Korea Investment & Securities said on the 28th that Naver, which recently released that it would incorporate Dunamu as a subsidiary, will stand out in the stablecoin and tokenized asset markets. It maintained an investment opinion of "Buy" and raised the target price to 330,000 won from the previous 300,000 won. Naver's closing price in the previous trading day was 251,500 won.
Jung Ho-yoon, an analyst at Korea Investment & Securities, said, "As the year-end approaches, legislation related to digital asset is picking up speed again," and noted, "As the stablecoin and tokenized asset markets are growing rapidly worldwide, a new market will open domestically along with legislation, and Naver and Dunamu can stand out in this market."
Kim Byung-kee, floor leader of the Democratic Party of Korea, is preparing to introduce a bill he sponsors titled the "Act on the Issuance of Value-Stable Virtual asset and Protection of Users" to introduce stable coins. Under the bill, issuance qualifications are open not only to banks but also to Fintech corporations. However, due to conflicts of interest, the issuance of stablecoins by virtual-asset exchanges is prohibited.
Amendments to the Financial Investment Services and Capital Markets Act and the Electronic Securities Act to introduce token securities also passed the National Assembly's Political Affairs Committee. By establishing issuance and a new distribution market for token securities, token securities transactions are expected to become possible.
The recent merger between Naver and Dunamu was also evaluated positively. Jung said, "With the corporate value ratio—the biggest uncertainty—assessed not unfavorably for Naver, one risk has been resolved for investors."
On the 26th, Naver released that it would incorporate Dunamu as a 100% subsidiary through its subsidiary Naver Financial. The stock exchange ratio between Naver Financial and Dunamu was set at 1 to 2.54. The corporate value ratio was set at 1 to 3.06. If the merger is completed, Naver's equity stake in Naver Financial will be 17%.
However, risks related to the merger remain. Jung said, "Uncertainties remain over the scale of the exercise of appraisal rights by Dunamu shareholders and whether approvals will be granted by the Fair Trade Commission and the Financial Services Commission (FSC)."
Jung added, "If the scale of appraisal rights disclosed in the filing exceeds 1.2 trillion won, there is a possibility the contract will be terminated," and said, "Although we see a low possibility of failure, patience is required until the approval decisions by the Fair Trade Commission and the Financial Services Commission (FSC) are made."