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JONBUR Research · Initiation

NHN KCP · 060250 · Financials

NHN KCP: Steady Revenue Growth and Thin Margins, Shares Down 23.9% Over One Year

Why this report

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NHN KCP, a KOSDAQ-listed company classed as Financials, closed at ₩12,570 on 2026-10-22, down 23.9% over one year and well below its 52-week high of ₩25,500. Trailing revenue is ₩1.38T with a 4.4% operating margin, and a model estimate based on the assumptions shown sits above the current share price.

Written Oct 23, 2026 · Data as of Oct 22, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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Thesis

The data supports a picture of a growing but low-margin business with a high return on equity of 19.2%. Revenue has grown every year shown, and free cash flow over the trailing twelve months was ₩82.0B, above net income of ₩55.0B. The share price has fallen sharply, and the P/E has dropped from 13.2 at the end of 2025 to 9.2 now, so the market is paying less for each won of earnings. The data does not explain the decline, and no news headlines are available. Operating margin has not improved: it was 5.8% in 2021 and 4.4% in the latest period. The stock trades at a higher P/B (1.6) than the listed peers (0.5 to 0.8), but those peers are mostly securities firms and a card company, so the comparison is only partial.

Business overview

NHN KCP is listed on KOSDAQ (listed 2002-01-08, founded 1994-12-28) and is classified under Financials. Market capitalisation is ₩504.8B across 40,160,611 listed shares. Revenue grew from ₩745.4B in 2021 to ₩1.23T in 2025, with trailing revenue at ₩1.38T. Foreign ownership is 11.3%, up from 10.8% sixty days ago. The short balance is 0.5%. The data gives no further detail on products or business lines.

Financial analysis

These figures come from filed financial statements. Revenue was ₩1.23T in 2025 (up 11.7%), after growth of 13.7% in 2024 and 18.1% in 2023. Operating income was ₩54.7B in 2025 with a 4.4% margin, and net income was ₩45.3B. Over the trailing twelve months to H1 2026, revenue was ₩1.38T, operating income ₩60.6B (4.4% margin) and net income ₩55.0B (4.0% margin). ROE was 19.2% on a trailing basis versus 16.3% in 2025. Liabilities to equity were 118.0%. Cash was ₩259.8B, free cash flow ₩82.0B, and borrowings are not available in the data.

Valuation

The stock trades at a P/E of 9.2, P/B of 1.6 and P/S of 0.4, with a dividend yield of 2.0%. Year-end P/E was 13.2 in 2025, 6.3 in 2024, 11.7 in 2023 and 15.4 in 2022, and year-end P/B ranged from 1.1 to 7.5 over 2021-2025. Peers shown (Mirae Asset Securities, NH Investment & Securities, Samsung Securities, KIWOOM Securities, Samsung Card) trade at P/E of 3.3 to 7.5 and P/B of 0.5 to 0.8. The valuation model (excess method, P/B versus ROE, 9.6% rate, TTM to H1 2026) gives a base estimate of ₩15,758 per share, with a bear case of ₩12,105 and a bull case of ₩20,519. This is a model estimate based on the assumptions shown, not a target. The current price of ₩12,570 is close to the bear case and below the base case.

Catalysts

  • The company released H1 2026 results in August, with the half-year report filed on 2026-08-14, and the next earnings filings will show whether the 4.4% operating margin holds.
  • Foreigners were net buyers of about ₩4.9B over 20 days and foreign ownership rose from 10.8% to 11.3%, a flow trend worth watching.
  • A report on independent director appointment or resignation was filed on 2026-10-01, which relates to board composition.
  • The company filed decisions on guarantees of debt for another party on 2026-06-30 and 2026-08-31, and further filings of this kind could matter for the balance sheet.

Risks

  • Operating margin is thin at 4.4% and below the 5.8% of 2021, so small cost changes could affect profit.
  • The share price is down 23.9% over one year and 50.7% below its 52-week high, showing weak sentiment.
  • Institutions (net sellers of about ₩1.7B) and retail investors (net sellers of about ₩3.1B) were selling over the last 20 days.
  • Debt guarantees for another party appear in filings, and the data does not give the amounts or the counterparty.
  • The valuation model's range is wide (₩12,105 to ₩20,519) and the peer set is not a close match, so comparisons are uncertain.

Closing view

The data shows a business with steady revenue growth, a high ROE and positive free cash flow, set against thin margins and a sharp share price decline. The multiples are lower than a year ago, and the model's base estimate of ₩15,758 is above the current price, though the price is near the bear case of ₩12,105. The model rests on its assumptions, and the data does not explain the price fall or the purpose of the debt guarantees. The evidence is mixed and does not point to a single conclusion.

Model estimate of fair value

Bear
₩12,105
-1%
Base
₩15,758
+28%
Bull
₩20,519
+67%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the P/B vs ROE (excess return) model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 9.6%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 23, 2026InitiationStart of coverage (reader request)NHN KCP: Steady Revenue Growth and Thin Margins, Shares Down 23.9% Over One Year

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information