[Featured Stock] Kakao Games Plunge Over 10% Amid Earnings Concerns
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[Asia Economy Reporter Ji Yeon-jin] Kakao Games' stock price is plummeting more than 10% on the 6th due to a downward revision of the target price following poor earnings.
As of 10:20 AM on the same day, Kakao Games was trading at 77,400 KRW, down 10.42% (9,000 KRW) from the previous day.
EBest Investment & Securities maintained a 'Buy' rating on Kakao Games but lowered the target price from 125,000 KRW to 110,000 KRW. Although a decline in sales is expected in the fourth quarter of last year, the company is evaluated to have future potential due to achievements related to Non-Fungible Tokens (NFT) and the metaverse.
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Researcher Seong Jong-hwa of EBest Investment & Securities estimated Kakao Games' fourth-quarter sales last year to be 271.6 billion KRW, down 41.7% compared to the third quarter of last year, and operating profit to be 44.8 billion KRW, up 4.8%.
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