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Kakao Games, ‘the highest ever’ with an institutional subscription competition rate of 1479: 1
Korea Investment & Securities also ‘rose’ to 430,000 won
“Kakao Pay Securities will lead my data business”
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cocoa(413,500 + 1.97%)The look of the stock market is changed. Although the share price has risen excessively and opinions have been raised, the target price has risen to 490,000 won. As subsidiary Kakao Games managed to forecast demand, expectations were reflected in Kakao’s share price and the forecast that Kakao’s earnings would improve.
At 10:40 a.m. on the 31st, Kakao is trading at 418,000 won, 13,000 won (3.21%) more than the day before. At the beginning of the chapter, Kakao rewrote the reported price, going up to 425,000 won. Kakao surpassed 400,000 won for the first time since being listed on the 27th.
As its subsidiary, Kakao Games, has been successful in forecasting demand, it can be interpreted that it is having a positive effect on Kakao. Kakao owns a 58.96% stake in Kakao Games at the end of June.
Kakao Games announced that as a result of the institutional investor demand forecast on the 26th and 27th, the underwriting competition rate registered 1479: 1. This is an all-time high among the demand forecasts for companies listed on KOSDAQ. before the IPO. 1,745 domestic and foreign institutions participated in the Kakao Games demand forecast, which is the largest number of IPO companies.
In addition, earnings improvement continues. Kakao’s consolidated operating profit for the second quarter was 97.8 billion won, an increase of 142% over the same period last year. Sales increased 10% to 952.9 billion won.
On this day, IBK Investment & Securities raised Kakao’s price target to KRW 490,000. It is assessed that a synergy is expected between Kakao Bank and Kakao Pay Securities, which is preparing to expand. As the fintech business starts in earnest and the value of Japanese Piccoma rises, the earnings improvement will continue into next year.
IBK Investment & Securities researcher Lee Seung-hoon said: “Kakao Pay Securities is expected to lead the My Data business in the future by registering 1.7 million securities accounts and 3 million monthly fund investments in 5 months”. By building an ecosystem of life-oriented services and content and entertainment platforms, the loyalty of users of the Techpin service will be further strengthened. ”
Recently, Korea Investment & Securities also raised Kakao’s price target from 380,000 won to 430,000 won. Trade transactions such as Kakao futures are estimated to be growing at a high rate of 50% or more compared to the same period last year. In addition, the talkboard announcement, which began in the second half of last year, explained that the customer pool is expanding to small and medium-sized advertisers, and sales are constantly increasing due to the increased budgets of major advertisers.
Ho-yoon Jung, a researcher at Korea Investment & Securities, said: “Most of the startups have moved out of the state of just increasing users and entered the stage of generating sales. It is desirable to do so. ”
Previously, Kakao’s share price rose excessively and an investment opinion “attention” emerged. On the 7th, KTB Investment & Securities downgraded its Buy to Hold rating as it reached its valuation (the level of the share price compared to earnings).
Eunbit Go, Reporter Hankyung.com [email protected]
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