coocon쿠콘

Coocon remains highly profitable on a trailing basis, but its share price has fallen 38% over the past year.

Coocon runs a data-intermediary platform that sells data and payment connections as APIs to financial institutions and businesses. On trailing twelve-month figures to H1 2026, it reported revenue of ₩69.4B... to be precise, ₩69.4B, an operating margin of 27.7% and net income of ₩22.0B, with ₩151.3B in cash against ₩5.1B in borrowings. The share price of ₩23,700 sits well below its 52-week high of ₩39,850.

What stands out

• Revenue fell 4.9% in 2025 to ₩69.5B, after growth of 6.9% in 2024, but operating margin held at 27.2%.
• Net income in 2025 was ₩21.5B, well above operating income of ₩18.9B, and the filings do not explain the gap in the data provided.
• Valuation is around 10.9x trailing earnings and 1.3x book, below the 13.4x P/E shown for NAVER and the 40.3x shown for Kakao, though these are different businesses.
• The internal DCF model gives a base value of ₩51,182 per share, with a bear case of ₩42,898 and a bull case of ₩64,422; this is a model output, not a forecast.
• Foreign ownership fell from 4.3% to 3.5% over 60 days, and retail investors were net sellers of about ₩6.8B over the last 20 days.

What to watch

• The 5%+ holding report filed on 2026-10-21 and the earlier one in June, which may show changes in major shareholders; the content of these filings is not in the data.
• Next quarterly and annual results, since revenue has declined in the latest full year and the data does not explain why.
• No recent news headlines were provided, so the reasons for the share price drop over the past year cannot be confirmed from this data.