Yuanta Securities Korea is a securities company whose main business is executing stock trades for retail and institutional clients on commission, complemented by wealth management, proprietary asset management, and corporate finance. In the first quarter of 2026, roughly half of operating revenue came from trade-execution commissions, so its results move closely with the mood of the stock market. In May the company fully retired treasury shares equal to about 3.3% of its issued stock (around ₩62.4 billion), and it has set out formal goals of ROE above 10%, a shareholder-return ratio above 40%, and a P/B above 1.0x; its average payout ratio over the past three years is above 50% on a standalone basis. On the positive side, earnings rise quickly when trading volumes recover, while a P/B of 0.44x and a dividend yield around 5% help support the downside. The caution is that the company's earnings are heavily tied to market conditions, so results can reverse if trading activity contracts.
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 27.6% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 125.7% higher than a year earlier.
- ROE is 5.0% (controlling-interest basis). It is below the sector average.
- Operating margin is 2.9%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Yuanta Securities Asia Financial Services 58.77% (individual)
Controlling bloc incl. related parties 58.81%
With the controlling bloc holding 59%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Yuanta Securities Korea is a securities company whose core business is executing stock trades for retail and institutional investors on commission.
- As of the first quarter of 2026, roughly half of operating revenue comes from these trade-execution commissions.
- Added to this are the sale of financial products such as funds and derivative-linked securities (wealth management, or WM), proprietary asset management in which the firm invests its own capital in bonds and equities, and corporate finance (IB) that helps companies raise capital.
- In short, commissions and investment income both rise as market trading grows more active, so results are heavily swayed by the market's mood.
- The controlling shareholder is Taiwan's Yuanta Financial Group, which acquired the former Tong Yang Securities and renamed it.
- The latest close is ₩4,350 and market capitalization is ₩838.2 billion.
- The price sits below its 20-day moving average (₩4,677) and below its 60-day line (₩5,282).
- Trading under both its short- and medium-term averages, the trend is subdued.
- The RSI (an auxiliary gauge that weighs up-moves against down-moves over the past 14 days on a 0-100 scale) is 39.4, a neutral level.
- The one-month change is -10.0%, the three-month change is -4.4%, and the position versus the 52-week high is -44.4%.
- Relative strength against the KOSPI is 37 (a 1-99 scale that weighs recent returns against the index over the past year more heavily toward the recent period; higher means stronger than the market).
- That places it in roughly the top 63% of all stocks by strength.
- Over the past three months it lagged the index by 28.3%.
- Chart reading is best done alongside trading volume and disclosure dates.
- The P/E ratio (how many years of earnings the price reflects) is 8.76x on last year's earnings.
- The P/B (how many times book equity the price reflects) is 0.44x, meaning the shares trade at less than half of the company's net asset value.
- Companies in this industry often trade at a discount to book equity, but 0.44x is low even among them.
- ROE (how much the company earns on its equity in a year) is 5.0%, still on the low side.
- The dividend yield is 5.0% (₩220 per share), which is high, and the payout ratio (the share of net profit paid out as dividends) is about 48%.
- The debt ratio of 1,050% looks very high, but that is a feature of securities companies: client deposits and trading-related liabilities are recorded on both the asset and liability sides, so this differs in nature from the borrowing burden of a manufacturer.
- Revenue grew 27.6% in 2025 from the prior year, so growth has picked up pace again.
- Net profit rose to ₩95.6 billion in 2025, its third straight annual increase.
- The real shift came in 2026.
- First-quarter 2026 net profit jumped to ₩68.0 billion, roughly six to seven times the ₩8.3 billion of a year earlier.
- This was not a single one-off gain but the result of every division improving together.
- Rising market trading volumes gave the trade-execution business its best quarter on record, financial-product sales and asset management also improved, and corporate finance (IB) swung to a profit.
- On last year's earnings the P/E is 8.9x, but reflecting this year's earnings trend the actual valuation is much lower.
- Even allowing for the first quarter's seasonal strength, this looks like a year in which earnings power has stepped up a level from last year.
- Alongside the 2026 earnings rebound, shareholder returns stand out.
- In May the company fully retired about ₩62.4 billion of treasury stock.
- The retired amount is about 3.3% of issued shares, a substantive return that raises per-share value by shrinking the share count.
- The company has set formal targets of ROE above 10%, a shareholder-return ratio above 40%, and a P/B above 1.0x.
- Its average payout ratio over the past three years is above 50% on a standalone basis.
- Meanwhile, most recent disclosures relate to the issuance of equity-linked securities (ELS) and derivative-linked bonds, which is routine activity within the financial-product sales business.
- The strengths are clear.
- The structure lets earnings rise quickly when trading volumes recover, and that pattern was confirmed as 2026 began.
- Treasury-share retirement and a high dividend also signal a strong commitment to shareholder returns.
- A P/B of 0.44x and a dividend yield around 5% help support the downside.
- There are cautions as well.
- The company's earnings are heavily swayed by market conditions, so results can reverse if trading volumes contract again.
- The 10% ROE goal has yet to be met, and whether the strong first quarter of 2026 continues through the remaining quarters depends on the market environment.
- In sum, when a market recovery persists both earnings and returns work strongly, while earnings volatility widens when trading cools.
🔎 Valuation vs peers Undervalued
Compared mainly against mid-sized listed Korean securities companies that carry a large trade-execution mix and share a discounted-to-equity, high-dividend profile.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Daishin Securities | 6.98x | 0.32x | 4.60% |
| NH Investment & Securities | 10.10x | 1.10x | 10.94% |
| Mirae Asset Securities | 14.35x | 1.69x | 11.80% |
Against its closest peer, Daishin Securities (P/E 7.16x, P/B 0.33x, ROE 4.6%), Yuanta trades at a slightly higher P/B but offers a larger dividend yield (5.0%) and a bigger recent earnings improvement. Compared with the larger houses NH Investment & Securities (P/B 1.09x) and Mirae Asset Securities (P/B 1.69x), it is deeply discounted relative to its equity. The 8.9x P/E on last year's earnings does not capture the surge in 2026 earnings; reflecting this year's earnings trend, the actual valuation is much lower. That said, the lower ROE versus the larger houses is part of the reason for the discount, so whether the company reaches its stated 10% ROE goal is the key to any re-valuation.
Price history Close · MA20 · MA60
The latest close is ₩4,350 and the market capitalization is ₩838.2 billion. The price sits below its 20-day moving average (₩4,677) and below its 60-day moving average (₩5,282). 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 39.4, a neutral level. The one-month change is -10.0%, the three-month change is -4.4%, and the position relative to the 52-week high is -44.4%. Relative strength versus the KOSPI is 37 (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 37% of all stocks. Over the past three months it lagged the index by 28.3%. 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 -28.29% / 6M -31.39% / 12M -50.36%
Key metrics vs sector median
Valuation
The P/E of 8.76x is in line with the sector median (8.97x). The P/B of 0.44x is in line with 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 5.0%, below the sector average (6.0%). The operating margin is 2.9%. The debt ratio is 1050.9%, 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 | $1.9B | $1.8B | $2.3B | +27.59% ↑ faster |
| Operating profit | $85.6M | $62.8M | $65.9M | +4.88% ↑ faster |
| Net profit | $42.7M | $48.4M | $63.4M | +30.91% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $1.9B | $1.8B | $2.3B |
| Operating profit | — | — | $85.6M | $62.8M | $65.9M |
| Net profit | — | — | $42.7M | $48.4M | $63.4M |
| Revenue CAGR | 2-yr avg 10.11% | ||||
Revenue rose 27.6% year over year (2023 ₩2.9 trillion → 2024 ₩2.7 trillion → 2025 ₩3.5 trillion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 4.9% year over year. Profit is growing at an accelerating pace. Over the 3 years on record, revenue compound annual growth (CAGR) is 10.1%. The two-year revenue CAGR is 10.1%. In the most recent quarter (Q1 2026), revenue was 125.7% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
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 5.1%, is on the high side.
- Revenue grew 27.6% year over year, a sign of growth.
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
- 2026-05-14EarningsFirst-quarter 2026 consolidated net profit of ₩68.0 billion, a sharp jump from ₩8.3 billion a year earlier. Rising trading volumes drove a record quarter for the trade-execution business, alongside improved financial-product and asset-management results and a swing to profit in corporate finance.A step-up in earnings power as every division improved at once. It removes the optical effect of valuations looking higher than they really are when based on last year's earnings. Source
- 2026-05-15FilingCompleted the full retirement of about ₩62.4 billion of treasury stock. The retired amount equals roughly 3.3% of total issued shares.A substantive shareholder return that directly lifts earnings per share and net asset value per share by reducing the share count. It supports the downside during a period of low P/B. Source
- 2026-06-30FilingFiling on a change in shares held by the largest shareholder (Taiwan's Yuanta Financial Group). A routine disclosure related to the controlling shareholder's ownership structure.A reference point for tracking the governance and controlling-shareholder ownership flow. It ties in with the change in ownership percentage following the treasury-share retirement. Source
- 2026-07-03FilingFiling of a prospectus and supplementary documents for the issuance of derivative-linked securities such as equity-linked securities (ELS). This is ordinary issuance activity within the financial-product sales business.Regular activity related to maintaining the wealth-management (WM) product lineup, with limited impact on short-term results. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| First-quarter 2026 consolidated net profit | base net profit ₩67,977,885,000 | approx. ₩68.0 billion | Confirmed | link |
| Scale of treasury-share retirement | base 192,680,102 | approx. ₩62.4 billion, approx. 3.3% | Confirmed | link |
| Dividend yield and payout ratio | 5.0%, DPS ₩220,x approx. 48% | 3 50% | Confirmed | link |
| 2026 full-year net profit outlook | self-estimate approx. ₩200.0 billion | — | Unverified | — |
Recent filings
- 2026-06-10Disclosure
- 2026-06-10Disclosure
- 2026-06-10Disclosure
- 2026-06-10Disclosure
- 2026-06-09OwnershipOwnership-change filing
- 2026-06-09Disclosure
- 2026-06-09Disclosure
- 2026-06-09Disclosure
- 2026-06-09Disclosure
- 2026-06-09Disclosure
- 2026-06-09Disclosure
- 2026-06-08OwnershipOfficers'/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.