Bookook Securities is a mid-to-small securities company that earns money from commissions on brokered stock and bond trades and from proprietary trading (bond and equity investing that the company runs with its own capital). Its finances are very conservative, so it carries thick equity, and 2025 net profit rose 47% year on year to ₩45.6 billion, showing a recovery. What stands out most recently is that the shares trade at just 0.67x book value per share (BPS of ₩80,000) with a dividend yield of 4.4%, giving clear appeal on asset value and dividends, while first-quarter 2026 net profit fell 30% year on year, so the earnings variability characteristic of the securities industry must be taken into account.
At-a-glance assessment financial health · growth · profitability · valuation
- For financial companies, debt and interest costs are large by the nature of the business, so the debt ratio and interest coverage cannot be read on the same yardstick as an ordinary company.
- Revenue rose 23.9% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 148.2% higher than a year earlier.
- ROE is 5.5% (total-net basis). It is below the sector average.
- Operating margin is 5.9%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Jung-gun 12.22% (individual)
Controlling bloc incl. related parties 42.26%
With the controlling bloc holding 42%, the ownership structure is stable.
🔎 In-depth analysis
- Bookook Securities is a mid-to-small securities company founded in 1954.
- It earns money along two broad lines.
- One is commissions for intermediating stock and bond trades for individuals and institutions.
- The other is proprietary trading (investment) income, in which the company buys and sells bonds and stocks directly with its own money.
- In particular, Bookook Securities does not take large positions in real-estate project financing or overseas investments the way big houses do; it is known for conservative management weighted toward running safe-asset bond portfolios and managing its own capital.
- As a result, its shareholders' equity is thick at ₩833.2 billion, and its book value per share (BPS) exceeds ₩80,000.
- The share price is in a clear downtrend.
- The closing price of ₩54,100 is below the 20-day, 60-day and 120-day moving averages, so the trend is down from the short term through the medium term.
- It is down 24% over the past three months and sits about 48% below its 52-week high.
- The RSI (an indicator that gauges the balance of recent upward and downward force on a 0-100 scale) is 40, slightly below neutral, so it is not overheated but buying interest is not strong either.
- Start with the valuation metrics.
- The P/B ratio (the share price relative to book value per share) is 0.67x, meaning the stock trades at two-thirds of the company's net assets.
- For a securities company whose assets are mostly bonds and cash-like instruments, a discount of this size reads as undervaluation relative to asset value.
- The P/E ratio (how many times a year's profit the share price represents) is 12.3x, so the asset-based appeal and the earnings-based multiple tell different stories.
- ROE (how much it earns in a year on its equity) is 5.5%, an ordinary level among mid-to-small securities companies.
- The dividend yield is 4.4% and the payout ratio (the share of net profit paid out as dividends) is a high 47%, returning about half of the profit earned to shareholders.
- Note that a securities company shows a high debt ratio because customer deposits and borrowings are recorded as large liabilities; this is a feature of the business model, so it is hard to call it risky by the same yardstick as an ordinary manufacturer.
- The earnings flow is uneven, as befits the securities industry.
- Net profit rose and fell, from ₩57.3 billion in 2023 to ₩31.0 billion in 2024 and ₩45.6 billion in 2025.
- The 2024 weakness reflected a poor environment for bond and equity investing, while in 2025 revenue rose 24% year on year and net profit recovered 47%.
- That said, first-quarter 2026 net profit was ₩12.8 billion, down 30% from the same period a year earlier.
- For a securities company with a large proprietary-trading weight, investment performance varies quarter to quarter, so results are not smooth.
- Reflecting this flow, this year's profit is expected to settle at around ₩40 billion, somewhat below 2025.
- In that case, the price-to-earnings multiple on the current market cap is about 14x.
- In other words, on earnings alone it is a position that is neither noticeably cheap nor expensive.
- Recent disclosures lean more toward holding changes than results or orders.
- From April to June 2026, several large-holding status reports appeared, with a particular shareholder's stake changing repeatedly.
- Holding changes themselves are not directly tied to the company's results but do show interest in governance and shareholder composition.
- In May, the first-quarter 2026 report and the corporate governance report were disclosed.
- The governance report is a regular document covering board operations and shareholder returns, reflecting a company that steadily maintains its dividend policy.
- Bookook Securities' strengths are asset value and dividends.
- It trades at 0.67x net assets, and with thick equity and conservative investing, its finances are stable.
- The 4.4% dividend yield and 47% payout ratio show a company that shares profit with shareholders.
- On the other hand, the caution is the variability of earnings.
- With a large proprietary-trading weight, quarterly results swing sharply with the environment for bond and equity investing.
- The 30% year-on-year drop in first-quarter 2026 net profit is an example.
- In sum, from a perspective that values asset value and dividends, the undervaluation relative to net assets is clear.
- But anyone expecting profit growth itself must endure a period where results swing with investment performance.
🔎 Valuation vs peers Fairly valued
Compared against domestic mid-to-small securities companies with similar asset-value and dividend characteristics.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hyundai Motor Securities | 8.36x | 0.33x | 4.00% |
| Daishin Securities | 6.98x | 0.32x | 4.60% |
| Daol Investment & Securities | 4.91x | 0.32x | 6.47% |
| Eugene Investment & Securities | 6.18x | 0.35x | 5.70% |
Bookook Securities' 0.67x P/B, two-thirds of net assets, reads as undervaluation relative to asset value given that a securities company's assets are mostly bonds and cash-like instruments. That said, small peers such as Hyundai Motor Securities, Daishin Securities, Eugene Investment & Securities and Daol Investment & Securities trade at deeper discounts of 0.32-0.35x P/B, so Bookook sits above the small-company average. This is seen as a quality premium reflecting its conservative finances and stable equity base. On earnings, the 12.3x trailing P/E looks higher than small peers' (5-8x), but Bookook's profit varies widely year to year with proprietary-trading performance, so it is hard to conclude over- or undervaluation from any single year's P/E. A securities company's true value lies in net assets and the durability of the dividend more than in earnings multiples, and on that basis Bookook is judged to be fairly valued: carrying a premium over small peers but at a discount to large, growth-oriented houses (1.2-1.7x P/B).
Price history Close · MA20 · MA60
The latest close is ₩54,100 and the market capitalization is ₩561.0 billion. The price sits below its 20-day moving average (₩58,360) and below its 60-day moving average (₩65,408). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 40.7, a neutral level. The one-month change is -4.9%, the three-month change is -24.3%, and the position relative to the 52-week high is -47.6%. Relative strength versus the KOSPI is 35 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 34% of all stocks. Over the past three months it lagged the index by 43.3%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -43.34% / 6M -41.61% / 12M -44.56%
Key metrics vs sector median
Valuation
The P/E of 12.29x is above the sector median (8.97x). The P/B of 0.67x is above the sector median (0.45x).
Profitability & financials
Return on equity (ROE) is 5.5%, in line with the sector average (6.0%). The operating margin is 5.9%. The debt ratio is 117.5%, but for financial firms deposits and insurance liabilities count as debt, so it cannot be read on the same yardstick as an ordinary company.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $540.2M | $516.4M | $639.9M | +23.91% ↑ faster |
| Operating profit | $45.8M | $24.3M | $37.6M | +54.81% ↑ faster |
| Net profit | $38.0M | $20.5M | $30.2M | +47.45% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $540.2M | $516.4M | $639.9M |
| Operating profit | — | — | $45.8M | $24.3M | $37.6M |
| Net profit | — | — | $38.0M | $20.5M | $30.2M |
| Revenue CAGR | 2-yr avg 8.84% | ||||
Revenue rose 23.9% year over year (2023 ₩815.0 billion → 2024 ₩779.2 billion → 2025 ₩965.5 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 54.8% year over year. Profit is growing at an accelerating pace. Over the 3 years on record, revenue compound annual growth (CAGR) is 8.8%. The two-year revenue CAGR is 8.8%. In the most recent quarter (Q1 2026), revenue was 148.2% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- The dividend yield, at 4.4%, is on the high side.
- Revenue grew 23.9% year over year, a sign of growth.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-15FilingFiling of the first-quarter 2026 report. Q1 net profit of ₩12.8 billion, down about 30% year on year.Short term: profit fell versus the prior year on softer proprietary-trading performance, confirming the earnings variability. Medium term: a basis for seeing the full-year profit outlook slightly below 2025. Source
- 2026-05-29FilingDisclosure of the corporate governance report. Regular reporting of governance status such as board operations and shareholder-return policy.Medium term: a regular document for confirming the durability of shareholder-return policies such as dividends, supporting the stable-dividend character. Source
- 2026-06-10FilingFiling of a large-holding status report (short form). Report of a change in a major shareholder's stake.Short term: a factor drawing interest in changes to governance and shareholder composition. Direct relevance to results is low. Source
- 2026-06-04FilingFiling of a large-holding status report (general form). Report of a change in the holding position.Short term: large-holding reports continued through April to June, suggesting active shifts in stakes. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-10OwnershipOwnership-change filing
- 2026-06-04OwnershipOwnership-change filing
- 2026-06-01OwnershipOwnership-change filing
- 2026-05-29Corporate governance report
- 2026-05-28OwnershipOwnership-change filing
- 2026-05-21OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-20OwnershipOwnership-change filing
- 2026-05-15OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-05-13OwnershipOwnership-change filing
- 2026-04-30OwnershipOwnership-change filing
- 2026-04-27OwnershipOwnership-change filing
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
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