KOSDAQIT & Software294570

coocon

₩27,450▲ 1.67%2026-10-02 close

Market Cap

₩273B

Turnover

₩2.1B

Volume

80,000 shares

Shares out.

10.1M

PER

13.9×

PBR

1.6×

EPS

₩2,194

Dividend Yield

0.98%

PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩300 per share · Prices as of the 2026-10-02 close

Report overview

Coocon: Core Segments Steady, New Ventures Ramp

Coocon is moving AI data, stablecoin, and global payment initiatives into execution while its core Data and Payment segments maintain stable margins.

1
The 2025 operating margin reached 27.2% and owners' net income hit KRW 21.5 billion, extending a multi-year profit recovery.
2
First-quarter 2026 revenue fell 7.5% year-on-year on lending regulation effects, but growth resumed in the second quarter.
3
Three new-business pillars—AI data (MCP APIs), stablecoins, and global payments via a planned Singapore entity—have entered the execution phase.
4
Quarterly owners' net income has swung widely independent of the operating profit trend, requiring caution around non-operating items.
5
The company signed a KRW 5 billion treasury-stock trust and set a target of at least 30% shareholder return ratio for 2026.

Business structure

Coocon is a business data platform company founded in 2006 that collects and standardizes data from financial, public, and commerce institutions through dedicated-network, screen-scraping, and open API technologies, then delivers it as APIs.

The business splits into Data and Payment segments; on a non-consolidated basis for the second quarter of 2026, the Data segment posted revenue of KRW 8.65 billion with a 31.5% operating margin, while the Payment segment posted revenue of KRW 9.31 billion and operating profit of KRW 2.23 billion.

The Data segment builds recurring fee-based revenue by expanding MyData customers and diversifying API products such as market-price information and insurance-agent qualification verification.

The Payment segment supplies account-based simple payment, verified virtual-account services, and RegTech (eKYC/AML) packages to large PG/VAN operators and big-tech clients, leaning on cost competitiveness for profitability.

Its client base includes major banks such as Kookmin, NongHyup, Shinhan, Woori, IBK, and Hana, big-tech players like Kakaopay and Toss, numerous securities and insurance firms, and public institutions.

Competitively, Coocon benefits from first-mover advantages built around Coocon.net, the country's largest business-data API store, though it also faces a mix of collaboration and competition with information-service firms such as NICE Information Service as relay-institution usage shifts under the MyData licensing regime.

More recently, the company has been expanding into new businesses including AI data (MCP-based APIs), stablecoins, and global payments.

Earnings trend

Quarterly revenue · Operating profit

₩16.7B₩4.7B25Q2₩17.3B₩4.8B25Q3₩18.1B₩5B25Q4₩16B₩4.5B26Q1₩18B₩5B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩64.5B₩20B2022₩68.4B₩16.6B2023₩73B₩16.6B2024₩69.5B₩18.9B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩16.7B	₩4.7B	27.9%
2025Q3	₩17.3B	₩4.8B	27.7%
2025Q4	₩18.1B	₩5B	27.7%
2026Q1	₩16B	₩4.5B	27.9%
2026Q2	₩18B	₩5B	27.6%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩64.5B	₩20B	₩3.7B	31.0%	2.8%	40.8%
2023	₩68.4B	₩16.6B	₩7.2B	24.3%	5.6%	61.9%
2024	₩73B	₩16.6B	₩15.8B	22.7%	10.7%	79.1%
2025	₩69.5B	₩18.9B	₩21.5B	27.2%	12.6%	83.9%

Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-21

Earnings analysis

Coocon's annual revenue rose from KRW 64.5 billion in 2022 to KRW 68.4 billion in 2023 and KRW 73.0 billion in 2024, before slipping to KRW 69.5 billion in 2025.

Operating profit fell from KRW 20.0 billion (a 31.0% margin) in 2022 to KRW 16.6 billion (24.3%) in 2023 and KRW 16.6 billion (22.7%) in 2024, then recovered to KRW 18.9 billion with a 27.2% margin in 2025.

Net income attributable to owners rose from KRW 3.7 billion in 2022 to KRW 7.2 billion in 2023 and KRW 15.8 billion in 2024, then expanded further to KRW 21.5 billion in 2025, extending a multi-year profit recovery.

On a quarterly basis, revenue and operating profit rose steadily through the third quarter of 2025 (revenue KRW 17.3 billion, operating profit KRW 4.8 billion) and the fourth quarter (KRW 18.1 billion and KRW 5.0 billion), before revenue eased to KRW 16.0 billion and operating profit to KRW 4.5 billion in the first quarter of 2026, reflecting seasonal factors and mortgage-lending regulations.

Revenue and operating profit both rebounded in the second quarter of 2026, to KRW 18.0 billion and KRW 5.0 billion respectively.

A notable feature is the wide quarterly swing in owners' net income: KRW 15.4 billion in the second quarter of 2025, KRW 0.6 billion in the third quarter, KRW 0.8 billion in the fourth quarter, KRW 7.4 billion in the first quarter of 2026, and KRW 13.2 billion in the second quarter of 2026—fluctuations far larger than the operating-profit trend, suggesting the influence of non-operating items such as equity-method gains or financial-asset valuation changes.

As a result, the operating margin stayed relatively stable in the 27%-28% range from the third quarter of 2025 through the second quarter of 2026, while the net margin swung considerably by quarter.

Overall, revenue and operating profit trended gradually upward over the trailing four quarters through the second quarter of 2026, but net-income volatility warrants caution when interpreting results.

Industry analysis

Since full rollout, Korea's MyData industry has seen a growing number of participating institutions, and increased relay traffic under MyData 2.0 along with surging financial-data demand from generative-AI adoption are cited as medium-term growth momentum.

However, tighter household-lending regulations since 2025 have temporarily reduced loan-related data query volumes.

In the payments market, adoption of simple payment, virtual accounts, and QR payment continues to spread while competition intensifies among PG/VAN operators and big-tech firms, making cost efficiency and new-customer acquisition key.

New customer wins among large PG operators and stable transaction volume from big-tech partners appear to be contributing to profitability improvement in the Payment segment.

Stablecoin and digital-asset payments remain an emerging area where domestic legislation is not yet finalized, and related companies continue to work through proof-of-concept stages.

Competitively, Coocon operates the country's largest business-data API store and holds a first-mover advantage, but information-service firms such as NICE Information Service and Koscom are also entering data-distribution and API-conversion businesses, gradually diversifying the competitive landscape.

Outlook

At its second-quarter 2026 regular IR, Coocon presented a second-half strategy to expand MCP-based data API products from roughly 30 to about 100, targeting completion of MCP conversion across its entire product lineup by 2027.

Its stablecoin business has completed end-to-end proof-of-concept covering USDC/USDT top-ups, QR payment, ATM withdrawal, and settlement, and the company is pursuing a financial-industry consortium to prepare for potential Korean-won stablecoin legislation.

On overseas expansion, Coocon plans to establish a Singapore subsidiary within 2026 and pursue a Singapore electronic-money (MPI) license, targeting e-commerce settlement, B2B fund settlement, and stablecoin-platform opportunities across Southeast Asia.

In response to the expanding scope of the personal-data transfer right across sectors, the company is also pursuing designation as a specialized personal-data management institution.

On shareholder returns, it signed a KRW 5 billion treasury-stock trust contract on August 5 and set a target of raising its 2026 shareholder return ratio to at least 30%.

The company is pursuing continued new-customer acquisition and cost efficiency across its Data and Payment segments while diversifying medium-term growth drivers through three new-business pillars: AI, stablecoins, and global payments.

Valuation

PER

13.9×

PBR

1.6×

ROE

12.2%

EPS

₩2,194

BPS

₩18,678

Dividend per share

₩300

Over the past year, Coocon's stock has traded through periods of a meaningful premium to net asset value as well as periods where that premium narrowed considerably.

There have been points at which the non-consolidated price-to-earnings ratio fell to the low double digits, which appears to sit near the lower end of its historical trading range.

The dividend policy maintains a per-share cash distribution, but as the company allocates resources toward new-business investment in AI, stablecoins, and its overseas subsidiary, treasury-stock buybacks appear to carry relatively more weight in shareholder returns than the dividend yield itself.

On the earnings side, net income has shown a clear recovery since 2022, but quarter-to-quarter volatility is significant, so it is worth referencing the operating-profit trend alongside any single-period earnings figure rather than relying on it in isolation for valuation purposes.

Overall, assessing the current valuation level reasonably requires weighing the stable operating margin, the pace of new-business execution, and the non-operating volatility embedded in net income together.

PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-21

Bull factors

New-business diversification (AI, stablecoin, global payments)

At its second-quarter 2026 IR, Coocon said its new businesses had entered the execution phase, citing the launch of about 30 MCP-based data API products, completion of end-to-end stablecoin proof-of-concept, and plans to establish a Singapore subsidiary.

If these initiatives reach commercialization, they could add revenue streams beyond the existing Data and Payment businesses. However, the new businesses remain at an early stage and will need time before contributing meaningfully to revenue.

Stable operating margin

Since 2025, quarterly operating margins have stayed relatively stable in the 27%-28% range, with both the Data and Payment segments posting margins near 30%. The cost competitiveness of account-based simple payment and a business structure weighted toward recurring fee revenue underpin this stability.

Strengthened shareholder returns

The company signed a KRW 5 billion treasury-stock trust contract on August 5 and set a target of raising its 2026 shareholder-return ratio to at least 30%. This can be read as an expansion of return policy from dividend-centric distribution to include treasury-stock buybacks.

Bear factors

Slowing or stalled revenue growth

Full-year 2025 revenue of KRW 69.5 billion declined from KRW 73.0 billion in 2024, and non-consolidated revenue fell a further 7.5% year-on-year in the first quarter of 2026.

Tighter household-lending regulations weighed heavily on loan-related data query volumes, and new businesses have yet to fully offset the resulting revenue gap.

Non-operating volatility in net income

Owners' net income plunged from KRW 15.4 billion in the second quarter of 2025 to KRW 0.6 billion in the third quarter and KRW 0.8 billion in the fourth quarter, then rose again to KRW 7.4 billion in the first quarter of 2026 and KRW 13.2 billion in the second quarter—swings far larger than the operating-profit trend.

This is likely attributable to non-operating items such as equity-method gains or financial-asset valuation changes, and operating profit and net income should be viewed separately when interpreting quarterly results.

Regulatory and execution uncertainty in new businesses

Coocon's stablecoin and digital-asset payment business operates in a domestic legal environment that has not yet been finalized; KB Securities flagged virtual-asset legislative uncertainty as a risk factor in a December 2025 report.

Overseas expansion plans such as obtaining a Singapore MPI license could also be delayed depending on local regulators' review timelines.

Risk factors

Policy and regulatory risk

Policy variables such as household-lending regulations, changes to the MyData regime, and whether stablecoin legislation advances directly affect data query volumes and the pace of new-business progress. If regulatory direction diverges from expectations, related revenue items could see greater volatility.

Intensifying competition

Entry by information-service firms such as NICE Information Service and Koscom into data-distribution and API-conversion businesses, along with intensifying payment competition among PG/VAN operators and big-tech firms, could increase cost pressure.

Reduced use of relay institutions as clients convert to direct MyData operators could also affect related revenue.

Overseas-expansion execution risk

Establishing the Singapore subsidiary, obtaining an MPI license, and forming a stablecoin consortium could be delayed relative to plan or affected by changes in local regulatory requirements. Upfront investment costs could also weigh on near-term profitability.

What to watch next

Around October-November 2026
At the third-quarter 2026 regular IR, check revenue and operating-profit trends by segment and progress toward the goal of expanding MCP products to about 100.
Within 2026
Check whether the Singapore subsidiary is established and whether initial business plans are disclosed.
Second half of 2026
Monitor progress on Korean-won stablecoin legislative discussions and the formation of the financial-industry consortium.
From the fourth quarter of 2026
Check the execution status of the KRW 5 billion treasury-stock trust and whether the 2026 shareholder-return ratio target of at least 30% is met.

Overall view

Coocon has maintained a recurring, fee-based revenue structure across its Data and Payment segments, extending a profit recovery to a 27.2% operating margin and KRW 21.5 billion in owners' net income in 2025.

However, 2025 revenue declined from the prior year, and revenue fell again in the first quarter of 2026 due to lending regulations, making re-acceleration of top-line growth a key item to watch.

Quarterly owners' net income has swung widely independent of the operating-profit trend, likely reflecting non-operating factors, so the operating-profit trend should be referenced alongside net income when assessing future results.

The company is pursuing medium-term growth drivers through three new-business pillars—AI data (MCP), stablecoins, and global payments via a planned Singapore entity—and shared at its second-quarter IR that these initiatives have entered execution.

On shareholder returns, it has signed a treasury-stock trust contract and set a target of at least 30% for its 2026 return ratio.

The timing of new-business revenue contribution, shifts in the regulatory environment, and the non-operating volatility in net income are likely to be the key variables shaping Coocon's future earnings trajectory. This report is intended for informational purposes only and does not constitute a buy or sell recommendation.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

Show 18 more articles and sources

Report written 2026-09-05 · Data as of 2026-09-04

This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.