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    A035720   KR7035720002

KAKAO CORP.

(A035720)
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South Korea digital bank Kakao Bank picks advisors for planned IPO

12/16/2020 | 08:51pm EDT

SEOUL (Reuters) - South Korean digital bank Kakao Bank Corp has picked advisors for its planned initial public offering (IPO), a spokesman said on Thursday.

Kakao Bank is one of two digital banks in South Korea. It became profitable in 2019 after less than two years of operation, and analysts currently estimate its valuation around 10 trillion won ($9.15 billion).

It chose Credit Suisse and KB Investment & Securities as lead advisors, the spokesman said, with Citigroup as co-advisor.

Kakao Bank reported net profit of 40.6 billion won for the July-September quarter, a seven-fold rise from 5.8 billion won in the same period last year.

It has benefited from an inflow of customers from South Korea's dominant chat app operator Kakao Corp - a 32% stakeholder - as well as rapid lending growth, higher net interest margins and efforts to increase the proportion of low-cost deposits, said Samsung Securities analyst Kim Jae-woo.

Kakao Bank filings showed it issued shares worth 250 billion won to private equity firm TPG Capital Management LP in October and 250 billion won worth to Anchor Equity Partners in November. That valued the firm at around 9 trillion won.

Kakao Bank has not decided on the timing of its IPO, which analysts expect to be in the latter half of next year.

($1 = 1,092.6400 won)

(Reporting by Joyce Lee; Editing by Christopher Cushing)

By Joyce Lee


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CITIGROUP INC. 3.87% 70.88 Delayed Quote.10.67%
CREDIT SUISSE GROUP AG 1.88% 9.11 Delayed Quote.-21.56%
KAKAO CORP. -3.77% 115000 End-of-day quote.47.63%
SAMSUNG ELECTRONICS CO., LTD. 0.26% 77400 End-of-day quote.-4.44%
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Analyst Recommendations on KAKAO CORP.
More recommendations
Financials
Sales 2021 5 927 B 5,04 B 5,04 B
Net income 2021 937 B 0,80 B 0,80 B
Net cash 2021 3 774 B 3,21 B 3,21 B
P/E ratio 2021 55,8x
Yield 2021 0,03%
Capitalization 49 757 B 42 407 M 42 344 M
EV / Sales 2021 7,76x
EV / Sales 2022 5,94x
Nbr of Employees -
Free-Float 64,8%
Chart KAKAO CORP.
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Kakao Corp. Technical Analysis Chart | MarketScreener
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Technical analysis trends KAKAO CORP.
Short TermMid-TermLong Term
TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 29
Last Close Price 115 000,00 KRW
Average target price 166 724,14 KRW
Spread / Average Target 45,0%
EPS Revisions
Managers and Directors
Min-Soo Yeo Co-Chief Executive Officer & Director
Su-Yong Jo Co-Chief Executive Officer & Director
Beom-Soo Kim Chairman
Tae-Sung Jung Head-Compliance Support
Kyu-Jin Cho Independent Director
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