Daishin Securities is a financial-investment company that earns money from equity trading commissions, wealth management, bond trading and corporate finance (IB), with property development and non-performing-loan (NPL) investment through its subsidiary Daishin F&I setting it apart from other mid-sized peers. In December 2024 it cleared the ₩3 trillion equity threshold and was designated a comprehensive financial-investment business, and in 2025 it topped up capital by a further ₩550 billion via hybrid securities and redeemable convertible preferred shares, bringing year-end equity to ₩4.1 trillion and meeting the mega-IB requirement for the first time, while Q1 net profit surged 89%. What stands out is a mix of strength and caution: it has grown capital into the ₩4 trillion range and secured the qualifications, so if that capital turns into earnings its previously low ROE could rise, and a P/B of 0.33x with a 4.4% dividend yield adds downside appeal, while its earnings can swing quarter to quarter with trading volumes, interest rates and the property market.
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 23.7% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 113.5% higher than a year earlier.
- ROE is 4.6% (controlling-interest basis). It is below the sector average.
- Operating margin is 5.9%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Yang Hong-seok 9.48% (individual)
Controlling bloc incl. related parties 19.85%
With the controlling bloc holding 20%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Daishin Securities is a financial-investment company that earns money from equity trading commissions, wealth management, bond and derivatives trading, and corporate finance (IB).
- On top of this, property development and non-performing-loan (NPL) investment through its subsidiary Daishin F&I is a revenue source that sets it apart from other mid-sized peers.
- It generated large profits from developing and selling the upscale 'Nine One Hannam' residences in Hannam-dong, Seoul, and those funds became the springboard for growing its equity.
- Recently it has been reducing the weight of individual property development and shifting toward NPL investment.
- The derivatives-linked notes (ELS and DLB) that often appear in its filings are a normal core-business activity of creating products the company offers to its clients.
- The latest close is ₩26,450 and the market cap is ₩1.3 trillion.
- The price sits below the 20-day line (₩28,345) and below the 60-day line (₩32,957).
- Trading below both the short- and mid-term moving averages, the trend looks pressured.
- The RSI (an indicator that gauges upward versus downward momentum over the past 14 days on a 0-100 scale) is 39.0, a neutral reading.
- The one-month change is -8.8%, the three-month change is -26.7%, and the price sits -46.0% from its 52-week high.
- Relative strength versus the KOSPI is 31 (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), placing it in roughly the top 69% of all stocks by strength.
- Over the past three months it lagged the index by 44.2%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- The P/E ratio (how many times one year's earnings the price represents) is 6.98x on last year's earnings.
- The P/B (how many times the company's net assets the price represents) is 0.32x, meaning it trades at one-third the value of the company's equity.
- For a financial-investment company, capital itself is the operating base, so viewing it on P/B is natural.
- ROE (how much it earns in a year on its equity) is 4.6%, lower than large peers (10-12%).
- This reflects the fact that, having grown capital quickly, that capital has not yet fully turned into earnings.
- The dividend yield is 4.4% (₩1,200 per share) and the payout ratio is 51%, returning half of earnings to shareholders.
- The debt ratio looks high, but this is operating liability specific to the business, such as derivatives-linked notes and repurchase agreements, different in nature from manufacturing debt.
- Revenue rose for three straight years, up 24% from the prior year to ₩5.06 trillion in 2025.
- Operating profit jumped 3.6x from ₩83.6 billion in 2024 to ₩301.4 billion in 2025.
- Net profit also rose 29% year on year to ₩186.6 billion in 2025.
- The inflection came in Q1 2026.
- Q1 net profit surged 89% year on year to ₩145.5 billion, earning 78% of last full year's net profit in a single quarter.
- This came from reviving trading volumes plus property and trading performance.
- If this trend continues, this year's net profit has room to leap to roughly double last year's.
- So the P/E of 7x on last year's earnings falls considerably below that on a forward basis.
- In other words, the current share price has not yet reflected the improved earnings.
- The most important event is the Financial Services Commission's December 2024 designation as a comprehensive financial-investment business.
- By clearing the ₩3 trillion equity threshold, it earned the qualification to expand into large-peer areas such as corporate credit extension.
- In 2025 it issued ₩165 billion of hybrid securities and ₩385 billion of redeemable convertible preferred shares, topping up capital by a further ₩550 billion.
- As a result, year-end 2025 equity reached ₩4.1 trillion, meeting the mega-IB requirement (₩4 trillion equity) for the first time.
- Recent filings are mostly routine core-business activities such as derivatives-linked note issuance and prospectuses.
- After completing the Nine One Hannam development, subsidiary Daishin F&I has been orienting toward NPL investment.
- The point to watch is the power to convert capital into earnings.
- Daishin Securities has grown capital quickly into the ₩4 trillion range and holds comprehensive financial-investment and mega-IB qualifications.
- Now, once that capital starts turning into earnings, its previously low ROE could climb.
- The 89% surge in Q1 2026 net profit reads as that signal.
- A P/B of 0.33x and a 4.4% dividend yield are appeals that support the downside ahead of this change.
- The cautions are also clear.
- Earnings here swing quarter to quarter with market trading volumes, interest rates and the property market.
- There is no guarantee that Q1's strong results carry through the remaining quarters unchanged.
- In short, when trading volumes stay alive and capital deployment goes smoothly, the undervaluation appeal comes to the fore, while if the market cools or property investment produces losses, earnings volatility rises.
🔎 Valuation vs peers Undervalued
Compared against domestically listed peers with a similar mix of client equity trading, IB and proprietary trading.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Samsung Securities | 9.90x | 1.24x | 12.48% |
| NH Investment & Securities | 10.10x | 1.10x | 10.94% |
| Yuanta Securities Korea | 8.76x | 0.44x | 5.02% |
For a financial-investment company, capital is the operating base, so viewing it on P/B is natural. Daishin Securities sits at the lowest position among peers at a P/B of 0.33x, trading at one-third the value of its net assets. The reason for the discount is the low ROE (4.6%): having grown capital quickly into the ₩4 trillion range, it has not yet fully turned that into earnings. That said, the P/E of 7.2x on last year's earnings has limits for a name at an earnings inflection. Reflecting the 89% surge in Q1 2026 net profit, the value on a forward basis falls considerably below that. Once capital starts turning into earnings and ROE climbs, the low P/B has room to be re-valued as undervalued.
Price history Close · MA20 · MA60
The latest close is ₩26,450 and the market capitalization is ₩1.3 trillion. The price sits below its 20-day moving average (₩28,345) and below its 60-day moving average (₩32,957). 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 39.0, a neutral level. The one-month change is -8.8%, the three-month change is -26.7%, and the position relative to the 52-week high is -46.0%. Relative strength versus the KOSPI is 31 (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 31% of all stocks. Over the past three months it lagged the index by 44.2%. 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 -44.17% / 6M -40.09% / 12M -55.76%
Key metrics vs sector median
Valuation
The P/E of 6.98x is below the sector median (8.97x). The P/B of 0.32x is below the sector median (0.45x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets. 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 4.6%, below the sector average (6.0%). The operating margin is 5.9%. The debt ratio is 865.1%, 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 | $2.6B | $2.7B | $3.4B | +23.69% ↑ faster |
| Operating profit | $106.9M | $55.4M | $199.8M | +260.56% ↑ faster |
| Net profit | $88.6M | $96.0M | $123.7M | +28.86% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $2.6B | $2.7B | $3.4B |
| Operating profit | — | — | $106.9M | $55.4M | $199.8M |
| Net profit | — | — | $88.6M | $96.0M | $123.7M |
| Revenue CAGR | 2-yr avg 14.62% | ||||
Revenue rose 23.7% year over year (2023 ₩3.9 trillion → 2024 ₩4.1 trillion → 2025 ₩5.1 trillion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 260.6% year over year. Profit is growing at an accelerating pace. Over the 3 years on record, revenue compound annual growth (CAGR) is 14.6%. The two-year revenue CAGR is 14.6%. In the most recent quarter (Q1 2026), revenue was 113.5% 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 4.5%, is on the high side.
- Revenue grew 23.7% 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
- 2024-12-24FilingThe Financial Services Commission designated Daishin Securities as a comprehensive financial-investment business with equity of ₩3 trillion or moreSecures the qualification to expand into large-peer areas such as corporate credit extension. Widens the scope for capital deployment over the medium term Source
- 2025-06-05FilingFiled supplementary documents and a prospectus for a shelf registration of derivatives-linked notes (equity-linked and other derivatives-linked notes)A normal core-business activity of issuing derivatives-linked products for clients. A base for trading and commission revenue Source
- 2025-06-09FilingFiled a securities issuance results report (a routine disclosure related to capital raising)Continued capital-strengthening and raising activity. The backdrop to maintaining equity in the ₩4 trillion range Source
- 2025-12-31EarningsReached ₩4.1 trillion of equity in 2025, meeting the mega-IB requirement (₩4 trillion equity) for the first timeA springboard for further business expansion such as issued notes. Broadens the medium- to long-term earnings base Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Comprehensive financial-investment business designation | ₩4 trillion | 2024-12-24 ₩3 trillion | Confirmed | link |
| Q1 2026 revenue growth rate | revenue ₩2.40 trillion, 比 +113.5% | 2026 1 revenue 2₩401.3 billion, 113.5% | Confirmed | link |
| 2026 forward net profit | approx. ₩370.0 billion(self-estimate) | — | Unverified | link |
Recent filings
- 2026-06-09Earnings disclosure
- 2026-06-08Earnings disclosure
- 2026-06-08Earnings disclosure
- 2026-06-05Earnings disclosure
- 2026-06-05Disclosure
- 2026-06-05Disclosure
- 2026-06-05Disclosure
- 2026-06-05Disclosure
- 2026-06-04Disclosure
- 2026-06-04Disclosure
- 2026-06-04Earnings disclosure
- 2026-06-04Disclosure
📖 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.