Itcenentec아이티센엔텍

Itcenentec posted strong revenue and net income over the trailing twelve months to H1 2026, but thin operating margins, heavy leverage and negative free cash flow temper the picture.

Itcenentec is an IT services company in Korea, with project-based work for public-sector, manufacturing, logistics, service and financial clients, plus some operations in Japan and Sri Lanka. Trailing twelve-month revenue is ₩607B with operating income of ₩35B and net income of ₩42B, though the net figure is well above operating income and the data does not explain why. The shares closed at ₩5,270 on 2026-10-23, a market cap of about ₩68.6B.

What stands out

• Revenue rose from ₩242B in 2021 to ₩572B in 2025, with 2025 growth of 29.5%, but operating margin remained low at 3.6% in 2025 and 5.8% on a trailing basis.
• Trailing net income of ₩42B is about 20% above trailing operating income of ₩35B, which the data does not explain.
• Liabilities are 176% of equity, borrowings are ₩31.8B against cash of ₩45.6B, and trailing free cash flow is negative at -₩12.9B.
• Valuation metrics are low: P/E 1.6, P/B 0.6 and P/S 0.1, while the DCF model shows a base value of ₩31,028 and a bear value of ₩9,872, well above the current price in the base and bull cases, and the data notes this is a model output, not a forecast.
• Foreign ownership is 0%, short balance is 0.2%, and over the past 20 days retail investors were net sellers of about ₩237M while foreign and institutional investors were net buyers.
• Recent filings include several debt guarantee and loan extension decisions in August and September 2026 and an acquisition of tangible assets in October 2026; no news headlines were provided.

What to watch

• Next quarterly and annual results, to see whether margins improve and whether net income is supported by operating income.
• Further debt guarantee, loan extension and asset acquisition filings, given the high leverage and negative free cash flow.
• The share price sits well above its 52-week low of ₩0 and below its 52-week high of ₩7,950; the data gives no reason for the wide range.