Kona I코나아이

Kona I shows strong trailing profitability, but the share price has fallen sharply over the past year.

Kona I makes smart cards and runs a payment platform, including regional currency programs for local governments. On a trailing basis to H1 2026 it reported revenue of about ₩345B, an operating margin of 30.5% and cash of about ₩254B, while the share price closed at ₩34,900, down 31.4% over one year. The data does not explain the cause of the decline.

What stands out

• Trailing revenue reached ₩345B and net income ₩96B, well above 2024 levels of ₩236B revenue and ₩30B net income.
• 2025 revenue grew 30.8% to ₩309B, but 2024 revenue had fallen 15.7%, so growth has been uneven.
• Valuation metrics are low: P/E of 5.2 and P/B of 1.8 at the current price, with no dividend.
• The base-case discounted cash flow value is ₩104,278 per share, well above the ₩34,900 close, while the bear case is ₩77,166; this is a model output, not a forecast.
• Foreign ownership rose from 3.3% to 4.8% over about 60 days, while institutions and retail were net sellers over the last 20 days.

What to watch

• Upcoming results and any update to the H1 2026 half-year report, since the data gives no forward earnings estimates.
• Follow-up to the September 2026 bonus share issue, share cancellation and trading halt, plus the share acquisition filings, for effects on share count and capital.
• Liabilities are 109.4% of equity and the data shows no borrowings, so watch how the balance sheet and free cash flow develop.