[Click e-Stock] "Obzen's Strong Earnings Growth Will Continue to Be Proven"

On August 18, independent research firm ValueFinder analyzed that Obzen's designation as a stock under caution is a short-term issue caused by a sharp rise in its share price, and that the company's strong earnings growth and continued increase in total order volume will continue to be proven.

In the first half of this year, Obzen recorded sales of 11.5 billion KRW, representing 92% growth compared to the same period last year, and turned to an operating profit. This marks the first time since its listing that the company has achieved an operating profit for two consecutive quarters, which is a meaningful result. The total order volume also increased by 12% from the previous quarter, reaching 24.1 billion KRW. This is the result of its technology being recognized by numerous large corporations and major financial institutions. In the second half of the year, even more significant achievements are expected, based on its AI agent technology.

Lee Chungheon, a researcher at ValueFinder, stated, "Among the companies classified as peers, Obzen has the largest total order volume and order backlog, and is the only one to record a profit. Despite this, its market capitalization is between 2.5 and 6.6 times lower than its peers, so there is ample room for a revaluation in the mid- to long-term."

He went on to explain, "Obzen issued 10 billion KRW in convertible bonds in November last year, and due to this year's sharp rise in share price, it incurred significant derivative valuation losses, resulting in a high capital erosion rate and being designated as an investment caution stock. However, as disclosed in the public filings, the audit opinion is unqualified, and the derivative valuation losses are unrealized and do not involve cash outflows. Therefore, there is no need for concern regarding the company's fundamentals."

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