[Edaily Reporter Park Jeong-soo] On the 8th, Kiwoom Securities maintained its “Buy” rating on #NHN KCP, forecasting that growth in Gross Merchandise Value (GMV) will continue due to the expansion of new domestic and international merchant partners. The target price was raised by 15.8% from the previous 19,000 won to 22,000 won.
Kim Jin-gu, an analyst at Kiwoom Securities, stated, “We highlight the sustained GMV growth driven by the addition of new domestic and international merchants as a positive investment point,” adding, “Management’s execution capabilities are also being demonstrated in new businesses such as stablecoins.”
Kiwoom Securities projected that NHN KCP’s domestic GMV this year will reach 48.4 trillion won, a 13% increase year-over-year, while overseas GMV will rise 41% to 12.2 trillion won. In particular, the firm analyzed that strong Tesla sales and the addition of new Mercedes-Benz franchisees will drive overseas growth.
Accordingly, the firm expects this year’s revenue to reach 1.4611 trillion won, an 18.3% increase year-over-year, and operating profit to reach 64.8 billion won, an 18.4% increase. The operating profit margin is projected to remain at a similar level to last year, at 4.4%.
The firm also highlighted the company’s new stablecoin business. Analyst Kim stated, “The company has recently conducted a proof of concept (PoC) for stablecoins, demonstrating concrete commitment and execution capabilities for this new venture,” adding, “It is expected to secure a foothold within the stablecoin ecosystem through collaboration with various stakeholders.”
He added, “If the company moves to build alliances through strategic partnerships with artificial intelligence (AI) firms such as OpenAI and Anthropic, it will be able to secure a competitive edge over its rivals.”