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JONBUR Research · Initiation

Ictk · 456010 · Semiconductors

Ictk: Loss-making KOSDAQ chip designer trades at high sales multiple after volatile price swings

Why this report

Start of coverage: written when a reader opened this company and there was no report yet.

Ictk's shares closed at ₩17,300 on 2026-10-27, down 23.5% over one month but up 32.8% over three months, with a market value of about ₩253.2B. Filings show continued operating losses on small revenue, while the valuation model's estimate per share is far below the market price.

Written Oct 28, 2026 · Data as of Oct 27, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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Thesis

The data supports a picture of a small, loss-making company whose share price is driven by factors other than current earnings. Trailing revenue is ₩5.1B against an operating loss of ₩8.6B, and the price-to-sales ratio is 49.6. The balance sheet looks moderate, with liabilities at 47.6% of equity and cash of ₩11.6B against borrowings of ₩1.5B, but free cash flow is negative at ₩7.7B. Foreign investors were net buyers of ₩5.6B over 20 days, yet their ownership fell from 3.6% to 2.0% over 60 days. The data does not explain what is behind the price moves, and no news headlines are available. A filing on 2026-09-30 about acquiring shares in another company is visible, but its details are not in the data.

Business overview

Ictk is listed on KOSDAQ in the semiconductors sector. It was founded on 2017-10-18 and listed on 2024-05-17, with 14,634,503 listed shares. Revenue was ₩6.2B in 2023, ₩6.7B in 2024 (up 8.0%) and ₩4.0B in 2025 (down 39.9%). The 52-week price range is ₩11,000 to ₩39,950, so the current price sits well below the high and about 57% above the low. Details about products and customers are not available in the data.

Financial analysis

These figures come from filed financial statements. Operating losses were ₩2.4B in 2023, ₩6.7B in 2024 and ₩8.9B in 2025, with operating margins of -38.2%, -100.0% and -220.5%. Net loss was ₩9.0B in 2023, ₩5.8B in 2024 and ₩6.7B in 2025. For the trailing twelve months to H1 2026, revenue was ₩5.1B, operating income -₩8.6B (margin -169.1%), net income -₩14.3B (margin -279.9%) and ROE -31.8%. Cash was ₩11.6B, borrowings ₩1.5B and free cash flow -₩7.7B. At the current burn rate, cash covers roughly 1.5 years of free cash flow, though future financing is not shown in the data. Filings also show conversion-right exercises and a conversion price adjustment on the 5th series convertible securities, which can add shares.

Valuation

Price-to-earnings and EV/EBITDA cannot be calculated because earnings are negative. Price-to-book is 5.4, versus 5.5 at the end of 2025 and 3.3 at the end of 2024. Price-to-sales is 49.6 and enterprise value is ₩217.4B. Peers show price-to-book of 1.7 for DB HiTek, 3.7 for SK hynix, 4.3 for Hana Micron, 4.9 for Jeju Semiconductor and 37.7 for Fadu, which also has no price-to-earnings. Those with earnings trade at price-to-earnings of 6.0 to 13.8. The valuation model, a 5-year discounted cash flow at a 9.1% rate, gives a base-case estimate of ₩1,776 per share, with bear ₩1,873 and bull ₩1,652 (the ordering is unusual and reflects the model's assumptions). This is a model estimate based on the assumptions shown, not a target, and it is far below the ₩17,300 share price. The gap suggests the market is pricing in outcomes not captured by current cash flows.

Catalysts

  • A shareholders' meeting was called, with the notice and proxy reference document filed on 2026-10-16.
  • A Major Matters Report on 2026-09-30 disclosed a decision to acquire shares and equity securities of another corporation, though details are not in the data.
  • Further conversion-right exercises on the 5th series convertible securities could change the share count, following filings in May and June 2026.
  • Foreign investors bought a net ₩5.6B over 20 days, which is a recent flow worth watching despite the lower ownership level.
  • The next periodic report will show whether revenue and losses have moved from the H1 2026 levels.

Risks

  • Operating and net losses have widened since 2023 while revenue fell 39.9% in 2025.
  • Free cash flow of -₩7.7B means cash of ₩11.6B could be drawn down, possibly requiring new financing.
  • Convertible securities and conversion price adjustments may dilute existing shareholders.
  • The price-to-sales ratio of 49.6 and the large gap to the model estimate leave the shares exposed to sharp moves, as the 23.5% one-month fall shows.
  • Foreign ownership dropped from 3.6% to 2.0% in 60 days, and the short balance is 1.7% of shares.

Closing view

The filings show a small company with falling revenue, widening losses and negative free cash flow, supported for now by a cash balance and low borrowings. The market price is far above the model's estimate, and the stock has been volatile. Positive items include recent foreign net buying and a share acquisition filing, but the data lacks detail on both. Investors should weigh the thin earnings base against whatever expectations are embedded in the price, and watch upcoming filings.

Model estimate of fair value

Bear
₩1,873
-90%
Base
₩1,776
-91%
Bull
₩1,652
-91%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 9.1%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 28, 2026InitiationStart of coverage (reader request)Ictk: Loss-making KOSDAQ chip designer trades at high sales multiple after volatile price swings

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information