April 26, 2024

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[THE INVESTOR] Hancom has begun expanding overseas in earnest, said Eugene Investment and Securities on June 25, maintaining a “buy” recommendation and 18,000 won (US$16.12) target price.

The software company has started supplying products to Amazon Web Service, and this partnership will boost its brand awareness in cloud-based web office market and serve as a stepping stone for its overseas expansion, said analyst Park Jong-seon.

Its revenue in the second quarter will surge 94.8 percent on-year to 56 billion won and operating profit by 30 percent to 14 billion won, reflecting earnings of Sancheong, which it acquired in fourth quarter last year, estimated the analyst, adding that based on the projected annual earnings, its stocks are absolutely undervalued. 

By Hwang You-mee (glamazon@heraldcorp.com)