The KOSPI index has surpassed 8,000 points for the first time, leading to significant shifts in the rankings of stocks based on adjusted stock prices, which standardize face values for comparison. Semiconductor and beauty stocks have risen, while platform and gaming stocks have dropped in rank.
According to the Korea Exchange, as of May 15, following the KOSPI's brief touch of 8,000 points, SK Square maintained its top position in the adjusted stock price rankings. It was followed by APL, Samsung C&T, Hanmi Semiconductor, Krafton, Samsung Electronics, SK, Dalba Global, Naver, and Hyundai AutoEver in the top ten.
Adjusted stock prices are calculated by standardizing the face value of listed companies to 5,000 won, correcting distortions caused by varying face values and allowing for a more uniform comparison of stock prices.
Comparing the rankings to February 25, when the KOSPI closed above 6,000 points, there have been notable changes among the stocks. At that time, the rankings were led by SK Square, followed by Samsung C&T, APL, Krafton, Naver, Hanmi Semiconductor, SK, Samsung Electronics, Dalba Global, and MNC Solutions. While SK Square has retained its top position, the order of the other companies has shifted.
A standout feature is SK Square's dominance since it first reached the top of the adjusted stock price rankings in November of last year. Its adjusted stock price surged from 32.35 million won (closing price of 647,000 won) on February 25 to 54.9 million won (closing price of 1,098,000 won) as of May 15, solidifying its lead. This increase is attributed to strong performance from SK Hynix and active shareholder return policies, including stock buybacks and retirements.
In contrast, the rankings for companies in the top ten have varied based on industry leadership. APL, benefiting from strong K-beauty exports, recorded an adjusted stock price of 20.2 million won, moving ahead of Samsung C&T to secure second place. Dalba Global also climbed from ninth to eighth. Hanmi Semiconductor, a beneficiary of AI semiconductor trends, rose from sixth (10.725 million won) in February to fourth (18.45 million won) by May 15, while Samsung Electronics improved from eighth to sixth.
Conversely, leading platform and gaming stocks have struggled. Krafton dropped from fourth to fifth, and Naver fell from fifth (12.65 million won) in February to ninth (10.175 million won) by May 15, landing at the bottom of the top tier. Concerns over global commerce platform competition and infrastructure cost burdens appear to have impacted investor sentiment.
Analysts view SK Square's sustained top position as a reflection of the semiconductor industry's boom and a virtuous cycle of shareholder returns. An analyst from NH Investment & Securities, Ahn Jae-min, noted, "The significant share of SK Hynix in SK Square's net asset value (NAV) has led to a steep rise in its stock price, positively impacting the company's overall value."
Ahn also adjusted the NAV discount rate from 35% to 25%, reflecting the anticipated growth in dividends due to strong semiconductor market performance. He identified three factors contributing to SK Square's high stock price elasticity: potential for mergers and acquisitions within the semiconductor value chain, ongoing stock buybacks and retirements (with 210 billion won planned for 2026), and a lower market capitalization ratio compared to SK Hynix, making it easier for institutional investors to enter.
On the other hand, Naver's decline in adjusted stock price rankings has been attributed to margin contraction due to infrastructure cost burdens and a lack of short-term momentum. Lee Hyo-jin, an analyst at Meritz Securities, stated that while Naver's first-quarter consolidated revenue (3.2411 trillion won) met expectations, its operating profit (541.8 billion won) fell short in terms of margins. He noted, "The depreciation burden of computing assets has led to a 32% increase in infrastructure costs compared to the same period last year," adding that Naver plans to purchase 1 trillion won worth of GPUs, indicating that related costs are expected to continue rising throughout the year.
Looking ahead, Lee remarked, "The delay in regulatory approval for mergers until the second half of the year means we are currently in a momentum vacuum. Interest in the market is likely to increase once digital asset legislation comes into view later this year."
Meanwhile, financial industry experts caution against placing excessive importance on adjusted stock price rankings or using them as absolute investment indicators, as they do not accurately reflect a company's fundamental value. One industry insider stated, "Adjusted stock prices merely rank how expensive a stock is in absolute terms and should not be mistaken for a measure of a company's true scale and value, which should be assessed by market capitalization." In fact, Samsung Electronics, which holds the top position in KOSPI market capitalization, ranks only sixth in adjusted stock price, suggesting that this metric should be used as a reference tool for correcting price distortions rather than a fundamental indicator.
Another insider noted, "When comparing stock prices from the past, when they were priced in the hundreds of thousands of won before stock splits, adjusted stock prices can be a useful benchmark. However, it should only serve as a reference tool for correcting price distortions caused by face value differences and should not be misinterpreted as a fundamental indicator."
* This article has been translated by AI.
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