[Infostock Daily= Reporter An Hoe Hyun] KTB Investment & Securities said on the 26th that Cafe24 is still attractive from a long-term perspective. The target stock price of 39,000 won and the investment opinion 'Buy' were maintained.
"Although sales were in line with the consensus with sales of 70.6 billion won, operating profit of 3.5 billion won and net profit of 4.7 billion won in the fourth quarter, operating profit was about 1.9 billion won below the consensus," the company said and analyzed, "The reason why operating profit is below consensus is due to the increase in sales cost ratio due to increased sales in supply chain service sector."
Last year, fulfillment service sales rose 35% year-on-year to 35.4 billion won, and the cumulative net loss of Fastbox(fulfillment service operating subsidiary) in the third quarter was 1.1 billion won, which is a marketing stage for user expansion. It is positive in terms of supplementing logistics/delivery, which is a weak point of the its own mall mall.
Judging that the benefits of its own mall business due to the expansion of D2C are valid, the target stock price was maintained at 39,000 won.
Reporter An Hoe Hyun ahh@infostock.co.kr
