Kakao’s ad sector to grow

Kakao’s ad sector to grow

Kakao’s advertisement sector is looking up, said Kiwoom Securities on Nov. 9 raising the target price to 130,000 won (US$115.94) from 125,000 won.

Its third-quarter earnings were in line with market consensus, with 599.3 billion won revenue and 30.7 billion won operating profit. Although costs continued to increase, advertisements on its platforms jumped 21 percent and bolstered its bottom line, said analyst Kim Hak-jun.

Meanwhile its Webtoon service will maintain strong momentum into next year with growing subscribers and contents, said the analyst, adding that the content purchase per user is rising dramatically.

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