'Partnership with Naver might work on raising Mirae Asset's stock price'

Mirae Asset Daewoo's headquarters in Seoul (Mirae Asset Daewoo)

Local brokerage Mirae Asset Daewoo could see a boost in stock price in a partnership with Naver which runs fintech and artificial intelligence businesses, a report said on Monday.

Mirae Asset Daewoo has been maintaining a partnership with the online platform company since it created a fund with the internet firm in December 2016.

In line with the partnership, the two companies made an investment of 500 billion won ($451.4 million), respectively, to buy each other’s shares and run joint projects to accelerate digital transition in the financial sector.

The stock broker currently holds 1.71 percent of Naver while Naver owns a 7.11 percent stake in the stock trading firm.

“In 2021, Mirae Asset Daewoo may see its own investments achieve meaningful results while the collaborative works with Naver, including those for data-driven financial services, will help boost its stock price,” said Kim Ji-young, an analyst from stock brokerage firm Kyobo Securities.　

They together rolled out financial services, including savings accounts, and made joint investments to nurture startups in emerging sectors.　

In addition to the joint investment with Naver, Mirae Asset Daewoo is estimated to have spent 100 billion won for investment with its own capital so far. Its stock came in at 9,900 won as of 1:30 p.m. on Monday, up 0.41 percent.

By Kim Young-won (wone0102@heraldcorp.com)

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