Daou Data (032190) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Daou Data is officially classified as a wholesaler, but in substance it is the holding company at the top of the Daou Kiwoom group. It directly runs a distribution business in IT hardware such as servers and storage as well as software, but through a chain of stakes running Daou Data to Daou Tech to Kiwoom Securities, most of its consolidated revenue (about ₩18 trillion) and profit come from the securities subsidiary. In April 2026 it disclosed a value-up plan calling for a higher payout ratio and improved capital efficiency, and in June a merger involving a subsidiary was disclosed; share-pledge and major-holding change filings are frequent. The strength worth noting is that it controls a high-quality subsidiary, Kiwoom Securities, and has stated it will raise the payout ratio toward 50% under the value-up plan. But this company should be judged by net asset value (NAV): at present the share price sits at only about an 11% discount to the value of its listed subsidiary stakes, shallower than the usual holding-company discount of 30-50%, meaning the subsidiaries' value is already largely reflected.
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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 “Holding Companies”, a type typically read first through discount to NAV.
A holding company is less a maker of products than a vessel that holds stakes in several subsidiaries. So rather than an earnings multiple, the first lens is the discount to NAV — the market value against the summed worth of everything it owns.
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
- Debt far exceeds equity (debt ratio 5260.9%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 99.1%).
- Revenue rose 48.8% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 148.6% higher than a year earlier.
- ROE is 27.4% (controlling-interest basis). It is above the sector average.
- Operating margin is 8.0%.
- 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 eMoney 31.56% (corporate)
Controlling bloc incl. related parties 63.26%
With the controlling bloc holding 63%, control is very secure but the free float is thin.
Net asset value (NAV) assessment 11% discount to NAV
💡 How to read a holding company · A holding company owns stakes in several subsidiaries. Its P/E swings with equity-method gains and losses on those stakes, so read it only as a rough guide. P/B is more meaningful because subsidiary stakes sit in equity, but book value carries them at low historical cost (so P/B looks higher than reality). The most accurate view is the price against the market value of those stakes (NAV) ↓
Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Listed subsidiaries ownership
| Daou Technology | 45.2% |
| Kidari Studio | 36.56% |
| Korea Information Certificate Authority | 7.61% |
| Saramin | 6.24% |
🔎 In-depth analysis Reading
Officially it is booked as "wholesale," but in substance it is the holding company sitting at the top of the Daou Kiwoom group. As its own business it runs a distribution operation supplying corporate clients with IT hardware such as servers and storage, and with software. The heart of the company's value, however, is not this distribution business but its holdings in subsidiaries. Stakes run from Daou Data to Daou Tech to Kiwoom Securities, with Saramin and Kiwoom Savings Bank grouped beneath. As a result, most of the consolidated revenue (about ₩18 trillion) and profit come not from its own distribution business but from the operations of the securities subsidiary, Kiwoom Securities.
The latest close is ₩19,240 and the market capitalization is ₩736.9 billion. The price sits above its 20-day moving average (₩18,204) and above its 60-day moving average (₩19,134). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 55.5, a neutral level. The one-month change is +4.3%, the three-month change is -21.9%, and the position relative to the 52-week high is -37.1%. Relative strength versus the KOSDAQ is 70 (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 70% of all stocks. Over the past three months it outpaced the index by 21.4%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The P/E ratio (how many times one year of earnings the share price represents) is 3.37x and the P/B (price relative to book equity) is 0.44x, both very low on the numbers alone. As a holding company, though, these figures cannot be taken at face value. The P/E is low because most profit comes from equity-method earnings of subsidiaries such as Kiwoom Securities (each subsidiary's profit reflected in proportion to the ownership stake). The P/B is low because book equity carries the subsidiary stakes at old acquisition cost, understating them. ROE (return on equity, how much is earned in a year on shareholders' equity) is a solid 13.6%. The dividend yield is 3.1% and the payout ratio is still low at about 9.6%. The debt ratio (borrowings relative to equity) looks very high at 5,193%, but that is because the financial liabilities of the securities subsidiary Kiwoom Securities, such as customer deposits and repurchase agreements, are consolidated in; this is different in nature from the borrowing risk of an ordinary manufacturer.
Revenue grew at an average annual rate of 28.7% over five years, and in 2025 it accelerated, rising 48.8% from the prior year. Operating profit reached ₩160 billion in 2025 (+32.7%), and net profit also rose 33.2%. Cumulative net profit in the first quarter of 2026 jumped 100.8% year on year, largely reflecting strong securities operations at Kiwoom Securities as market trading picked up. Because this company's profit is driven by equity-method earnings of its subsidiaries, it swings a lot from quarter to quarter. The standalone (holding-company) targets the company set out in its value-up plan are 2027 revenue of ₩238.8 billion and operating profit of ₩9.2 billion; these apply to its own distribution segment and should be distinguished from the value of the group as a whole.
In April 2026 it published a value-up plan via voluntary disclosure, laying out a higher payout ratio and improved capital efficiency. In June a merger involving a subsidiary was disclosed. Share-pledge and major-holding change filings are also frequent, as many issues are tied to the group's governance structure and the owning family's stakes. Given the nature of a holding company, such governance and shareholder-return events tend to move the share price more than earnings surprises.
The strengths are clear. Through Daou Tech it controls a high-quality subsidiary in Kiwoom Securities, whose stake value exceeds the company's own market cap. Its stated intent under the value-up plan to raise the payout ratio toward 50% is a positive signal for shareholder returns. There are cautions, too. This company's value should be judged by the net asset value (NAV) of its holdings rather than by P/E or P/B, and at present the share price sits at only about an 11% discount to the value of its listed subsidiary stakes — shallower, in fact, than the 30-50% discount a holding company usually carries. In other words, the subsidiaries' value is already largely reflected, so it is hard to call this deeply undervalued. Ultimately it is strong when the subsidiaries (especially Kiwoom Securities) see earnings and share prices rise or when the holding-company discount narrows further, and weak when subsidiary earnings turn down or the already-reflected value unwinds.
🔎 Valuation vs peers Fairly valued
A holding-company-lens peer set. Pure holding companies (LG, CJ) alongside Daou Tech, which is both an intermediate holding company within the group and a key holder of subsidiary stakes.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Daou Technology | 3.31x | 0.46x | 20.86% |
| LG Corp. | 21.86x | 0.53x | 1.69% |
| CJ Corporation | 29.70x | 0.80x | 3.47% |
A holding company must be judged by the net asset value (NAV) of its holdings, not by P/E or P/B. The P/E of 3.1x and P/B of 0.42x look low because profit is mostly equity-method earnings and equity carries the subsidiary stakes at low acquisition cost; these figures alone cannot establish undervaluation. On an NAV basis, the current market cap sits at only about an 11% discount to the value of its listed holdings, shallower in fact than the usual holding-company discount of 30-50%. With key subsidiaries such as Daou Tech, Kiwoom Securities and Saramin holding up without impairment or an earnings downturn, there is no reason to justify a deep discount; but once unlisted-subsidiary value and net borrowings are reflected, the effective discount narrows further. On balance we judge it as "fairly valued," a level at which the subsidiaries' value is already largely reflected.
Price history Close · MA20 · MA60
The latest close is ₩19,240 and the market capitalization is ₩736.9 billion. The price sits above its 20-day moving average (₩18,204) and above its 60-day moving average (₩19,134). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 55.5, a neutral level. The one-month change is +4.3%, the three-month change is -21.9%, and the position relative to the 52-week high is -37.1%. Relative strength versus the KOSDAQ is 70 (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 70% of all stocks. Over the past three months it outpaced the index by 21.4%. 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 +21.44% / 6M +5.23% / 12M +18.55%
Key metrics Computed vs sector median
Valuation
The P/E of 3.37x is below the sector median (10.99x). The P/B of 0.44x is below the sector median (0.62x). 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.
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Profitability & financials
Return on equity (ROE) is 27.4%, above the sector average (2.0%). The operating margin is 8.0%. The debt ratio is 5260.9%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $7.3B | $8.5B | $12.7B | +48.75% ↑ faster |
| Operating profit | $469.2M | $847.1M | $1.1B | +32.67% ↓ slower |
| Net profit | $44.7M | $115.4M | $153.7M | +33.16% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $4.6B | $6.8B | $7.3B | $8.5B | $12.7B |
| Operating profit | $924.1M | $545.6M | $469.2M | $847.1M | $1.1B |
| Net profit | $103.3M | $143.1M | $44.7M | $115.4M | $153.7M |
| Revenue CAGR | 4-yr avg 28.70% | ||||
Revenue rose 48.8% year over year (2023 ₩10.3 trillion → 2024 ₩12.1 trillion → 2025 ₩18.1 trillion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 32.7% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 28.7%. The two-year revenue CAGR is 32.2%. In the most recent quarter (Q1 2026), revenue was 148.6% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- ROE of 27.4% points to solid profitability.
- Revenue grew 48.8% year over year, a sign of growth.
Points to watch
- Debt far exceeds equity (debt ratio 5260.9%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 99.1%).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-06-02FilingA merger involving a subsidiary was announced via electronic disclosure. This is a matter that tidies up the group's affiliate structure.In the short term it is read as a governance and affiliate-restructuring issue. Over the medium term it could affect how subsidiary value is measured, so the merger targets and ratio warrant checking. Source
- 2026-04-15IRIn its value-up plan (voluntary disclosure), the company set targets of a standalone payout ratio of 50% or more and a consolidated ROE of 10% or more, and disclosed its 2025 progress.Over the medium term this raises expectations for expanded shareholder returns. The key is how quickly the payout ratio rises from about 9.6% now toward the target. Source
- 2026-05-15EarningsThe Q1 2026 quarterly report was filed. Cumulative first-quarter net profit rose sharply, up 100.8% year on year.In the short term this is a positive result reflecting strong securities operations at the subsidiary Kiwoom Securities. Still, given the nature of equity-method earnings, quarterly volatility must be taken into account. Source
- 2026-05-27UpdateA disclosure (amended) related to a share-pledge agreement that could entail a change of largest shareholder.In the short term this is a source of governance-related uncertainty. As a pledge of the owning family's shares, whether it actually changes control needs to be checked. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-06-02Merger decision
- 2026-06-01Large-business-group status disclosure
- 2026-06-01Large-business-group status disclosure
- 2026-05-27OwnershipOwnership-change filing
- 2026-05-27OwnershipLargest-shareholder ownership change report (amended)
- 2026-05-26OwnershipLargest-shareholder ownership change report (amended)
- 2026-05-15PeriodicQuarterly report
- 2026-04-30Disclosure
- 2026-04-15Disclosure
- 2026-03-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-30OwnershipOwnership-change filing
- 2026-03-30Shareholders' meeting notice
📖 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.