[Click eStock] "Naver Secures Long-Term Growth Drivers with Dunamu"

On September 29, Daishin Securities stated regarding Naver, "The proposed comprehensive stock swap with Dunamu is significant as a means of securing long-term growth drivers rather than short-term earnings improvement," maintaining a Buy investment opinion and setting a target price of 330,000 won.

On this day, Lee Jieun, a researcher at Daishin Securities, commented, "Naver Financial is pursuing a plan to incorporate Dunamu as a subsidiary through a comprehensive stock swap. There is also a possibility that Song Chi-hyung, Chairman of Dunamu, could become the largest shareholder of Naver Financial, and furthermore, the largest shareholder of Naver." She made these remarks accordingly.

Dunamu's current corporate value is estimated at around 12 trillion won, while Naver Financial is valued between 3 trillion and 5 trillion won. As of last year, Dunamu posted an operating profit of 1.19 trillion won, and Naver Financial recorded 103.5 billion won. After the stock swap, it is highly likely that Chairman Song will become the largest shareholder of Naver Financial. Researcher Lee pointed out, "For this transaction to be meaningful, such a change in governance structure must materialize, and Chairman Song must be able to exercise leadership over Naver Financial."

There is also an outlook that if Naver maintains its stake in Naver Financial and incorporates Dunamu's performance into its consolidated results, the net profit attributable to controlling shareholders could increase proportionally to its ownership, leading to a short-term rise in corporate value. However, Researcher Lee explained, "We believe the likelihood of Chairman Song becoming the largest shareholder is higher, and the key to this transaction lies in securing long-term business growth drivers rather than short-term performance."

Ultimately, it appears both parties will use this transaction to build a domestic Korean won stablecoin ecosystem. By issuing a stablecoin, linking it to Naver Pay, and securing real-world payment channels, they could create new revenue streams such as deposit management profits or collateralized loan services if they gain a first-mover advantage in the domestic market. Naver Financial can also maximize profits by reducing payment fees and expanding financial services. Researcher Lee added, "Amid a slowdown in core businesses such as search advertising and commerce, cooperation with Dunamu will serve as an opportunity to establish new growth drivers."

This content was produced with the assistance of AI translation services.