Stic Investments is a private-equity and venture-investment manager that raises outside capital to form funds and invests through them in companies, infrastructure, and real estate, with cumulative assets under management of roughly ₩9.5-10 trillion; its income splits into steady management fees and lumpy performance fees and gains on disposal of investments that depend on exit timing. In March 2026 it decided to commit ₩40.0 billion, or 16.08% of its equity, to an infrastructure private-equity fund, and the chairman's side raised its stake to 8.45%, while the May Q1 quarterly report disclosed cumulative revenue of ₩16.84 billion, operating profit of ₩4.58 billion, and net profit of ₩3.65 billion. What stands out lately is that the strengths are stable management-fee income, near-debt-free finances, an earnings rebound past the 2024 trough, an asset-value floor at a P/B around 1x, and management's stake purchases showing confidence, while earnings swing widely with the timing of IPO and sale exits and, with ROE still at a low stage, the P/E is on the higher side 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 rose 14.8% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 1.7% higher than a year earlier.
- ROE is 5.9% (controlling-interest basis). It is below the sector average.
- Operating margin is 18.8%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2023-12-31
Largest shareholder Do Yong-hwan 13.44% (individual)
Controlling bloc incl. related parties 20.08%
With the controlling bloc holding 20%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Stic Investments is not a company that makes and sells products directly but a private-equity (PEF) and venture-investment manager that raises outside capital to form funds and earns money by investing through them in companies, infrastructure, and real estate.
- Its cumulative assets under management (AUM, the total value of funds it manages) are roughly ₩9.5-10 trillion.
- Income splits into two main streams: management fees received steadily while running funds (income that comes in reliably each year), and performance fees and gains on disposal of investments earned when portfolio companies are exited at good prices (IPO or sale) (income that is lumpy depending on timing).
- It has subsidiaries handling venture investment (Stic Ventures) and alternative investment (Stic Alternative Asset Management), and also conducts overseas fundraising and investment through Southeast Asian bases such as a Singapore entity and a Ho Chi Minh office.
- Given the nature of this business, earnings improve as exits increase when IPO and M&A markets are strong, and are booked slowly when the market freezes and exits are postponed, giving it cyclical sensitivity.
- The latest close is ₩7,150 and the market cap is ₩277.2 billion.
- The price sits above the 20-day line (₩6,889) and below the 60-day line (₩8,200).
- Short- and medium-term trends diverge, so they should be read separately.
- The RSI (a supplementary gauge that weighs upward versus downward momentum over the past 14 days on a 0-100 scale) is 48.7, a neutral level.
- The one-month change is +3.0%, the three-month change is -22.1%, and the position versus the 52-week high is -45.0%.
- Relative strength versus the KOSPI is 7 (1-99, converting the past year's return versus the index with heavier weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 94% of all stocks by strength.
- Over the past three months it has lagged the index by 39.6%.
- Chart readings are best viewed together with trading volume and disclosure dates.
- The P/E ratio calculated on 2025's single-year confirmed earnings (how many times one year's earnings the share price represents) is 18.43x, and the P/B (how many times the company's net assets the share price represents) is 1.09x.
- The forward P/B on this year's expected earnings is 1.09x, so the share price trades at nearly the same value as the company's net assets.
- ROE (how much is earned in a year on equity) at 5.9% is on the lower side versus the average for managers, largely because 2025 earnings have not yet risen to a normal level.
- With an operating margin of 18.8% and a net margin of 16.5%, the structure that generates profit itself is sound.
- Finances are very stable: the debt ratio (debt to equity) is just 1.2%, the current ratio (cash-like assets versus debt due within a year) is 466%, and the interest coverage ratio is 35x, so the debt burden is effectively nil.
- Because a PE and venture manager's earnings swing with exit timing, viewing the multi-year average (normalized earnings) and the asset value shown by the P/B together, rather than a single year's figure, is closer to the actual value.
- Net profit over the past three years ran ₩27.58 billion in 2023, ₩9.32 billion in 2024, and ₩15.04 billion in 2025, rebounding +61.4% in 2025 after a deep trough in 2024.
- Revenue also rose +14.8% to ₩91.2 billion in 2025 and operating profit rose +28.1% to ₩17.18 billion, continuing the recovery.
- Because 2025 earnings still fall short of the 2023 level, it is appropriate to see this as a recovery stage with room for exits to normalize once more.
- Q1 2026 cumulative net profit was ₩3.65 billion and revenue was ₩16.84 billion (+1.7%), so the pace of revenue growth has moderated versus last year.
- The forward P/E on this year's expected earnings coming out similar to the 2025 confirmed P/E (17.27x) means this year's earnings form at broadly the same level as last year's.
- Because a manager's earnings depend heavily on when funds are exited, AUM scale and the exit pipeline are more fundamental drivers than a single year's revenue growth rate.
- The company putting its own capital directly into funds and growing its managed scale forms a basis on which performance fees can rise in the next exit cycle.
- Recent disclosures show the manager's core activities well.
- In March 2026 it decided to make a cash commitment of ₩40.0 billion as a limited partner to an infrastructure private-equity fund (Stic Hantoo Infra) (16.08% of equity), confirming the company putting its own capital directly into funds and growing its managed scale.
- Around the same time, founder and chairman Do Yong-hwan's side raised its holding to 8.45% through on-market purchases and the like; management buying its own company's shares is a signal worth watching in a phase where the price is depressed.
- In May, the Q1 quarterly report disclosed cumulative revenue of ₩16.84 billion, operating profit of ₩4.58 billion, and net profit of ₩3.65 billion, and in June a corporate governance report disclosed the status of the board, shareholder returns, and succession.
- This is a large manager with cumulative AUM of roughly ₩9.5-10 trillion, with a stable income base in management fees and solid, near-debt-free finances.
- Earnings rebounded in 2025 after the 2024 trough, and with a P/B around 1x the share price trades at nearly the same value as the company's net assets, providing an asset-value floor.
- The chairman's on-market stake purchases and direct fund commitment show internal confidence in the company.
- The caution is that earnings swing widely year to year with fund-exit (IPO or sale) timing, and with ROE still at a low stage, the P/E is on the higher side versus peers.
- In sum, in phases where IPO and M&A markets revive and exits increase, the managed scale and asset value come into focus together and the stock is strong, whereas in phases where a market downturn postpones exits, the earnings recovery is delayed and momentum fades.
- The direction of AUM scale and the exit cycle is the key yardstick for reading this stock.
🔎 Valuation vs peers Fairly valued
Compared with domestic listed venture and private-equity managers of the same business substance (a structure of proprietary-capital investment plus management fees plus performance fees).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| DSC Investment | 12.34x | 1.69x | 13.73% |
| Atinum Investment | 4.00x | 0.49x | 12.27% |
Compared with peer managers, Stic's P/E of 17.58x is higher than DSC Investment (16.95x) and much higher than Atinum Investment (5.17x). ROE at 5.9% is also lower than the two peers (13.7%, 12.3%), so on the surface P/E alone it looks somewhat burdensome. Two things must be viewed together, however. First, a PE and venture manager's earnings depend on exit timing, so a P/E computed on a single year's confirmed (trailing) earnings has the limit of looking more expensive than reality at an earnings trough. 2025 net profit (₩15.04 billion) is about half the 2023 level (₩27.58 billion), so once exits normalize, the P/E can fall to single digits even at the same market cap. Second, the P/B at 1.09x is mid-range among peers, and finances are very robust. Taken together, on the currently depressed earnings alone it is not cheap, but factoring in asset value and recovery potential, seeing it in the 'fairly valued' range is a balanced judgment. That said, one should note that if the IPO and M&A market downturn is prolonged, the earnings recovery is delayed and the burden can come back into focus.
Price history Close · MA20 · MA60
The latest close is ₩7,150 and the market capitalization is ₩277.2 billion. The price sits above its 20-day moving average (₩6,889) and below its 60-day moving average (₩8,200). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 48.7, a neutral level. The one-month change is +3.0%, the three-month change is -22.1%, and the position relative to the 52-week high is -45.0%. Relative strength versus the KOSPI is 7 (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 6% of all stocks. Over the past three months it lagged the index by 39.6%. 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 -39.58% / 6M -53.78% / 12M -71.58%
Key metrics vs sector median
Valuation
The P/E of 18.43x is above the sector median (12.68x). The P/B of 1.09x is above the sector median (0.66x).
Profitability & financials
Return on equity (ROE) is 5.9%, in line with the sector average (6.0%). The operating margin is 18.8%. The debt ratio is 120.3%, 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 | $62.1M | $52.7M | $60.5M | +14.79% ↑ faster |
| Operating profit | $21.9M | $8.9M | $11.4M | +28.06% ↑ faster |
| Net profit | $18.3M | $6.2M | $10.0M | +61.44% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $62.1M | $52.7M | $60.5M |
| Operating profit | — | — | $21.9M | $8.9M | $11.4M |
| Net profit | — | — | $18.3M | $6.2M | $10.0M |
| Revenue CAGR | 2-yr avg -1.37% | ||||
Revenue rose 14.8% year over year (2023 ₩93.8 billion → 2024 ₩79.5 billion → 2025 ₩91.2 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 28.1% year over year. Profit is growing at an accelerating pace. Over the 3 years on record, revenue compound annual growth (CAGR) is -1.4%. The two-year revenue CAGR is -1.4%. In the most recent quarter (Q1 2026), revenue was 1.7% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 14.8% year over year, a sign of growth.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-03-20FilingDecision to make a cash commitment of ₩40.0 billion as a limited partner to an infrastructure private-equity fund (Stic Hantoo Infra) (16.08% of equity, 4.99% of the fund), aimed at pursuing returns through fund commitmentsShort term: a cash outflow via managed-capital deployment, but committing to its own fund expands the base for future disposal gains. Medium term: expanding AUM and the proprietary-investment share raises exit potential alongside earnings volatility. Source
- 2026-04-03FilingFounder and chairman Do Yong-hwan's side raised its holding to 8.45% through on-market purchases and the like (reporting date 2026-03-30; reason: change in specially related persons and on-market acquisition)Short term: on-market purchases by the largest-shareholder side in a depressed-price phase are a positive signal for supply-demand and sentiment. Medium term: management's stake expansion suggests internal confidence in company value. Source
- 2026-05-15EarningsQ1 2026 quarterly report - cumulative revenue of ₩16.84 billion (+1.7%), operating profit of ₩4.58 billion, and net profit of ₩3.65 billionShort term: confirms weaker recovery momentum as revenue growth slows. Medium term: with the quarterly pace staying near last year's level, this year's earnings may hold flat versus the prior year. Source
- 2026-06-01FilingDisclosure of the corporate governance report - discloses governance status such as the board, shareholder returns, and successionShort term: limited direct earnings impact. Medium term: governance and succession transparency are favorable for long-term fundraising and trust. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-01Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-04-03OwnershipOwnership-change filing
- 2026-03-27Disclosure
- 2026-03-27Shareholders' meeting notice
- 2026-03-20Disclosure
- 2026-03-19Amended filing
- 2026-03-19Amended filing
- 2026-03-19Amended filing
- 2026-03-19PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-16OwnershipOfficers'/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.