Hecto Innovation has posted its best-ever results, and brokerages are reassessing its valuation to reflect both earnings growth and momentum from new businesses.

Yuanta Securities said in a report released on Friday that Hecto Innovation was attractive for both performance and momentum.

Yuanta Securities said Hecto Innovation set a record with 2025 full-year revenue of 375.8 billion won and operating profit of 50.2 billion won, up 17.6 percent and 2.7 percent, respectively, from a year earlier. It said growth in the core business and subsidiaries came together, and Hecto Healthcare, in particular, grew 40.4 percent year on year and had a major impact on revenue growth.

Yuanta Securities researchers Myung-joon Kwon (권명준) and Seok-jun Seo (서석준) cited two attractive factors for Hecto Innovation: that it holds a stake in Hecto Financial, where growth continues, and that it is expected to play a leading role related to stablecoins.

On its subsidiary Hecto Financial, it said the amount of simple cash payments grew on the back of stable revenue from PG (payment gateway) services. It added that, given the continued rollout and expansion of new services and continued earnings growth, Hecto Innovation’s current market capitalisation of 272.9 billion won was in an undervalued range.

It also assessed the stablecoin business positively. The two researchers said the company acquired a blockchain wallet company, Hecto Wallet One, in 2025, and the company was expected to push integration and ecosystem building with subsidiary Hecto Financial, which will perform payment operations. They said Hecto Financial has joined as a partner of Circle Payments Network, a global payments network of Circle, the issuer of the USDC stablecoin, for the first time in South Korea. They said this should draw attention because it allows an immediate response to an expanding stablecoin market.

Eugene Investment Securities also released a report on Friday. Researcher Jong-sun Park (박종선) said Hecto Innovation had succeeded in diversifying its business and was expected to continue achieving record revenue. He raised his target price by 33.3 percent to 28,000 won from 21,000 won.

Park said the IT information services, fintech and healthcare divisions were expected to see broadly stable revenue growth and improved profitability. He forecast 2026 full-year results on a consolidated basis with revenue of 437.3 billion won and operating profit of 62.9 billion won, up 16.4 percent and 25.3 percent, respectively, from a year earlier.