IBK Securities reported that Kona I's local currency business is supporting stable performance, while the expansion of the metal card market is expected to become a new growth driver. The firm has issued a 'buy' recommendation and set a target price of 64,000 won.
Yu Chang-geun, a researcher at IBK Securities, stated, "Metal cards are not just simple substitutes for plastic cards; they are becoming a marketing tool for card companies and fintech firms. As competition intensifies among card companies to attract premium customers, the demand for metal cards will also grow."
He added, "Currently, metal cards are applied only to a limited number of premium cards, but in the future, the market for premium metal cards featuring precious metal plating and gemstones is expected to expand, benefiting Kona I."
The growth potential of the local currency business was also viewed positively. Yu noted, "Local currency has become a key tool for budget execution by the national and local governments. It is highly favored by residents, small businesses, and administrative agencies, and with the implementation of the Local Love Gift Certificate Act mandating administrative and financial support, there is a significant structural potential for expansion, regardless of political variables."
He further stated, "As the breakeven point for local currency operations increases, Kona I's market position will become even more solid. The metal card market is also expanding with the introduction of Elon Musk's 'X Money,' which will drive performance growth by encroaching on the market share of global leader CompoSecure."
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.