External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>For 3Q25, Kakao posted revenue of W2.09tr (+9% YoY) and operating profit of W208bn (+59% YoY), beating the consensus estimates (W2.02tr and W164bn) by 3% and 27%, respectively.</li><li>Platform revenue came in at W1.06tr (+12% YoY; 3% higher than our estimate), driven by strong performances from Kakao Mobility and Kakaopay.</li><li>Talk Biz ad growth accelerated, with revenue expanding 11% YoY to W325bn. Content revenue reached W1.03tr (+5% YoY; 5% higher than our estimate), supported by strength in the media segment. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

For 3Q25, Kakao posted revenue of W2.09tr (+9% YoY) and operating profit of W208bn (+59% YoY), beating the consensus estimates (W2.02tr and W164bn) by 3% and 27%, respectively.Platform revenue came in at W1.06tr (+12% YoY; 3% higher than our estimate), driven by strong performances from Kakao Mobility and Kakaopay.Talk Biz ad growth accelerated, with revenue expanding 11% YoY to W325bn. Content revenue reached W1.03tr (+5% YoY; 5% higher than our estimate), supported by strength in the media segment. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kakao (035720 KS/Buy)Strong Confidence in Traffic Growth

Kakao Corp

Kakao (035720 KS/Buy)Strong Confidence in Traffic Growth