Shinyoung Securities is a securities company that earns money from trade intermediation of stock and bond trading for individuals and institutions, wealth management covering funds and ELS/DLS, IB, and proprietary trading; its identity lies in a trade-intermediation weighting that stays under half, conservative management centered on high-grade bonds, and a long-standing value-investing culture. Under a corporate value-up plan in June 2026, it will cancel about 5.26 million treasury shares equal to 32.0% of shares outstanding and raise the year-end dividend from ₩5,000 to ₩7,500 per share, lifting the total dividend payout 50% from a year earlier. What stands out lately is that the large-scale cancellation of 32% of shares outstanding, a ₩7,500 per-share dividend (about a 4.6% yield) and a payout ratio in the 40% range structurally lift per-share value as strengths, while, given the nature of the securities business, bond and equity trading gains and losses swing sharply each quarter, a loss can occur as in Q4 2025, and the absolute level of ROE is not high versus peers.
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 fell 10.8% year over year (3-year trend: mixed).
- Most recent quarter (Q3 2025) revenue was 8.9% higher than a year earlier.
- ROE is 6.2% (controlling-interest basis). It is above the sector average.
- Operating margin is 5.5%.
- The forward P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2018-03-31
Largest shareholder Won Kook-hee 16.23% (individual)
Controlling bloc incl. related parties 35.5%
With the controlling bloc holding 36%, the ownership structure is stable.
🔎 In-depth analysis
- Shinyoung Securities earns money from trade intermediation of stock and bond trading for individual and institutional clients, wealth management that creates and sells financial-investment products such as funds and ELS/DLS, IB (investment banking) that helps companies raise capital, and proprietary trading (investment) that generates profit by managing bonds and other assets with the firm's own funds.
- Even within fee income, the trade-intermediation weighting stays under half, with collective-investment (fund) handling fees and IB and other fees evenly mixed, so earnings are not concentrated in any single business.
- In particular, conservative management centered on high-grade bonds and a long-standing value-investing culture form this firm's identity, having aimed for steady profit and thick dividends rather than flashy growth.
- That said, given the nature of the securities business, the gains and losses from bond and equity management swing sharply each quarter, so it carries earnings volatility.
- The latest close is ₩148,000 and the market cap is ₩2.4 trillion.
- The price sits below the 20-day line (₩170,270) and below the 60-day line (₩183,872).
- Trading below both the short-term and mid-term moving averages, the trend is on the subdued side.
- The RSI (a supplementary gauge that weighs the strength of gains against losses over the last 14 days on a 0-100 scale) is 37.7, a neutral level.
- The one-month change is -12.0%, the three-month change is -19.9%, and the position versus the 52-week high is -42.0%.
- Relative strength against the KOSPI is 39 (1-99, a conversion of returns versus the index over the past year that weights recent performance more heavily; higher means stronger than the market).
- That places it in roughly the top 61% of all stocks by strength.
- Over the past three months it lagged the index by 42.8%.
- Chart readings are best interpreted alongside trading volume and disclosure dates.
- For 2025 (December fiscal year-end) it posted revenue of about ₩2,466.4 billion, operating profit of ₩136.1 billion and net profit of ₩108.6 billion, with net profit down 23.9% from the prior year.
- This largely reflects a loss in financial-product management in Q4 that dragged down annual earnings.
- ROE (how much is earned in a year on equity) is 6.2%; the absolute level is low, but stripping out the one-off Q4 weakness leaves room to view it higher.
- The P/E ratio (how many times one year's earnings the share price represents) is 22.40x and the P/B (how many times book net asset value) is 1.38x, so the surface figures look high.
- There is a catch here, though.
- The treasury shares the company has flagged for cancellation amount to 32% of all shares, and once the cancellation is complete the share count falls about 30%, lifting earnings per share and net asset value per share by roughly 47%.
- Reflecting this cancellation, the effective P/B falls to around 1.38x, so it is not as expensive as the surface metrics suggest.
- Given the nature of the financial business, the debt ratio and interest coverage ratio are hard to view by the same yardstick as ordinary manufacturers.
- The three-year revenue and profit trend is mixed.
- Revenue moved from ₩2,353.5 billion in 2023 to ₩2,764.3 billion in 2024 to ₩2,466.4 billion in 2025, falling 10.8% again in 2025 after the 2024 rebound.
- Net profit also grew sharply to ₩142.6 billion in 2024 before retreating to ₩108.6 billion in 2025, but this retreat owes more to a specific-quarter factor - weak Q4 trading gains - than to underlying business weakness.
- In fact, cumulative Q1-Q3 2025 net profit was ₩116.9 billion, up 41.5% from the same period a year earlier, so the trend through the year was actually recovering.
- Q3 net profit rose 159% year on year.
- The company has also stated that, in its trailing-12-month provisional results, earnings rose sharply on higher financial-product management income, so 2026 is expected to recover from the subdued 2025 earnings back to a normal track.
- On the firm's own estimate, 2026 net profit is around ₩125.0 billion, which would put the forward P/E at about 21.6x on the current market cap.
- The fact that the forward figure is lower than the surface P/E (24.8x), and that the 32% cancellation lifts per-share metrics, make the growth picture more favorable than the headline numbers.
- The corporate value-up plan disclosed on June 22, 2026 is the biggest event of the year.
- It cancels 5,262,283 treasury shares (32.0% of shares outstanding) and raised the year-end dividend from ₩5,000 to ₩7,500 per common share.
- The dividend payout ratio for fiscal 2025 is 40.3%, and the total dividend payout of ₩60.1 billion is up 50% from the prior year (₩40.1 billion).
- On the raised dividend, the dividend yield reaches about 4.6% at the current price.
- At the shareholders' meeting in early June, along with approval of this dividend plan, governance-related agenda items such as the introduction of cumulative voting were also addressed.
- Beyond this, reports on the issuance of derivative-linked securities such as ELS/DLS follow periodically, which are routine activities of the wealth-management and product business and show one axis of the company's earnings structure.
- The strengths are clear.
- The large-scale cancellation of treasury shares equal to 32% of shares outstanding is among the biggest by any domestic securities company and structurally lifts earnings per share and net asset value per share.
- Added to this are the dividend raised to ₩7,500 per share (about a 4.6% yield at the current price) and a payout ratio in the 40% range, giving a broad scope of shareholder returns.
- A conservative business structure centered on wealth management and high-grade bond management also supports the downside of earnings.
- The point to note is that, given the nature of the securities business, bond and equity trading gains and losses swing sharply each quarter, so a loss can occur in a specific quarter as in Q4 2025.
- The fact that the absolute level of ROE is not high versus peers should also be considered.
- In sum, when market conditions are favorable and trading gains are stable, the cancellation and dividend effects come to the fore together and it is strong, while in phases where bond and equity markets shift abruptly and trading gains waver, the volatility of quarterly results grows.
🔎 Valuation vs peers Fairly valued
A peer set of listed domestic securities companies chosen with regard to business character and scale.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Kiwoom | 7.42x | 1.23x | 16.61% |
| NH Investment & Securities | 10.10x | 1.10x | 10.94% |
| Mirae Asset Securities | 14.35x | 1.69x | 11.80% |
| Daishin Securities | 6.98x | 0.32x | 4.60% |
The surface P/E (24.8x) and P/B (1.53x) sit on the higher side within the peer set (P/E 7-16x, P/B 0.3-1.8x), and ROE (6.2%) is not in the top group either. But there are two correcting factors behind these surface figures. First, 2025 net profit was depressed by a one-off factor - weak Q4 trading gains - so the trailing P/E at an earnings inflection overstates the true earning power. On the firm's own estimate, the 2026 forward P/E is about 21.6x, lower than the surface figure. Second, once the flagged 32% treasury-share cancellation is complete, the share count falls about 30% and net asset value per share rises roughly 47%, in which case the effective P/B falls to around 1.38x, near the peer-set average. Reflecting these cancellation and dividend effects, it is hard to call it as expensive as the surface metrics suggest, but given the absolute level of ROE and the volatility of quarterly earnings, it is also too early to conclude it is clearly undervalued. On balance, it is judged to be in a fairly valued range.
Price history Close · MA20 · MA60
The latest close is ₩148,000 and the market capitalization is ₩2.4 trillion. The price sits below its 20-day moving average (₩170,270) and below its 60-day moving average (₩183,872). 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 37.7, a neutral level. The one-month change is -12.0%, the three-month change is -19.9%, and the position relative to the 52-week high is -42.0%. Relative strength versus the KOSPI is 39 (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 39% of all stocks. Over the past three months it lagged the index by 42.8%. 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 -42.84% / 6M -31.86% / 12M -48.54%
Key metrics vs sector median
Valuation
The P/E of 22.40x is above the sector median (8.97x). The P/B of 1.38x 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 6.2%, in line with the sector average (6.0%). The operating margin is 5.5%. The debt ratio is 486.4%, 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 | $1.6B | $1.8B | $1.6B | -10.78% ↓ slower |
| Operating profit | $76.6M | $112.9M | $90.2M | -20.09% ↓ slower |
| Net profit | $63.9M | $94.5M | $72.0M | -23.85% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $1.6B | $1.8B | $1.6B |
| Operating profit | — | — | $76.6M | $112.9M | $90.2M |
| Net profit | — | — | $63.9M | $94.5M | $72.0M |
| Revenue CAGR | 2-yr avg 2.37% | ||||
Revenue fell 10.8% year over year (2023 ₩2.4 trillion → 2024 ₩2.8 trillion → 2025 ₩2.5 trillion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 20.1% year over year. The decline widened. Over the 3 years on record, revenue compound annual growth (CAGR) is 2.4%. The two-year revenue CAGR is 2.4%. In the most recent quarter (Q3 2025), revenue was 8.9% higher than the same period a year earlier.
Latest quarterly results Q3 2025 · vs year-ago
Technical indicators
What stands out
- The dividend yield, at 3.4%, is on the high side.
Points to watch
- Revenue fell 10.8% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-06-22FilingCorporate value-up plan disclosed. Sets out cancellation of 5,262,283 treasury shares (32.0% of shares outstanding) and a raise of the common-share dividend to ₩7,500 (from ₩5,000), continuing a predictable shareholder-return policy.The cancellation cuts the share count about 30%, lifting earnings per share and net asset value per share by roughly 47%, and together with the enlarged dividend the scope of shareholder returns broadens structurally (mid-term positive). Source
- 2026-06-04FilingNotice convening the regular shareholders' meeting. Tables approval of the fiscal 2025 financial statements and the year-end dividend, plus governance-related items such as introduction of cumulative voting.Confirmation of the enlarged dividend plan and progress on governance-improvement procedures (near-term neutral to positive). Source
- 2026-06-08FilingSubmission of blanket-registration supplementary documents and a prospectus for derivative-linked securities and bonds (ELS/DLS). A routine product-issuance activity of the wealth-management and financial-product business.Routine operating activity underpinning the wealth-management segment's revenue base, such as product sales fees (neutral). Source
- 2026-06-01FilingSubmission of a report on changes in shares held by the largest shareholder and others. Notification of changes in the ownership structure.A routine notification of treasury-share and ownership-related changes (neutral). Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Scale of treasury-share cancellation | 5262,283 | 16,440,000 32.0% | Confirmed | link |
| Dividend per share (common) | ₩7,500 | 2025 ₩7,500,x 40.3% | Confirmed | link |
| 2025 net profit | ₩108.6 billion | 1~3 net profit 1,169, 4 net profit | Confirmed | link |
| 2026 net profit (own estimate) | approx. ₩125.0 billion | — | Unverified | link |
Recent filings
- 2026-06-09Earnings disclosure
- 2026-06-09Earnings disclosure
- 2026-06-08Earnings disclosure
- 2026-06-08Disclosure
- 2026-06-08Disclosure
- 2026-06-05Amended filing
- 2026-06-04Disclosure
- 2026-06-04Shareholders' meeting notice
- 2026-06-02Disclosure
- 2026-06-02Disclosure
- 2026-06-01OwnershipLargest-shareholder ownership change report
- 2026-06-01OwnershipOfficers'/major-shareholders' holdings report
📖 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.