Added to YB: 2026-10-15
Pitch date: 2026-10-12
053350.KQ [neutral]
INITECH Co., Ltd
+8.74%
current return
Author Info
Sung Capital is an alternative asset management firm run by Oliver Sung. We invest capital for families, registered investment advisors, and accredited investors through a private investment fund. We pick underpriced stocks, usually in pockets of the market where large pools of capital (funds and institutions) can’t or won’t invest, but we flip every stone. We pick stocks only, use no leverage, and require a significant margin of safety in every investment. Sign up for the newsletter.
Company Info
INITECH Co., Ltd., an IT financial and security company, provides information security solutions in South Korea.
Market Cap
KRW 93.5B
Pitch Price
KRW 4.9K
Price Target
N/A
Dividend
N/A
EV/EBITDA
19.10
P/E
-13.53
EV/Sales
-1.20
Sector
Software
Category
value
All Korean net nets #5: finding nuggets in the dirt - INITECH Co., Ltd
053350.KQ (pass): INITECH is statistically cheap at 0.71x NCAV and 0.67x book, with a clean, cash-heavy balance sheet following the Smartro sale and a capital-light bank-software business. However, Ocean in W effectively runs the company; INITECH has invested ~KRW80bn in other companies’ bonds, raised an unnecessary KRW24bn from an Ocean-owned fund and authorized massive share and convertible issuance. A breach-of-trust complaint with no identified ruling reinforces the governance risk.
Read full article (2 min)