Coocon pulls in the data that banks, card companies, fintechs and public institutions need, standardizes it, and then lends it out in API form for a usage fee. Revenue splits between a data service that gathers and sells information (about 49%) and a payment service that handles transfers, settlement and payments (about 51%), and it is close to a subscription model in which a customer, once connected, keeps using it. Its March business report confirmed 2025 results, in April it decided a ₩300-per-share dividend (payout ratio about 14%), and even as revenue declined, operating and net profit actually rose. The notable point recently is that high margins with a 27% operating margin and 12.6% ROE, along with a P/E of 8-9x that is low versus peers, are a strength; on the other hand, the point to watch for a re-valuation is confirming a rebound signal in which the top-line decline stops and revenue starts growing again.
At-a-glance assessment financial health · growth · profitability · valuation
- Revenue fell 4.9% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 7.5% lower than a year earlier.
- Even versus the prior quarter (Q4 2025), revenue was 11.5% lower.
- ROE is 12.6% (total-net basis). It is below the sector average.
- Operating margin is 27.2%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder WeP&C 21.88% (corporate)
Controlling bloc incl. related parties 30.74%
With the controlling bloc holding 31%, the ownership structure is stable.
🔎 In-depth analysis
- Coocon pulls in, from one place, the data that banks, card companies, fintechs and public institutions need, standardizes it, and then lends it out in the form of an 'API (a connection channel that lets another company's program call up data directly)' for a usage fee.
- Revenue splits broadly into two.
- One is the 'data service' (about 49% of revenue) that gathers and sells information such as personal income and business-owner proofs, automobile and real-estate information, and lookups of various certificates.
- The other is the 'payment service' (about 51%) that processes money flows such as fund transfers, settlement and simple payments.
- Bundling the data of some 500 domestic institutions and financial institutions across dozens of countries into more than 300 APIs is its core asset, so it is close to a subscription structure in which a customer, once connected, keeps using it.
- Because each new customer adds little in extra cost while usage fees accumulate, the business is characterized by margins that stay high.
- The latest close is ₩17,600 and market capitalization is ₩177.6 billion.
- The price sits below the 20-day line (₩19,996) and below the 60-day line (₩24,660).
- Being under both its short- and medium-term moving averages, the trend is on the subdued side.
- The RSI (an auxiliary gauge that scores the strength of recent gains versus losses over the past 14 days on a 0-100 scale) is 32.4, a neutral level.
- The one-month change is -18.1%, the three-month change is -31.6%, and the position versus the 52-week high is -63.9%.
- Relative strength versus KOSDAQ is 43 (on a 1-99 scale, converting the past year's return versus the index with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 57% of all stocks by strength.
- Over the past three months it lagged the index by 11.7%.
- Charts are best read alongside trading volume and disclosure dates.
- The P/E ratio (how many times a year's profit the share price represents) is 8.27x and P/B (how many times net asset value the share price is) is 1.04x.
- Against Hecto Financial (P/E about 30x) and Douzone Bizon (P/E about 38x), whose businesses overlap, this is a range where the price is clearly low relative to earnings.
- On profitability, ROE 12.6%, an operating margin of 27.2% and a net margin of 30.9% confirm directly the high margins characteristic of the data/payment API business.
- The debt ratio looks high at 184% on the number alone, but it includes portions where, in the payment (settlement) business, customer money briefly passes through the company and is booked as a liability, so it differs in nature from the borrowed debt of a typical manufacturer.
- In sum, the trailing P/E and P/B are not at burdensome levels but rather on the light side within the same industry, and the forward P/E reflecting this year's expected earnings has also fallen to around 8.3x, so a signal of undervaluation relative to earnings appears consistently.
- Looking at five years of net profit, it rose fast over the past two years, from ₩7.0 billion in 2021 to ₩3.7 billion in 2022, ₩7.2 billion in 2023, ₩15.8 billion in 2024 and ₩21.5 billion in 2025.
- Operating profit also grew to ₩18.9 billion in 2025, up 13.7% from a year earlier, as core-business profit grew alongside.
- Revenue is in a shrinking phase, down -4.9% YoY in 2025 and -7.5% in Q1 2026, but in that same Q1 operating profit was +1.9% and net profit +56.5%, so profit actually rose.
- Profit holding up or rising even as revenue falls can be read as ongoing structural improvement, in which low-margin revenue is trimmed and the share of high-margin data/payment revenue rises.
- That the forward P/E on this year's expected earnings stays as low as the trailing one is based on the outlook that the profit defense seen in Q1 largely carries through for the full year.
- Taking the multi-year and quarterly trends together, top-line growth has paused for a while, but earning power holds firmly.
- The recent flow centers on regular reporting, shareholder returns and shareholding changes.
- In March the business report confirmed 2025 results, and in April a cash dividend was decided, returning ₩300 per share (dividend yield about 1.35%, payout ratio about 14%) to shareholders.
- A payout ratio as low as 14% means the dividend is small relative to earnings, which can also be read as a signal that there is room to raise returns going forward.
- In March there were grants of employee stock options (the right to buy the company's own shares at a preset price), the regular general meeting and a change of outside director, and in April-May it held several IR sessions to explain the status of its data and payment divisions directly.
- In June and March 'large-shareholding reports' were filed, so changes in major shareholders' stakes are also an item to note.
- Coocon is a company that steadily generates high margins (a 27% operating margin, 12.6% ROE) in a data/payment API structure where a customer, once connected, keeps using it, and it is an undervalued stock trading at 8-9x while overlapping peers (Hecto Financial, Douzone Bizon) trade at 30-38x P/E.
- Its core strength is that even in a phase of falling revenue, it grew operating and net profit, showing that its make-up is toughening around margins.
- A stable dividend and a still-low payout ratio (room for additional returns) also help.
- The conditions under which this stock works strongly are clear.
- The moment data/payment revenue grows again and the top-line decline stops, the already-proven high margins and low valuation could meet and lead to a re-valuation.
- Conversely, the condition under which it weakens is if the revenue decline lasts longer than expected and the timing of a top-line recovery keeps being pushed back, in which case it could take more time for the fact that it is cheap to be reflected in the price.
- Being cheap itself is not a risk; the point to watch is confirming a top-line rebound signal.
🔎 Valuation vs peers Undervalued
Compared against companies whose business substance in data/payment infrastructure (B2B fintech / data services) is close. Hecto Financial overlaps in settlement/payment infrastructure and Douzone Bizon in enterprise data/SaaS.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hecto Financial | 25.28x | 1.37x | 5.42% |
| Douzone Bizon | 37.86x | 5.68x | 15.01% |
(a) Against Hecto Financial (P/E 34x) and Douzone Bizon (P/E 38x), whose businesses overlap, Coocon's P/E of 10.4x sits clearly lower. It is also business-linked to the B2B fintech software parent within its group (Webcash), but a mid-to-high double-digit multiple is typical of the data/payment infrastructure industry's market average. (b) The key reason Coocon trades low is a discount for not receiving a growth premium, since its revenue is declining (-4.9% YoY) versus peers. (c) Last year's trailing P/E is at an inflection point where net profit rose sharply on non-operating items, so it is hard to call it cheap on that alone; on a forward basis under the assumption that core profit largely holds, it is judged to be in undervalued territory versus peers. That said, until a revenue recovery is confirmed, a balanced view is to see it as 'cheap but with a weak trigger.'
Price history Close · MA20 · MA60
The latest close is ₩17,600 and the market capitalization is ₩177.6 billion. The price sits below its 20-day moving average (₩19,996) and below its 60-day moving average (₩24,660). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 32.4, a neutral level. The one-month change is -18.1%, the three-month change is -31.6%, and the position relative to the 52-week high is -63.9%. Relative strength versus the KOSDAQ is 43 (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 43% of all stocks. Over the past three months it lagged the index by 11.7%. 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 -11.67% / 6M -30.07% / 12M -39.26%
Key metrics vs sector median
Valuation
The P/E of 8.27x is below the sector median (11.82x). The P/B of 1.04x is below the sector median (1.38x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets. That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
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.
Profitability & financials
Return on equity (ROE) is 12.6%, in line with the sector average (14.0%). The operating margin is 27.2%. The debt ratio is 183.9%, so the financial structure is moderate.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $45.3M | $48.4M | $46.0M | -4.90% ↓ slower |
| Operating profit | $11.0M | $11.0M | $12.5M | +13.69% ↑ faster |
| Net profit | $4.8M | $10.5M | $14.2M | +36.19% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $40.7M | $42.8M | $45.3M | $48.4M | $46.0M |
| Operating profit | $11.2M | $13.3M | $11.0M | $11.0M | $12.5M |
| Net profit | $4.7M | $2.4M | $4.8M | $10.5M | $14.2M |
| Revenue CAGR | 4-yr avg 3.11% | ||||
Revenue fell 4.9% year over year (2023 ₩68.4 billion → 2024 ₩73.0 billion → 2025 ₩69.5 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit rose 13.7% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 3.1%. The two-year revenue CAGR is 0.8%. In the most recent quarter (Q1 2026), revenue was 7.5% lower than the same period a year earlier. Because quarterly results are relatively even in this industry, revenue also came in 11.5% lower than the prior quarter (Q4 2025), so the recent trend looks soft.
Latest quarterly results Q1 2026 · vs year-ago + prior quarter
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- ROE of 12.6% points to solid profitability.
Points to watch
- Revenue fell 4.9% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-05-15EarningsQ1 2026 quarterly report filed. Revenue ₩16.0 billion (-7.5% YoY), operating profit ₩4.47 billion (+1.9%) and net profit ₩7.43 billion (+56.5%), so the top line shrank but profit grew.Short term: the revenue decline is a burden, but the profit defense and net-profit surge are positive. Medium term: whether revenue recovers is the turning point for a re-valuation. Source
- 2026-04-30IRIR sessions held. Two IR sessions during April explained the business status and trends in the data and payment divisions directly.Short term: eases information asymmetry. Medium term: strengthens investor communication by sharing the direction of new data businesses. Source
- 2026-04-01DividendCash dividend decided (amended). ₩300 per share, dividend yield about 1.35%, payout ratio about 14%, continuing shareholder returns.Short term: a stable dividend provides some support to the downside. Medium term: the low payout ratio implies room for additional returns. Source
- 2026-03-24FilingEmployee stock-option grants filed. A decision aimed at attracting and rewarding key talent.Short term: minimal impact. Medium term: helps retain talent as a long-term incentive; later dilution is an item to check. Source
- 2026-06-09UpdateLarge-shareholding report (general) filed. Changes in major shareholders' holdings were reported.Short term: could act as a supply-demand variable. Medium term: need to separately check the ownership structure and any overhang. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-09OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-04-30Disclosure
- 2026-04-20Disclosure
- 2026-04-01DividendCash/stock dividend decision (amended)
- 2026-03-30OwnershipOwnership-change filing
- 2026-03-24Disclosure
- 2026-03-24Disclosure
- 2026-03-23Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business report (amended)
- 2026-03-18Disclosure
- 2026-03-13PeriodicAnnual business report
📖 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.