Corporate Logo(source: kakaopay.com)
On June 10, shares of Kakao Pay (377300) extended their rally rising sharply on investor optimism surrounding policy benefits from the new Lee Jae-myung administration. Expectations for the expansion of regional currency programs and renewed discussions around a won-based stable-coin have positioned the company as a potential beneficiary.
As of 11:48 a.m., Kakao Pay was trading at 56,400 won, up 6,900 won or 13.94% from the previous session. The stock spiked as high as 58,400 won earlier in the day.
The momentum follows the appointment of Kim Yong-beom, former Vice Minister of Strategy and Finance, as the new Chief Presidential Policy Secretary, fueling expectations that the government will accelerate stablecoin initiatives. Kim most recently served as head of Hashed Open Research, a think tank affiliated with digital asset investor Hashed, after leaving public office in 2021.
Investor sentiment has also been lifted by the anticipation that the Lee administration will promote domestic consumption through regional currency programs. During his presidential campaign, Lee pledged to expand both the issuance of local currencies and Onnuri gift certificates.
Despite the surge, global investment bank JP Morgan issued a cautious note, warning that the stock’s rally may be excessive. The firm rated Kakao Pay underweight, KakaoBank neutral, and Kakao (035720) neutral.
JP Morgan argued that the actual financial benefits for Kakao Pay from the regional currency and stablecoin policies are likely limited. It estimated that even if Kakao Pay captures a 30% share of the government’s 10 trillion won budget for regional currency and consumption coupons, with a payment commission rate of 0.56%, the resulting revenue would amount to approximately 17 billion won—roughly 2% of the company’s expected annual sales.
The firm also stated that it is premature to designate Kakao Pay as a clear beneficiary of the stablecoin policy. Regarding the broader rally in Kakao-related stocks, JP Morgan noted that applying a 60% holding company discount in sum-of-the-parts valuation indicates that recent share price gains in Kakao Pay and KakaoBank may be overstated.
Following the report, Kakao fell 2.53%, while KakaoBank (323410) declined 1.37%.
*[KOSPI] KakaoPay(377300) is a fintech company that launched the first simple payment service in Korea, gradually expanding into services such as remittance, billing, and further venturing into financial services such as lending, investment, and insurance mediation. Market capitalization is 6.667 trillion won (as of June 9, 2025, closing price)
Corporate Logo(source: kakaopay.com)
On June 10, shares of Kakao Pay (377300) extended their rally rising sharply on investor optimism surrounding policy benefits from the new Lee Jae-myung administration. Expectations for the expansion of regional currency programs and renewed discussions around a won-based stable-coin have positioned the company as a potential beneficiary.
As of 11:48 a.m., Kakao Pay was trading at 56,400 won, up 6,900 won or 13.94% from the previous session. The stock spiked as high as 58,400 won earlier in the day.
The momentum follows the appointment of Kim Yong-beom, former Vice Minister of Strategy and Finance, as the new Chief Presidential Policy Secretary, fueling expectations that the government will accelerate stablecoin initiatives. Kim most recently served as head of Hashed Open Research, a think tank affiliated with digital asset investor Hashed, after leaving public office in 2021.
Investor sentiment has also been lifted by the anticipation that the Lee administration will promote domestic consumption through regional currency programs. During his presidential campaign, Lee pledged to expand both the issuance of local currencies and Onnuri gift certificates.
Despite the surge, global investment bank JP Morgan issued a cautious note, warning that the stock’s rally may be excessive. The firm rated Kakao Pay underweight, KakaoBank neutral, and Kakao (035720) neutral.
JP Morgan argued that the actual financial benefits for Kakao Pay from the regional currency and stablecoin policies are likely limited. It estimated that even if Kakao Pay captures a 30% share of the government’s 10 trillion won budget for regional currency and consumption coupons, with a payment commission rate of 0.56%, the resulting revenue would amount to approximately 17 billion won—roughly 2% of the company’s expected annual sales.
The firm also stated that it is premature to designate Kakao Pay as a clear beneficiary of the stablecoin policy. Regarding the broader rally in Kakao-related stocks, JP Morgan noted that applying a 60% holding company discount in sum-of-the-parts valuation indicates that recent share price gains in Kakao Pay and KakaoBank may be overstated.
Following the report, Kakao fell 2.53%, while KakaoBank (323410) declined 1.37%.
*[KOSPI] KakaoPay(377300) is a fintech company that launched the first simple payment service in Korea, gradually expanding into services such as remittance, billing, and further venturing into financial services such as lending, investment, and insurance mediation. Market capitalization is 6.667 trillion won (as of June 9, 2025, closing price)