[Click eStock] "Cocoon, Central Role in Data Economy... Excessive Decline Phase"

[Asia Economy Reporter Ji Yeon-jin] NH Investment & Securities stated on the 25th that it considers Kukon to be a company playing a pivotal role in the data economy era, with valid mid- to long-term growth potential, and that the current excessive decline phase is disproportionate to its fundamentals.

Researcher Kang Kyung-geun of NH Investment & Securities said, "The data sector continues to exhibit a high operating leverage effect based on a monopolistic position and a stable profit structure," adding, "The current stock price has fallen about 43% from the peak at the end of last year, and the expected price-to-earnings ratio (PER) for this year is 30.1 times, easing valuation pressure."

Kukon is a fintech API (Application Programming Interface) platform and business data service company, securing more than 1,800 clients including financial institutions (over 150 companies such as KB Kookmin Bank and NH Nonghyup Bank), big tech and fintech companies (over 200 companies such as Naver and KakaoPay), and public and general companies (over 1,300 companies such as Samsung Electronics and SK Telecom). The largest shareholder is Webcash Vector, holding 24.8% of shares.

Since the full-scale implementation of the MyData service this year, 55 companies have obtained full licenses, with 7 companies holding preliminary licenses and 19 applying for licenses. Following financial and fintech companies, telecom and distribution companies are actively entering the MyData market. Kukon's API products are utilized to implement core functions of the MyData service, and it is analyzed that the application areas of API products are expanding from existing finance and public sectors to healthcare, distribution, and logistics.

Last year, the data sector recorded sales of 25.38 billion KRW, a 60.9% increase, while operating profit rose 75.8% to 10.1 billion KRW. The sales proportion is expected to rise from 30% in 2019 and 42.9% in 2021 to around 50% this year. Sales this year are projected to increase 19.0% to 73.1 billion KRW, and operating profit is expected to grow 23% to 20.7 billion KRW.

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