[Alpha Biz= Paul Lee] SEOUL, May 21 — NICE Investors Service said Hanwha Securities’ additional acquisition of a KRW 597.8 billion stake in Dunamu is expected to have a limited immediate impact on its credit profile.
The rating agency noted that the investment aims to strengthen digital finance capabilities and create strategic synergies with a cryptocurrency exchange. Following the acquisition, Hanwha Securities will hold a 9.84% stake in Dunamu, becoming its third-largest shareholder.
While the purchase—funded through a mix of internal cash and external borrowings—is expected to slightly weaken liquidity and increase leverage, the impact is viewed as manageable. The firm’s adjusted net capital ratio is projected to decline but remain above 200%, indicating stable capital adequacy.
NICE also pointed out that the average acquisition cost remains significantly below the current valuation, limiting downside risk from potential price fluctuations.
However, the agency cautioned that Dunamu’s valuation remains sensitive to regulatory developments and cryptocurrency market conditions. It added that it will continue to monitor capital metrics and the realization of synergies from Hanwha Securities’ digital asset initiatives.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
