Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 30 years of experience in the Korean/Asian equity research. Major sectors coverage include the following:
- Technology 
- Consumer 
- Special Situations/Deep Value Plays
- Tender Offers/M&As
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

Kakao Pay: A Likely Ban on Simple Remittance Without Bank Accounts

A Block Deal Sale of 3.1% of Kakao Bank by KB Kookmin Bank

Kakao Pay: Downsized Rights Offering of Kakao Pay Securities & Potential Selling by Alipay

Kakao Pay: MSCI Will Likely to Continue to Treat Alipay as a Strategic Investor

MSCI Korea: Potential Inclusions & Exclusions in August 2022 Highlighted by Locals

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Bottom-Up

<ul>
<li>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. </li>
<li>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.</li>
<li>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). </li>
</ul>


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). 


The Launch of Apple Pay Is Likely to Result in Market Share Losses for Kakao Pay

Kakaopay

The Launch of Apple Pay Is Likely to Result in Market Share Losses for Kakao Pay