Samsung Securities is a securities company whose core earnings come from trade intermediation—executing stock trades for retail and institutional clients—and wealth management (WM), the fee business of managing client assets, complemented by bond and derivatives trading, the issuance of structured products, and corporate finance. In Q1 2026, retail client assets saw net inflows of ₩19.7 trillion, reaching ₩495.6 trillion in total, and this asset base is the root of the firm's fee income. Trade-intermediation fees rose 130.9% year over year and wealth-management fees 165.6%, pushing net trade-intermediation commissions to ₩349.3 billion. The firm crossed ₩1 trillion in 2025 net profit (reported in January), set a medium-to-long-term payout target of 50% in March, and confirmed a sharp jump in Q1 net profit to ₩450.9 billion in May. The strengths worth watching are that trade intermediation and wealth management are growing in tandem, annualized ROE tops 20%, and shareholder returns are supported by the 50% payout goal; the cautionary condition is the structural sensitivity of a securities company's earnings to market trading volumes and the mood of asset markets.
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 12.5% (controlling-interest basis). It is above the sector average.
- P/B is high versus peers, a stretch on an asset basis.
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
- Samsung Securities earns its keep mainly from trade intermediation—executing stock trades for retail and institutional clients in exchange for commissions—and from wealth management (WM), where it manages client assets for a fee.
- In Q1 2026, trade-intermediation fees climbed 130.9% year over year and wealth-management fees 165.6%, lifting net trade-intermediation commissions to ₩349.3 billion (+143.9%).
- On top of this, bond and derivatives trading, the issuance and sale of structured products such as ELS, and corporate finance (IB) add to earnings.
- Retail client assets drew net inflows of ₩19.7 trillion in the first quarter, reaching ₩495.6 trillion in total, and this asset base is the root of the firm's fee income.
- The recent close is ₩106,600 and market cap is ₩9.5 trillion.
- The price sits below its 20-day line (₩114,255) and below its 60-day line (₩117,980).
- Trading below both its short- and mid-term moving averages, the trend looks subdued.
- The RSI (an auxiliary gauge that weighs up-days against down-days over the past 14 days on a 0-100 scale) is 43.3, a neutral reading.
- The 1-month change is -5.0%, the 3-month change is +12.0%, and it stands -28.7% below its 52-week high.
- Relative strength versus the KOSPI is 50 (1-99, a recency-weighted conversion of returns against the index over the past year—higher means stronger than the market), placing it around the top 50% of all stocks by strength.
- Over the past three months it has lagged the index by 17.8%.
- Chart reading is best done alongside trading volume and the dates of disclosures.
- The P/E (how many times one year's earnings the price represents) is 9.45x, the P/B (how many times book net assets) is 1.18x, and ROE (how much is earned in a year on equity) is 12.5%.
- The dividend yield is 3.7% (a per-share dividend of ₩4,000), the payout ratio is about 35%, and the firm has set a medium-to-long-term payout target of 50%.
- Note that for a securities company, client deposits and borrowings are recorded as liabilities, so the debt ratio cannot be judged by the same yardstick as an ordinary manufacturer—the figure only looks large, which is natural given the business structure.
- The key point here is that the P/E of 9.6x is based on trailing 2025 confirmed earnings.
- Because earnings jumped sharply in 2026, valuation looks considerably lower when measured against this year's earnings.
- The earnings trajectory is a clear upward path.
- Net profit rose from ₩547.4 billion (2023) to ₩899.0 billion (2024) to ₩1,008.4 billion (2025), a roughly 36% annual average over three years, and operating profit traced the same arc, from ₩741.1 billion (2023) to ₩1,376.8 billion (2025).
- The decisive shift came in 2026.
- Q1 net profit surged to ₩450.9 billion, up 81.5% year over year and 109.7% from the prior quarter, and annualized ROE jumped to 22.2%.
- As the domestic market's average daily turnover entered the ₩100-trillion range and trading exploded, both trade-intermediation and wealth-management fees were lifted at once.
- This momentum carried into the second quarter, where turnover is understood to have expanded further beyond Q1 levels.
- In short, this year's earnings sit on a trajectory well above last year's ₩1 trillion, and that is central to any valuation judgment.
- Recent disclosures fall into two streams.
- One is the prospectuses and securities-issuance reports for the ongoing issuance of structured products such as ELS—routine product-sales activity.
- The other, more meaningful to investors, covers earnings and shareholder returns.
- In January 2026 the firm confirmed 2025 net profit above ₩1 trillion and a ₩4,000 per-share dividend; in March, through a corporate-value enhancement plan (a voluntary value-up disclosure), it laid out a stronger shareholder-return direction including a medium-to-long-term payout target of 50%; and in May, provisional Q1 results and the quarterly report confirmed the surge in net profit to ₩450.9 billion.
- Earnings and shareholder returns are improving side by side.
- The strengths are clear.
- Trade intermediation and wealth management are growing together, earnings power has risen to a record high, annualized ROE has topped 20%, and the intent to return capital is backed by a 50% payout goal.
- In particular, the trailing P/E of 9.6x on 2025 confirmed earnings is only a surface figure; with this year's earnings rising sharply, valuation looks rather low against this year's earnings relative to peers.
- That is, contrary to the impression that it "looks expensive on a trailing basis," it sits close to an undervalued zone on a forward basis.
- The point to watch is the structural sensitivity of a securities company's earnings to market turnover and the mood of asset markets.
- When trading is brisk, earnings rise sharply, but when the market cools, fee income can slow with it.
- In the end, this is a stock that is strong while brisk market trading continues and whose earnings momentum weakens when turnover falls noticeably.
🔎 Valuation vs peers Undervalued
Large domestic securities companies built, like Samsung Securities, on trade intermediation and wealth management.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| NH Investment & Securities | 10.10x | 1.10x | 10.94% |
| Kiwoom | 7.42x | 1.23x | 16.61% |
| Mirae Asset Securities | 14.35x | 1.69x | 11.80% |
(a) Position versus peers: at a trailing P/E of 9.6x, P/B of 1.2x, and ROE of 12.5%, it sits in the upper-middle of the peer group for profitability at an unremarkable multiple. (b) Premium/discount: while its P/B may look somewhat higher than peers, this is a natural result of its improved ROE. (c) Limits of the trailing P/E and the forward case: the key is that 9.6x is based on 2025 confirmed earnings. Q1 2026 net profit has already jumped to 1.8x the year-earlier level, and brisk turnover carried into the second quarter, so this year's earnings sit on a trajectory clearly above last year's ₩1 trillion. Converted to this year's earnings, the multiple falls considerably and moves into an undervalued zone relative to peers. Since earnings are genuinely rising, it is reasonable to treat the forward basis as the real picture.
Price history Close · MA20 · MA60
The latest close is ₩106,600 and the market capitalization is ₩9.5 trillion. The price sits below its 20-day moving average (₩114,255) and below its 60-day moving average (₩117,980). 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 43.3, a neutral level. The one-month change is -5.0%, the three-month change is +12.0%, and the position relative to the 52-week high is -28.7%. Relative strength versus the KOSPI is 50 (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 50% of all stocks. Over the past three months it lagged the index by 17.8%. 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 -17.77% / 6M -16.47% / 12M -37.16%
Key metrics vs sector median
Valuation
The P/E of 9.45x is in line with the sector median (8.97x). The P/B of 1.18x 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 12.5%, above the sector average (6.0%). The debt ratio is 987.6%, 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 | $491.2M | $799.1M | $911.8M | +14.09% ↓ slower |
| Net profit | $362.8M | $595.9M | $667.6M | +12.03% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Operating profit | — | — | $491.2M | $799.1M | $911.8M |
| Net profit | — | — | $362.8M | $595.9M | $667.6M |
Operating profit rose 14.1% year over year. The pace of that profit growth is gradually easing.
Latest quarterly results
No recent quarterly results confirmed from DART.
Technical indicators
What stands out
- The dividend yield, at 3.8%, is on the high side.
- ROE of 12.5% points to solid profitability.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-01-23Earnings2025 full-year results confirmed — net profit of ₩1,008.4 billion (+12.2% YoY) and operating profit of ₩1,376.8 billion (+14.2%), crossing ₩1 trillion in net profit for the first time.Confirms that earnings power has settled into the ₩1-trillion range. An event that raises the earnings baseline for valuation by a notch. Source
- 2026-01-23Dividend2025 fiscal-year cash dividend decided — ₩4,000 per share (total payout of about ₩357.2 billion), a dividend yield of 5.0%.Strengthens dividend appeal. Coupled with the firm's stated medium-to-long-term payout target of 50%, it raises expectations for expanded shareholder returns. Source
- 2026-03-20IRCorporate-value enhancement plan (voluntary value-up disclosure) — sets out a stronger shareholder-return direction including a medium-to-long-term payout target of 50%.Fleshes out a shareholder-return policy backed by capital capacity. Raises expectations for enhanced shareholder value over the medium term. Source
- 2026-05-11EarningsQ1 2026 provisional results (fair disclosure) — net profit of ₩450.9 billion (+81.5% YoY, +109.7% QoQ), operating profit of ₩609.5 billion, and annualized ROE of 22.2%.A record quarterly profit as trade intermediation and wealth management surged together. Suggests this year's earnings will run well above last year's. Source
- 2026-05-15FilingQ1 2026 quarterly report filed — net trade-intermediation commissions of ₩349.3 billion (+143.9%) and retail client assets of ₩495.6 trillion.Confirms the detailed makeup of the earnings surge (fees and the client-asset base). A basis for judging the durability 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 |
| Per-share dividend (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 |
| Q1 2026 net profit | ₩450.9 billion(base quarter net_income ₩450,856,069,096) | ₩450.9 billion | Confirmed | link |
Recent filings
- 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.