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KRX:035720

16 stories mentioning KRX:035720Updated 6d ago

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Asia

South Korean Shares Close Sharply Lower on Escalated US-Iran Military Conflict, Oil Price Jump

South Korean shares broke a three-day winning streak to close sharply lower on Friday, amid escalating tensions in the Middle East.The U.S. carried out a 13th straight night of strikes on Iran on Thursday, targeting military sites and commercial establishments, while Yemen's Iran-backed Houthi rebels said they attacked two Saudi oil tankers in the Red Sea. In addition, these escalations led to oil prices climbing above $100 a barrel.The Korea Composite Stock Price Index, or Kospi, decreased by 406.27 points, or 5.7%, to end at 6,690.62. The Kosdaq also fell by 42.06 points, or 5.3%, to close at 748.22.In corporate news, Samsung Electronics' (KRX:005930) decision to award bonuses of over $400,000 to some of its employees has led to labor protests across major firms in South Korea, Bloomberg News reported Friday.Assembly-line workers at automaker Hyundai Motor (KRX:005380) plan to carry out a three-day partial strike next week to demand bonuses of up to 30% of consolidated profit, while unions at HD Hyundai Heavy Industries (KRX:329180) and LG Uplus (KRX:032640) are seeking payouts equal to at least 30% of operating profit, the report said.Employees at Hanwha Aerospace (KRX:012450) and HD Hyundai Electric (KRX:267260) seek bonus limitations removed, while workers at internet giant Kakao Corporation (KRX:035720) are demanding up to 15% of operating profit for bonuses, and technology firm Naver's (KRX:035420) union is establishing a coalition with affiliate unions to boost negotiations, Bloomberg News said.Kakao Corporation could not be reached, while Hyundai Motor, HD Hyundai Heavy Industries, LG Uplus, Hanwha Aerospace, HD Hyundai Electric, and Naver did not immediately respond to' request for comment.Shares of Samsung Electronics fell nearly 8%, those of Hyundai Motor and HD Hyundai Electric declined 7%, while shares of HD Hyundai Heavy Industries fell nearly 3% at market close. Shares of Hanwha Aerospace added over 2%, while shares of Kakao and Naver declined 3% and 6%, respectively.In other news, KB Financial Group (KRX:105560) posted a 3.2% year-over-year decline in profit attributable to owners of the parent to 1.124 trillion won from 1.161 trillion won for the second quarter, according to a Friday filing with the Korea Exchange.Net sales fell 17% to 11.8 trillion won from 14.2 trillion won for the three months ended June 30.Shares of KB Financial slipped 3% at market close.

^KOSDAQKOSPIKRX:005380KRX:005930KRX:012450KRX:032640KRX:035420KRX:035720KRX:267260KRX:329180
Asia

Market Chatter: Samsung Electronics' $400,000 Bonus Leads to Labor Protests Across South Korea

Samsung Electronics' (KRX:005930) decision to award bonuses of over $400,000 to some of its employees has led to labor protests across major firms in South Korea, Bloomberg News reported Friday.Assembly-line workers at automaker Hyundai Motor (KRX:005380) plan to carry out a three-day partial strike next week to demand bonuses of up to 30% of consolidated profit, while unions at HD Hyundai Heavy Industries (KRX:329180) and LG Uplus (KRX:032640) are seeking payouts equal to at least 30% of operating profit, the report said.Employees at Hanwha Aerospace (KRX:012450) and HD Hyundai Electric (KRX:267260) seek bonus limitations removed, while workers at internet giant Kakao Corporation (KRX:035720) are demanding up to 15% of operating profit for bonuses, and technology firm Naver's (KRX:035420) union is establishing a coalition with affiliate unions to boost negotiations, Bloomberg News said.Kakao Corporation could not be reached while Hyundai Motor, HD Hyundai Heavy Industries, LG Uplus, Hanwha Aerospace, HD Hyundai Electric, and Naver did not immediately respond to' request for comment.Shares of Samsung Electronics fell over 8%, those of Hyundai Motor and HD Hyundai Electric declined over 9% and 7% respectively, while shares of HD Hyundai Heavy Industries fell more than 2% in recent trade. Shares of LG Uplus declined over 1% while those of Hanwha Aerospace added nearly 3%. Shares of Kakao and Naver declined nearly 4% and over 7%, respectively.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

KRX:005380KRX:005930KRX:012450KRX:032640KRX:035420KRX:035720KRX:267260KRX:329180
Asia

South Korean Shares Close Higher for Second Day on Overnight Wall Street Gains

South Korean shares closed higher on Wednesday for a second straight day on overnight Wall Street gains, ahead of second-quarter earnings releases of US big tech companies.U.S. stocks rebounded on Tuesday, with the Dow Jones Industrial Average gaining 0.74%, the S&P 500 adding 0.89% and the Nasdaq Composite climbing 1.3%, as all three indexes snapped three-day losing streaks.The Korea Composite Stock Price Index, or Kospi, increased by 49.75 points, or 0.7%, to end at 6,797.7. The Kosdaq fell by 2.25 points, or 0.3%, to close at 751.09.In economic news, South Korea's producer price index (PPI) increased 8.6% year over year in June, according to preliminary data from the Bank of Korea released on Wednesday. The reading remained unchanged from the previous month but exceeded Trading Economics' forecast of 8.2%.PPI inflation across agricultural, forestry and marine products, and services was unchanged in June from May, while that of manufacturing products slowed. Out of all the primary sectors, only utilities posted an acceleration in producer price growth.On a month-over-month basis, South Korea's PPI was flat after rising for nine straight months.In corporate news, Hyundai Motor Group, the parent of Hyundai Motor (KRX:005380) and Kia (KRX:000270), introduced an integrated vehicle-to-everything (V2X) service called AllDayEnergy around the world, which would allow electric vehicles to double as mobile energy sources.The automotive group will work with Hana Financial Group (KRX:086790) subsidiary Hana Bank to introduce "AllDayEnergy My Heart Savings Account," Hyundai Motor Group said in a Tuesday release.V2X allows two-way power flow between electric vehicle batteries and the grid, enabling users to lower charging costs and generate revenue. The service stores electricity during off-peak hours and supplies it when the requirement is higher, it said.Shares of Hyundai Motor jumped nearly 5% while those of Kia added about 2% at market close.In other news, Unionized workers at Kakao Corporation (KRX:035720) subsidiary Kakao Bank voted to carry out a full-scale strike on July 31 after failed talks with management over salary hikes and other benefits, Yonhap News reported Wednesday.The bank's union and management are at odds over wages and benefits after no agreement was reached during negotiations, despite the bank posting record first-quarter operating income and revenue, the report said.Kakao Corp. has also faced continued wage-related disputes, with union members carrying out strikes last month, according to the report.The company did not immediately respond to a request for comment from.Shares of Kakao Corp. added nearly 1% at market close.

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Asia

Market Chatter: Kakao Bank's Unionized Workers to Hold Full-Scale Strike on July 31

Unionized workers at Kakao Corporation (KRX:035720) subsidiary Kakao Bank voted to carry out a full-scale strike on July 31 after failed talks with management over salary hikes and other benefits, Yonhap News reported Wednesday.The bank's union and management are at odds over wages and benefits after no agreement was reached during negotiations, despite the bank posting record first-quarter operating income and revenue, the report said.Kakao Corp. has also faced continued wage-related disputes, with union members carrying out strikes last month, according to the report.The company did not immediately respond to a request for comment from.Shares of Kakao Corp. added over 2% in recent trade.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Market Chatter: Kakao Mobility, Renault Korea Sign MOU on Connected Vehicle Services

Kakao's (KRX:035720) mobility subsidiary Kakao Mobility and Renault Korea have signed a memorandum of understanding to collaborate on connected vehicle and future mobility technologies, Yonhap News Agency reported Wednesday, citing company statements.As part of the deal, The companies will work on high-precision mapping, software solutions for advanced driver assistance systems and in-vehicle infotainment and connectivity services.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

KRX:035720
Research

CLSA Starts Kakao at Hold with KRW42,000 Price Target

Kakao (KRX:035720) has an average rating of overweight and mean price target of 67,240 won, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

KRX:035720
Asia

Market Chatter: Kakao's Unionized Workers Stage First-Ever Walk Out Over Bonus Dispute

Unionized employees of Kakao Corp. (KRX:035720) will stage the company's first ever walkout on June 10, with around 600 members across five units expected to participate, according to a report by the Yonhap News Agency on Wednesday.The union is demanding 13% to 14% of last year's operating profits as performance-based incentives, the report said.Concurrently, the union is seeking a rework of the compensation structure, the report noted.However, the company management has so far rejected the demands citing them as a "huge burden" on fiscal operations, the report added.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

KRX:035720
Asia

Kakao, Korea's Science Ministry Meet to Prepare for Strike Plan; Shares Fall 4%

Officials from Kakao (KRX:035720) and Korea's Ministry of Science and ICT met Monday to prepare for the impact of the messenger app operator's four-hour strike on Wednesday after wage negotiations faltered.The parties discussed contingencies in case of service interruptions of KakaoTalk and Kakao Maps, among other apps, the ministry said Monday.Shares fell 4% during late afternoon trading on Monday.

KRX:035720
Asia

Market Chatter: Kakao, Labor Union Fail to Reach Agreement on Compensation; Union to Go on Strike in June

South Korean internet conglomerate Kakao (KRX:035720) and its labor union failed to reach an agreement after a second round of government-mediated negotiations, Reuters reported Thursday.The union ​is expected to go on strike in June as previously planned, a union representative told Reuters, following the failed discussions.The union has yet to confirm how many members across Kakao and four affiliates will join the strike, though around 700 members attended a rally on May 20. Kakao said that it would keep trying to reach common ground with its union, according to the news report.Shares of Kakao fell 1% at market close.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

KRX:035720
Asia

LG Innotek, Kakao Mobility Sign Deal for Autonomous Driving Solutions

LG Innotek (KRX:011070) signed a memorandum of understanding with internet company Kakao (KRX:035720) subsidiary Kakao Mobility to develop autonomous driving solutions, according to a Wednesday release.Under the agreement, the planned autonomous driving solution will combine LG Innotek's high-performance sensing modules, including cameras, radar, and light detection and ranging (LiDAR), with Kakao Mobility's platform services and software, the release said.Shares of the South Korean materials and components manufacturer fell over 4% at market close, while those of Kakao declined more than 3%.

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Asia

South Korean Stocks Plunge Over 6% on Profit-Booking After Touching 8,000-Point Threshold

South Korean stocks plunged on Friday, with the Kospi closing below 7,500 points after briefly touching the 8,000-point threshold earlier in the day. Investors rushed to book profits after the historic milestone was achieved.The Kospi had opened slightly lower in the day but quickly rebounded, briefly surpassing the 8,000 mark before sharply reversing. The index later plunged to as low as 7,371.68, triggering a sell-side sidecar around 1:30pm, which was the first such measure since April 2.The Korea Composite Stock Price Index or Kospi decreased by 488.23 points, or 6.1%, to end at 7,493.18. The Kosdaq also declined by 61.27 points, or 5.1%, to close at 1,129.82.In economic news, South Korea's export prices rose 40.8% year-over-year in April, while import prices gained 20.2%, according to preliminary data from the Bank of Korea released on Friday.On a month-on-month basis, the export price index increased 7.1%, while the import price index declined 2.3%, the data showed.The net barter terms of trade index gained 14.3% on-year during the month.In corporate news, Hana Financial Group's (KRX:086790) Hana Bank will acquire 6.55% of crypto exchange operator Dunamu for 1.003 trillion won, the financial group said in a Friday filing with the Korea Exchange.The bank will acquire 2.28 million shares in the target on June 15, which are currently held by Kakao (KRX:035720) subsidiary Kakao Investment. The transaction will be settled in cash, the filing said.Shares of Hana Financial Group fell nearly 6% at market close, while those of Kakao declined over 4%.

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Asia

Hana Bank to Acquire 6.55% Stake in Crypto Exchange Operator Dunamu in KRW1 Trillion Deal

Hana Financial Group's (KRX:086790) Hana Bank will acquire 6.55% of crypto exchange operator Dunamu for 1.003 trillion won, the financial group said in a Friday filing with the Korea Exchange.The bank will acquire 2.28 million shares in the target on June 15, which are currently held by Kakao (KRX:035720) subsidiary Kakao Investment. The transaction will be settled in cash, the filing said.Shares of Hana Financial Group fell over 4% in recent trade, while those of Kakao declined more than 2%.

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Research

Citi Upgrades Kakao to Buy from Neutral; Price Target is KRW54,000

Kakao (KRX:035720) has an average rating of buy and mean price target of 72,571.43 won, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

KRX:035720
Asia

Nomura Adjusts Kakao's Price Target to KRW45,000 From KRW59,000, Keeps at Neutral

Kakao (KRX:035720) has an average rating of buy and mean price target of 72,571.43 won, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

KRX:035720
US Markets

Kakao's Q1 Profit Rises as Mobility, Payments Drive Platform Growth

Kakao (KRX:035720) posted a higher first-quarter net profit as strong growth in its platform and advertising businesses helped offset uneven performance in its content segment.Net profit rose 13% to 226.8 billion won from 200.3 billion won a year earlier.The South Korean internet company posted first-quarter net income attributable to shareholders of 171.7 billion won, little changed from 171.9 billion won a year earlier, according to a Thursday filing with the Korea Exchange.Revenue rose 11% to 1.94 trillion won from 1.75 trillion won, though the figure came in below the Visible Alpha estimate of 2.02 trillion won.Kakao's core platform division, which includes its mobility and Kakao Pay businesses, posted sales of 1.18 trillion won in the quarter, up 16% from a year earlier, supported by stronger advertising demand and growth in mobility and payment services.During an earnings call, Kakao's Chief Executive, Chung Shin-a, said the company plans to expand its agentic commerce business in the second half of the year, including AI-powered shopping services integrated into KakaoTalk."We are preparing with major vertical players, a proactive, end-to-end agent service that connects from search to payment," Chung said, according to Yonhap News Agency.She added that users are expected to experience an early version of Kakao's AI commerce service before the company's next earnings announcement.The company said domestic KakaoTalk monthly active users remained stable at about 49.6 million in the first quarter.Content revenue rose 4.7% to 759.4 billion won, supported by growth in its music and media businesses.Within content, stronger album sales and expanded global concerts lifted music revenue, while media revenue benefited from a higher number of titles contributing to revenue.Story revenue, however, remained under pressure amid weaker demand in Japan's manga market and softer gross merchandise value across platform and IP distribution businesses.

KRX:035720
Asia

Kakao's Net Attributable Income Edges Down in Q1

Kakao (KRX:035720) posted first-quarter net income attributable to shareholders of 171.7 billion won, down 0.1% from 171.9 billion won a year earlier, according to a Thursday filing with the Korea Exchange.The South Korean internet company's sales rose 4.2% year over year to 1.942 trillion won from 1.863 trillion won.Shares of Kakao fell 1% in recent trade.

KRX:035720

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