Toss / Viva Republica IPO — Why the Honest Valuation Range Is $5B–$15B, Not Just $10B: A Neutral Anatomy of the Coordinate-Definition Event
KakaoBank (323410) — The Korean Bank the Market Already Prices for ROE 11%: A 4.2% Implied Cost of Equity, the Mirror of Korea Investment Holdings
Korea Investment Holdings (071050) — A Fifth Coordinate Candidate That Doesn't Map onto Any of the Four Existing Peaks: 'Capital-Operations Platform'
Shinhan Financial Group (055550) — The First Mover in 'Transit Between Peaks' After Three Korean Financial Peaks Settled
KB Financial Group (105560) — The 'First Gate' Foreigners Pass Through to Buy Korean Financials: A Third Peak Built by Flow Infrastructure
Meritz Financial Holdings (138040) — The Capital-Buyback Compounding Standard for Korean Financials, and the Landscape Beyond Its Peak