Dunamu effect 'toktok'…Naver, 'surges' for three straight days

Dunamu shareholders, Woori Technology Investment · Hanwha Investment & Securities stock prices ↑

Chairman Song Chi-hyung likely to overtake Chairman Lee Hae-jin's stake

Naver and Dunamu-related stocks have been fluctuating day after day. This is due to growing expectations that Naver will incorporate Dunamu as a subsidiary. Experts expect that both companies' values will rise thanks to new businesses such as stablecoins.

As of 9:46 a.m. on the 29th, Naver was trading at 273,500 won, up 17,000 won (6.63%) from the previous trading day. Naver's stock has risen for three consecutive days. During trading, major shareholders of Dunamu, Woori Technology Investment (16.73%) and Hanwha Investment & Securities (13.61%), also saw their stock prices surge.

Earlier, news circulated that Naver would proceed with a comprehensive stock swap through its subsidiary Naver Financial to make Dunamu a wholly owned subsidiary. Junho Lee, a researcher at Hana Securities, praised, "Naver and Dunamu are actually discussing various cooperation measures, including a stock swap, stablecoins, and unlisted stock trading," adding, "A partnership between the country's largest search, commerce, and user-generated content (UGC) platform and a cryptocurrency exchange can be expected to create high-intensity synergies domestically and internationally going forward."

He added, "We judge that the mere fact that Naver and Dunamu are pursuing new businesses through a strong alliance is a stable buying opportunity up to a target of 320,000 won (market cap 50 trillion won)," and "We plan to raise estimates and targets depending on actual merger decisions and the visibility of new businesses."

Considering that Dunamu's corporate value is larger than Naver Financial's, it is highly likely that Chairman Song Chi-hyung of Dunamu will become the largest shareholder of Naver Financial. Hanwha Investment & Securities estimated the stock swap ratio between Naver Financial and Dunamu at 1 to 4.

Sohee Kim, a researcher at Hanwha Investment & Securities, said, "If Naver Financial merges with Naver or conducts another stock swap after the stock swap between Dunamu and Naver Financial, Chairman Song's stake in Naver is expected to exceed that of Chairman Lee Hae-jin." Chairman Lee's stake in Naver is about 3.7%.

Kim added, "It is a picture in which Chairman Lee hands over the status of controlling shareholder and executive to Chairman Song," and evaluated, "Naver, in desperate need of new growth drivers, chose the country's best candidate as the leader to create financial innovation."

On the 25th, Naver issued a clarification notice stating that its subsidiary Naver Financial is discussing various cooperation measures with Dunamu, including stablecoins, unlisted stock trading, and a stock swap, but nothing has been finalized.

Jin Young-gi, Hankyung.com reporter young71@hankyung.com