Kiwoom Securities analyzed on the 28th that the uncertainty caused by the sudden change of CEO at Incross will be resolved through strengthened cooperation with the group, and the direction toward record-high performance remains unchanged.
Namsoo Lee, a researcher at Kiwoom Securities, stated in a report on the same day, "After the announcement on the 13th regarding the sale of all shares held by the CEO, the company announced on the 20th, just a week later, the scheduled CEO change due to personal reasons," adding, "In the short term, the expansion of uncertainty may dampen investment sentiment, but since the core advertising business has entered a stable trajectory and the growth potential of the new business TDeal is solid, performance volatility is expected to be minimized. Furthermore, as confirmed through collaboration with T-Wooju, the direction of cooperation with the group will be further strengthened."
Researcher Lee analyzed, "The media rep's sales, which averaged around 24 billion KRW from 2017 to 2019, have focused on performance marketing since 2020, growing 63% to 39.2 billion KRW last year," and added, "The average daily transaction amount of TDeal per quarter doubled from 300 million KRW in the same period last year to 600 million KRW in the first quarter."
He further analyzed, "The focus for the second quarter of this year is on the advertising peak season and the growth of TDeal compared to the previous quarter," expecting "sales of 14.9 billion KRW and operating profit of 6.2 billion KRW, representing increases of 18.8% and 27.3% respectively compared to the same period last year."
He continued, "In particular, the transaction volume of TDeal, which has been growing quarter by quarter, is projected to reach 61.2 billion KRW, a 99.7% increase compared to the same period last year," and predicted, "Since TDeal's high-margin contribution continues, the operating profit margin recorded in 2021 at 41.2% will be renewed."
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