[Edaily Reporter Kwon Oh Seok ] On the 12th, independent research firm Value Finder assessed that Incross Co.,Ltd.(216050)is undervalued, trading at a P/E ratio of just 5.3x despite holding abundant cash and cash equivalents equivalent to its market capitalization. The analysis suggests that as the company transitions from a media agency to an integrated marketing company, a valuation re-rating as an AI (artificial intelligence) data intelligence firm is expected.

Incross Co.,Ltd., established in 2007 and listed on the KOSDAQ market in 2016, is one of Korea’s leading integrated marketing companies. SKNetworksCo.,Ltd. became its largest shareholder in January 2026, and the company operates its business through two main pillars: advertising and commerce. As of the first half of the year, the company reported revenue of 22.2 billion won and operating profit of 4.4 billion won, with advertising accounting for 83.3% of revenue and commerce 16.7%.
The company is expanding its business scope into search advertising, AOR, and offline media, transitioning from a media agency to an integrated marketing company. Second-quarter advertising revenue reached 146.1 billion won, a 32.7% increase year-over-year, while search advertising revenue at its subsidiary, MindKnock, hit 13.8 billion won (+35.3%), setting a new record high for the second quarter. In March, the company also advanced its offline expansion by securing exclusive rights to operate digital signage advertising at 814 HyundaiMotor Blue Hands locations nationwide.
The company is also seeing continued success in its e-commerce management business. Since the start of this year, the company has secured new management contracts for three platforms—Online Hanwoo Market, Sonoaimready Mall, and Nate OnDeal—and is currently operating a total of five platforms simultaneously, including T Deal and Hyundai Shop. As these new platforms began contributing to revenue in the second quarter, revenue in the e-commerce segment is projected to reach an all-time high.
In the second half of the year, the monetization of the AI content marketing platform “Stellarize” is expected to gain momentum. Stellarize is a service that uses AI to match brands with creators and even propose campaign strategies; it has secured a pool of over 5,000 premium creators. With the global influencer marketing platform market projected to grow at an average annual rate of 14.4% through 2033, Stellarize’s growth potential is also coming into focus.
Operating on a debt-free basis, the company holds approximately 50 to 60 billion won in excess cash and cash equivalents, excluding working capital. Its current market capitalization stands at 63.1 billion won, representing a price-to-earnings (P/E) ratio of just 5.3 times based on net income for the past year. Maintaining a 30% dividend payout ratio, the company paid a cash dividend of 298 won per share (+23.1%) based on its 2025 financial results.
Jeon Woo-bin, an analyst at Value Finder, stated, “Incross Co.,Ltd. is transitioning from a media agency to an integrated marketing company, simultaneously securing growth in sales volume and high margins.” He added, “The second half of the year, which will see the convergence of the further development of the AI content marketing platform Stellarize and the full impact of new e-commerce contracts, will be the period when the valuation gap between its status as a media agency and that of an AI data intelligence company is resolved.”