Daol Investment & Securities earns money from fees on trade execution, investment banking, proprietary trading, and FICC, plus trading and investment gains. Because the essence of its revenue is transaction fees and investment gains, its results rise and fall with stock-market trading value and with interest-rate and real-estate conditions, and on a consolidated basis the profit of its asset-management, savings-bank, and overseas units is added on. In March 2026 it voluntarily disclosed a corporate value-up plan and paid a year-end cash dividend (₩240 per share, a payout ratio of 41.4%), and in April and May it disclosed lawsuits filed above a set claim threshold. What stands out lately is that after two years of losses it turned to profit, with profit still rising in the first quarter, and a P/B of 0.32x and a dividend yield in the 7% range are strengths, while the profit of the firm swings quarter to quarter with trading value, interest rates, and real-estate conditions, and contingent variables remain, such as ongoing litigation and clarifications of rumors.
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 18.9% year over year, and the pace is quickening (3-year trend: mixed).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 75.9% higher than a year earlier.
- ROE is 6.5% (controlling-interest basis). It is above the sector average.
- Operating margin is 2.6%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Lee Byung-chul 24.82% (individual)
Controlling bloc incl. related parties 24.94%
With the controlling bloc holding 25%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Daol Investment & Securities (formerly KTB Investment & Securities) earns money from trade-execution fees for buying and selling stocks and bonds on investors' behalf, investment banking (IB) fees for helping companies with listings, capital increases, and mergers and acquisitions, proprietary trading (S&T) gains from deploying its own funds in bonds, stocks, and derivatives, and from FICC dealing in bonds, foreign exchange, and commodities, along with retail and research.
- Because the essence of its revenue is transaction fees and investment gains, its results rise and fall with stock-market trading value and with interest-rate and real-estate conditions.
- On a consolidated basis, it is a group that includes Daol Asset Management, which collects fund-management fees, Daol Savings Bank, which earns on the interest spread between deposits and loans, and local units in Thailand and the United States, so the profit of these subsidiaries is added to form the overall picture.
- The latest close is ₩3,265 and the market cap is ₩198.9 billion.
- The price sits below its 20-day line (₩3,446) and below its 60-day line (₩3,876).
- Trading beneath both the short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that scores upward versus downward momentum over the last 14 days on a 0-100 scale) is 38.2, a neutral level.
- The one-month change is -6.9%, the three-month change is -17.2%, and the position versus the 52-week high is -39.2%.
- Relative strength against the KOSPI is 21 (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).
- That places it around the top 79% for strength among all stocks.
- Over the past three months it lagged the index by 37.4%.
- Chart readings are best viewed together with volume and the dates of disclosures.
- The P/B (how many times net assets the share price is) is 0.32x, so it trades at about a third of the net assets the company holds.
- On an asset basis, the price is clearly cheap.
- The P/E ratio (how many times a year's profit the share price is) is 4.91x, and this number is on last year's confirmed profit (trailing).
- Given that 2025 was the first year of recovery after just turning from two years of losses, the forward P/E reflecting this year's expected profit is even lower than the trailing figure.
- In other words, as profit grows, the price relative to profit becomes cheaper at the same share price, so the seemingly high multiple is not a situation to view as a burden.
- ROE (how much is earned in a year on equity) is 6.5%, above the sector average for an early recovery.
- The debt ratio of 1,541% looks large by the number alone, but a firm of this kind uses client deposits and borrowings in its core business, so the yardstick of ordinary manufacturing cannot be applied directly.
- The direction of results is distinct.
- Revenue (operating revenue) rose +18.9% year on year to ₩1,714.5 billion in 2025, operating profit swung from -₩11.4 billion in 2023 to -₩45.5 billion in 2024 to +₩43.9 billion in 2025, and net profit from -₩10.9 billion to -₩48.6 billion to +₩40.5 billion, turning from loss to profit.
- The recovery did not stop at a one-off.
- In the first quarter of 2026 too, operating revenue rose +75.9%, operating profit +52.7%, and net profit +24.4% year on year, continuing the increase.
- The forward P/E on this year's expected profit coming down is precisely a reflection of this trend.
- As rates stabilized and the bond-management environment improved, trade-execution and IB fees recovered, and the cost burden trimmed during the loss-widening period eased are the real drivers lifting this year's profit.
- The company's statement in its corporate value-up plan (voluntary disclosure) filed with DART that it will continue shareholder returns is a point to view in the same context.
- Recent filings run in three strands.
- First, in March 2026, a corporate value-up plan (value-up) voluntary disclosure presented its direction on shareholder returns and improved capital efficiency.
- Second, a year-end cash dividend (₩240 per share, a payout ratio of 41.4%) carried out an actual cash return from the very first year of recovery.
- Third, two disclosures in April and May 2026 of 'lawsuits filed/applied (claims above a set amount)' show litigation above a set threshold in progress.
- In addition, a clarification (undetermined) disclosure regarding rumors or reports and reports of changes in the holdings of the largest shareholder and executives followed; the stake movements and contingent variables are things to confirm by following their course.
- The strengths are clear.
- It turned from two years of losses to profit, with profit still rising in the first quarter of 2026, and on this year's profit basis a P/B of 0.32x makes the price low on both profit and assets, with a dividend yield also high in the 7% range.
- Even against peer firms, it is among the lowest priced relative to net assets, so a diagnosis of undervaluation reads straight through.
- There are also points to weigh alongside.
- The profit of a firm of this kind swings quarter to quarter with trading value, interest rates, and real-estate conditions, and contingent variables remain, such as ongoing litigation and the rumor-clarification disclosure.
- In sum, the more stock-market trading stays alive, gains in IB and investment continue to improve, and litigation costs are controlled, the stronger the force pulling the low price and high dividend toward fair value, and conversely, if trading contracts or contingent costs grow, the pace of recovery can slow.
🔎 Valuation vs peers Undervalued
Listed firms with the same business substance. The set is composed of small-to-large firms engaged in trade execution, IB, proprietary trading, and investment management.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Daishin Securities | 6.98x | 0.32x | 4.60% |
| Hyundai Motor Securities | 8.36x | 0.33x | 4.00% |
| Kiwoom | 7.42x | 1.23x | 16.61% |
Both the price relative to net assets (P/B) and the price relative to profit (P/E) sit at the lower end of the same industry peer set. With an ROE of 6.5%, its efficiency in deploying capital is ahead of Daishin and Hyundai Motor Securities (in the 4% range) but well short of Kiwoom (16.6%), so it is in the middle. The low P/B and high dividend are the appeal, but because the 2025 trailing P/E is calculated on the profit of the first year of recovery after just turning from two years of losses, it is hard to declare it cheap on that alone. So whether this year's profit keeps building each quarter (forward improvement) and whether contingent costs such as litigation are controlled will determine whether the undervaluation is resolved.
Price history Close · MA20 · MA60
The latest close is ₩3,265 and the market capitalization is ₩198.9 billion. The price sits below its 20-day moving average (₩3,446) and below its 60-day moving average (₩3,876). 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 38.2, a neutral level. The one-month change is -6.9%, the three-month change is -17.2%, and the position relative to the 52-week high is -39.2%. Relative strength versus the KOSPI is 21 (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 21% of all stocks. Over the past three months it lagged the index by 37.4%. 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 -37.40% / 6M -43.40% / 12M -61.51%
Key metrics vs sector median
Valuation
The P/E of 4.91x 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 6.5%, in line with the sector average (6.0%). The operating margin is 2.6%. The debt ratio is 1541.5%, 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 | $999.7M | $956.1M | $1.1B | +18.85% ↑ faster |
| Operating profit | -$7.5M | -$30.1M | $29.1M | — |
| Net profit | -$7.2M | -$32.2M | $26.9M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $999.7M | $956.1M | $1.1B |
| Operating profit | — | — | -$7.5M | -$30.1M | $29.1M |
| Net profit | — | — | -$7.2M | -$32.2M | $26.9M |
| Revenue CAGR | 2-yr avg 6.61% | ||||
Revenue rose 18.9% year over year (2023 ₩1.5 trillion → 2024 ₩1.4 trillion → 2025 ₩1.7 trillion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Over the 3 years on record, revenue compound annual growth (CAGR) is 6.6%. The two-year revenue CAGR is 6.6%. In the most recent quarter (Q1 2026), revenue was 75.9% 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 7.3%, is on the high side.
- Revenue grew 18.9% 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
- 2026-03-20FilingCorporate value-up plan (voluntary disclosure) filed — presenting a direction on shareholder returns and improved capital efficiency.A positive factor that raises the predictability of dividend and capital policy over the medium term. That said, whether specific targets are executed needs checking against quarterly results. Source
- 2026-05-04UpdateLawsuit filed/applied (claim above a set amount) — corrected disclosure.Litigation above a set amount is in progress. A loss or settlement could produce one-off costs or provisions, a source of short-term volatility. Source
- 2026-04-09UpdateLawsuit filed/applied (claim above a set amount) disclosure.An additional litigation matter requiring a check on contingent liabilities. A possible impact on profit and loss depending on how it proceeds. Source
- 2026-03-20UpdateClarification (undetermined) regarding a rumor or report.The company's clarification of a market rumor. In an 'undetermined' state, uncertainty remains and can affect short-term sentiment. Source
- 2026-05-15EarningsQ1 2026 quarterly report filed — operating revenue and profit continue to grow.Confirms the recovery trend after the turn to profit. Operating revenue +75.9% and net profit +24.4% are the basis for forward profit improvement. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Business lines (securities operations and subsidiary composition) | (induty 661), 9.65 | /. IB·Equity··FICC··. ··Daol Securities(Thailand)·Daol New York. approx. ₩9.6 trillion | Confirmed | link |
| Dividend per share (DPS) and payout ratio | DPS ₩240,x 41.4%, 6.76% | — | Unverified | link |
| 2025 turn to profit and Q1 2026 trend | 2025 net profit +405, 2026 1Q net profit +24.4% | — | Confirmed | link |
Recent filings
- 2026-05-19OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-19OwnershipOwnership-change filing
- 2026-05-19OwnershipLargest-shareholder ownership change report
- 2026-05-15PeriodicQuarterly report
- 2026-05-04Litigation disclosure (amended)
- 2026-04-09OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-09OwnershipOwnership-change filing
- 2026-04-09Litigation disclosure (amended)
- 2026-03-20Disclosure
- 2026-03-20OwnershipOwnership-change filing
- 2026-03-20Disclosure
- 2026-03-20OwnershipLargest-shareholder ownership change 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.