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[Apha Biz=(Chicago) Reporter Paul Lee] Kakao Bank posted its best performance since its foundation and made an earning surprise that exceeded market expectations, but its stock price was more than 5% during the day.
Despite the rapid growth in sales, there is a limit to margin growth, and a "sell-off report" came out that included the opinion that the company should sell its shares.
As of 2:10 p.m. on the 2nd, Kakao Bank is trading at 28,000 won, down 1,650 won (5.56%) from the previous day. Foreigners and institutions are selling together. Foreigners sell KRW 7.2 billion and institutions sell KRW 3 billion. Stock prices are falling sharply even with small sales.
Kakao Bank announced that it recorded the highest performance ever. Kakao Bank's net profit in the first half of the year was 183.8 billion won, up 48.3% (59.9 billion won) from a year earlier. It is the largest half-year in history. Operating profit in the first half of the year rose 52.0% to 248.2 billion won.
This is a positive performance that exceeds market expectations by 9%. Its performance was better as it accumulated less "provisional funds" than the market had originally expected.
However, despite this positive performance, the stock price is falling as there is a 'sell' opinion about Kakao Bank.
"Kakao Bank's loans have increased significantly, but as it takes mortgage loans without prepayment cancellations as its main product, it is necessary to maintain the 'lowest loan rate'," Hanwha Investment & Securities said. "It is necessary to increase the generating power of interest income in order for growth to be significant, but there is a low limit on the growth of an asset that maintains the 'lowest interest rate' structure."
Hanwha Investment & Securities has a target price of 20,000 won for Kakao Bank. Considering that the stock price is 28,000 won on the day, the target price is far below the actual stock price. The investment opinion was raised to Neutral in early July after presenting a "sell" opinion in May, but it was lowered back to "selling" when its performance was announced this time.
AlphaBIZ 폴 리(hoondork1977@alphabiz.co.kr)
