Independent Research ValueFinder evaluated on the 28th that ITCEN, a system integration (SI) specialized corporation, has a cloud computing beneficiary momentum triggered by artificial intelligence (AI), and projected that the market will experience additional benefits as it grows rapidly.
ITCEN stated that its revenue for last year was 441.8 billion won, up 12.6% from the same period the previous year, and its operating profit was 9.4 billion won, up 12.2% from the same period the previous year. The net income for the current term increased by 118% compared to the same period last year, reaching 10.8 billion won. Lee Chung-heon, a Research Institute analyst, noted, "Considering that ITCEN's market capitalization was 43 billion won the previous day, it is time for a value re-evaluation."
ITCEN stated that the basis for its strong performance last year was the increase in revenue due to the business success of ITCEN and its consolidated subsidiaries, as well as improvement in profitability due to continuous growth and cost-cutting activities of the company and its subsidiaries. This analyst assessed, "In 2022 (operating profit of 9.7 billion won, net income of 12 billion won) and in 2023 (operating profit of 8.4 billion won, net income of 5 billion won), both recorded strong performance, but the company value was not recognized in the market, and considering that the market capitalization is 43 billion won at this time when AI is becoming prominent, it is time for a value re-evaluation."
The analyst also noted that the recent global surge in interest in AI is expected to act as a positive factor. They explained, "AI is also one of the factors driving the demand for cloud computing," adding, "Data processing utilizing graphics processing units (GPUs) brings significant volatility to computer power, leading to increased demand for cloud computing."
They continued, "Fortune Business expects the global cloud computing market size to grow from 879 trillion won last year to 2,938 trillion won by 2032, which means an average annual growth rate of 18%." They assessed, "ITCEN provides total solutions necessary for cloud transition, including cloud-related consulting, equipment and system construction, operation, and maintenance, which is expected to yield additional benefits due to the market's high growth."
ITCEN is an SI specialized company that was listed on the KOSDAQ market in 2000. The current largest shareholder is Comtec Systems, holding a 38% equity stake, and it is a subsidiary of the ITCEN Group.