Daily Brief South Korea: LIVSMED, Dunamu and more

• Livsmed confirmed its IPO price at 55,000 won, which is at the top end of the IPO price range. Demand ratio was 232 to 1.
• A 98.8% of the IPO shares applied thought that the company’s value is 55,000 won or more.
• Our base case valuation of Livsmed is implied market cap of 2.3 trillion won or target price of 88,294 won per share, representing a 61% upside from the IPO price.

• Dominant Market Leader in a High-Growth Industry: Dunamu, through its flagship exchange Upbit, commands an estimated 80% of the South Korean cryptocurrency market, a region with high digital asset adoption. This entrenched position provides a significant competitive advantage and a strong platform for future growth.
• Strategic Expansion and Diversification: The company is actively pursuing growth beyond its core exchange business by expanding into blockchain services, non-fungible tokens (NFTs), and asset management. Furthermore, Dunamu is strategically expanding its global footprint, particularly in Southeast Asia, to capitalize on the growing international demand for digital asset services.
• Potential for Significant Value Unlock through Strategic Partnerships and M&A;: A potential stock swap with Naver Financial could create a fintech behemoth in South Korea, combining Dunamu‘s crypto expertise with Naver’s vast user base and payment infrastructure. This could lead to significant synergies and a potential U.S. Nasdaq listing, unlocking substantial value for shareholders.

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