[Edaily Reporter Shin Ha-yeon ] On the 20th, EUGENE INVESTMENT & SECURITIES projected that coocon Corporation(294570)would continue to achieve stable earnings growth in the second half of the year through the expansion of existing services and the launch of new services, following its record quarterly revenue in the second quarter of this year. The firm did not issue a specific investment recommendation.

Park Jong-seon, an analyst at EUGENE INVESTMENT & SECURITIES, stated, “The positive aspects of these results are that revenue reached a record high for the quarter, and operating profit has increased year-over-year for eight consecutive quarters.”

coocon Corporation’s second-quarter revenue reached 18 billion won, a 7.3% increase year-over-year, marking a record high for the quarter. Operating profit stood at 5 billion won, up 6.4% from the same period last year. These figures are in line with EUGENE INVESTMENT & SECURITIES’ previous estimates of 17 billion won in revenue and 5 billion won in operating profit.

By segment, revenue in the Data segment reached 8.6 billion won, a 1.6% increase year-over-year. Despite a decline in revenue from loan comparison services due to regulatory changes, growth was supported by the acquisition of new customers for the financial MyData service. Revenue in the Payment segment rose 13.3% to 9.3 billion won. The acquisition of new clients among major payment gateway (PG) companies and an increase in transaction volume drove this growth.

Operating profit continued its year-over-year growth trend for the eighth consecutive quarter. While operating profit in the Data segment decreased by 6.5% year-over-year, operating profit increased by 27.6% overall due to the expanded share of low-cost products in the Payment segment.

The company expects this growth trend to continue in the third quarter. EUGENE INVESTMENT & SECURITIES forecasts coocon Corporation’s third-quarter revenue at 18.4 billion won and operating profit at 5.2 billion won. These figures represent year-over-year increases of 6.2% and 7.5%, respectively. If these forecasts hold true, the company will once again set a new quarterly revenue record, and operating profit will mark its ninth consecutive quarter of year-over-year growth.

The company cited the expansion of new services in both the data and payment sectors as growth drivers for the second half of the year. In the data sector, it plans to expand its MCP (Model Context Protocol)-based data API offerings from the current 30 to approximately 100 by the end of the year. It also intends to expand its MyData business across all sectors through initiatives such as the automation of electronic litigation processes. coocon Corporation currently offers more than 300 API products.

In the payments sector, the company plans to expand its global payment and stablecoin partnerships and push forward with the expansion of the KSQR infrastructure for integrated mobile payments. It also plans to launch an app for making payments, depositing funds, and withdrawing digital assets such as USDC and USDT.

The company is also considered attractive in terms of valuation. Based on the closing price of 20,600 won on the 19th, coocon Corporation’s projected price-to-earnings ratio (PER) for 2026 is 6.7 times. This represents a discount compared to the average of 11.6 times for domestic peers. Estimated revenue for this year is 71.5 billion won, and operating profit is 20.0 billion won, representing year-over-year increases of 3.0% and 6.0%, respectively.

Analyst Park explained, “Based on our 2026 earnings estimates, the current stock price is trading at a P/E ratio of 6.7x, which is at a discount compared to the average P/E ratio of 11.6x for domestic peers,” adding, “It offers attractive valuation.”