Ictk아이씨티케이

ICTK is a small security chip designer with deep losses and a share price well below its 52-week high.

ICTK designs hardware security chips built on its PUF security IP and post-quantum cryptography algorithms. In the twelve months to H1 2026 it reported revenue of about ₩5.1B against an operating loss of about ₩8.6B, and free cash flow was negative about ₩7.7B. The share price closed at ₩17,250 on 2026-10-23, roughly 56% below its 52-week high of ₩39,950 but well above its 52-week low of ₩11,000.

What stands out

• Revenue fell 39.9% in 2025 to about ₩4.0B, after about ₩6.7B in 2024, and operating margin was -220.5% for 2025.
• Trailing net loss is about ₩14.3B, and the company's cash of about ₩11.6B exceeds its borrowings of about ₩1.5B.
• The P/E ratio is not meaningful because earnings are negative; the P/B ratio is 5.4 and the P/S ratio is 49.5.
• The DCF fair value model gives a base value of ₩1,782, which is far below the current price of ₩17,250; the data does not explain the gap.
• Recent filings include convertible bond conversion notices (5th round), a major matters report on a share acquisition dated 2026-09-30, and a shareholders' meeting notice dated 2026-10-16.
• Foreign ownership fell from 4.8% to 2.4% over the past 60 days, while the 20-day foreign net flow is positive at about ₩5.2B.

What to watch

• The next quarterly or annual results, to see whether revenue recovers and losses narrow.
• Outcome of the shareholders' meeting and the proxy solicitation, and details of the 2026-09-30 share acquisition, which the data does not describe.
• Further conversion of the 5th-round convertible bonds and any further conversion price adjustments, which could dilute existing shareholders.