ICTK (456010) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
ICTK earns its money from 'PUF (Physically Unclonable Function)' technology, which extracts, like a digital fingerprint, the minute physical characteristics that differ from chip to chip during manufacturing. Because it creates a unique security key inside the chip itself without storing a key externally, it is used in IoT authentication, smart cards, automotive security, and post-quantum cryptography, with revenue coming from security-IP licensing and security-chip supply; 2025 revenue was about ₩4.0 billion, an early commercialization stage. From May to June 2026, exercises of conversion rights on the fifth convertible bond continued, increasing shares outstanding and diluting existing stakes while reducing the debt to be repaid, and an April filing on stake changes by executives and major shareholders and a May 15 first-quarter report confirmed both 46% revenue growth and continued losses. What stands out lately is that it holds high-barrier security IP in PUF and post-quantum cryptography and showed a possible bottoming rebound with first-quarter revenue up 46%. On the other hand, revenue is still small in the ₩4-billion range, operating losses continue, and dilution from CB conversion is under way, so it is a stock to check the gap between expectation and results against the quarterly revenue trend and the pace of loss reduction.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Fabless, Design & IP” (Semiconductors & IT Components · Semiconductors), a type typically read first through forward P/E.
Fabless design and IP firms earn from design know-how and intellectual property rather than factories, so future profits hinge on new-product adoption and royalty flows. That makes forward P/E — reflecting expected earnings — the first lens rather than past results.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
That said, earnings are swinging with the industry cycle right now, so this metric is best viewed alongside asset value and the demand backdrop.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue fell 39.9% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 46.0% higher than a year earlier.
- ROE is -15.2% (controlling-interest basis). It is below the sector average.
- Operating margin is -220.5%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Lee Jung-won 12.05% (individual)
Controlling bloc incl. related parties 25.99%
With the controlling bloc holding 26%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
ICTK earns its money from 'PUF (Physically Unclonable Function)' technology, which extracts, like a digital fingerprint, the minute physical characteristics that differ from chip to chip during manufacturing. Because it creates a unique security key inside the chip itself without storing a key externally, it is hard to forge, tamper with, or clone, and it is used in Internet-of-Things (IoT) device authentication, smart cards, automotive and communications security, and post-quantum cryptography that withstands the quantum computers to come. Revenue comes from security-IP licensing (rights to use design assets) and the supply of security chips that apply it. Full-year 2025 revenue was about ₩4.0 billion, so the scale itself is still small and it is an early commercialization stage. In other words, this is not yet a company of finished profits but one to watch for how quickly high-barrier security technology converts into products and revenue.
The latest close is ₩15,000 and the market capitalization is ₩217.5 billion. The price sits above its 20-day moving average (₩14,400) and below its 60-day moving average (₩19,898). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 48.2, a neutral level. The one-month change is -5.1%, the three-month change is -36.4%, and the position relative to the 52-week high is -58.7%. Relative strength versus the KOSDAQ is 65 (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 66% of all stocks. Over the past three months it lagged the index by 3.1%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On confirmed full-year (2025) figures the P/E ratio (how many times one year of profit the share price represents) cannot be calculated because net profit is in the red. P/B (how many times net assets the price represents) is 5.07x, above the semiconductor-sector median (about 3.1x), and P/S (how many times one year of revenue the price represents) also runs high because revenue is small. For an early-commercialization company like this, though, a high trailing P/B and P/S do not immediately mean 'expensive.' Revenue and profit are still small, so the denominator is merely small, and the price also embeds the possibility that the technology grows into future revenue. On profitability, ROE (how much it earns in a year on equity) is -15.2% and operating margin is -220.5%, still in the red. On the balance sheet, the debt ratio (debt to equity) of 166.6% is not light, but a current ratio of 193% means the assets it can mobilize now against debt due within a year are ample, so short-term funding can hold. Ultimately this is a company to watch by the pace at which losses shrink and revenue grows, rather than a single confirmed figure.
Annual revenue went from ₩6.2 billion in 2023 to ₩6.7 billion in 2024 to ₩4.0 billion in 2025, falling 39.9% in the most recent year (a mixed three-year trend). Operating results deepened into loss, from -₩2.4 billion in 2023 to -₩6.7 billion in 2024 to -₩8.9 billion in 2025, which should be read alongside the fact that R&D and staffing to build up security IP ran ahead of revenue at this stage. And first-quarter 2026 revenue of ₩0.6 billion rose 46.0% over the same quarter a year earlier, a signal that a declining top line is turning up off the bottom. The shift toward post-quantum cryptography and the broadening of fields where security keys become essential, such as IoT and automotive security, all point toward greater use of this company's technology. That said, no official company results forecast for this year has been confirmed, so it is not yet at a stage to nail down this year's profit in numbers. The key is whether the revenue rebound seen in the first quarter continues quarter by quarter and connects to a narrowing of losses.
Recent disclosures center on changes to the capital structure rather than results themselves. From May to June 2026, exercises of conversion rights on the fifth convertible bond continued; this has the effect of debt turning into stock, increasing shares outstanding and diluting existing shareholders' stakes, while at the same time reducing the debt to be repaid, so it cuts both ways. In April there were numerous filings on stake changes by executives and major shareholders, and on May 15 the first-quarter 2026 report confirmed both 46% revenue growth and continued losses. In other words, the flow of disclosures runs in two directions at once, 'hope tied to technology and a revenue rebound' and 'capital dilution and continued losses,' so it is best to watch the balance between the two.
A clear strength of this company is that it holds IP in the high-barrier security fields of PUF and post-quantum cryptography. First-quarter 2026 revenue rose 46% year on year, showing a possible bottoming rebound, and the broadening market for IoT, automotive, and quantum-ready applications where security keys become essential is favorable as well. At the same time, points to note are that revenue is still small in the ₩4-billion range, operating losses continue, and stake dilution from convertible-bond conversion is under way. Last year's confirmed P/B and P/S look higher than the sector average, but this should be read in the context that it is the price of an early commercialization stage before profit takes hold. In short, the stock is strong under the condition that 'security IP steadily connects to actual orders and revenue and losses shrink,' and weak under the condition that 'revenue recovery is slow or fundraising repeats.' Rather than concluding one way or the other, it is a stock to check the gap between expectation and results against the quarterly revenue trend and the pace of loss reduction.
🔎 Valuation vs peers Overvalued
Instead of a plain 'semiconductor' code, fabless and semiconductor-IP companies whose revenue comes from design-asset (IP) licensing and security chips were chosen as the peer group. Because listed firms identical down to the security/PUF sub-field are rare, it is compared with the IP and fabless names closest in business structure.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Chips&Media | 36.96x | 2.61x | 7.01% |
| FADU | — | 86.88x | -391.69% |
(a) Peer position: Against the profitable IP company Chips&Media (P/B 3.69x, ROE 7%), ICTK's P/B of 7.52x is more than double while its ROE is actually -15.2%, in the red. It is different in character from the fabless firm Fadu (P/B 262x), whose revenue has exploded. (b) Premium/discount: the scarcity of security IP and expectations around post-quantum cryptography create a premium, but the drop is correspondingly large if results fail to back it up. (c) Limitation of last year's trailing figures: right after 2025 revenue fell 39.9%, the confirmed P/E cannot be computed, and P/B and P/S are pre-inflection numbers too. So the forward view was only supplemented with a seasonally approximated figure from DART confirmed quarterly results (about ₩6.7 billion a year) in place of an official company forecast, and that is an unverified estimate. Taken together, rather than declaring it 'cheap' or 'expensive,' this is a phase in which, given how large expectations already are, one must weigh whether revenue and loss improvement are actually confirmed.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩1.5 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩15,000 and the market capitalization is ₩217.5 billion. The price sits above its 20-day moving average (₩14,400) and below its 60-day moving average (₩19,898). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 48.2, a neutral level. The one-month change is -5.1%, the three-month change is -36.4%, and the position relative to the 52-week high is -58.7%. Relative strength versus the KOSDAQ is 65 (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 66% of all stocks. Over the past three months it lagged the index by 3.1%. 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 -3.08% / 6M +22.26% / 12M +22.16%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 5.07x is above the sector median (1.63x).
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
The operating margin is -220.5%. The debt ratio is 67.0%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $4.3M | $4.7M | $2.8M | -39.85% ↓ slower |
| Operating profit | -$1.7M | -$4.7M | -$6.2M | — |
| Net profit | -$6.3M | -$4.1M | -$4.7M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $4.3M | $4.7M | $2.8M |
| Operating profit | — | — | -$1.7M | -$4.7M | -$6.2M |
| Net profit | — | — | -$6.3M | -$4.1M | -$4.7M |
| Revenue CAGR | 2-yr avg -19.39% | ||||
Revenue fell 39.9% year over year (2023 ₩6.2 billion → 2024 ₩6.7 billion → 2025 ₩4.0 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 3 years on record, revenue compound annual growth (CAGR) is -19.4%. The two-year revenue CAGR is -19.4%. In the most recent quarter (Q1 2026), revenue was 46.0% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 39.9% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-06-02FilingExercise of conversion rights on the fifth convertible bond. Bonds convert into stock and shares outstanding increaseShort term: new-share listing increases float and dilutes existing shareholders. Medium term: the reduced debt is somewhat positive for the balance sheet, but the per-share dilution factor accumulates. Source
- 2026-05-26FilingExercise of conversion rights on the fifth convertible bond. Conversions continued through May-JuneShort term: suggests the possibility of further new-share issuance. Medium term: whether the end of the dilution burden is in sight depends on how much of the remaining conversion balance is used up, a point to watch. Source
- 2026-05-15Earnings2026 first-quarter report. Revenue ₩0.6 billion (+46.0% year on year), operating result remains in the redShort term: the rebound in revenue growth is a positive signal. Medium term: with losses continuing, whether revenue growth leads to a swing into profit needs confirming. Source
- 2026-04-29FilingReport on holdings of specified securities by executives and major shareholders. Numerous insider stake changes reportedShort term: the direction of insider trades affects market sentiment. Medium term: the reasons for the changes (conversion, disposal, and so on) and their scale need confirming in the original text. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-06-02Disclosure
- 2026-05-26Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-04-29OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-29OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-29OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-29OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-29OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-29OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-29OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-20OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-20OwnershipOfficers'/major-shareholders' holdings report
📖 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.