[Featured Stock] 'Surprise Earnings' Kakao Rises as Foreign Investors Increase Net Buying
[Asia Economy Reporter Ji Yeon-jin] Kakao's stock price is sharply rising in the KOSPI market on the 10th. Following a surprise earnings announcement the previous day, foreign investors' net buying continues.
As of 9:47 AM, Kakao is trading at 475,500 KRW, up 3.25% from the previous day. Kakao started trading at 466,000 KRW and is increasing its gains. For about an hour after the market opened, foreign investors have net bought approximately 77.3 billion KRW worth of shares, ranking Kakao first among the top stocks for foreign net buying.
Kakao announced on the 9th that its consolidated operating profit for last year was 456.04 billion KRW, a 120.5% increase compared to the same period the previous year. During this period, sales increased by 35.4% to 4.1567 trillion KRW, and net profit turned positive at 167.077 billion KRW. The operating profit margin is around 11%.
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On this day, securities firms unanimously raised their target prices for Kakao. Hi Investment & Securities raised it the most to 630,000 KRW, while Samsung Securities, Ebest Investment & Securities, and NH Investment & Securities also adjusted their targets upward to 600,000 KRW.
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