The Born Korea IPO Preview

Founded by Baek Jong-Won, the most famous celebrity chef in Korea, The Born Korea is getting ready to complete its IPO in Korea. The total IPO...

Douglas Kim

Potential Samsung Life Insurance Block Deals, Likely to Be Triggered by E Mart

SSG.com’s major shareholders, E-Mart and Shinsegae, are expected to approve the repurchase of a 30% FI stake for 1.15 trillion KRW at a board...

Sanghyun Park

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