NHN KCPNHN KCP

NHN KCP's trailing revenue is growing and profitable, but its shares are down 20.9% over the past year and sit well below their 52-week high.

NHN KCP is a Korean payment processor serving online merchants, offline stores and corporate projects. On trailing twelve-month figures to H1 2026 it reported revenue of ₩1.38T, operating income of ₩61B and net income of ₩55B, with a 4.4% operating margin. The share price closed at ₩12,570 on 2026-10-23, with a market capitalisation of about ₩505B.

What stands out

• Trailing revenue of ₩1.38T and 4.4% operating margin are broadly in line with the 2025 full-year margin of 4.4%.
• Annual revenue rose from ₩745B in 2021 to ₩1.23T in 2025, though operating income in 2025 (₩55B) was below 2022 (₩44B only in 2022 was lower; 2021 was ₩43B), so profit has not grown as fast as sales.
• Valuation metrics are P/E 9.2 and P/B 1.6, with a 2% dividend yield; the fair value model gives a base of ₩15,758 against the current price, with bear and bull cases of ₩12,105 and ₩20,519.
• Liabilities are 118% of equity and the filings list no borrowings in the data, while trailing cash is ₩260B and free cash flow is ₩82B.
• Filings in 2026 include two debt guarantee decisions for other parties (June and August) and an independent director change in October; the data contains no news headlines to add context.

What to watch

• Next quarterly and half-year filings, to see whether margins hold near 4% and whether revenue growth continues after the 2025 rise of 11.7%.
• The guarantee-for-another-party filings, since the data does not explain the amounts or counterparties.
• Foreign ownership has risen to 11.5% from 10.9% over 60 days, while retail and institutional investors were net sellers over the last 20 days; the data does not say why.