[Edaily Reporter Kwon Oh Seok ] NH INVESTMENT & SECURITIES announced on the 11th that it expects NICE Information Service(030190)to generate revenue from financial institutions through the Korea Credit Information Service and anticipates the company will directly benefit from the expansion of the credit rating market based on alternative data. However, the firm did not provide an investment recommendation or a target price.

Baek Jun-ki, an analyst at NH INVESTMENT & SECURITIES, stated, “The company has secured cash generation capabilities based on its domestic retail credit bureau (CB) business. In addition, it has established growth drivers through credit assessments for SOHOs (sole proprietors), entry into the Vietnamese CB market, and AI (artificial intelligence)-based alternative data businesses.” He added, “The investment thesis has expanded from stability centered on the retail CB business to include the expansion of the credit information market and overseas operations.”
The individual CB business involves collecting and analyzing individuals’ credit information to provide credit rating services to financial institutions, enabling stable cash generation.
He emphasized, “A particularly noteworthy development is the acquisition of a credit bureau license in Vietnam,” noting, “Over the past several years, the company has accumulated local data while carrying out projects to build credit scoring models for Vietnamese financial institutions.”
By securing a private credit bureau license in Vietnam this year, the company became the fourth private operator in the country. Researcher Baek explained, “We plan to expand into personal credit rating and B2C digital businesses in the future,” adding, “We believe that transplanting Korea’s credit bureau business model to the local market will become a new growth pillar in the medium to long term.”
He continued, “In Korea, the expansion of the SOHO market is a new growth driver,” adding, “By integrating our personal credit bureau and corporate information businesses, we are enhancing our competitiveness in the sole proprietor market, and we have also completed the development of a credit scoring model for the SCB (Small Business Credit Bureau) project being promoted by financial authorities.”