Despite the "IT" in its name, IT Cen Global draws 87.2% of its revenue (₩8.2 trillion) from the physical distribution of gold and precious metals through subsidiaries such as Korea Gold Exchange, while IT services like cloud, AI and system integration make up 12.8% (₩1.2 trillion), making it a hybrid company. Gold distribution runs on large transaction volumes with thin margins, a high-turnover, low-markup model. Cumulative Q1 2026 revenue of ₩3.3 trillion and operating profit of ₩99.2 billion confirmed the continued earnings improvement, and ROE of 37% points to strong returns on capital, though April-May also brought convertible bond issuance and debt guarantees for subsidiaries. What stands out lately is that when gold prices and trading volumes are strong and the higher-margin IT services segment grows alongside, the shares screen as undervalued against this year's expected earnings, but with 87% of revenue tied to gold distribution, profit is sensitive to gold prices and volumes, and the debt ratio and potential dilution from convertible bonds have to be weighed together.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt far exceeds equity (debt ratio 1275.6%).
- Revenue rose 78.8% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 100.9% higher than a year earlier.
- Even versus the prior quarter (Q4 2025), revenue was 22.4% lower.
- ROE is 37.2% (controlling-interest basis). It is above the sector average.
- Operating margin is 3.2%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Kang Jin-mo 12.31% (individual)
Controlling bloc incl. related parties 24.85%
With the controlling bloc holding 25%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- The company's name begins with "IT," but the real engine of its earnings is the physical distribution of precious metals such as gold and silver.
- According to the revenue breakdown in its official business report, of ₩8.9 trillion in consolidated 2025 revenue, physical precious-metal (gold) distribution accounted for 87.2% (₩8.2 trillion), IT services such as cloud, AI and system integration for 12.8% (₩1.2 trillion), and the remaining leasing, brand and other lines for 0.02%.
- Gold distribution is handled by subsidiaries including Korea Gold Exchange and Korea Gold Exchange Digital Asset (Sengold), which trades physical gold on a blockchain, while IT services are run by units such as IT Cen Ntium and Secu Letter.
- In other words, this is a single structure that combines "a company that buys and sells gold in bulk" with "an IT systems company," and the gold trading business, given its large transaction size, books large revenue while leaving only a thin margin, a high-turnover, low-markup model.
- The latest close is ₩20,050 and market capitalization is ₩465.3 billion.
- The price sits below the 20-day line (₩27,223) and the 60-day line (₩42,359).
- Trading below both its short- and mid-term moving averages, the trend is subdued.
- The RSI (an auxiliary gauge that scores the balance of up- and down-moves over the past 14 days on a 0-100 scale) is 26.8, close to oversold territory.
- The one-month change is -53.8%, the three-month change is -54.2%, and the price sits -72.1% below its 52-week high.
- Relative strength versus the KOSDAQ is 71 (1-99, a recency-weighted conversion of returns against the index over the past year; higher means stronger than the market).
- That places it in roughly the top 29% of all stocks by strength.
- Over the past three months it lagged the index by 43.3%.
- Chart reading is best done alongside trading volume and disclosure dates.
- On confirmed annual (2025) figures, the P/E ratio (how many times one year's net profit the share price is) is 9.97x, the P/B (how many times the company's net assets) is 3.71x, and ROE (how much is earned per year on equity) is 37.2%.
- A P/E of 10.69x is below the peer median (19.35x).
- The operating margin of 3.2% and net margin of 0.5% are thin, but this follows naturally from a business in which most revenue is high-turnover, low-markup gold distribution, and is not a sign that the company is operating at a loss.
- The debt ratio (debt against equity) is 1,275.6%, which looks high on the surface, but in gold distribution the short-term trade credit and settlement funds involved in sourcing and selling gold are booked as large liabilities, a different character from a manufacturer's long-term borrowings, and that should be kept in mind.
- The high ROE of 37% comes from turning large transactions on a small capital base in this fast-turning business.
- One key point is that the P/E of 10.69x is based on last year's confirmed earnings (trailing).
- Because earnings have risen sharply this year, the forward P/E on this year's expected earnings falls further, and that is a clear undervaluation signal even against the general market, let alone the P/E ratios of large IT-service names (in the 15-80x range).
- Rather than reading the trailing P/E and P/B alone as a "burden," the picture is accurate only when the upward inflection in earnings is considered alongside.
- Five-year revenue ran from ₩3.3 trillion in 2021 to ₩2.8 trillion in 2023 to ₩8.9 trillion in 2025, swelling especially fast from 2024 as strong gold prices coincided with an expanding share of gold distribution.
- The gold-distribution share itself grew from 66.1% (2023) to 79.0% (2024) to 87.2% (2025) in three years.
- Operating profit jumped from ₩30.5 billion in 2023 to ₩279.9 billion in 2025, and net profit from ₩700 million to ₩46.6 billion over the same period, with the pace of growth quickening each year.
- On a cumulative Q1 2026 basis, revenue was ₩3.3 trillion (+100.9% year on year), operating profit ₩99.2 billion (+193.1%) and net profit ₩72.7 billion (+177.7%), carrying the momentum straight through.
- The reason this year's expected earnings grow so much is clear: with gold prices and trading volumes staying strong, the company has expanded its gold-distribution share and transaction capacity, and because the high-turnover, low-markup structure lets total profit swell quickly as volumes rise even on thin margins.
- On top of that, the higher-margin IT-services segment (cloud, AI) grows separately and supports the quality of earnings.
- That is why valuation on this year's expected earnings comes out this low, a figure backed by the fast rise in actual quarterly results.
- That said, the sensitivity of profit to the external variables of gold prices and volumes should be weighed as a source of volatility.
- Recent disclosures fall into three strands.
- First, a March 2026 "revenue and profit structure change" disclosure officially confirmed the sharp rise in 2025 revenue and operating profit, and a May quarterly report locked in cumulative Q1 2026 revenue of ₩3.3 trillion and operating profit of ₩99.2 billion, giving primary support to the earnings improvement.
- An investor briefing (IR) was also held that same May.
- Second, convertible bond (debt that can be converted into shares) issuance across April-May 2026.
- This helps bring in working capital such as funds for gold purchases, but if converted into shares later, the share count rises and existing holders' stakes can be diluted, so it is worth watching alongside how the proceeds are used.
- Third, decisions on "debt guarantees for third parties" for subsidiaries were amended and disclosed throughout the first half; as an item arising from a group structure with many subsidiaries, it should be checked together with financial stability.
- There was also a December decision on the record date for cash and in-kind dividends, so shareholder returns were carried out as well.
- The company's strengths are clear.
- It has a business structure in which revenue and profit swell quickly when gold prices are strong and trading volumes rise, and profit did in fact grow sharply from 2025 through Q1 2026.
- Valuation on this year's expected earnings is unusually low by general market standards, reading as an undervalued zone where the shares trade cheap relative to earnings.
- Added to this, the higher-margin IT-services segment grows separately and lifts earnings quality, and ROE of 37% points to high returns on capital.
- The offsetting points come from the nature of the business: with 87% of revenue from gold distribution, profit is sensitive to gold prices and volumes, the debt ratio is booked high, and there is potential share dilution from convertible bond conversion.
- In short, this company is strong "when gold prices and volumes are strong, and when the IT-services segment grows alongside," and weak "when gold prices soften or funding and guarantee burdens surface." On the premise that this is a hybrid company where gold distribution is dominant rather than an IT-services firm, the key point is that results are rising quickly and the shares are priced low against this year's expected earnings.
🔎 Valuation vs peers Inconclusive
With 87% of revenue from physical gold distribution, direct comparison with pure IT-service companies has limits; lacking a suitable domestic listed peer whose core is gold distribution, only large IT-service names are shown for reference on the IT-services segment (13% of revenue), with the interpretation anchored on the gold-distribution weighting.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Samsung SDS | 19.18x | 1.47x | 7.66% |
| LG CNS | 15.75x | 2.35x | 14.93% |
| Hyundai AutoEver | 65.07x | 6.43x | 9.88% |
(a) The IT-service names above are not the true peer set for a company that derives 87% of revenue from gold distribution; they only serve as a reference for gauging the IT segment (13%). (b) A P/B of 3.98x is higher than some large IT-service peers and looks like a premium on the surface, but because equity is small relative to debt, P/B and ROE are simultaneously inflated, making it hard to read as a simple premium. (c) The trailing P/E of 10.69x reflects a price already adjusted right after profit surged on strong gold prices, so it could shift on a forward basis if gold prices normalize. Because profit is heavily swayed by the exogenous variables of gold prices and trading volumes, it is hard to declare the shares under- or overvalued on a single point-in-time multiple, so the verdict is left inconclusive.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩3.5 trillion | approx. ₩194.1 billion | approx. ₩159.4 billion |
Price history Close · MA20 · MA60
The latest close is ₩20,050 and the market capitalization is ₩465.3 billion. The price sits below its 20-day moving average (₩27,223) and below its 60-day moving average (₩42,359). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 26.8, near oversold territory. The one-month change is -53.8%, the three-month change is -54.2%, and the position relative to the 52-week high is -72.1%. Relative strength versus the KOSDAQ is 71 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 71% of all stocks. Over the past three months it lagged the index by 43.3%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -43.31% / 6M -28.90% / 12M -17.39%
Key metrics vs sector median
Valuation
The P/E of 9.97x is below the sector median (19.18x). The P/B of 3.71x is above the sector median (1.93x). That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Profitability & financials
Return on equity (ROE) is 37.2%, above the sector average (10.0%). The operating margin is 3.2%. The debt ratio is 1275.6%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.9B | $3.3B | $5.9B | +78.78% ↑ faster |
| Operating profit | $20.2M | $38.8M | $185.5M | +377.98% ↑ faster |
| Net profit | $430,912 | $2.8M | $30.9M | +996.47% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.2B | $1.7B | $1.9B | $3.3B | $5.9B |
| Operating profit | $20.9M | $20.2M | $20.2M | $38.8M | $185.5M |
| Net profit | -$4.8M | $1.1M | $430,912 | $2.8M | $30.9M |
| Revenue CAGR | 4-yr avg 28.23% | ||||
Revenue rose 78.8% year over year (2023 ₩2.8 trillion → 2024 ₩5.0 trillion → 2025 ₩8.9 trillion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 378.0% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 28.2%. The two-year revenue CAGR is 77.5%. In the most recent quarter (Q1 2026), revenue was 100.9% higher than the same period a year earlier. Because quarterly results are relatively even in this industry, revenue also came in 22.4% lower than the prior quarter (Q4 2025), so the recent trend looks soft.
Latest quarterly results Q1 2026 · vs year-ago + prior quarter
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- ROE of 37.2% points to solid profitability.
- Revenue grew 78.8% year over year, a sign of growth.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-05-08FilingConvertible bond issuance decision (material report, amended) and securities-issuance-result disclosure — issuing bonds convertible into shares to raise fundsIn the short term this can help secure liquidity for operations and gold purchases, but over the medium term conversion raises the share count and brings dilution that weighs on existing holders' stakes. Source
- 2026-04-30FilingConvertible bond issuance decision (material report) — additional bond issuance to raise fundsViewed together with the prior issuance, funding is ongoing, so it is worth checking the use of proceeds and the potential range of future share-count changes. Source
- 2026-03-03EarningsRevenue or profit structure change of 30% or more (15% for large corporations) — company officially confirms a sharp rise in 2025 revenue and operating profitThis is confirmed data showing that scale and profit grew substantially on an expanding gold-distribution share and strong gold prices. That said, the margin itself remains thin, so top-line growth does not translate directly into thick profit. Source
- 2026-05-14FilingQuarterly report (2026.03) — cumulative Q1 2026 revenue of ₩3.3 trillion and operating profit of ₩99.2 billion confirmedThis is primary data confirming the latest quarterly results. While up sharply year on year, care is needed not to simply annualize given the seasonality that concentrates results in the fourth quarter. Source
- 2026-05-29UpdateDebt guarantee for third parties decision (amended) — repeatedly disclosing guarantees for subsidiaries and othersGuarantees for various subsidiaries within the group can weigh on the parent's finances, an item to check for financial stability alongside the debt ratio (1,275%). Source
- 2025-12-09DividendDecision on closing the shareholder register (record date) for cash and in-kind dividends — carrying out the dividend processAn item that shows a commitment to shareholder returns, but the base lacks dividend yield and dividend per share, so the scale needs separate confirmation from official sources. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Revenue mix by business segment (2025) | 87.2% / IT 12.8% / 0.02% | DART (2025.12) revenue — 8,153,035, IT 1,191,564 | Confirmed | link |
| Consolidated revenue (2025) | 8,870,845(approx. ₩8.9 trillion) | DART (2025.12) revenue 8,870,845 | Confirmed | link |
| Cumulative Q1 2026 operating profit | ₩99.2 billion | — | Unverified | link |
| Seasonality-approximated annual operating profit | approx. ₩1.4 trillion | — | Unverified | link |
Recent filings
- 2026-05-29Amended filing
- 2026-05-20Disclosure
- 2026-05-14PeriodicQuarterly report
- 2026-05-14Amended filing
- 2026-05-08Disclosure
- 2026-05-08Material-fact report (amended)
- 2026-04-30Disclosure
- 2026-04-30Material-fact report
- 2026-04-30Amended filing
- 2026-04-16Amended filing
- 2026-04-02Amended filing
- 2026-03-31Disclosure
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.