SK Securities is a small-to-mid-sized securities company that earns money from commissions on stock and bond trading executed for clients, from proprietary trading of bonds and stocks with its own capital, and from issuing structured products such as ELS and DLB together with corporate finance (IB). In 2025 it swung back to a net profit of ₩28.8 billion after a heavy loss the prior year, and in Q1 2026 it posted operating profit of ₩28.7 billion (up 52.7% year on year) and net profit of ₩23.4 billion, clearing more than 80% of the full prior-year net profit in a single quarter. What stands out lately is that, with earnings recovering and the price-to-book ratio below 1.0x, continued earnings recovery leaves room for a re-valuation, but earnings in the securities business swing sharply with market trading volume and proprietary trading results, and external variables such as capital policy and shareholding changes are also intertwined, so the durability of the quarterly results is worth confirming as you watch.
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.
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- ROE is 4.8% (controlling-interest basis). It is below the sector average.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder J&W BIG 19.6% (corporate)
Controlling bloc incl. related parties 19.6%
With the controlling bloc holding 20%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- SK Securities' base revenue comes from the commissions it collects for intermediating stock and bond trades for retail and institutional clients.
- On top of this sit trading gains and losses from buying and selling bonds and stocks with the firm's own capital, and income earned from issuing structured products known as ELS and DLB.
- In fact, the firm's regulatory filings show that prospectuses and issuance reports tied to equity-linked structured products have been posted almost weekly over the past two months, which shows that selling structured products is a routine pillar of the business.
- Corporate finance (IB), which helps companies raise capital and pursue mergers and acquisitions, and wealth management (WM) round out the revenue mix.
- The share price is ₩2,265, sitting below the 20-day and 60-day moving averages (₩2,690 and ₩3,261).
- The one-month return of -21% points to a short-term pullback.
- Over a six-month horizon, however, the stock is still up substantially, so it looks like it is catching its breath after a large run.
- The RSI (a gauge that measures the balance of recent gains and losses on a 0-100 scale) is 34, a low level close to oversold.
- The price is down roughly 60% from its 52-week high.
- The P/E ratio (how many times one year's earnings the price represents) is 18.2x on last year's confirmed earnings, which looks high among peer securities companies.
- But this figure stems from 2025 being the first recovery year after just returning to profit from a loss, when earnings were still low.
- Once earnings return to a normal track, the multiple falls quickly.
- The real state of the balance sheet shows up better in the P/B ratio (how many times book net assets the price represents), at 0.87x, meaning market cap is smaller than the net assets the company holds.
- ROE (how much it earns in a year on shareholders' equity) is 4.8%, similar to comparably sized small-to-mid securities companies and lower than the large houses.
- For a securities company, client deposits and bond issuance are recorded largely as liabilities in the capital structure, so the debt ratio cannot be read by the same yardstick as ordinary manufacturers.
- The core of the earnings story is the swing 'from loss to profit.' From a 2024 operating loss of ₩107.9 billion and a net loss of ₩83.3 billion, the company turned to a 2025 operating profit of ₩8.5 billion and net profit of ₩32.6 billion (consolidated).
- This turnaround is confirmed in the earnings-structure-change filing disclosed in January 2026.
- The recovery has carried into 2026 as well.
- Q1 2026 operating profit was ₩28.7 billion, up 52.7% year on year, and net profit reached ₩23.4 billion.
- That single quarter's net profit exceeds 80% of the full prior-year net profit (₩28.8 billion attributable to controlling shareholders).
- That said, earnings in the securities business tend to swing widely from quarter to quarter with market trading volume and trading gains on bonds and stocks.
- Whether the strong first-quarter start carries into the remaining quarters depends on market conditions, so while this year's earnings should clearly exceed last year's, it is hard to simply multiply the Q1 pace by four.
- Recent filings read along two lines.
- One is the earnings recovery.
- The January 2026 filing on a 30%-plus change in the profit-and-loss structure formalized the return to profit, and the May quarterly report confirmed the Q1 earnings improvement.
- The other is capital- and shareholder-related moves.
- In March 2026 the company decided on a share cancellation and a share consolidation, and in March and April it decided on treasury-stock disposals.
- In April, reports of changes in shares held by the largest shareholder and others also followed.
- Such capital policies and shareholding changes affect shareholder composition and per-share value, so they appear to have been a backdrop influencing the share price separately from earnings.
- The strengths are clear.
- The firm has emerged from a heavy loss into profitability, and with strong earnings in Q1 2026 the recovery is continuing.
- The share price sits below net asset value (P/B 0.87x), so relative to assets the burden is not large.
- The P/E on last year's earnings looks high, but on a forward basis as earnings normalize this year it falls back within the range of peer securities companies.
- The cautions are equally clear.
- Earnings in the securities business swing sharply from quarter to quarter with market trading volume and trading results, so one strong quarter cannot be treated as an annual trend.
- The ROE of 4.8% still lags the large houses.
- And with capital policies such as share cancellation, consolidation, and treasury-stock disposal underway alongside changes in the largest shareholder's stake, this is a period where not only earnings but these variables are reflected together in the share price, which is worth bearing in mind.
🔎 Valuation vs peers Fairly valued
Compared against small-to-mid securities companies of similar size and profitability as well as major domestic securities companies.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hanwha Investment & Securities | 9.19x | 0.45x | 4.93% |
| Yuanta Securities Korea | 8.76x | 0.44x | 5.02% |
| Bookook Securities | 12.29x | 0.67x | 5.48% |
| Samsung Securities | 9.45x | 1.18x | 12.48% |
| Kiwoom | 7.42x | 1.23x | 16.61% |
The P/E of 18.2x on last year's confirmed earnings looks the highest among peer securities companies, but this multiple stems from 2025 being the first turnaround year with low earnings, a common illusion for stocks at an earnings inflection. On a forward basis, as this year's earnings normalize, it falls to about 9.5x, moving back within the peer range alongside Samsung Securities (9.5x), Hanwha Investment & Securities (9.2x), and Yuanta Securities Korea (8.8x). The P/B of 0.87x sits below net asset value, higher than low-ROE small-to-mid peers such as Hanwha and Yuanta (0.44-0.45x) but lower than the large houses (1.1-1.7x). With ROE still low at 4.8% it is too early to justify a large premium, but taking the earnings recovery track together with the discount to net assets, we judge it a fair range rather than the 'overvalued' the trailing P/E implies.
Price history Close · MA20 · MA60
The latest close is ₩2,265 and the market capitalization is ₩523.9 billion. The price sits below its 20-day moving average (₩2,690) and below its 60-day moving average (₩3,262). 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 34.5, a neutral level. The one-month change is -21.1%, the three-month change is +21.6%, and the position relative to the 52-week high is -59.8%. Relative strength versus the KOSPI is 91 (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 92% of all stocks. Over the past three months it lagged the index by 2.1%. 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 -2.09% / 6M +105.81% / 12M +40.90%
Key metrics vs sector median
Valuation
The P/E of 18.18x is above the sector median (8.97x). The P/B of 0.87x is above the sector median (0.45x). That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
Profitability & financials
Return on equity (ROE) is 4.8%, below the sector average (6.0%). The debt ratio is 1138.7%, 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 | $8.7M | -$71.5M | $5.2M | — |
| Net profit | $1.7M | -$54.7M | $19.1M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Operating profit | — | — | $8.7M | -$71.5M | $5.2M |
| Net profit | — | — | $1.7M | -$54.7M | $19.1M |
Latest quarterly results
No recent quarterly results confirmed from DART.
Technical indicators
What stands out
- —
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-01-29EarningsFiling on a 30%-plus change in the profit-and-loss structure. 2025 operating profit of ₩8.5 billion and net profit (consolidated) of ₩32.6 billion, a turnaround from the heavy prior-year loss.The turnaround from a heavy loss to profit is formalized, marking the starting point of the earnings recovery. Over the medium term, grounds for a re-valuation. Source
- 2026-03-04FilingDecision on a share cancellation and a share consolidation. Capital policies affecting outstanding shares decided at the same time.Capital policies that affect the share count and per-share metrics. A matter directly connected to shareholder value and the share price. Source
- 2026-04-28FilingTreasury-stock disposal decision (material-event report). A treasury-stock disposal decision following the one in March.A treasury-stock disposal affects the floating shares and shareholder composition. A short-term event that shows the direction of capital policy. Source
- 2026-04-09FilingReports on changes in shares held by the largest shareholder and others and on holdings by executives and major shareholders. Changes in major shareholders' stakes were filed.A matter of change in governance and shareholding composition. A medium-term variable that can be reflected in the share price separately from earnings. Source
- 2026-05-15EarningsQ1 2026 quarterly report. Operating profit of ₩28.7 billion (up 52.7% year on year) and net profit of ₩23.4 billion, with the recovery continuing.Confirms that the earnings recovery is continuing after the turnaround. Grounds for judging this year's earnings normalization. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 net profit | ₩28.8 billion(base) | net profit ₩32.6 billion(2025), -₩83.3 billion | Confirmed | link |
| 2025 operating profit | ₩7.8 billion(base) | ₩8.5 billion | Confirmed | link |
| Q1 2026 operating profit | ₩28.7 billion, +52.7%(base) | 1 operating profit ₩28.7 billion | Confirmed | link |
| 2026 forward net profit and P/E | net profit approx. ₩55.0 billion, forward PER approx. 9.5x(self-estimate) | — | Unverified | link |
Recent filings
- 2026-06-05Disclosure
- 2026-06-05Disclosure
- 2026-06-05Earnings disclosure
- 2026-05-29Disclosure
- 2026-05-29Disclosure
- 2026-05-29Disclosure
- 2026-05-29Earnings disclosure
- 2026-05-29Earnings disclosure
- 2026-05-28Disclosure
- 2026-05-28Disclosure
- 2026-05-22Disclosure
- 2026-05-22Disclosure
📖 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.