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Investing.com - JPMorgan has downgraded SOOP Co Ltd (KS:067160) from Overweight to Neutral while reducing its price target to KRW85,000 from KRW110,000.
The downgrade reflects three main concerns: weakening visibility around domestic market traffic growth due to intensified competition with Chzzk, softening user spending growth momentum, and a lack of catalysts to drive global SOOP traffic in the near term.
JPMorgan has cut its 2025/2026 platform service revenue estimates by 2%/7%, operating profit by 1%/6%, and net profit by 3%/6%. The firm’s new 2026 revenue, operating profit, and net profit projections are 2%, 5%, and 9% below consensus estimates, respectively.
The investment bank has lowered its target price-to-earnings multiple from 12x to 8.8x, compared with a 7% earnings per share compound annual growth rate for 2025-2027 based on its estimates.
JPMorgan identifies potential upside risks including re-acceleration of average revenue per paying user growth and possible surprises in shareholder return policy, while further deterioration in paying users or ARPPU growth presents a key downside risk.
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