Kakao Bank: 2Q26 earnings season with limited structural positives; Neutral

研报英文原文证据摘录

Kakao Bank: 2Q26 earnings season with limited structural positives; Neutral

J P M O R G A N Asia Pacific Equity Research

08 July 2026

Kakao Bank Neutral

323410.KS, 323410 KS

2Q26 earnings season with limited structural positives; Price (08 Jul 26):W22,100

Neutral Price Target (Jun-27):W24,000

We expect 2Q26 net profit of W128bn, below Street estimates, due to 1) muted loan Diversified Banks

ACgrowth (~1% q/q) under tighter household lending caps and 2) limited fee income Jihyun Cho

traction, while it is constructive to see 3) a stronger NIM expansion (~6bps) and (82-2) 758-5480

4) manageable credit costs. In a further tightened household lending environment, jihyun.cho@jpmorgan.com

management is leaning into cost discipline and shareholder returns (guiding to Tae Wook Kim

50% TSR in 2026 and a more progressive DPS framework from 2027), while (82-2) 758-5719

pursuing diversification in the business portfolio (including capital/credit finance taewook.kim@jpmorgan.com

J.P. Morgan Securities (Far East) Limited, Seoul

acquisitions and new AI-enabled services). However, the market is likely to Branch

demand clearer growth levers to justify the valuation premium—particularly

SOHO growth in lending and more durable fee momentum—along with

sustainable asset quality management (on high unsecured loan mix, ~40%) a key Key Changes (FYE Dec)

watchpoint. Penciling in weaker loan growth, we trim our earnings estimates and Prev Cur Δ

Adj. EPS - 26E (W) 1,249 1,207 -3.4%

retain Neutral. We would need clearer structural positives to re-anchor growth Adj. EPS - 27E (W) 1,308 1,271 -2.8%

expectations before shifting from our conservative stance.

Quarterly Forecasts (FYE Dec)

• 2Q26 earnings preview. We expect W128bn in net profit, below Street Adj. EPS (W)