KOSDAQIT & Software124500

Itcenglobal

₩29,450 0.00%2026-10-02 close

Market Cap

₩678.7B

Turnover

₩4.5B

Volume

150,000 shares

Shares out.

23.2M

PER

11.7×

PBR

5.0×

EPS

₩3,050

Dividend Yield

0.00%

PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close

Report overview

Gold Trading Boom Drives Earnings Leap

Explosive growth in the gold distribution and trading business has lifted consolidated results sharply, but a large non-controlling interest base means owner-attributable profit has grown more moderately, while the web3 and security token businesses remain at an early stage.

1
2025 consolidated revenue expanded to KRW 8.87 trillion from KRW 4.96 trillion, with operating profit rising sharply to KRW 279.9 billion from KRW 58.6 billion
2
The gold distribution and trading business accounts for the bulk of revenue and is the core driver of earnings growth
3
Owner-attributable net profit of KRW 46.6 billion represents a smaller share of total consolidated net profit of KRW 198.3 billion, due to large non-controlling interests
4
Operating profit fell sharply to KRW 8.3 billion in Q2 2026, highlighting increased quarter-to-quarter volatility
5
The company is expanding into web3, security token offerings, and real-world asset businesses, though earnings contribution remains at an early stage

Business structure

ITCEN GLOBAL is a holding-style operating company built around two pillars: gold distribution and trading, and IT services.

The gold business comprises Korea Gold Exchange (distribution), Korea Gold Exchange Digital Asset (distribution and financial services), and Korea Gold Exchange FTC (refining and processing), forming a vertically integrated chain from raw material import through refining, processing, and wholesale/retail.

According to a Samsung Securities report, the gold segment accounted for 86.6% of revenue on a cumulative basis through the third quarter of 2025, up from 81.2% in 2024 and 69.6% in 2023.

The IT services segment, centered on ITCEN CTS, ITCEN NTEC, and ITCEN PNS, makes up roughly 20% of consolidated revenue, with order intake and revenue recognition weighted toward the second half due to a high share of public and enterprise projects.

ITCEN NTEC has reaffirmed its position in public-education IT services, winning a project for an AI-based learning-diagnosis system and a national basic-competency support portal following an earlier AI-tailored teaching platform contract.

Alongside this, subsidiary Creder operates the gold-pegged stablecoin GPC (Gold Pegged Coin) and the fractional digital-gold platform Sen Gold, building out a web3 and real-world-asset value chain.

The company recently acquired a controlling stake in Galaxia FN, which holds security-token-offering (STO) capabilities, and continues to operate its physical gold trading platform through its roughly 67.3% stake in Korea Gold Exchange.

This combination of a legacy gold-distribution business, an IT services business, and an emerging web3/digital-asset business defines the company's structure.

Earnings trend

Quarterly revenue · Operating profit

₩1.3T₩21.6B25Q2₩1.7T₩64.5B25Q3₩4.2T₩160.1B25Q4₩3.3T₩99.2B26Q1₩2.3T₩8.3B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩2.6T₩30.4B2022₩2.8T₩30.5B2023₩5T₩58.6B2024₩8.9T₩279.9B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩1.3T	₩21.6B	1.7%
2025Q3	₩1.7T	₩64.5B	3.7%
2025Q4	₩4.2T	₩160.1B	3.8%
2026Q1	₩3.3T	₩99.2B	3.0%
2026Q2	₩2.3T	₩8.3B	0.4%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩2.6T	₩30.4B	₩1.7B	1.2%	3.2%	202.6%
2023	₩2.8T	₩30.5B	₩700M	1.1%	0.9%	173.3%
2024	₩5T	₩58.6B	₩4.3B	1.2%	5.5%	193.2%
2025	₩8.9T	₩279.9B	₩46.6B	3.2%	37.2%	212.5%

Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04

Earnings analysis

Consolidated revenue reached KRW 8.8708 trillion in 2025, up sharply from KRW 4.9618 trillion in 2024, while operating profit surged to KRW 279.9 billion from KRW 58.6 billion.

The operating margin improved from 1.2% in 2024 to 3.2% in 2025, reflecting both scale economies and a shift toward higher-margin business lines. Owner-attributable net profit, however, came to KRW 46.6 billion in 2025, a notably smaller share of total consolidated net profit of KRW 198.3 billion.

This gap stems from a capital structure in which non-controlling interest equity (KRW 386.4 billion) far exceeds owner equity (KRW 125.4 billion), indicating that minority shareholders at the subsidiary level capture a substantial portion of profit.

On a quarterly basis, operating profit expanded clearly through the second half of 2025, reaching KRW 64.4 billion in Q3 and KRW 160.1 billion in Q4, with growth continuing into Q1 2026 at KRW 99.2 billion.

Notably, in Q2 2026 revenue reached KRW 2.2924 trillion, yet operating profit fell sharply to just KRW 8.3 billion, underscoring wider quarter-to-quarter volatility.

By contrast, owner-attributable net profit in the same Q2 2026 rose to KRW 20.3 billion, above the prior quarter's KRW 18.2 billion, suggesting non-operating factors had a meaningful influence on the bottom line.

Looking further back, 2023 saw a total net loss of KRW 6.2 billion at the consolidated level even as owner-attributable net profit remained modestly positive at KRW 0.65 billion, while operating cash flow improved markedly from negative KRW 29.3 billion in 2023 to positive KRW 238.2 billion in 2025, indicating that both profitability and cash generation have recovered together.

Industry analysis

The domestic gold market has seen expanding trading volume and transaction value, supported by geopolitical uncertainty and safe-haven demand.

According to a Samsung Securities report, a sharp gold price surge in mid-October 2025 was accompanied by a domestic shortage and a kimchi premium that widened to 18%, driving a surge in trading, with FTC's refining and processing capability absorbing much of that spread and becoming a key driver of earnings improvement.

Moving into 2026, the kimchi premium normalized from 11% at the end of January to roughly 0.0% by the end of March as the overheating eased, though the same report noted that average monthly trading volume on the KRX gold market in Q1 2026 remained at 14.4 tons, up 201% year over year.

The report analyzed that the company's gold-related earnings are closely tied to trading value, the product of price and volume, and observed that the correlation between the stock price and trading value fell from 0.84 at the end of 2025 to negative 0.11 by the end of Q1 2026, while the correlation with the gold price itself rose from 0.29 to 0.82 over the same period.

The IT services segment has long operated on a lower-margin, public-sector-SI-centered structure, and Samsung Securities assessed that the company has consequently traded at a lower valuation multiple than industry peers despite its long history in the IT business.

In the stablecoin and security token offering space, the legislature passed related legislation in January 2026, moving the institutional business environment toward a more concrete footing, and the company participates in related policy discussions through bodies such as the stablecoin committee of the Open Blockchain and DID Association and the Japan Security Token Association.

Outlook

The company disclosed that consolidated revenue for the first half of 2026 reached KRW 5.5806 trillion, up about 92% year over year, with operating profit of KRW 107.5 billion (up 94%) and net profit of KRW 109.8 billion (up 153%), attributing the gains to growth in the gold distribution and trading business including Korea Gold Exchange along with IT services subsidiaries such as ITCEN CTS and ITCEN NTEC.

Management stated it plans to run operations in the second half while monitoring gold prices and trading demand.

A Samsung Securities report noted that the company has set mid-term guidance targeting revenue above KRW 10 trillion, operating profit above KRW 400 billion, and an operating margin above 4% by 2028, describing this as a conservative assumption that does not yet reflect contributions from real-world-asset (RWA) related businesses.

CEO Kang Jin-mo said the company would advance security token offering (STO) and RWA businesses in stages during the second half in line with relevant legislation and licensing procedures, and would review business models that connect these to existing gold distribution infrastructure and IT service capabilities.

The company is reviewing plans to link Galaxia FN's security-token business capabilities with its affiliates' experience in gold distribution, custody, and real-asset digitization, has launched a physical gold trust service with Hana Bank, and is pursuing an RWA exchange business through the Busan Digital Asset Exchange.

In the IT services segment, a combination of large-scale build projects and ongoing operations-and-maintenance revenue is expected to continue supporting results.

Valuation

PER

11.7×

PBR

5.0×

ROE

54.7%

EPS

₩3,050

BPS

₩7,088

Dividend per share

₩0

This stock represents a notable case in which net profit swung from a loss to a profit in recent years and then underwent a substantial earnings recovery, drawing expanded market attention; as a result, the share price has tended to trade near the upper end of its historical range.

It also tends to trade at a considerable premium relative to net asset value, which can be read as reflecting both the structural growth of the gold trading business and expectations around the web3 and digital-asset businesses.

Dividends have been minimal in recent years, leaving the dividend-yield appeal below the sector average.

That said, because owner-attributable profit represents a comparatively small share of total consolidated net profit, comparing consolidated revenue and profit growth rates alone does not straightforwardly capture per-share value dilution, and this structural feature warrants separate consideration.

Market assessment of valuation appears likely to diverge significantly depending on the trajectory of gold prices and trading value, as well as the pace of digital-asset institutionalization.

PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-09-04

Bull factors

Vertically Integrated Gold Distribution Value Chain

The vertically integrated chain spanning Korea Gold Exchange, Digital Asset, and FTC covers everything from raw material import through refining, processing, and distribution.

This was illustrated when the kimchi premium widened to 18% in October 2025 and FTC's refining and processing capacity absorbed much of that spread, driving earnings improvement. Such a structure provides a relatively flexible base for responding to sharp swings in gold prices and premiums.

Stable Public- and Enterprise-Sector IT Services Base

ITCEN NTEC won contracts for an AI-based learning-diagnosis system and a national basic-competency support portal following an earlier AI-tailored teaching-platform project, reaffirming its position in public-education IT services.

A structure combining large-scale build projects with ongoing operations-and-maintenance revenue provides a relatively stable base for the IT services segment, though the pronounced seasonality toward second-half revenue recognition should also be kept in mind.

Early Positioning in Web3, RWA, and STO Value Chain

Beyond the gold-pegged stablecoin GPC and the digital-gold platform Sen Gold operated through subsidiary Creder, the acquisition of a stake in Galaxia FN, which holds security-token-offering capabilities, has expanded the business portfolio.

The company has also built partnerships with overseas players including Japanese stablecoin issuer JPYC, security-token platform Progmat, and Securitize Japan. That said, earnings contribution from these businesses remains at an early stage and is likely to depend heavily on the pace of institutionalization.

Bear factors

Relative Dilution of Owner-Attributable Profit

While total consolidated net profit reached KRW 198.3 billion in 2025, owner-attributable net profit was only KRW 46.6 billion, reflecting a substantial non-controlling interest share.

This stems from a capital structure in which non-controlling interest equity (KRW 386.4 billion) exceeds owner equity (KRW 125.4 billion). It is a structural feature that makes it difficult to infer shareholder-value changes from consolidated revenue and operating-profit growth alone.

Gold Price and Premium Volatility

The company's gold-related earnings are tied to trading value, the product of price and volume, and the kimchi premium normalized sharply from 11% at the end of January 2026 to about 0.0% by the end of March.

This illustrates that the temporary spread effects generated during premium-widening episodes may not always recur. The structure leaves room for material quarter-to-quarter earnings variance tied to gold price swings.

Sharp Q2 2026 Operating Profit Decline

Q2 2026 revenue was solid at KRW 2.2924 trillion, but operating profit fell sharply to KRW 8.3 billion, a large decline from the prior quarter's KRW 99.2 billion. By contrast, owner-attributable net profit actually rose to KRW 20.3 billion, suggesting non-operating factors had a significant effect on net earnings. The widening quarter-to-quarter volatility in operating margin is a point worth monitoring in future results.

Risk factors

Commodity Price and Market Risk

Fluctuations in gold prices and the domestic premium directly affect company results. The roughly 18% kimchi premium seen in October 2025 normalized to about 0.0% by the end of March 2026, and such sharp reversals contribute to wider quarter-to-quarter earnings swings. Should gold prices enter a downturn, reduced trading value could weigh negatively on revenue and profit.

Regulatory and Institutionalization Risk

The stablecoin, security-token-offering, and real-world-asset businesses are heavily dependent on the pace of related legislation.

While security-token legislation passed the National Assembly in January 2026, the timeline could be delayed or business models could change as subordinate regulations and implementation procedures are finalized.

Even the company's mid-term guidance is described as a conservative assumption that does not yet reflect contributions from these businesses.

Capital Structure and Cash Flow Volatility

The debt ratio has fluctuated around the 200% level, at 202.6% in 2022, 173.3% in 2023, 193.2% in 2024, and 212.5% in 2025, remaining relatively elevated. Operating cash flow has also swung considerably, from KRW 123.3 billion in 2022 to negative KRW 29.3 billion in 2023 before recovering to KRW 238.2 billion in 2025. Funding pressure associated with expanding gold inventory and trading value could affect the capital structure.

What to watch next

Mid-November 2026
The Q3 quarterly report is due, and it will be important to check whether the operating margin recovers and how the contributions from the gold business and IT services segment shift.
During Q4 2026
It will be worth checking whether subordinate STO regulations and implementation procedures are finalized, and how the real-world-asset business model takes shape following the Galaxia FN integration.
Early each month
Monthly KRX gold-market trading value and volume disclosures can serve as a leading indicator for the following quarter's results.
During the second half of 2026
It will be important to track the expansion of the physical gold trust service with Hana Bank and the progress of the RWA exchange business through the Busan Digital Asset Exchange.

Overall view

ITCEN GLOBAL has seen consolidated revenue and operating profit expand substantially in 2025 on the back of structural growth in its gold distribution and trading business, with this trend continuing into the first half of 2026.

However, a capital-structure feature in which owner-attributable net profit represents a smaller share of total consolidated net profit makes it difficult to infer shareholder-level earnings changes from headline growth rates alone.

The case in Q2 2026, where operating profit fell sharply even as owner-attributable net profit rose, illustrates the need to weigh both quarter-to-quarter volatility and non-operating factors.

Gold price and premium fluctuations, the pace of security-token and real-world-asset institutionalization, and volatility in the debt ratio and cash flow are all variables worth monitoring going forward.

The long-term direction of the web3 and digital-asset businesses appears clear, but the timing and scale of their earnings contribution remain uncertain. A sequential approach of tracking upcoming quarterly results alongside the concretization of related regulations appears warranted.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

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Report written 2026-09-05 · Data as of 2026-09-04

This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.