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[Alpha Biz=(Chicago) Reporter Kim Jisun] NH Investment & Securities judged on the 16th that Kakao is expected to see good earnings growth due to growth in advertising and commerce, even though there are no signs of economic recovery yet. The target stock price rose from 68,000 won to 73,000 won, and the investment opinion 'buy' was maintained.
Kakao's performance in the fourth quarter of last year exceeded the market consensus (151.7 billion won) with sales of 2.17 trillion won and operating profit of 189.2 billion won. This is interpreted as the result of increased advertising sales (305 billion won) and platform other sales (452.1 billion won) through Kakao Mobility and Kakao Pay.
"Personnel costs, excluding the inclusion of SM connection, are 389 billion won, down 5.4% year-on-year, resulting in restructuring, and marketing costs grow 9.5% year-on-year to 119 billion won. The cost efficiency trend will continue this year," NH Investment & Securities said.
"The first tab's cost-per-hour (CPT) advertising products are showing stable results, and message ads are growing rapidly," NH Investment & Securities said. "Although it has yet to enter an economic recovery, Kakao will show good performance this year through cost efficiency and new business sales."
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
