‘Neutral’ → ‘Sell’ through the report, lowered the target by more than 36%
Kakao Bank slows down due to a series of bad news… Shares fell more than 3%
Kakao Friends. /saji = cacao
Kakao Bank(49,350 -3.42%)Foreign brokerage firms are lowering their level of interest in the Global investment bank (IB) Goldman Sachs Kakao BankIt has downgraded its investment rating from ‘neutral’ to ‘sell’. The target price was also lowered by more than 36% from 82,000 won to 52,000 won.
According to the Korea Exchange on the 11th, Kakao Bankclosed at 49,350 won, down 1,750 won (3.42%) from the previous trading day. The stock price has fallen more than 16% this year, and the market cap has also shrunk by 4.58 trillion won. As of the closing price of the day, the market cap stood at 23.44 trillion won.
Goldman Sachs today Kakao BankWe lowered our annual profit estimate, saying that loan growth is expected to slow.
“The government is cracking down on the increase in the real estate market and household loans,” said Park Shin-young, an analyst at Goldman Sachs.
He continued, “This year Kakao BankWe lowered our earnings estimates for the company by 23% from our previous estimates and our forecasts for next year by 29%, respectively.”
The stock price of Kakao Group shares has recently been on the decline due to a rise in interest rates due to the recent tightening of the US central bank (Fed), the prospect of sluggish earnings in the fourth quarter, and controversy over the stock option of Kakao Pay stock by former Kakao CEO Ryu Young-joon, co-nominee.
Ryu Eun-hyuk, staff reporter at Hankyung.com [email protected]
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