Jeong Ho-yoon, a researcher at Korea Investment & Securities, said, "With the high growth of the financial business division, the company is expected to emerge from the red and achieve profit growth starting this year."
"We maintain our view that the stock price has risen significantly due to non-core business factors such as the coronavirus pandemic, and that the valuation, which exceeds the average price-to-sales ratio (PSR) of global fintech companies, is a burden," he said.
The researcher evaluated Kakao Pay's second-quarter performance as "a mixed performance." He said, "We expect high growth in investment and insurance services, as well as high growth in operating profits until 2026."
"While the company's operating profits will likely remain high for a long time, we remain conservative in our assessment of whether it will be able to generate enough profits to justify the valuation given the slow growth in its core business."
KakaoPay recorded sales of 238.3 billion won (approximately 25.3 billion yen) in the second quarter of this year, up 28.5% from the previous year.
The researcher said, "The payment business division's growth rate has been low at 3%, and the financial
Among financial services, lending services also recorded a low growth rate of 3%. On the other hand, KakaoPay Securities' growth is noteworthy, and the quarterly stock trading volume increased by 10% year-on-year.
It increased by 1% to 23.5 trillion won (approximately 2.5 trillion yen), a significant increase compared to the previous year. Although IB-related sales were partially reflected in the second quarter, commission income due to the expansion of stock trading volume
"The increase in the number of employees has been structurally achieved."
2025/08/06 20:18 KST
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