Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩4,510, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 12x in the Software industry in South Korea. Total loss to shareholders of 2.8% over the past three years. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩6,790, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 15x in the Software industry in South Korea. Total returns to shareholders of 31% over the past three years. Announcement • Apr 10
Korea Information Certificate Authority, Inc. (KOSDAQ:A053300) announces an Equity Buyback for 1,000,000 shares, for KRW 5,680 million. Korea Information Certificate Authority, Inc. (KOSDAQ:A053300) announces a share repurchase program. Under the program, the company will repurchase up to 1,000,000 shares for KRW 5,680 million worth of its shares pursuant to a trust agreement with KIWOOM SECURITIES Corp. The purpose behind the program is to stabilize the stock price and to improve shareholder value. The program will continue until October 12, 2026. As of April 9, 2026, the company had 1,155,665 shares in treasury through buyback within dividend capacity and 1,331,220 shares through other acquisitions. New Risk • Mar 27
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 49% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Announcement • Mar 13
Korea Information Certificate Authority, Inc., Annual General Meeting, Mar 26, 2026 Korea Information Certificate Authority, Inc., Annual General Meeting, Mar 26, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 69, geumto-ro, sujeong-gu, gyeonggi-do, seongnam South Korea Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩5,370, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 16x in the Software industry in South Korea. Negligible returns to shareholders over past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩150 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 24 April 2026. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (1.7%). Reported Earnings • Nov 19
Third quarter 2025 earnings released: EPS: ₩155 (vs ₩105 in 3Q 2024) Third quarter 2025 results: EPS: ₩155 (up from ₩105 in 3Q 2024). Revenue: ₩33.2b (up 9.5% from 3Q 2024). Net income: ₩6.20b (up 44% from 3Q 2024). Profit margin: 19% (up from 14% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Declared Dividend • Nov 08
Dividend of ₩150 announced Dividend of ₩150 is the same as last year. Ex-date: 29th December 2025 Payment date: 24th April 2026 Dividend yield will be 2.5%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (41% earnings payout ratio) and cash flows (23% cash payout ratio). The dividend has increased by an average of 11% per year over the past 6 years. However, payments have been volatile during that time. Earnings per share has grown by 7.5% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Nov 07
Korea Information Certificate Authority, Inc. announces Annual dividend, payable on April 24, 2026 Korea Information Certificate Authority, Inc. announced Annual dividend of KRW 150.0000 per share payable on April 24, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Reported Earnings • Aug 19
Second quarter 2025 earnings released: EPS: ₩132 (vs ₩22.00 in 2Q 2024) Second quarter 2025 results: EPS: ₩132 (up from ₩22.00 in 2Q 2024). Revenue: ₩33.1b (up 9.3% from 2Q 2024). Net income: ₩5.26b (up 491% from 2Q 2024). Profit margin: 16% (up from 2.9% in 2Q 2024). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 24
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩10,090, the stock trades at a trailing P/E ratio of 39x. Average trailing P/E is 19x in the Software industry in South Korea. Total returns to shareholders of 107% over the past three years. New Risk • Jun 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (11% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (8.1% net profit margin). Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to ₩7,800, the stock trades at a trailing P/E ratio of 30.1x. Average trailing P/E is 16x in the Software industry in South Korea. Total returns to shareholders of 47% over the past three years. New Risk • May 29
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (8.1% net profit margin). Buy Or Sell Opportunity • May 15
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to ₩5,830. The fair value is estimated to be ₩4,827, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 18%. Valuation Update With 7 Day Price Move • May 12
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₩5,440, the stock trades at a trailing P/E ratio of 19.6x. Average trailing P/E is 16x in the Software industry in South Korea. Total loss to shareholders of 5.4% over the past three years. Reported Earnings • Mar 21
Full year 2024 earnings released: EPS: ₩274 (vs ₩229 in FY 2023) Full year 2024 results: EPS: ₩274 (up from ₩229 in FY 2023). Revenue: ₩121.9b (up 32% from FY 2023). Net income: ₩11.2b (up 21% from FY 2023). Profit margin: 9.2% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Announcement • Mar 08
Korea Information Certificate Authority, Inc., Annual General Meeting, Mar 25, 2025 Korea Information Certificate Authority, Inc., Annual General Meeting, Mar 25, 2025, at 10:00 Tokyo Standard Time. Location: conference room, 69, geumto-ro, sujeong-gu, gyeonggi-do, seongnam South Korea Announcement • Feb 26
Kiwoom Securities Co., Ltd. (KOSE:A039490) agreed to acquire an additional minority stake in Kiwoom Private Equity, Inc. from Korea Information Certificate Authority, Inc. (KOSDAQ:A053300) for KRW 37.8 billion. Kiwoom Securities Co., Ltd. (KOSE:A039490) agreed to acquire an additional minority stake in Kiwoom Private Equity, Inc. from Korea Information Certificate Authority, Inc. (KOSDAQ:A053300) for KRW 37.8 billion on February 25, 2025. A cash consideration of KRW 37.83 billion valued at KRW 9457 per share will be paid by Kiwoom Securities Co., Ltd. As part of consideration, KRW 37.83 billion is paid towards common equity of Kiwoom Private Equity, Inc.
The expected completion of the transaction is February 28, 2025. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩5,030, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 15x in the Software industry in South Korea. Total loss to shareholders of 20% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩70.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 28 April 2025. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of South Korean dividend payers (3.9%). In line with average of industry peers (1.6%). Announcement • Nov 12
Korea Information Certificate Authority, Inc. (KOSDAQ:A053300) announces an Equity Buyback for KRW 5,000 million worth of its shares. Korea Information Certificate Authority, Inc. (KOSDAQ:A053300) announces a share repurchase program. Under the program, the company will repurchase up to KRW 5,000 million worth of its shares pursuant to a trust agreement with KIWOOM SECURITIES Corp. The purpose behind the program is to stabilize the stock price and to improve shareholder value. The program will continue until May 12, 2025. As of November 10, 2024, the company had no shares in treasury through buyback within dividend capacity and 1,369,118 shares through other acquisitions. Valuation Update With 7 Day Price Move • Sep 03
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩4,585, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 15x in the Software industry in South Korea. Total loss to shareholders of 33% over the past three years. Reported Earnings • Mar 23
Full year 2023 earnings released: EPS: ₩229 (vs ₩153 in FY 2022) Full year 2023 results: EPS: ₩229 (up from ₩153 in FY 2022). Revenue: ₩92.2b (up 5.0% from FY 2022). Net income: ₩9.27b (up 50% from FY 2022). Profit margin: 10% (up from 7.1% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Dec 20
Upcoming dividend of ₩120 per share at 2.2% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 22 April 2024. Payout ratio is a comfortable 37% but the company is paying out more than the cash it is generating. Trailing yield: 2.2%. Lower than top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (1.6%). Announcement • Aug 04
Korea Information Certificate Authority, Inc. (KOSDAQ:A053300) agreed to acquire 80% stake in DigitalZone CO., Ltd. from Sang-Won Shim, Jeong-Woo Jeon and 5 others for KRW 26.7 billion. Korea Information Certificate Authority, Inc. (KOSDAQ:A053300) agreed to acquire 80.96% stake in DigitalZone CO., Ltd. from Sang-Won Shim, Jeong-Woo Jeon and 5 others for KRW 26.7 billion on August 2, 2023. Korea Information Certificate Authority, Inc. will acquire 2.77 million shares of DigitalZone CO., Ltd. DigitalZone CO., Ltd. reported Total assets worth KRW 15.8 million, Sales of KRW 11.8 million and Net Income of KRW 885 million on December 31, 2022. Transaction is expected to complete on September 8, 2023. Reported Earnings • Mar 19
Full year 2022 earnings released: EPS: ₩153 (vs ₩371 in FY 2021) Full year 2022 results: EPS: ₩153 (down from ₩371 in FY 2021). Revenue: ₩87.8b (up 49% from FY 2021). Net income: ₩6.19b (down 51% from FY 2021). Profit margin: 7.1% (down from 21% in FY 2021). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 35% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jan 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩5,860, the stock trades at a trailing P/E ratio of 40.4x. Average trailing P/E is 16x in the Software industry in South Korea. Total returns to shareholders of 71% over the past three years. Upcoming Dividend • Dec 21
Upcoming dividend of ₩120 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 24 April 2023. Payout ratio is on the higher end at 83%, and the cash payout ratio is above 100%. Trailing yield: 2.5%. Lower than top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (1.8%). Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩4,490, the stock trades at a trailing P/E ratio of 23.5x. Average trailing P/E is 13x in the Software industry in South Korea. Total returns to shareholders of 35% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 20 April 2022. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (1.0%). Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improved over the past week After last week's 15% share price gain to ₩7,970, the stock trades at a trailing P/E ratio of 18.1x. Average trailing P/E is 23x in the Software industry in South Korea. Total returns to shareholders of 54% over the past three years. Reported Earnings • Mar 20
Full year 2020 earnings released: EPS ₩313 (vs ₩229 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₩45.7b (up 7.3% from FY 2019). Net income: ₩9.75b (up 37% from FY 2019). Profit margin: 21% (up from 17% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 4% per year. Is New 90 Day High Low • Mar 08
New 90-day low: ₩6,620 The company is down 38% from its price of ₩10,750 on 08 December 2020. The South Korean market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 5.0% over the same period. Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment improved over the past week After last week's 29% share price gain to ₩8,600, the stock is trading at a trailing P/E ratio of 29.8x, up from the previous P/E ratio of 23x. This compares to an average P/E of 24x in the Software industry in South Korea. Total returns to shareholders over the past three years are 35%. Is New 90 Day High Low • Jan 28
New 90-day low: ₩7,040 The company is down 1.0% from its price of ₩7,100 on 30 October 2020. The South Korean market is up 32% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 15% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩100.00 Per Share Will be paid on the 20th of April to those who are registered shareholders by the 29th of December. The trailing yield of 1.2% is below the top quartile of South Korean dividend payers (2.6%), but it is higher than industry peers (0.8%). Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₩8,320, the stock is trading at a trailing P/E ratio of 28.8x, down from the previous P/E ratio of 35.3x. This compares to an average P/E of 22x in the Software industry in South Korea. Total returns to shareholders over the past three years are 43%. Valuation Update With 7 Day Price Move • Dec 02
Market bids up stock over the past week After last week's 22% share price gain to ₩9,930, the stock is trading at a trailing P/E ratio of 34.3x, up from the previous P/E ratio of 28.1x. This compares to an average P/E of 20x in the Software industry in South Korea. Total returns to shareholders over the past three years are 92%. Is New 90 Day High Low • Dec 02
New 90-day high: ₩9,930 The company is up 47% from its price of ₩6,750 on 03 September 2020. The South Korean market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 1.0% over the same period.