1. KG Mobilians H1 2025 Performance: What Happened?

KG Mobilians recorded KRW 56.1 billion in revenue, KRW 7.4 billion in operating profit, and KRW 4.5 billion in net profit for H1 2025, continuing its growth trajectory. The electronic payment business, in particular, demonstrated stable profitability with a solid revenue base.

2. Core Business Analysis: Why These Results?

  • Electronic Payment: Secured over 27,500 merchants and achieved a 14.9% operating profit margin. However, increased competition and potential transaction volume decline from certain merchants require monitoring.
  • Education: Significant improvement in operating profit compared to the same period last year.
  • IT/E-learning: Continuous revenue decline and operating losses necessitate strategic review.
  • New Businesses (Mobilians Card, KG Mobile): Expected synergy from offline payment expansion and growth in the MVNO market.

3. Financial Health: Positives and Risks?

Total assets and equity increased, while short-term borrowings decreased. However, the increase in allowance for doubtful accounts related to financial advances suggests credit recovery risks. Operating cash flow remains healthy, but the outflow from investing activities and increase in long-term loans require a review of capital efficiency.

4. Investment Strategy: What to Do?

  • Short-term: Focus on the stable performance of the electronic payment segment and growth potential of new businesses. Consider strategies leveraging stock price volatility.
  • Long-term: Monitor the turnaround potential of IT/e-learning, successful establishment of new businesses, and changes in allowance for doubtful accounts related to financial advances.