[Featured Stock] Bitnine Surpasses Peer Group PSR by Over 30x... Apache Project TLP Promotion Imminent

[Asia Economy Reporter Hyungsoo Park] Bitnine continues its strong upward trend. The expectation that it will be promoted to a TLP (Top Level Project) within the Apache Project, the world's largest open-source foundation, appears to be influencing its stock price.

As of 10:22 AM on the 3rd, Bitnine is trading at 17,850 KRW, up 17.43% from the previous trading day.

On this day, Sangsangin Securities highlighted Bitnine's high competitiveness, high growth potential, and the high valuation of peer companies.

Jang-Yeol Kim, Head of Research Center at Sangsangin Securities, stated, "Bitnine is expected to be promoted soon to a TLP (Top Level Project) within the Apache Project, the world's largest open-source foundation. Founded in 2013, Bitnine is the only domestic company listed on November 10, 2021, that owns the world's first multi-model database combining relational (RDB) and graph database (GDB) technologies."

He continued, "Many global companies promoted to top-level projects have been recognized for their technology and value, leading to significant growth afterward. Among global peers, MongoDB (listed on NASDAQ, market cap 42.2 trillion KRW) has a price-to-sales ratio (PSR) around 40x, and Neo4j, which is preparing for listing, recently raised funds valuing the company at 2.8 trillion KRW, corresponding to a PSR of 30-40x," he analyzed.

He emphasized, "Applying a PSR of 15x, which is a 50% discount to peer companies' PSR, suggests more than double the current stock price potential, reaching 31,900 KRW. Applying a PER of 40-50x yields a target price range of 19,300 to 24,000 KRW."

Kim added, "Bitnine's AgensGraph is known to be 10 times faster (8 Update Queries), 20 times faster (7 Short Queries), and up to 50 times faster (14 Complex Queries) compared to Neo4j. The global GDB market has been growing at an average annual rate of 25% from 2018 to 2022," he explained.

Graph data refers to a set connected by nodes and edges, a data structure most useful for expressing relationships (edges) between all entities (nodes). Graph databases allow the most intuitive understanding of relationships between entities, and their processing speed is significantly faster than relational databases. As the utilization of graph databases has increased recently, they have become one of the core technologies in the 4th industrial revolution markets such as artificial intelligence, big data, blockchain, and metaverse. Global giants like AWS, Google, Meta, and Microsoft already provide various services based on this technology.

Kim emphasized, "Graph database technology can be applied in almost every industry, including route tracking services, financial fraud and anomaly detection systems, asset and resource management data centers, graph AI, and big data analytics."

He also added, "Especially in the hyper-connected intelligent information society, the expansion of graph technology use as a core technology for hyper-connected intelligent platforms is expected. It is a key technology for analyzing data in areas such as secondhand trading, peer-to-peer lending, and online financial services."

This content was produced with the assistance of AI translation services.