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[Alpha Biz=(Chicago) Reporter Kim Jisun] Content stocks such as CJ ENM and Studio Dragon fell vertically this year, and Naver, which exchanged shares with them to strengthen business cooperation, lost nearly 140 billion won in the first half alone.
According to the Financial Supervisory Service on the 13th, the value of Naver's three CJ affiliates (CJ ENM· Studio Dragon and CJ Korea Express) as of the end of June was 306.2 billion won, down 137.8 billion won from the end of last year (444 billion won). This is about 49% less than the initial acquisition amount.
Starting with Mirae Asset Securities (006800) in 2017, Naver exchanged stakes worth a total of 600 billion won with CJ Logistics and CJ ENM· Studio Dragon, CJ affiliates, in 2020. It sought to maximize business synergy by exchanging treasury stocks worth 300 billion won with CJ Korea Express and 150 billion won with CJ ENM and Studio Dragon, respectively.
This year, CJ ENM's stock price plunged 40.3% until August 11, the previous trading day, and Studio Dragon also fell 38.7%. In particular, by the end of last year, Studio Dragon's book value was KRW 161.5 billion, exceeding its initial acquisition of KRW 150 billion, but the value of its stake fell by more than KRW 60 billion to KRW 100.6 billion.
In the end, the equity exchange, which was conducted to strengthen business cooperation, caused valuation losses to both Naver and CJ affiliates. This is because Naver's stock price fell to 177,500 won last year, about half of its previous high, and the value of Naver's stake held by CJ affiliates also plummeted. The value of Naver's stake valuation held by CJ affiliates rose by 200 billion won from the purchase price to 792.7 billion won at the end of 2021, but plunged to 370 billion won as of the end of last year.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
