[Click e-Stock] "ICTK, Quantum Beneficiary... Growth Prospects Outweigh Funding Concerns"

On May 29, Hana Securities analyzed that ICTK is regaining attention amid the growing prominence of quantum-related technologies.

Kim Hongsik, a researcher at Hana Securities, stated, "Recently, global big tech companies have been investing in quantum computing firms and opening research centers, causing the quantum industry to rapidly re-emerge. In this environment, ICTK's growth potential is inevitably being highlighted." In fact, ICTK is currently pursuing the M&A of a security solutions company within this year, which is expected to expand the scope of its business.

ICTK recently issued convertible bonds worth 21 billion KRW and is considering using 13 billion KRW of this to acquire an IAM (Identity Access Management) company. IAM is a security solution that grants and manages users' access rights to networks and systems. Demand for IAM has been increasing recently due to the advancement of cloud computing and AI, as well as the spread of remote work. In the global market, major providers include OKTA, Microsoft, Amazon, and IBM, while in the domestic market, competitive small and medium-sized companies such as PNP Secure, NetAnd, and Nets are showing strong capabilities.

Kim commented, "Through this M&A, ICTK is expected to secure hundreds of client companies. By combining ICTK's unique VIA-PUF technology, the company can achieve a customer lock-in effect, and in the long term, the timing for revenue growth and a turnaround into profitability will become more visible."

Additionally, ICTK was recently selected as a finalist for the 'WIPO Global Awards 2025' organized by the World Intellectual Property Organization (WIPO) under the United Nations. This is an example of the international recognition of the excellence of VIA PUF technology and is expected to have a positive impact on ICTK's entry into the telecommunications and public sector markets.

Kim explained, "Looking at past cases of telecommunications equipment companies, when they had award records from internationally credible institutions, it often led to supplying domestic institutions. Being selected as a finalist this time will serve as a substantial reference for ICTK."

He added, "At this point, the growth story through M&A is more important than the EPS dilution caused by the issuance of convertible bonds. Since favorable factors supporting the growth outlook are expected to continue to emerge, I recommend buying at this time."