As the share price has plummeted 80% since its peak, Kakao Bank executives have even initiated a large-scale share buyback. However, on the morning of that day, Kakao Bank’s share price again rewrote its 52-week low.
According to the Financial Supervisory Service on the 11th, 11 Kakao Bank executives bought a total of 54,685 treasury shares in two days on the 6th and 7th.
Kim Seok, chief strategy officer, bought 10,000 shares on 7 and Ahn Hyun-cheol, chief research and development officer, also bought 8,000 shares. In addition, Heechul Shin, Chief Human Resources Officer (6,000 shares), Chief Technology Officer Jeong Gyu-don (5330 shares), Compliance Officer Kwon Tae-hoon (2452 shares), Min Kyung-pyo Chief Information Protection Officer (3,000 shares), Shin Jae-hong Chief Information Officer (2,700 shares), Treasurer Lee Chul The general manager (1290 shares) and Koh Koh, the chief service officer (1,000 shares) bought their own shares on the stock exchange.
In early July, Lee Hyung-joo, chief business officer of Kakao Bank, Jae-young Heo, chief financial and consumer protection officer, Ho-beom Yoo, head of internal audit, and Lee Ji-woon, head of risk, they purchased 33,685 treasury shares.
Kakao Bank executives recently bought 90,000 shares. A Kakao Bank official said, “Executives voluntarily bought own shares to raise share prices and increase shareholder value.”
However, despite such large-scale share buybacks, Kakao Bank’s share price appears to decline helplessly. During the morning of that day, Kakao Bank dropped to the 18,000 won level, rewriting the 52-week low. It is currently trading at 18,250 won, down 0.54%. Investor sentiment towards growth stocks is interpreted to have worsened due to weakening expectations of a pivot from the US central bank (Fed) and concerns about the re-emergence of an economic recession.
On the 7th, DB Financial Investment presented a target price of 16,200 won, 20% lower than the previous closing price (22,250 won). Loan growth this year is expected to be lower than expected (4 trillion won). DB Financial Investment predicted that this year’s loan growth would be just 2.3 trillion won. Lee Byung-geon, researcher at DB Financial Investment, pointed out: “Kakao Bank’s loan growth has slowed sharply as the housing market crisis has led to a sharp slowdown in jeonse loans and negative credit loan growth due to of interest rate increases “.
By Shim Seong-mi, staff reporter [email protected]
