Founded in 2007 and listed on KOSDAQ in 2016, Incross is an SK-affiliated integrated marketing company. On a 3Q26 basis, revenue breaks down into advertising 84.6% and commerce 15.4%, and 3Q26 consolidated revenue came to KRW 15.2bn (+16.6% YoY) with operating profit of KRW 5.4bn (+48.2% YoY).
ValueFinder analyst Lee Choong hun said, “In 3Q26, large campaign wins from game companies and public institutions lifted ad billings to KRW 174.0bn (+23.4% YoY) and ad revenue to KRW 13.4bn (+20.3% YoY), generating operating leverage. Profitability also improved significantly on operating cost savings from company-wide AX and tighter control of direct business costs. In addition, Incross launched ‘Stellarize With’ in late September, a paid subscription plan for its AI content marketing platform ‘Stellarize’, which hosts more than 7,000 creators, adding subscription revenue to its agency and operating fee-based model. With its multi AI agent ‘iNova’ and campaign automation solution ‘i-flow’, the company is accelerating its transformation into an AI marketing company.”
He added, “The fourth quarter is the peak season each year, when ad spending is concentrated, and if the ad growth and cost control seen in 3Q26 continue, the full-year profit improvement should be even larger. The commerce segment is also seeking a GMV recovery through large year-end promotions such as Black Friday and T Day and the expansion of new operating agency and ad products. At 4.0x PER and 0.4x PBR based on full-year earnings estimates, the stock trades at an extreme discount even to the average of major Korean ad agencies (6-8x PER), warranting a valuation re-rating.”
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