[Edaily Reporter Shin Ha-yeon] On the 12th, Hana Securities analyzed that #ICTK’s position in the domestic security chip market will be further strengthened following its selection as the lead agency for a government-funded project to develop integrated quantum security chips, and maintained its “Buy” rating and target price of 60,000 won.

Kim Hong-sik, an analyst at Hana Securities, stated, “Being selected as the lead agency for the government-funded quantum integrated security chip development project, led by the Ministry of Trade, Industry and Energy, has strengthened its position as the dominant player in the domestic security chip market. Furthermore, using project partner KT as a reference is expected to serve as an advantage for future expansion into the global telecommunications market.”

ICTK was recently selected as the lead agency for a 7 billion won quantum-integrated security chip development project led by the Ministry of Trade, Industry and Energy. The project aims to develop security chips that support both Korean PQC standards and international PQC standards and is scheduled to run until December 2029.

Particular attention was drawn to the fact that KT is participating in this project as a client company, providing a demonstration and testbed.

Researcher Kim commented, “While ICTK’s existing telecom-related revenue has primarily come from LG Uplus, it is significant that this government-funded project will serve as a starting point to expand its reach to KT.” He added, “Given that the two companies combined account for 60% of domestic mobile subscribers and are among the world’s leading in-house developers of PUF chips, we can expect them to effectively dominate the telecom-related sector.”

He added, “This project is expected to serve as a valuable reference point and significantly aid ICTK’s ongoing efforts to expand into the overseas telecom market.”

Analysts suggest that, given its technological competitiveness and business model, the company’s current market value is undervalued. Researcher Kim stated, “Considering that ICTK is one of the few companies globally to have commercially developed PUF chips—the next-generation security standard—it has ample potential to establish itself as a leading global security chip provider in the future.”

He further analyzed, “Companies like ICTK, which possess proprietary technology, will continue to see improvements in revenue and profit margins as they collect IP royalty income, whereas companies that merely generate revenue from licensing will face margin pressure.” He added, “Since its technological competitiveness has been proven and the domestic and international quantum industries are also gaining momentum, it seems clear that substantial revenue will be generated in the future, considering its business model, partners, and competitiveness.”

He pointed out, “Once earnings start to materialize, the stock price will likely have already surged, making it easy to miss the buying opportunity,” and recommended, “I suggest buying now while various positive signals are emerging.”