[Click eStock] "Duzon Bizon, 26 Consecutive Quarters of Growth... Continuing This Year"

[Asia Economy Reporter Jihwan Park] Cape Investment & Securities stated on the 28th that Duzon Bizon has shown continuous growth for 26 consecutive quarters, and this trend is expected to continue this year as well. They maintained a 'Buy' investment rating and a target price of 130,000 KRW.

Choi Jin-seong, a researcher at Cape Investment & Securities, forecasted, "The number of subscribers, which rapidly increased last year due to the K-Non-face-to-face Voucher project, is expected to continue showing a high growth trend this year."

Standard ERP is evaluated to have shown growth compared to the previous year despite the government-supported smart factory project, which drives growth, being delayed until the second quarter. It is explained that full-scale growth will be possible starting from the second quarter.

Regarding Extended ERP, which was somewhat lacking due to COVID-19, it is judged that corporate investments will fully resume this year, allowing growth to restart. The release of a new groupware is also scheduled for the second half of the year, sustaining future growth momentum and maintaining stable growth.

Sales in the first quarter of this year are expected to be 75.8 billion KRW, a 6.5% increase from the previous year, and operating profit is expected to be 17.5 billion KRW, a 7.4% increase, but these figures are anticipated to fall short of market expectations. He emphasized, "The government-supported projects were delayed until the second quarter, resulting in underwhelming first-quarter performance," adding, "The deferred effects will be fully reflected from the second quarter, showing results beyond expectations." Annual performance is expected to achieve stable growth that meets expectations, and the anticipation for new businesses driven by subscriber growth remains continuously valid.

The fact that stock prices and high valuations of global peers in the same industry are being maintained steadily is also positive. Researcher Choi predicted, "The recent sluggish stock price is also expected to rebound starting from the second quarter's earnings growth."