Hyundai Motor Securities (001500) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Hyundai Motor Securities earns money across four lines: trade-execution commissions, sales of financial products such as ELS, DLS and funds, proprietary trading of bonds and equities with the firm's own capital, and investment banking that helps companies raise funds. As part of the Hyundai Motor Group, it also draws a steady base from group-linked corporate business and retirement pensions. First-quarter 2026 consolidated operating revenue reached ₩847.8 billion, nearly double the year-earlier figure, and the company announced a corporate value-up plan targeting ROE of 4-8% and a payout ratio of 30-35%, along with a year-end dividend of ₩370 per share. What stands out lately is that with a P/B of 0.33x and a 4.7% dividend yield, and a forward multiple on this year's earnings that sits below peers, the stock looks cheap on both an asset and an earnings basis; still, ROE remains low at 4% versus larger firms, and the surge in operating revenue includes items with high quarterly volatility such as proprietary-trading valuation gains, so results hinge on market turnover and the interest-rate environment.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Securities & Brokerage” (Financials), a type typically read first through P/B.
Earnings in this business swing widely with trading volumes and market conditions, so a single year's profit says little about normal earning power. Equity capital, by contrast, builds up more steadily, which is why price-to-book (P/B) — the share price against net asset value — is the first lens.
Price against assets alone says little about where the cycle stands. Reading it together with price against this year's expected earnings shows how far profits have recovered.
This note explains how each sector is typically valued and is educational context only, not investment advice.
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.
- ROE is 4.5% (controlling-interest basis). It is below the sector average.
- P/B is low versus peers too, so it looks cheap on an asset basis as well.
Ownership & governance As of 2025-12-31
Largest shareholder Hyundai Motor 22.17% (individual)
Controlling bloc incl. related parties 39.88%
With the controlling bloc holding 40%, the ownership structure is stable.
🔎 In-depth analysis Reading
Hyundai Motor Securities makes money across four lines. The first is trade-execution commissions earned when retail and corporate clients trade stocks. The second is sales of financial products such as derivative-linked securities (ELS, DLS), funds and trusts. The third is proprietary trading, where the firm invests its own capital directly in bonds and equities. The fourth is investment banking, helping companies raise funds through real-estate finance and underwriting. As a Hyundai Motor Group affiliate, it draws a stable base from group-linked corporate business and retirement pensions. First-quarter 2026 consolidated operating revenue was ₩847.8 billion, nearly double the year-earlier level, but such a company's top line can balloon when proprietary-trading valuation and disposal gains grow, so operating and net profit must be read alongside it to see the real picture.
The latest close is ₩7,980 and the market capitalization is ₩493.4 billion. The price sits above its 20-day moving average (₩7,774) and below its 60-day moving average (₩8,823). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 50.1, a neutral level. The one-month change is -3.9%, the three-month change is -38.3%, and the position relative to the 52-week high is -42.2%. Relative strength versus the KOSPI is 17 (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 16% of all stocks. Over the past three months it lagged the index by 22.2%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On confirmed annual figures (FY2025), the P/E ratio (how many times one year's earnings the price represents) is 8.55x, P/B (how many times net assets the price represents) is 0.34x, and ROE (how much is earned on shareholders' equity in a year) is 4.0%. A P/B of 0.33x means the price is one-third of book net assets, among the very lowest even within the securities-company group. The debt ratio of 758.9% looks high, but a securities company records customer deposits, repurchase agreements (RP) and derivative-linked securities issuance as accounting liabilities, so this figure should not be judged risky by the same yardstick used for manufacturers. The dividend yield is about 4.7% (₩370 per share, a 39.7% payout ratio), placing it among high-dividend names. There is a reason ROE is low: a roughly ₩200 billion rights issue in early 2025 sharply increased shareholders' equity, enlarging the denominator. Another key point is that the P/E and P/B above are all on a trailing basis, computed on last year's confirmed earnings. In a recovery phase where this year's earnings are rising quickly, the same share price produces a forward earnings multiple that is much lower than the trailing one. In fact, the forward P/E sits below most peer securities companies (6-10x). On trailing figures the stock looks ordinary, but measured against this year's rising earnings it is clearly cheap on an earnings basis as well.
The earnings trend is clearly pointing up. Operating profit went from ₩65.2 billion in 2023 to ₩54.7 billion in 2024 (-16.1%) and back to ₩72.3 billion in 2025 (+32.1%), recovering to a peak level after pausing for a year, while net profit jumped from ₩36.2 billion in 2024 to ₩57.7 billion in 2025 (+59.7%). In the first quarter of 2026 the increase continued, with operating profit of ₩32.3 billion (+19.2% year on year) and net profit of ₩26.6 billion (+37.9%), a sharp rise in a single quarter from a weak preceding fourth quarter (₩4.0 billion operating profit). This year's earnings owe not to a one-off rebound but to trade commissions, financial products and IB all contributing evenly, alongside reviving market turnover and added proprietary-trading gains. Applying these higher earnings to the current share price produces a forward earnings multiple below peers, a level that reflects earnings recovering while the share price has yet to catch up, not an inflated estimate. That said, proprietary-trading profit and loss can swing quarter to quarter, so the key is whether the recovery keeps showing up in quarterly results.
The most important item is the corporate value-up plan (voluntary disclosure) announced on March 27, 2026, in which the company laid out ROE of 4-8% and a payout ratio of 30-35% through 2027, and ROE of 10% or more with a payout ratio of 40% or more from 2028 onward, and named the buyback and cancellation of preferred shares (RCPS) and completion of a next-generation system as medium- to long-term tasks. A fair-disclosure preliminary release on April 30 confirmed the first-quarter recovery in top line and earnings, and at the March 26 annual general meeting a year-end dividend of ₩370 (total dividend ₩22.9 billion) was confirmed alongside bylaw changes including the introduction of electronic shareholder meetings and removal of the clause excluding cumulative voting. Most routine disclosures are prospectuses and issuance-result reports tied to the issuance of derivative-linked securities such as ELS and DLS; these are everyday product-sales activity, not one-off good or bad news.
This is a stock with clear strengths. A P/B of 0.33x (one-third of net assets), a 4.7% dividend yield with an official payout-ratio target (30-35%), a clear recovery in this year's earnings, and a capital-policy direction in the value-up plan that includes cancelling preferred shares all provide support. Above all, the forward earnings multiple based on this year's higher earnings sits below peer securities companies, so the stock is cheap on both an asset and an earnings basis. On the other hand, one point to watch is that ROE is still low at 4% versus larger firms, reflecting the time needed to fill in the equity swollen by the 2025 rights issue with earnings. The doubling of operating revenue also blends in items with high quarterly volatility, such as proprietary-trading valuation gains, and results are swayed by market turnover and the interest-rate environment. In sum, this is a structure in which the undervaluation can close quickly when market turnover holds up and ROE improvement and shareholder returns proceed as planned; conversely, the amplitude of earnings widens when turnover contracts or proprietary-trading profit and loss wobbles.
🔎 Valuation vs peers Undervalued
Among listed Korean securities companies that combine trade-commission, financial-product, proprietary trading and IB, we selected those comparable in business mix and P/B level. Daishin Securities and Kyobo Securities are similarly low-P/B mid-sized firms, while Samsung Securities and NH Investment & Securities are larger firms used as reference points for positioning.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Daishin Securities | 7.00x | 0.31x | 6.34% |
| Eugene Investment & Securities | 6.47x | 0.36x | 9.53% |
| Kyobo Securities | 8.04x | 0.53x | 7.38% |
| Samsung Securities | 8.46x | 1.04x | 14.81% |
| NH Investment & Securities | 9.78x | 1.05x | 13.04% |
The stock sits clearly lower than its peer group. A P/B of 0.33x is at the bottom of the mid- and small-cap securities group (Daishin 0.32, Eugene 0.35) and a wide gap below the larger firms (Samsung 1.18x, NH 1.1x). The low ROE (4.0%) explains some of the discount, but seen alongside earnings clearly recovering from a 2024 trough and a dividend yield reaching 4.7%, the discount looks somewhat excessive. The trailing P/E of 8.4x reflects an early recovery phase just after the rights issue, so on this year's higher earnings the multiple forms below most peer securities companies. On both an asset basis and after accounting for the earnings-recovery trajectory, we judge the stock to be in undervalued territory.
Price history Close · MA20 · MA60
The latest close is ₩7,980 and the market capitalization is ₩493.4 billion. The price sits above its 20-day moving average (₩7,774) and below its 60-day moving average (₩8,823). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 50.1, a neutral level. The one-month change is -3.9%, the three-month change is -38.3%, and the position relative to the 52-week high is -42.2%. Relative strength versus the KOSPI is 17 (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 16% of all stocks. Over the past three months it lagged the index by 22.2%. 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 -22.19% / 6M -29.51% / 12M -51.93%
Key metrics Computed vs sector median
Valuation
The P/E of 8.55x is in line with the sector median (9.27x). The P/B of 0.34x is below the sector median (0.50x).
Profitability & financials
Return on equity (ROE) is 4.5%, below the sector average (7.0%). The debt ratio is 784.3%, 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 | — | — | — | — |
| Operating profit | $45.8M | $38.4M | $50.8M | +32.11% ↑ faster |
| Net profit | $37.6M | $25.4M | $40.6M | +59.71% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Operating profit | — | — | $45.8M | $38.4M | $50.8M |
| Net profit | — | — | $37.6M | $25.4M | $40.6M |
Operating profit rose 32.1% year over year. Profit is growing at an accelerating pace.
Latest quarterly results Source
No recent quarterly results confirmed from DART.
Technical indicators Computed
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The dividend yield, at 4.6%, is on the high side.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-03-27FilingCorporate value-up plan (voluntary disclosure): ROE of 4-8% and a payout ratio of 30-35% through 2027, and ROE of 10% or more with a payout ratio of 40% or more from 2028 onward. Includes medium- to long-term plans such as buyback and cancellation of preferred shares (RCPS) and completion of a next-generation system.This is a document in which the company formalized its medium-term capital policy and shareholder-return direction. Because it sets ROE and payout-ratio guidelines rather than numeric profit targets, actual execution must be confirmed through quarterly dividends and buybacks. Source
- 2026-04-30EarningsFirst-quarter 2026 consolidated preliminary results (fair disclosure): operating revenue ₩847.8 billion (+99.3% year on year), operating profit ₩32.3 billion (+19.2%), net profit ₩26.6 billion (+37.9%). A sharp rebound from ₩4.0 billion operating profit in the preceding fourth quarter.In the short term this preliminary figure confirms the earnings recovery. Because the doubling of the top line may blend in proprietary-trading gains, it should be read alongside the confirmed quarterly report and profit margins. Source
- 2026-03-26Dividend72nd annual general meeting results: year-end cash dividend of ₩370 on common shares confirmed (total dividend ₩22.9 billion, dividend-to-price ratio 2.8%), financial statements approved (unqualified audit opinion), and bylaw changes passed including introduction of electronic shareholder meetings and removal of the clause excluding cumulative voting.This is a regular event finalizing dividend- and governance-related agenda items. It serves as a reference point for checking whether the dividend size and payout ratio (39.7%) are consistent with the high-dividend policy. Source
- 2026-05-15FilingFirst-quarter 2026 quarterly report filed (as of March 2026): a regular report detailing financial and business content following the preliminary results.As the material that confirms the preliminary results, it allows a review of segment profit and loss and of shareholders' equity and soundness indicators. Source
- 2026-03-18FilingAudit report filed: the external auditor's FY2025 consolidated and separate audit opinions were both unqualified.This is a basic check item related to accounting reliability. An unqualified opinion is the premise for interpreting the financial figures. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| FY2025 consolidated operating profit | ₩72.3 billion | 72,252 | Confirmed | link |
| FY2025 consolidated net profit | ₩57.7 billion | 57,735 | Confirmed | link |
| FY2025 consolidated operating revenue | base revenue null | 1,820,013(approx. ₩1.82 trillion) | Mismatch | link |
| First-quarter 2026 operating profit | ₩32.3 billion | 32,311 | Confirmed | link |
| Year-end dividend per share | ₩370 | ₩370 | Confirmed | link |
| 2026 estimated net profit and forward P/E | approx. ₩78.0 billion, forward PER approx. 6.2x | — | Unverified | link |
Recent filings Source
- 2026-06-09Disclosure
- 2026-06-09Disclosure
- 2026-06-09Disclosure
- 2026-06-09Disclosure
- 2026-06-09Earnings disclosure
- 2026-06-08Disclosure
- 2026-06-08Disclosure
- 2026-06-05Earnings disclosure
- 2026-06-05Disclosure
- 2026-06-05Disclosure
- 2026-06-05Earnings disclosure
- 2026-06-02Disclosure
📖 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.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.