Aju IB Investment is not a bank that earns from deposits and loans but an investment-management firm that raises and runs funds across three arms — venture investment, accelerator, and private equity — earning management fees on outside investors' capital and appraisal and disposal gains from the value appreciation, listing, or sale of the startups and unlisted firms it invests in; assets under management (AUM) grew from about ₩2.1 trillion at end-2024 to about ₩2.5 trillion at end-2025. Q1 2026 earnings jumped more than ninefold from the same period last year, the dividend was raised 40% to ₩70 per share for a payout ratio of about 101%, and it set out ROE and P/B targets in a disclosure. What stands out lately is that AUM growth and a forecast P/E on recovered earnings that sits mid-pack among peers make the price look light if the Q1 surge carries through the full year; but because the source of earnings is appraisal and disposal gains tied to fund-realization timing, results can swing again if realizations are delayed.
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 3.1% (controlling-interest basis). It is below the sector average.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Aju 60.37% (corporate)
Controlling bloc incl. related parties 60.54%
With the controlling bloc holding 61%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Aju IB Investment is not a company that earns from deposits and loans like a bank, but an investment-management firm that raises and runs funds across three arms: venture investment, accelerator, and private equity (PE).
- It makes money in two main ways.
- One is the management fees it receives for pooling and running outside investors' money; the other is the appraisal and disposal gains that arise when the startups and unlisted companies it invests in directly or indirectly rise in value or are listed or sold.
- In fact, the company stated directly in a disclosure that the main reason for its 2025 earnings swing was 'an increase in appraisal and disposal gains from the value appreciation of investee companies.' Assets under management (AUM, the total size of the funds the company runs) grew more than 20%, from about ₩2.1 trillion at end-2024 to about ₩2.5 trillion at end-2025.
- The larger the AUM, the more the fees received and the realization opportunities grow together.
- The recent close is ₩3,770 and market cap is ₩456.7 billion.
- The price sits below the 20-day line (₩5,374) and the 60-day line (₩11,026).
- Trading below both its short- and mid-term moving averages, the trend is on the soft side.
- The RSI (an indicator that gauges the balance of up- and down-moves over the last 14 days on a 0-100 scale) is 24.2, close to depressed territory.
- The one-month change is -58.0%, the three-month change is -56.3%, and it sits -79.9% from its 52-week high.
- Relative strength versus the KOSDAQ is 92 (on a 1-99 scale, weighting recent returns against the index over the past year more heavily; higher means stronger than the market), placing it in roughly the top 8% of all stocks by strength.
- Over the last three months it lagged the index by 42.8%.
- Chart reading is best done alongside trading volume and the dates disclosures were filed.
- On confirmed full-year results (2025), the P/E (a gauge of how many times one year's net profit the price is) is 54.88x, the P/B (how many times net assets per share the price is) is 1.71x, and the ROE (how much is earned per year on shareholders' equity) is 3.1%.
- This is a textbook 'earnings inflection' stock whose value is hard to judge on last year's figures alone.
- The high trailing P/E came about because net profit in 2024 and 2025 was roughly flat around ₩8.3 billion, but Q1 2026 net profit jumped more than ninefold from the same period last year to ₩6.05 billion.
- As a result, the forecast P/E based on this year's earnings falls to less than half the 63.32x on last year's confirmed results.
- Against investment-management peers in the same business, this places it neither high nor low but mid-pack.
- Meanwhile, although the on-screen debt-to-equity ratio shows 126.8%, the company's own disclosure puts 2025 total liabilities at ₩71.4 billion and total equity at ₩266.9 billion, so the actual debt-to-equity ratio is only about 27%.
- The displayed figure appears to have mistakenly tallied liabilities against total assets; by the nature of an investment-management firm, this is not a company with a heavy debt burden.
- By the flow the company disclosed, operating profit fell from ₩17.7 billion in 2023 to ₩8.4 billion in 2024, then recovered 41.7% to ₩11.9 billion in 2025.
- Over the same span, operating revenue (the top line) fell from ₩65.6 billion in 2024 to ₩50.7 billion in 2025; that operating profit rose even as revenue fell is because the weight and timing of appraisal and disposal gains realized from funds shifted, a natural look given the nature of the fund-management business.
- And in Q1 2026, operating profit of ₩8.05 billion and net profit of ₩6.05 billion were up 9.4x and 9.2x, respectively, from the same period last year.
- The grounds for this year's forecast net profit rising sharply above last year's are clear: AUM has kept swelling to ₩2.5 trillion, thickening the fee base, and the firm has entered a realization phase in which appraisal and disposal gains are starting to be booked in earnest as the value of its previously built portfolio companies rises.
- These two flows surfaced first as the Q1 surge, and the forecast P/E on this year's earnings reflects that recovered earning power.
- That said, because the source of earnings is fund realizations, it can be uneven quarter to quarter and year to year, so it is best to watch, confirming through quarterly disclosures whether realizations carry through into annual earnings.
- The weightiest recent disclosure is the corporate-value-enhancement plan (voluntary disclosure) of March 30, 2026.
- The company itself diagnosed that its P/B had long stayed below 1x and had not been fully valued, and set targets of ₩3 trillion in AUM by end-2028, an average ROE of 8%+ and an operating-margin ratio of 130%+ over 2027-2029, and a best-in-class P/B among peers.
- In the same vein, it raised the 2025 dividend 40% to ₩70 per share from ₩50 the prior year, for a payout ratio of about 101%.
- In February 2026 came a profit/loss-structure change disclosure announcing 2025 annual results (operating profit +41.7%) and a dividend-decision disclosure, and in May a quarterly report capturing the Q1 surge.
- Meanwhile, the frequency of recent disclosures on holdings changes and large holdings by executives and major shareholders is a point to check separately.
- Starting with the strengths, AUM keeps growing to ₩2.5 trillion, thickening the fee and realization base, and Q1 2026 earnings jumped more than ninefold from the same period last year, marking entry into a recovery phase.
- Add that the company raised its dividend 40% and set out ROE and P/B targets in a disclosure, laying out its direction for shareholder returns.
- On valuation too, it looks expensive on last year's figures alone, but the forecast P/E on this year's recovered earnings sits mid-pack among the same investment-management peers, so if the Q1 earnings surge carries through the full year, it is hard to say excessive expectations are priced in.
- Points to note are that the source of earnings is appraisal and disposal gains tied to fund-realization timing, so quarterly and annual swings are large, and that the share price has moved sharply of late.
- In sum, this is a stock that looks light on price relative to recovered earning power when AUM growth and fund realizations translate into actual annual earnings, and whose earnings can swing again if realizations are delayed — a balanced view holds both sides.
🔎 Valuation vs peers Overvalued
Instead of the coarse 'bank/finance' classification, listed venture and PE investment-management firms in the same actual business were chosen as peers; figures are the site's base calculations (current-price basis).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Mirae Asset Venture Investment | 25.87x | 2.11x | 8.18% |
| DSC Investment | 12.34x | 1.69x | 13.73% |
| Atinum Investment | 4.00x | 0.49x | 12.27% |
| Woori Technology Investment | 3.31x | 0.47x | 14.24% |
On peer positioning alone, both the trailing P/E and P/B on last year's confirmed results are on the high side, an overvalued zone where expectations are already reflected. The key is the limit of the trailing figure. Because last year's net profit was flat, a P/E of 63.32x resulted, but with Q1 2026 net profit jumping more than ninefold, the picture has ample room to change on this year's confirmed-results basis. However, since this company's earnings hinge on fund-realization timing and vary widely year to year, the forward approximation is only a seasonality estimate, not a confirmed figure. Therefore, rather than declaring it cheap or expensive, it is right to check each quarter whether realizations actually carry through into annual earnings and to view the trailing and forward together.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | — | approx. ₩32.3 billion | approx. ₩24.8 billion |
Price history Close · MA20 · MA60
The latest close is ₩3,770 and the market capitalization is ₩456.7 billion. The price sits below its 20-day moving average (₩5,374) and below its 60-day moving average (₩11,026). 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 24.2, near oversold territory. The one-month change is -58.0%, the three-month change is -56.3%, and the position relative to the 52-week high is -79.9%. Relative strength versus the KOSDAQ is 92 (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 92% of all stocks. Over the past three months it lagged the index by 42.8%. 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 -42.82% / 6M +28.04% / 12M +57.28%
Key metrics vs sector median
Valuation
The P/E of 54.88x is above the sector median (12.68x). The P/B of 1.71x is above the sector median (0.66x). 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 3.1%, below the sector average (6.0%). The debt ratio is 126.8%, 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 | $11.8M | $5.6M | $7.9M | +41.75% ↑ faster |
| Net profit | $11.0M | $5.5M | $5.5M | -0.00% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Operating profit | — | — | $11.8M | $5.6M | $7.9M |
| Net profit | — | — | $11.0M | $5.5M | $5.5M |
Operating profit rose 41.8% year over year. Profit is growing at an accelerating pace.
Latest quarterly results
No recent quarterly results confirmed from DART.
Technical indicators
What stands out
- —
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-03-30FilingCorporate-value-enhancement plan (voluntary disclosure) — targets of ₩3 trillion in AUM by end-2028, an average ROE of 8%+ and an operating-margin ratio of 130%+ over 2027-2029, and a best-in-class P/B among peers. Self-diagnosed as undervalued given a P/B long below 1x.A first-source document for gauging direction, being a medium-term target the company itself put forward. However, it contains no pinpoint numerical target for 2026 revenue or earnings, so the annual results themselves must be confirmed separately via quarterly disclosures. Source
- 2026-05-15EarningsQ1 2026 quarterly report — operating profit ₩8.05 billion and net profit ₩6.05 billion, up about 9.4x and 9.2x, respectively, from the same period last year.A document showing the earnings recovery in confirmed results. However, there is seasonality with earnings concentrated in Q4, so whether the strong Q1 persists through the full year should be viewed alongside. Source
- 2026-02-12EarningsChange of 30% or more (15% for large corporations) in revenue or profit/loss structure — 2025 operating revenue ₩50.7 billion (-22.6%), operating profit ₩11.9 billion (+41.7%), net profit ₩8.3 billion (0.0%). The main cause was an increase in appraisal and disposal gains from investee-company value appreciation.A document in which the company itself explained the business structure whereby operating profit can rise even as revenue falls, supporting that the source of earnings is fund realizations. Source
- 2026-02-12DividendCash and in-kind dividend decision — ₩70 per common share (up 40% from ₩50 the prior year), total dividend of about ₩8.39 billion, a dividend yield on market price of 2.1%, record date 2025-12-31.A signal of strengthened shareholder returns via a higher dividend. With the payout ratio high at about 101%, the room for dividends can shift with future earnings swings, a point to view alongside. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 operating profit | ₩11.9 billion | ₩11,886,131,746 | Confirmed | link |
| 2025 net profit | ₩8.3 billion | ₩8,318,264,516 | Confirmed | link |
| Debt-to-equity ratio (debt versus equity) | 126.8% | approx. 26.8% | Mismatch | link |
| Dividend per share (2025) | ₩70 | ₩70 | Confirmed | link |
| This year's annual operating profit (seasonality approximation) | approx. ₩124.0 billion | — | Unverified | link |
Recent filings
- 2026-06-02OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-02OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-04-30Disclosure
- 2026-04-28OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-28OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-28OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-28OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-28OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-28OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-30Disclosure
- 2026-03-27Disclosure
📖 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.