Who Will Benefit Most in the 400 Trillion Won ETF Market Era? [Click eStock]

by Lee Changhwan

Published 16 Apr.2026 06:00(KST)

Who Will Benefit Most in the 400 Trillion Won ETF Market Era? [Click eStock]

Eugene Investment & Securities stated on April 15 that FnGuide is the biggest beneficiary of the expanding exchange-traded fund (ETF) market. However, it did not specify a target price.

Jongseon Park, an analyst at Eugene Investment & Securities, explained, "FnGuide achieved record-high results last year with sales of 35.4 billion won and operating profit of 10.7 billion won, benefiting from the growth of the domestic ETF market."

Analyst Park predicted, "As the ETF market experiences rapid growth again this year, FnGuide is expected to continue delivering record-high results in 2026, with annual sales forecast at 49.6 billion won and operating profit at 20.4 billion won."

He analyzed, "Sales from the index division, which handles ETFs, are projected to increase by 106.0% compared to the previous year, driving overall growth. In the first quarter alone, the total net assets of domestic ETFs reached 361 trillion won, and FnGuide’s market share rose to 13.9%. As a result, the company’s assets under management (AUM) reached 50 trillion won by the end of the first quarter, leading to a surge in related revenue."

He continued, "Revenue from the financial information services division is also expected to increase by 12.8% year-on-year, thanks to the creation of a user-friendly environment and the rollout of new services and solutions utilizing artificial intelligence (AI) technology. Along with this revenue growth, the operating margin, which reached the 30% range last year, is expected to reach the 40% range this year."

Analyst Park emphasized, "The current share price is trading at a price-to-earnings ratio (PER) of 15.4 times based on 2026 performance estimates, which is discounted compared to the industry average PER of 22.5 times. This presents an attractive valuation opportunity."