Shares of S.Korea's Kakao Bank drop after 'underperform' rating

KakaoBank

29/06/2022 05:43

** Kakaobank  323410.KS  shares drop as much as 9.2% to hit
a fresh low since their listing in August 2021
    ** A local brokerage DB Financial Investment starts stock
coverage with 'underperform' rating and target price at 27%
below last close
    ** DB Financial Investment: "We see Kakaobank as a 'bank'
that wants to become a platform. But, growth slowdown is
inevitable after its initial stage, and its platform profits
seem not so differentiated from regular banks' non-interest
income."
    ** Kakaopay  377300.KS  down as much as 4.7% to lowest since
listing in Nov 2021, Kakao  035720.KS  down as much as 2.7%
    ** The broader KOSPI market  .KS11  down 1.54% as of 0433
GMT

 (Reporting by Jihoon Lee)
 ((jihoon.lee@thomsonreuters.com))