[Click e-Stock] "BI Matrix, Focus on Strengthening AI Momentum"

On April 29, Kiwoom Securities analyzed that attention should be paid to the strengthening momentum of artificial intelligence (AI) for BI Matrix.

BI Matrix is a provider of Business Intelligence (BI) solutions and has recently been attracting attention as its G-MATRIX solution, which incorporates AI technology, is rapidly delivering results.

Oh Hyunjin, a researcher at Kiwoom Securities, stated, "For practical business applications, data management technology accumulated through existing operations is considered crucial." Based on this competitive edge, the adoption of G-MATRIX is expanding among major domestic companies, and there are expectations for future overseas expansion as well as an increase in mid-sized and small business clients through the cloud version. Currently, BI Matrix's stock price is evaluated at a price-to-earnings ratio (PER) of 10 times based on 2026 estimates.

G-MATRIX is gaining attention as a solution that addresses key challenges in adopting AI technology within the data analytics market. This is because it can help improve operational efficiency, enhance business productivity, increase profitability, and improve decision-making accuracy. However, according to a survey by EY Han Young, corporate adoption of AI is still progressing slowly due to factors such as uncertainty about returns on investment, high initial costs, and limitations in data quality and utilization.

Researcher Oh explained, "Given the uncertain effects in terms of cost and usability, the importance of data management technology?which can directly improve the performance and reliability of AI models in real business applications?will inevitably grow, rather than investing heavily in LLM development."

For 20 years, BI Matrix has led the domestic market through its BI business. As a result, the company specializes in integrating and managing data from various enterprise systems such as ERP and SCM, and currently, its approximately 700 existing clients have data structures that allow immediate utilization of the G-MATRIX solution.

The enhancement of G-MATRIX's technology and the development of new products to expand market competitiveness are also accelerating. Researcher Oh noted, "By equipping G-MATRIX with a copilot, it has improved implementation efficiency by enabling summary of analysis results and automatic dashboard creation. In the second half of the year, additional predictive features based on structuring corporate work processes are also expected." In addition, the company is preparing to launch the AUD platform service in SaaS format for small and mid-sized businesses and plans to introduce an in-house document search service. As a result, the expansion of G-MATRIX's customer base is entering a full-fledged phase.

Last year, a major domestic IT company adopted BI Matrix's AI solution for the first time, and additional orders are expected through expanded system applications in the first half of this year. There are also expectations for increased orders from pharmaceutical, financial companies, and public institutions. Overseas market entry is also becoming visible. Researcher Oh explained, "A project for a Japanese public institution is currently underway, and collaboration with the U.S. partner 'In time tec' is also in progress."

BI Matrix's AI solution sales are expected to reach 8.2 billion won this year (a 104% increase from the previous year) and 15.8 billion won in 2026 (a 92% increase from the previous year). Total performance for this year is projected at 43.7 billion won in sales (a 42% increase from the previous year) and 6.5 billion won in operating profit (a 220% increase from the previous year), and in 2026, 59.3 billion won in sales (a 36% increase from the previous year) and 10.2 billion won in operating profit (a 57% increase from the previous year).

Researcher Oh emphasized, "Despite the recent rise in stock price, the current valuation is at a PER of 10 times based on 2026 estimates, and considering that the market is still in its early growth phase, a further revaluation of the company's value is necessary."