KakaoPay Corp’s profits may more than double market estimates by 2027

CGS International expects KKP Securities to turn profitable in the current year.

KakaoPay Corp’s operating profits have the potential to come double the current market estimates over the next two years, according to CGS International.

The investment house expects KakaoPay to log gradual margin improvements, as well as for KKP Securities to turn profitable in 2025 thanks to fast growing foreign stock trades in Korea, it said in a company note published on 27 May.

“Our FY26F/27F [operating profit] forecasts are 85%/141% above the current Bloomberg consensus estimates despite a conservative earnings assumption for KKP Insurance with an operating loss of KRW40bn in 2027,” CGS International wrote.

“Also, we expect KKP Securities to turn profitable in 2025F, thanks to fast growing foreign stock trades in Korea,” it added.

CGS International expects KakaoPay to post a revenue compound annual growth rate (CAGR) of 13% in 2024-2027F, backed by its single-digit revenue share in the core business segments of payment at 3%; loan referral at 5%; and insurance at less than 1% of the total addressable market.

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