[Click eStock] "DearU, Expecting New Subscription Inflow in Q1"

Hanwha Investment & Securities maintained a target price of 40,000 KRW and a buy rating for DearU on the 6th, stating, "Although the stagnation in subscriber growth continues, the company's qualitative and quantitative growth is expected to be confirmed in various ways this year as well."

DearU recorded sales of 20.9 billion KRW and an operating profit of 8.8 billion KRW in the fourth quarter, exceeding Hanwha Investment & Securities' estimates. The operating profit margin in the fourth quarter was about 41%, marking the highest profit margin ever. The average quarterly subscriber count was 2.3 million, and despite continued stagnation in subscriber growth following the previous quarter, a high profit margin was maintained. This is interpreted as a result of reduced payment fees due to prolonged subscriptions and maximized profitability from new features such as handwritten notes.

Subscriber growth stagnation was confirmed again in the fourth quarter, following the third quarter. Su-Young Park, a researcher at Hanwha Investment & Securities, said, "Although it may appear somewhat negative as if growth has stalled, several positive events are expected to be confirmed within the first quarter of this year."

The KakaoTalk Gift service is expected to launch before mid-February. New subscriber inflows are anticipated following the service launch. The 'Bubble for Japan' service is also expected to open within February. Many popular idol groups in Japan have not yet been confirmed to join. New sports stars are also scheduled to join.

This content was produced with the assistance of AI translation services.