Kyobo Securities (030610) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Kyobo Securities earns its living from stock-and-bond dealing commissions, investment banking, proprietary trading gains on bonds and derivatives, and the issuance of ELS/DLS structured products. Because the industry books notional trade value as revenue, this company is better judged by operating and net profit than by the top line. A January 2026 filing on a change in earnings structure of 30% or more confirmed 2025 consolidated operating profit up 82.9% and net profit up 31.0%, and the company set a differential dividend of ₩550 per share under which the largest shareholder receives no payout, enlarging the share for minority holders. What stands out lately is that despite carrying a high ROE (6.7%) and dividend yield (5.6%) for a mid-sized peer, the stock sits at a P/B of 0.52x, an undervalued reading, with improving bond trading and IB as strengths; on the other hand, the large weight of trading gains makes quarterly results swing with market rates and volatility, and real-estate/IB credit-loss burdens could build up again.
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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.
- Revenue rose 42.3% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 116.2% higher than a year earlier.
- ROE is 7.4% (controlling-interest basis). It is above the sector average.
- Operating margin is 3.8%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Kyobo Life Insurance 84.72% (corporate)
Controlling bloc incl. related parties 84.74%
With the controlling bloc holding 85%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
Kyobo Securities is a securities company whose main revenue sources are dealing commissions from buying and selling stocks and bonds for retail and institutional clients, investment banking (underwriting, arranging, real-estate finance and the like that help companies raise capital), and proprietary trading gains from running its own bond and derivative books. On top of that it issues and sells derivative-linked securities such as ELS and DLS to earn fees. The fact that most recent filings are documents related to derivative-linked securities issuance reflects how active this sales business is. Its major shareholder is part of the Kyobo Life group, and it handles the securities business within a group that has no bank. On such a firm's income statement, 'operating revenue (the top line)' books the notional trade value of derivative and trading products in full, so it looks far larger than the real scale; this company is therefore better read through operating and net profit than through revenue.
The latest close is ₩10,080 and the market capitalization is ₩1.1 trillion. The price sits above its 20-day moving average (₩9,530) and below its 60-day moving average (₩10,644). 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 53.9, a neutral level. The one-month change is +0.3%, the three-month change is -36.2%, and the position relative to the 52-week high is -39.7%. Relative strength versus the KOSPI is 24 (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 24% of all stocks. Over the past three months it lagged the index by 20.4%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The P/E ratio (how many years of earnings the price represents) is 8.04x, and the P/B (how many times book equity the price represents) is 0.53x, trading at about half of net asset value. ROE (how much is earned on equity in a year) is 6.7%, near the top among mid-sized peers. The dividend yield is 5.64% (₩550 per share), and the payout ratio (the share of net profit paid out as dividends) is a steady 43%. The debt ratio (debt against equity) looks very high at 809%, but that reflects the industry trait of a securities company carrying large liabilities tied to client deposits, repurchase agreements and derivatives, and is different in character from a manufacturer's borrowing burden. That said, since net profit (₩142.9 billion) is heavily swayed by bond and derivative trading gains and foreign-exchange results, the large quarterly swing in results depending on market conditions should be kept in mind.
In 2025 revenue rose 42.3% year on year and operating profit climbed 67.2%, a standout pace of earnings improvement. The company attributed the gains to 'better bond trading income and an easing of credit-loss burdens in the IB division,' meaning bond trading worked out well amid a shifting rate environment while losses tied to real-estate finance shrank. The trend continued into the first quarter of 2026, with net profit at ₩68.4 billion, up 32.3% year on year, and operating profit at ₩95.9 billion, up 42.8%. Given the seasonal pattern in which the first quarter carries a large weight in the company's annual earnings, this year's net profit is likely to reach the mid-₩180 billion range, clearly above last year. In that case the earnings multiple on the current market cap falls to around 6x, cheaper than the 7.8x figured on last year's results.
The core filings fall into three strands. First, a January 2026 filing on a change in earnings structure of 30% or more confirmed the 2025 earnings surge (consolidated operating profit up 82.9%, net profit up 31.0%). Second, a February year-end dividend was set at ₩550 per share (up from ₩500 the prior year), and under the differential dividend structure the largest shareholder takes no payout while only ordinary shareholders are paid, a shareholder-friendly arrangement that enlarges the minority share. Third, a suit to void a new-share issuance ended in the company's favor at both the first and second instances, after which the plaintiff appealed to the Supreme Court (filed June 2026); the lower-court outcomes favor the company. Separately, in early 2025 there was a one-month business-suspension sanction on part of the private-fund establishment business, but at 0.17% of revenue the company disclosed the impact as limited.
The observation points are clear. On the strength side, the company carries the highest ROE (6.7%), dividend yield (5.6%) and earnings-growth rate among mid-sized peers yet still sits at a P/B of 0.52x with a single-digit earnings multiple, an undervalued state, and the improvement in bond trading and IB that ran through 2025 carried into the first quarter of 2026. Points to watch: given the nature of a securities company's earnings, the large weight of bond, derivative and FX trading gains means quarterly results ebb and flow with market rates and volatility, and if real-estate/IB credit-loss burdens build up again earnings could wobble. In sum, when the market backdrop is favorable and bond trading holds up, the low valuation and high dividend come to the fore; conversely, when rate or real-estate risks recur, the earnings volatility grows.
🔎 Valuation vs peers Undervalued
Mid-sized securities companies, i.e. listed peers with a similar mix of dealing, IB and proprietary trading.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Daishin Securities | 7.00x | 0.31x | 6.34% |
| Eugene Investment & Securities | 6.47x | 0.36x | 9.53% |
| Shinyoung Securities | 23.16x | 1.31x | 7.44% |
The stock trades on an earnings multiple band similar to value-oriented Daishin Securities (P/E 7.2x, P/B 0.33x) and Eugene Investment & Securities (6.3x, 0.36x), yet its ROE (6.7%) and dividend yield (5.6%) are higher than theirs and its earnings-growth rate leads them too. Against Shinyoung Securities (P/E 24x, P/B 1.5x) it is a far lower valuation. The 7.8x P/E figured on last year's results may look somewhat high for an improving-earnings phase, but with first-quarter 2026 net profit up 32% the earnings multiple on this year's basis falls to around 6x, so the current price looks cheap relative to earnings. That said, a securities company's earnings are swayed by bond and derivative trading gains and carry volatility, so the undervaluation appeal shows up more strongly when the market backdrop is favorable.
Price history Close · MA20 · MA60
The latest close is ₩10,080 and the market capitalization is ₩1.1 trillion. The price sits above its 20-day moving average (₩9,530) and below its 60-day moving average (₩10,644). 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 53.9, a neutral level. The one-month change is +0.3%, the three-month change is -36.2%, and the position relative to the 52-week high is -39.7%. Relative strength versus the KOSPI is 24 (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 24% of all stocks. Over the past three months it lagged the index by 20.4%. 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 -20.43% / 6M -28.93% / 12M -40.46%
Key metrics Computed vs sector median
Valuation
The P/E of 8.04x is in line with the sector median (9.27x). The P/B of 0.53x is in line with the sector median (0.50x).
Profitability & financials
Return on equity (ROE) is 7.4%, in line with the sector average (7.0%). The operating margin is 3.8%. The debt ratio is 814.8%, 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 | $2.6B | $2.2B | $3.2B | +42.34% ↑ faster |
| Operating profit | $49.4M | $80.0M | $133.8M | +67.16% ↑ faster |
| Net profit | $47.5M | $82.7M | $100.4M | +21.44% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $2.6B | $2.2B | $3.2B |
| Operating profit | — | — | $49.4M | $80.0M | $133.8M |
| Net profit | — | — | $47.5M | $82.7M | $100.4M |
| Revenue CAGR | 2-yr avg 9.73% | ||||
Revenue rose 42.3% year over year (2023 ₩3.7 trillion → 2024 ₩3.2 trillion → 2025 ₩4.5 trillion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 67.2% year over year. Profit is growing at an accelerating pace. Over the 3 years on record, revenue compound annual growth (CAGR) is 9.7%. The two-year revenue CAGR is 9.7%. In the most recent quarter (Q1 2026), revenue was 116.2% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- The dividend yield, at 5.5%, is on the high side.
- Revenue grew 42.3% 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
- 2026-01-19Earnings2025 consolidated results confirmed: operating profit +82.9%, net profit +31.0%, driven by better bond trading income and an easing of IB credit-loss burdensOfficially confirms the earnings surge, the key results event underpinning the undervaluation and high-dividend appeal. Source
- 2026-02-05DividendYear-end dividend set at ₩550 per share (up from ₩500), with the largest shareholder receiving no payout under a differential dividend for ordinary shareholdersKeeps the dividend yield in the 5% range and enlarges the minority share, a sign of strengthened shareholder returns. Source
- 2026-02-26FilingDisposal of 273,876 treasury shares (0.24% of shares outstanding) decided, to cover exercise of stock options granted in 2020A small disposal to fulfill stock options, so the supply-demand impact is limited; the company separately holds about 1.09 million treasury shares (0.96%). Source
- 2026-06-01UpdateAppeal filed in the new-share-issuance void suit (plaintiff appealed to the Supreme Court); the first and second instances both favored the companyWith the company winning successively at the lower courts the burden is limited, though the final ruling remains to be watched. Source
- 2025-02-20UpdateOne-month business-suspension sanction on part of the private-fund establishment business (related to linked transactions), with impact limited to 0.17% of revenueAn internal-control and regulatory risk flag, though the company disclosed the earnings impact as limited. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-06-10Earnings disclosure
- 2026-06-10Earnings disclosure
- 2026-06-10Disclosure
- 2026-06-10Disclosure
- 2026-06-10Disclosure
- 2026-06-10Disclosure
- 2026-06-09Disclosure
- 2026-06-09Disclosure
- 2026-06-09Disclosure
- 2026-06-09Disclosure
- 2026-06-08Earnings disclosure
- 2026-06-08Earnings disclosure
📖 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.