Samsung Securities (016360) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Samsung Securities is a securities company whose core revenue sources are commission-based trade intermediation — intermediating stock trades for individuals and corporations — and wealth management (WM), managing client assets, to which are added bond and derivatives trading, issuance of derivative-linked securities and corporate finance; in the first quarter, retail client assets saw ₩19.7 trillion of net inflows to reach ₩495.6 trillion in total, forming the root of its fee income. In the first quarter of 2026, trade-commission fees rose 130.9% year on year and wealth-management fees 165.6%, swelling net commission income to ₩349.3 billion, and the year confirmed net profit surpassing ₩1 trillion for 2025 in January, a medium-to-long-term payout-ratio target of 50% in March, and a surge in first-quarter net profit to ₩450.9 billion in May. What stands out recently is a two-sided picture: a strength in that trade commissions and wealth management grow together, annualized ROE exceeds 20%, and a shareholder-return direction aiming for a 50% payout ratio is in place; and a caution in the structural trait that such a company's earnings are sensitive to stock-market turnover and the mood of asset markets.
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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 14.8% (controlling-interest basis). It is above the sector average.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Samsung Life Insurance 29.39% (corporate)
Controlling bloc incl. related parties 29.62%
With the controlling bloc holding 30%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Samsung Securities' core revenue sources are commission-based trade intermediation — intermediating stock trades for individual and corporate clients and collecting fees — and wealth management (WM), which manages client assets for a fee. In the first quarter of 2026, trade-commission fees rose 130.9% year on year and wealth-management fees 165.6%, swelling net commission income to ₩349.3 billion (+143.9%). To this, bond and derivatives trading, the issuance and sale of derivative-linked securities such as ELS, and corporate finance (IB) add to earnings. Retail client assets saw ₩19.7 trillion of net inflows in the first quarter to reach ₩495.6 trillion in total, and this asset base is the root of fee income.
The latest close is ₩95,400 and the market capitalization is ₩8.5 trillion. The price sits below its 20-day moving average (₩101,035) and below its 60-day moving average (₩112,440). 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 42.9, a neutral level. The one-month change is -17.5%, the three-month change is -36.2%, and the position relative to the 52-week high is -36.2%. Relative strength versus the KOSPI is 40 (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 40% of all stocks. Over the past three months it lagged the index by 21.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The P/E (how many times a year's earnings the price represents) is 8.46x, the P/B (how many times book net assets the price represents) is 1.04x, and ROE (how much the company earns in a year on its equity) is 12.5%. The dividend yield is 3.6% (dividend per share of ₩4,000) and the payout ratio is about 35.5%, and the company has set a medium-to-long-term payout-ratio target of 50%. Note that for a securities company, client deposits and borrowings are recorded as liabilities, so the debt ratio (debt relative to equity) is hard to view by the same yardstick as a typical manufacturer — the number simply looks large, and it is a natural part of the business structure. The important point here is that a P/E of 9.6x is on a trailing basis, using 2025's confirmed earnings. Because earnings jumped sharply in 2026, on this year's earnings the valuation becomes far lower than this.
The earnings flow is a clear upward slope. Net profit went ₩547.4 billion in 2023 → ₩899.0 billion in 2024 → ₩1.0084 trillion in 2025, growing at an average of about 36% a year over three years, and operating profit traced the same path, from ₩741.1 billion in 2023 to ₩1.3768 trillion in 2025. The decisive change is in 2026. First-quarter net profit was ₩450.9 billion, up 81.5% year on year and 109.7% from the previous quarter, and annualized ROE jumped to 22.2%. The domestic market's average daily turnover entered the ₩100-trillion range and trading exploded, which pushed up trade-commission and wealth-management fees at the same time. This flow continued into the second quarter, with turnover understood to have expanded further from the first quarter. In other words, this year's earnings are on a trajectory well above last year's ₩1 trillion, and this is the crux of the valuation judgment.
Recent disclosures fall into two strands. One is the prospectuses and securities-issuance result reports for the ongoing issuance of derivative-linked securities such as ELS, which is the company's routine product-sales activity. The other is the results and shareholder-return disclosures that matter to investors. In January 2026 it confirmed that 2025 net profit topped ₩1 trillion and a dividend of ₩4,000 per share, and in March, through a value-up plan (voluntary disclosure), it set out a direction of stronger shareholder returns including a medium-to-long-term payout-ratio target of 50%. In May, first-quarter preliminary results and the quarterly report confirmed the surge in net profit to ₩450.9 billion. It is a flow in which results and shareholder returns improve side by side.
The strengths are clear. Trade commissions and wealth management grow together, earnings power has risen to record-high levels, annualized ROE has passed 20%, and the intent for shareholder returns — a payout-ratio target of 50% — backs it up. In particular, the P/E of 9.6x on 2025's confirmed earnings is a surface figure only; because this year's earnings are growing sharply, on this year's earnings the valuation is if anything lower than peers. That is, unlike the impression that it 'looks expensive on a trailing basis,' on a forward basis it is close to an undervalued area. The caution is the structural trait that such a company's earnings are sensitive to stock-market turnover and the mood of asset markets. When trading is active earnings grow sharply, but if the market cools, fee income can slow along with it. In the end, this is a stock that is strong in a phase of buoyant market turnover and whose earnings momentum weakens in a phase where turnover falls noticeably.
🔎 Valuation vs peers Undervalued
Korea's large securities companies that likewise center on commission-based trade intermediation and wealth management.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| NH Investment & Securities | 9.78x | 1.05x | 13.04% |
| Kiwoom Securities | 6.84x | 1.09x | 19.47% |
| Mirae Asset Securities | 12.32x | 1.37x | 16.39% |
(a) Position versus peers: at a trailing P/E of 9.6x, P/B of 1.2x and ROE of 12.5%, it is upper-mid in profitability within the peer group with a middling multiple. (b) Premium/discount: there is an impression that its P/B is somewhat higher than peers, but this is a natural result of a higher ROE. (c) The limits of the trailing P/E and the forward basis: the key is that 9.6x is on 2025's confirmed earnings. First-quarter 2026 net profit already jumped to 1.8 times a year earlier, and buoyant turnover continued into the second quarter, so this year's earnings are on a trajectory clearly above last year's ₩1 trillion. Converting to this year's earnings, the multiple falls sharply and enters an undervalued area versus peers. Because earnings are actually growing, it is reasonable to treat the forward basis as the true picture.
Price history Close · MA20 · MA60
The latest close is ₩95,400 and the market capitalization is ₩8.5 trillion. The price sits below its 20-day moving average (₩101,035) and below its 60-day moving average (₩112,440). 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 42.9, a neutral level. The one-month change is -17.5%, the three-month change is -36.2%, and the position relative to the 52-week high is -36.2%. Relative strength versus the KOSPI is 40 (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 40% of all stocks. Over the past three months it lagged the index by 21.8%. 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 -21.84% / 6M -10.40% / 12M -30.55%
Key metrics Computed vs sector median
Valuation
The P/E of 8.46x is in line with the sector median (9.27x). The P/B of 1.04x is above the sector median (0.50x). 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 14.8%, above the sector average (7.0%). The debt ratio is 1039.9%, 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 | — | — | — | — |
| Operating profit | $520.6M | $847.0M | $966.4M | +14.09% ↓ slower |
| Net profit | $384.6M | $631.6M | $707.6M | +12.03% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Operating profit | — | — | $520.6M | $847.0M | $966.4M |
| Net profit | — | — | $384.6M | $631.6M | $707.6M |
Operating profit rose 14.1% year over year. The pace of that profit growth is gradually easing.
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 4.2%, is on the high side.
- ROE of 14.8% points to solid profitability.
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
- 2026-01-23Earnings2025 full-year results confirmed — net profit ₩1.0084 trillion (+12.2% YoY), operating profit ₩1.3768 trillion (+14.2%), surpassing ₩1 trillion in net profit for the first time ever.Confirms that earnings power has settled at the ₩1-trillion level. An event that raised the earnings baseline for valuation by one notch. Source
- 2026-01-23Dividend2025 fiscal-year cash dividend decided — ₩4,000 per share (total dividends about ₩357.2 billion), a payout ratio of about 35.5%.Strengthens dividend appeal. Coupled with the company's stated medium-to-long-term payout-ratio target of 50%, it raises expectations for expanded shareholder returns. Source
- 2026-03-20IRValue-up plan (voluntary disclosure) — set out a direction of stronger shareholder returns including a medium-to-long-term payout-ratio target of 50%.Concretizes a shareholder-return policy backed by capital capacity. Raises expectations for enhancing shareholder value over the medium term. Source
- 2026-05-11EarningsFirst-quarter 2026 preliminary results (fair disclosure) — net profit ₩450.9 billion (+81.5% YoY, +109.7% QoQ), operating profit ₩609.5 billion, annualized ROE 22.2%.Record-high quarterly earnings on a simultaneous surge in trade commissions and wealth management. Suggests this year's earnings are on a trajectory well above last year's. Source
- 2026-05-15FilingFirst-quarter 2026 quarterly report filed — net commission income ₩349.3 billion (+143.9%), retail client assets ₩495.6 trillion.Confirms the detailed composition of the earnings surge (fees and the client-asset base). A basis for judging the sustainability of the earnings improvement. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 consolidated net profit | approx. 1₩7.2 billion(base net_income ₩1,007,226,734,146) | 1₩8.4 billion | Confirmed | link |
| Dividend per share (2025 fiscal year) | ₩4,000(base dps) | ₩4,000 | Confirmed | link |
| 2025 operating profit | 1₩375.7 billion(base op_income ₩1,375,673,177,021) | 1₩376.8 billion | Confirmed | link |
| First-quarter 2026 net profit | ₩450.9 billion(base quarter net_income ₩450,856,069,096) | ₩450.9 billion | Confirmed | link |
Recent filings Source
- 2026-06-10Disclosure
- 2026-06-10Disclosure
- 2026-06-10Disclosure
- 2026-06-10Disclosure
- 2026-06-05Disclosure
- 2026-06-05Disclosure
- 2026-06-04Earnings disclosure
- 2026-06-04Earnings disclosure
- 2026-06-04Disclosure
- 2026-06-04Disclosure
- 2026-06-02Disclosure
- 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.