1. What Happened? H1 2025 Earnings Analysis
S&T iAnti recorded sales of KRW 6 billion, operating profit of KRW 600 million, and net income of KRW 1.3 billion in H1 2025. Although exceeding expectations, sales and operating profit decreased compared to the same period last year. The decline in sales was particularly noticeable in the shared terminal access management service segment.
2. Why These Results? Causal Analysis
The main causes of the sales decline are analyzed as reduced investment by ISP customers and intensified competition in the shared terminal access management service market. On the other hand, the security solution segment maintained solid performance, accounting for 68.5% of total sales.
- Strengths: Strong financial structure, proprietary technology, shareholder-friendly policy
- Weaknesses: Slowing sales and profit growth, dependence on specific customers
3. What’s Next? Future Outlook
S&T iAnti is securing new growth engines, such as launching services for MSO customers and expanding into the IoT market. However, recovering from the sluggish performance of the shared terminal access management service segment and responding to intensifying competition in the security solution market are important challenges.
4. What Should Investors Do? Action Plan
S&T iAnti has long-term growth potential, but the current valuation is somewhat high. Before making investment decisions, carefully review factors such as sales recovery in the shared terminal access management service segment, the performance of new businesses, and strengthening competitiveness in the security solution market.
What are S&T iAnti’s main businesses?
S&T iAnti provides security solutions and shared terminal access management services. Security solutions include network security, web security, and endpoint security, while shared terminal access management services have a stable revenue base with major customers being the three major telecommunication companies.
Why should I be cautious even though H1 2025 earnings exceeded expectations?
While H1 2025 earnings exceeded expectations, both sales and operating profit decreased compared to the same period in 2024. The decline in sales in the shared terminal access management service segment is particularly noticeable, so it’s necessary to carefully monitor future trends.
What should I consider when investing in S&T iAnti?
S&T iAnti has a stable financial structure and proprietary technology, but the recent decline in earnings and dependence on specific customers are risk factors. Before making an investment decision, carefully analyze the future business strategy and the possibility of earnings improvement.