Naver, South Korea’s No. 1 internet portal, ranked first among all stocks listed on the main bourse in terms of conversion prices, according to the Korea Exchange on Tuesday.
The conversion price of Naver was 8.57 million won ($7,220) based on Monday’s closing price of 171,500 won per share. That was followed by SK Holdings, the holding firm of Korean conglomerate SK Group, with 6.4 million won and Samsung C&T, the construction and fashion unit of Samsung Group, at 5.02 million won.
The KRX calculates the converted price of a stock by setting the face value of all listed stocks on the main exchange at 5,000 won per share.
As of end-June, the search engine firm’s conversion price came in third, trailing Netmarble and SK Holdings. Since early July, Naver has held the No. 1 spot and widened the gap over those firms.
According to the stock market, anticipation of growth performance has raised Naver’s conversion price. The firm posted revenue of 1.65 trillion won in the July-September period.
Third-quarter operating profit came to 221 billion won, up 57.5 percent from the previous quarter, according to Naver.
Merging with Japan’s Z Holdings, formerly Yahoo! Japan, also has heightened investors’ expectations. Making Naver a high-octane stock, the stock price marked 171,500 won on Monday, a jump of 40.57 percent from the end of last year.
In the meantime, the largest-cap stock Samsung Electronics marked the eighth highest conversion price, with 2.52 million won.
By Jie Ye-eun (firstname.lastname@example.org