카카오 ‘AI 비서’ 비전에도 냉담한 시장…증권사 목표주가 ‘하향’ 고심

Kakao is putting in effort to convince shareholders ahead of a year-end split, amid a cool reception from market analysts. While company executives have been strengthening communication, including their first joint corporate explanation meeting, questions remain about the market's uncertainty regarding the company's value post-split, and the delay in linking AI services to external commerce partners.

Financial information providers such as CJ FinTech, Samsung Securities, and ELSS Securities lowered their target prices following Kakao's report on the 'Ife Kakao' developer event and subsequent analyst meeting. The delay in linking with external commerce platforms, announced in May, has raised concerns about growth potential. An ELSS Securities analyst reported that the delayed external commerce connection could create a gap in growth dynamics, leading to uncertainty about the company's reasonable valuation in the short term.

Kakao explained the situation by stating that the agent-to-agent (A2A) connection method, specific to its AI services, would require substantial development efforts, and that the integration of domestic commerce companies' interest was lower than expected, leading to a service connection time of 9-12 months. Analysts from Samsung Securities also pointed out that Kakao's 'Kanana Space' needs to compete with global AI agents like Google's 'Muse.'

Kakao's stock fell to a low of 32,500 won in recent trading, setting a new 52-week low. The company held a first online town hall meeting for small shareholders, but a second meeting is planned for February 20th to address concerns surrounding the split and its impact on shareholder value.