Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩6,920, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 16x in the IT industry in South Korea. Total returns to shareholders of 29% over the past three years. Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩1,208, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 13x in the IT industry in South Korea. Total returns to shareholders of 29% over the past three years. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩1,017, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 16x in the IT industry in South Korea. Total returns to shareholders of 2.6% over the past three years. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩1,208, the stock trades at a trailing P/E ratio of 6.3x. Average trailing P/E is 18x in the IT industry in South Korea. Total returns to shareholders of 35% over the past three years. Reported Earnings • Nov 19
Third quarter 2025 earnings released: EPS: ₩113 (vs ₩65.00 in 3Q 2024) Third quarter 2025 results: EPS: ₩113 (up from ₩65.00 in 3Q 2024). Revenue: ₩137.2b (up 8.1% from 3Q 2024). Net income: ₩7.33b (up 72% from 3Q 2024). Profit margin: 5.3% (up from 3.4% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩1,222, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 18x in the IT industry in South Korea. Total returns to shareholders of 33% over the past three years. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩1,284, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 17x in the IT industry in South Korea. Total returns to shareholders of 20% over the past three years. Valuation Update With 7 Day Price Move • May 28
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩1,027, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 14x in the IT industry in South Korea. Total returns to shareholders of 5.5% over the past three years. New Risk • Mar 25
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 170% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (170% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (₩50.8b market cap, or US$34.6m). New Risk • Mar 02
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 9.5% 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 Share price has been volatile over the past 3 months (9.5% average weekly change). Profit margins are more than 30% lower than last year (0.6% net profit margin). Market cap is less than US$100m (₩55.9b market cap, or US$38.3m). Valuation Update With 7 Day Price Move • Feb 28
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to ₩858, the stock trades at a trailing P/E ratio of 27x. Average trailing P/E is 15x in the IT industry in South Korea. Total loss to shareholders of 5.5% over the past three years. Tillkännagivande • Feb 28
Itcenentec Co.,Ltd., Annual General Meeting, Mar 26, 2025 Itcenentec Co.,Ltd., Annual General Meeting, Mar 26, 2025, at 10:00 Tokyo Standard Time. Location: conference room, 117, gwacheon-daero 12-gil, gyeonggi-do, gwacheon South Korea Tillkännagivande • Nov 06
Secucen Co., Ltd. (KOSDAQ:A232830) agreed to acquire 97.2% stake in C Platform Co. Ltd from Ssangyong Information & Communications Corp. (KOSDAQ:A010280) and Comtec Systems Co.,Ltd. for KRW 10.6 billion. Secucen Co., Ltd. (KOSDAQ:A232830) agreed to acquire 97.2% stake in C Platform Co. Ltd from Ssangyong Information & Communications Corp. (KOSDAQ:A010280) and Comtec Systems Co.,Ltd. for KRW 10.6 billion on November 5, 2024.
The expected completion of the transaction is November 5, 2024. Reported Earnings • Mar 23
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: ₩84.00 (down from ₩188 in FY 2022). Revenue: ₩392.5b (up 21% from FY 2022). Net income: ₩5.43b (down 55% from FY 2022). Profit margin: 1.4% (down from 3.7% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 17%. Earnings per share (EPS) also missed analyst estimates by 70%. Over the last 3 years on average, earnings per share has increased by 118% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. New Risk • Sep 13
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 158% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (158% accrual ratio). Minor Risk Market cap is less than US$100m (₩53.1b market cap, or US$40.1m). Tillkännagivande • Jan 27
Ssangyong Information & Communications Corp. (KOSDAQ:A010280) agreed to acquire Comtec Systems Co.,Ltd. (KOSE:A031820). Ssangyong Information & Communications Corp. (KOSDAQ:A010280) agreed to acquire Comtec Systems Co.,Ltd. (KOSE:A031820) on January 26, 2023. Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improved over the past week After last week's 27% share price gain to ₩1,260, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 14x in the IT industry in South Korea. Total loss to shareholders of 2.1% over the past three years. Is New 90 Day High Low • Mar 16
New 90-day low: ₩1,270 The company is down 11% from a price of ₩1,430 on 16 December 2020. Underperformed the South Korean market, which is up 9.0% over the last 90 days. Lagged the IT industry, which is up 2.0% over the same period. Is New 90 Day High Low • Jan 25
New 90-day high: ₩1,625 The company is up 6.0% from its price of ₩1,535 on 27 October 2020. The South Korean market is up 33% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 19% over the same period. Is New 90 Day High Low • Nov 27
New 90-day high: ₩1,595 The company is up 35% from its price of ₩1,180 on 28 August 2020. The South Korean market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 10.0% over the same period. Is New 90 Day High Low • Oct 22
New 90-day high: ₩1,390 The company is up 13% from its price of ₩1,230 on 24 July 2020. The South Korean market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 7.0% over the same period. 
