In today’s briefing:
- The Launch of Apple Pay Is Likely to Result in Market Share Losses for Kakao Pay
The Launch of Apple Pay Is Likely to Result in Market Share Losses for Kakao Pay
- In the past several days, there have been numerous local media outlets that have mentioned about a potential launch of Apple Pay in Korea in the coming months.
- We believe the launch of Apple Pay in Korea could occur in the next 6-12 months and this is likely to further heighten the competitive pressures on Kakao Pay.
- We continue to be concerned about the lofty valuation multiples of Kakao Pay as it is trading at 165x P/E (2024E) and 5.1x P/B (2024E).
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