On the 10th in the morning, shares of ITCEN Global, a corporations specializing in information and communications technology (ICT) services, are up more than 16%. Buying is seen as flocking after a securities firm analysis said record earnings are expected thanks to a gold price rally.
As of 9:46 a.m. that day, ITCEN Global was trading on the KOSDAQ market at 25,550 won, up 3,550 won (16.14%) from the previous trading day.
Lim Sang-guk, a KB Securities researcher, said, "ITCEN Global's third-quarter revenue is expected to come in at 1.7 trillion won, up 34% from a year earlier, and operating profit at 64.5 billion won, up 510%, marking record earnings this year."
This is due to a significant improvement in results in the Web 3.0 segment, including Korea Gold Exchange. As gold prices steadily rose in the third quarter, the value of gold transactions increased, contributing to operating profit growth.
Lim noted, "ITCEN Global has strong competitiveness as a digital transaction platform operator for physical metals," adding, "Following legislation for the virtual asset finance ecosystem, including stablecoins and security token offerings (STO), expectations for commercialization remain valid."