[Click e-Stock] "ITCen Global: A Conglomerate of FuriosaAI, Gold, Digital Assets, and Cloud Businesses"

On April 30, KB Securities analyzed ITCen Global as a conglomerate of FuriosaAI, gold, digital assets, and cloud businesses.

ITCen Global owns major subsidiaries including ITCen CTS (formerly Comtec Systems), ITCen Entech (formerly Ssangyong Information & Communications), and ITCen PNS (formerly SecuCen), and operates across a wide range of sectors, from IT networks to defense, sports, and overseas SI businesses. In particular, the growth of its gold trading platform business through Korea Gold Exchange has attracted significant attention.

Last year, the company posted sales of 4.96 trillion won, operating profit of 58.6 billion won, and net profit of 36 billion won. These figures represent increases of 76% and 92% year-on-year, respectively, and a turnaround to profitability, marking record-high results in both sales and operating profit. Lim Sangkuk, a researcher at KB Securities, stated, "This is attributable to a significant improvement in the performance of its subsidiary, Korea Gold Exchange, which posted an operating profit of 42 billion won," adding, "ITCen Global is a conglomerate of FuriosaAI, gold, digital assets, and cloud businesses."

The growth of Korea Gold Exchange has been driving the company's strong performance, with rising gold prices leading to increased trading volume. Trading volume surged from 7.2 tons in the first quarter of 2024 to 9.3 tons in the first quarter of 2025. Lim explained, "Amid concerns over tariffs, fears of an economic downturn, and a weakening dollar, gold is being recognized as the safest asset, which is causing its price to soar."

ITCen Global is also attracting attention amid expectations for the expansion of the digital asset financial ecosystem. As legislation regarding the definition, scope, exchanges, operations, and regulation of digital assets is being promoted, the company participated in the establishment of the Busan Digital Asset Exchange (BDX) in February 2024.

Additionally, the company is developing the 'CenGold' business, a physical asset digitization trading platform that enables fractional investments in precious metals such as gold and silver in units as small as 0.01 grams. Lim commented, "Based on know-how accumulated over several years, ITCen Global is expected to emerge as a leading platform operator for the digitization and optimal trading of real world assets (RWA), including future STO and RWA projects."

There are also indirect growth opportunities in the AI sector. ITCen Global holds a 50% stake in its subsidiary Vision Ventures, which invested 2 billion won in FuriosaAI's Series B round in 2021. Lim analyzed, "ITCen Global is emerging as a beneficiary of the investment value in FuriosaAI."