iM Securities said on the 1st that Mirae Asset Venture Investment is expected to be the biggest beneficiary if measures to revitalize the KOSDAQ market become tangible. It did not present an investment opinion or a target price. Mirae Asset Venture Investment's previous closing price was 9,390 won.
Earlier, news emerged that the government could roll out a comprehensive plan to revitalize the KOSDAQ market. The KOSDAQ revitalization plan proposes expanding the tax credit for individual investors in KOSDAQ venture funds, raising the priority allocation ratio of initial public offerings to KOSDAQ venture funds, increasing the share of KOSDAQ investments by pension funds, easing special listing requirements for corporations with innovative technologies, and strengthening KOSDAQ listing maintenance standards and delisting rules.
Lee Sang-heon, an analyst at iM Securities, said, "Considering the timing and other factors, measures to revitalize KOSDAQ are expected to become tangible soon," and noted, "In the end, it is necessary to create an environment that can lift valuation through expanded liquidity in the KOSDAQ market."
The venture investment ecosystem generally has a cyclical flow of "fund formation → investment → exit → reinvestment." Ultimately, for the venture ecosystem structured this way to enter a virtuous cycle, the KOSDAQ market, which serves as the exit market, needs to be revitalized.
The analyst said, "Accordingly, if KOSDAQ revitalization measures become tangible, liquidity in the KOSDAQ market will expand, and from the perspective of a virtuous cycle in the venture investment ecosystem, Mirae Asset Venture Investment is expected to be the biggest beneficiary."
iM Securities also expected that, with the Public Growth Fund set at 150 trillion won, large-scale funds will be created as part of indirect investment. Accordingly, based on investments in the value chain related to artificial intelligence (AI) and its track record in managing large funds, Mirae Asset Venture Investment has a high likelihood of being selected as a private consigned management company (GP) to run sub-funds, making it likely to be the biggest beneficiary.
It was also expected that as the time to reap returns from the corporations currently invested in approaches, net profit will surge year over year.
The analyst expected, "With valuation gains and disposal gains becoming tangible this year, net profit will increase sharply and could lead to expanded dividends."