[Edaily Reporter KIM YOON-JEONG ] LS SECURITIES noted that kakaopay(377300)is rapidly expanding its platform ecosystem centered on financial services, and projected that artificial intelligence (AI) services and the institutionalization of virtual assets will serve as drivers of growth in the medium to long term. The firm maintained its “Buy” investment rating and target price of 61,000 won.

On the 5th, Seon Yu-jin, an analyst at LS SECURITIES, stated, “Second-quarter consolidated revenue of 335.1 billion won and operating profit of 58.6 billion won significantly exceeded market consensus,” adding, “High growth in the financial services segment drove overall revenue growth and profitability.”
kakaopay’s second-quarter consolidated revenue reached 335.1 billion won, a 41% increase year-over-year, while operating profit rose 528% to 58.6 billion won. The operating profit margin (OPM) stood at 17.5%. Revenue exceeded market consensus by approximately 5%, and operating profit surpassed it by about 52%.
The Financial Services segment led the improvement in performance, with revenue growing 75% year-over-year, driven by increased trading volume at kakaopay Securities and portfolio diversification at kakaopay Property & Casualty Insurance. Revenue in the Payment Services segment also rose 13% due to increased transaction volume from non-captive online and offline channels, while the Platform Services segment grew 44% thanks to higher revenue from advertising and telecommunications brokerage.
LS SECURITIES noted that the platform ecosystem is becoming more robust, while user engagement metrics are also improving rapidly.
Researcher Seon explained, “In the securities sector, beyond a simple increase in transaction volume, the actual user base is expanding, as evidenced by growth in the number of pension and ISA subscribers and a 100% increase in the average monthly number of active trading customers,” adding, “Additional synergies can also be expected in conjunction with the future expansion of the investment banking (IB) business.”
In the payment business, the analysis noted that the company is leveraging MyData to boost transactions at strategic merchant partners and linking online, offline, and overseas payment ecosystems to enhance the user experience and lock-in effect. The data accumulated through this process is also being utilized in the lending business, where banks and credit card companies are adopting it as an alternative credit scoring model; the firm forecasts that this will expand to more financial institutions within the year.
LS SECURITIES also forecast that AI and virtual assets will become new growth drivers.
Research Analyst Seon stated, “We have launched the beta version of ‘AI Coach,’ a financial Agent AI service specialized in consumption analysis and budget management,” adding, “The convergence of Kakao’s vast user base, the company’s MyData business capabilities, and the growing demand for personalized asset management is accelerating the medium- to long-term growth potential of the kakaopay platform.”
He added, “The momentum toward the legalization of virtual assets in Korea, which is becoming visible starting in the second half of the year, is also a promising development.”