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SK Securities Initiates Coverage on Madup, Citing AI Ad Solution Monetization
Technology Services · Internet Software/Services · yonhap_finance · 2026-08-31
SK Securities initiates coverage on Madup with a 'Buy' rating and a 14,500 KRW target price, highlighting the successful monetization of its AI ad tools.
What Happened
Coverage Initiation: SK Securities has initiated coverage on AI-based advertising agency Madup, setting a 'Buy' rating and a target price of 14,500 KRW. As AI technology shifts from infrastructure building to profit generation, Madup is well-positioned for growth.
AI Ad Solution Competitiveness: Madup's 'LEVER Xpert' is a vertical AI agent specialized in marketing that automates everything from data collection to ad execution. This technology enables the company to achieve both cost reduction and revenue growth simultaneously.
Earnings Outlook and Clients: Madup's operating profit is projected to reach 12.5 billion KRW this year and 22.1 billion KRW next year. With major clients such as Musinsa, Olive Young, and Toss Bank, the company maintains a stable structure with low dependency on any single client.
Market Assessment: As the market for AI-driven marketing automation expands, Madup stands out with its unique vertical AI technology. The company is expected to see a revaluation of its corporate value as its profitability continues to improve.