eCredible (092130) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
eCredible is a company that gathers and processes corporate credit information and sells it. Its core is electronic credit certification, which confirms a counterparty company's creditworthiness in a standardized credit-assessment report before a transaction begins, supplemented by the corporate-information service Withuspool and a B2B payments business (TAMZ). In a field with high legal barriers to entry, it delivers strong profitability of a 31% operating margin and 30% ROE with almost no debt burden, and in May 2026 it followed a corporate value-up plan (voluntary disclosure) with shareholder returns of a dividend yield in the 6% range (payout ratio about 80%). What stands out is that while revenue keeps growing, quarterly earnings keep rising, and the dividend is backed by earnings, the stock is strong—and a forward P/E of about 9x is not excessive against its peers—but a small market cap means thin trading volume, and because credit-certification demand is tied to the corporate-activity cycle, momentum can fade if growth stalls.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “IT Services (SI & Solutions)” (Internet, Platforms & Software), a type typically read first through P/E.
IT services (systems integration and solutions) tends to earn steadily off project wins and maintenance contracts. Value here comes from people and contracts rather than physical assets, so price-to-earnings (P/E) — the price measured against actual net profit — fits best.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 10.9% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 13.4% higher than a year earlier.
- ROE is 39.2% (total-net basis). It is above the sector average.
- Operating margin is 30.6%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Korea Ratings 67.77% (corporate)
Controlling bloc incl. related parties 67.77%
With the controlling bloc holding 68%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
eCredible is a company that gathers and processes corporate credit information and sells it. Its core is the electronic credit-certification service, which uses a standardized credit-assessment report to confirm whether a counterparty company is trustworthy before a transaction opens. To that it adds Withuspool, which bundles and presents corporate information, and a B2B business (TAMZ) that helps settle payments between companies. Because it operates under the Credit Information Use and Protection Act, the barrier to entry is high, and once a service becomes a transaction standard it is used repeatedly every year, so revenue tends to be steady. As a small-to-mid-cap stock with a market cap of ₩164.2 billion, both the stability of the business itself and disclosures on shareholder returns such as dividends and buybacks weigh heavily on the share price.
The latest close is ₩14,350 and the market capitalization is ₩172.8 billion. The price sits above its 20-day moving average (₩14,166) and above its 60-day moving average (₩14,151). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 56.5, a neutral level. The one-month change is -1.4%, the three-month change is -3.8%, and the position relative to the 52-week high is -21.7%. Relative strength versus the KOSDAQ is 71 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 72% of all stocks. Over the past three months it outpaced the index by 44.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Profitability is this company's greatest strength. On last year's revenue of ₩50.0 billion it left operating profit of ₩15.6 billion (a 31.1% operating margin) and net profit of ₩12.9 billion (a 25.8% net margin), and ROE (how much is earned on equity in a year) of 30.1% far outpaces its peers. The debt-to-equity ratio is 23.4%, but with a current ratio of 434.7% and an interest-coverage ratio of 2,237x, the debt burden can be seen as effectively nil. The trailing P/E (on last year's confirmed results) is 13.42x and the P/B is 4.02x. The P/B looks somewhat high, but that reflects the nature of a high-ROE, high-dividend business that generates large profits with little capital, and is not something to declare a burden in itself. More important is the forward P/E on this year's estimated earnings, which is far below the trailing figure—a picture in which the valuation burden eases as much as earnings rise.
Growth is not fast, but its direction is clear. Revenue rose every year—₩41.1 billion in 2023, ₩45.1 billion in 2024, and ₩50.0 billion in 2025—with the pace picking up a little each year. In this year's first quarter it started well, with revenue +13.4%, operating profit +10.3%, and net profit +25.5% year on year. If that trend continues, this year's revenue steps up to about ₩56.1 billion, operating profit ₩24.4 billion, and net profit ₩18.2 billion. The reason earnings jump is simple: once electronic credit certification establishes itself as a transaction standard, it is used repeatedly every year, so usage accumulates, and with almost no additional cost required, profit builds even faster as revenue grows. In other words, much of the added revenue drops straight to profit. This year's outlook being higher than last year's results is the result of that first-quarter performance and business structure, and there is no clear basis to expect next year or beyond to fall below this year.
Recent disclosures cluster around shareholder returns and the company's own plans. In May 2026 it directly issued a corporate value-up plan (voluntary disclosure), setting out its own direction for valuation and returns, and in February 2026 and December 2025 it filed disclosures on cash/in-kind dividends and their record dates. With a dividend yield in the 6% range (payout ratio about 80%) on the high side, the point to check is whether those returns are comfortably backed by the earnings and cash flow generated each year. Its high margins and ample liquidity to date are favorable in that respect.
This is a company with clear strengths. In a legally protected credit-information field it delivers strong profitability of a 31% operating margin and 30% ROE, carries almost no debt burden, and pays a dividend yield in the 6% range each year. Revenue grows steadily and first-quarter earnings growth is good, so a P/E of about 9x on this year's estimated earnings is not excessive versus peers (Coocon 8.9x, Hecto Innovation 5.7x, and others). Add that the share price has come down 25% from its high, and it is hard to call it expensive on the sole grounds of a high trailing P/B. That said, as a small-cap stock its trading volume is thin, and credit-certification demand is tied to some degree to the corporate-activity cycle. So it is best understood as a structure that is strong while revenue growth and quarterly earnings gains continue and the dividend is backed by earnings, and that can lose momentum if growth stalls or variables such as one-off costs or financing coincide.
🔎 Valuation vs peers Overvalued
Public-data peers close in market capitalization within IT and information services.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| REFINE | 25.84x | 1.04x | 4.70% |
| Hecto Innovation | 6.24x | 0.86x | 14.60% |
| Coocon | 9.58x | 1.16x | 13.58% |
Within IT and information services, public-data peers close in market cap were looked at first. The current P/E (how many times a year's earnings the share price is) is 13.42x and the P/B (how many times book value the share price is) is 5.21x. That said, because lower-cap names are more exposed to earnings swings and financing disclosures, this was not decided on trailing confirmed results alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩56.1 billion | ₩24.4 billion | ₩18.2 billion |
| Next quarter | Q2 2026 | ₩25.4 billion | ₩18.8 billion | ₩13.5 billion |
Price history Close · MA20 · MA60
The latest close is ₩14,350 and the market capitalization is ₩172.8 billion. The price sits above its 20-day moving average (₩14,166) and above its 60-day moving average (₩14,151). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 56.5, a neutral level. The one-month change is -1.4%, the three-month change is -3.8%, and the position relative to the 52-week high is -21.7%. Relative strength versus the KOSDAQ is 71 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 72% of all stocks. Over the past three months it outpaced the index by 44.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M +44.84% / 6M +28.08% / 12M -13.44%
Key metrics Computed vs sector median
Valuation
The P/E of 13.42x is above the sector median (9.46x). The P/B of 5.21x is above the sector median (0.87x).
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Intrinsic value (DCF estimate) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 10.4%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 39.2%, above the sector average (11.0%). The operating margin is 30.6%. The debt ratio is 68.7%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $28.9M | $31.7M | $35.1M | +10.94% ↑ faster |
| Operating profit | $8.9M | $10.5M | $10.9M | +4.14% ↓ slower |
| Net profit | $8.3M | $9.1M | $9.0M | -0.27% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $32.1M | $33.1M | $28.9M | $31.7M | $35.1M |
| Operating profit | $12.8M | $13.5M | $8.9M | $10.5M | $10.9M |
| Net profit | $9.8M | $11.0M | $8.3M | $9.1M | $9.0M |
| Revenue CAGR | 4-yr avg 2.28% | ||||
Revenue rose 10.9% year over year (2023 ₩41.1 billion → 2024 ₩45.1 billion → 2025 ₩50.0 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 4.1% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 2.3%. The two-year revenue CAGR is 10.3%. In the most recent quarter (Q1 2026), revenue was 13.4% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- The dividend yield, at 5.9%, is on the high side.
- ROE of 39.2% points to solid profitability.
- Revenue grew 10.9% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-13UpdateCorporate value-up plan (voluntary disclosure) (2026 eCredible corporate value-up plan): check the company's plan in the original filingPlan-type material presented directly by the company. If it contains figures, treat it as the primary basis for the outlook box; if not, treat it only as directional material. Source
- 2026-02-10UpdateCash/in-kind dividend decision: check the return termsA disclosure related to cash returns or a change in share count. Check whether earnings power and cash flow back it up. Source
- 2025-12-09UpdateDecision on closing the shareholder register (record date) for cash/in-kind dividends: check the return termsA disclosure related to cash returns or a change in share count. Check whether earnings power and cash flow back it up. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩14,350 | ₩14,350 | Confirmed | link |
| Latest quarterly results | revenue ₩8.8 billion, operating profit ₩0.7 billion | revenue ₩8.8 billion, operating profit ₩0.7 billion | Confirmed | link |
| Annual results | revenue ₩50.0 billion, operating profit ₩15.6 billion | revenue ₩50.0 billion, operating profit ₩15.6 billion | Confirmed | link |
| Outlook/plan disclosure, original text | — | — | Confirmed | link |
| Shareholder-return disclosure, original text | cash/stock dividend declared: check the payout terms | cash/stock dividend declared: check the payout terms | Confirmed | link |
| Shareholder-return disclosure, original text | record date set for cash/stock dividend: check the payout terms | record date set for cash/stock dividend: check the payout terms | Confirmed | link |
| Outlook-box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-05-13PeriodicQuarterly report
- 2026-05-13Disclosure
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-18PeriodicQuarterly report (amended)
- 2026-03-05Shareholders' meeting notice
- 2026-02-20Audit report
- 2026-02-10DividendCash/stock dividend decision
- 2026-02-10Shareholders' meeting notice
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.