[Asia Economy Reporter Hyungsoo Park] KB Securities analyzed on the 24th that it expects Genieons' performance to improve due to the Digital New Deal policy and the increase in remote work.
Founded in 2005, Genieons is a network security solution company. It focuses on the NAC (Network Access Control) solution that protects clients' internal assets and the EDR (Endpoint Detection and Response) solution that detects and responds to abnormal endpoint behavior.
Hyun-dong Sung, a researcher at KB Securities, explained, "We expect the number of EDR supply nodes to increase significantly," adding, "Last year, we added 26 new clients, securing a total of 61 clients."
He continued, "The cumulative number of EDR supply nodes based on contracts is around 300,000," and added, "With the entry of overseas competitors into the domestic market limited due to COVID-19, we anticipate a significant increase in EDR nodes mainly among major banks and secondary financial institutions."
He also emphasized, "NH Nonghyup is expanding EDR deployment across all its branches."
Researcher Sung said, "Steady growth of the cash cow NAC is also expected," noting, "NAC adoption is expanding further within existing clients." He added, "Considering the replacement cycle is 4 to 5 years, there is a high possibility of large-scale replacements this year," and mentioned, "We also have a product lineup optimized for the Internet of Things (IoT) and cloud environments."
He forecasted that with the sales structure shifting from a traditional installation model to a subscription model, more stable performance growth will be possible.
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