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.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt far exceeds equity (debt ratio 5193.6%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 98.6%).
- 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 13.6% (controlling-interest basis). It is above the sector average.
- Operating margin is 8.9%.
- 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.
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 Overvalued11% 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
- 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 ₩17,520 and the market cap is ₩671.0 billion.
- The price sits below both the 20-day line (₩18,550) and the 60-day line (₩21,013).
- Trading beneath both the short- and mid-term moving averages, the trend looks subdued.
- The RSI (a gauge that scores upward versus downward momentum over the past 14 days on a 0-100 scale) is 41.2, a neutral reading.
- It is down 4.5% over one month and 20.7% over three months, and stands 42.8% below its 52-week high.
- Relative strength versus the KOSDAQ is 72 (on a 1-99 scale that weights recent one-year return against the index more heavily toward recent moves; higher means stronger than the market), placing it in roughly the top 28% of all stocks by strength.
- Over the past three months it outperformed the index by 0.8%.
- Chart readings are best considered alongside trading volume and the dates of disclosures.
- The P/E ratio (how many times one year of earnings the share price represents) is 3.07x and the P/B (price relative to book equity) is 0.42x, 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 | 3.03x | 0.44x | 14.66% |
| LG Corp | 21.19x | 0.54x | 2.57% |
| CJ Corporation | 27.91x | 0.77x | 2.75% |
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 ₩17,520 and the market capitalization is ₩671.0 billion. The price sits below its 20-day moving average (₩18,550) and below its 60-day moving average (₩21,013). 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 41.2, a neutral level. The one-month change is -4.5%, the three-month change is -20.7%, and the position relative to the 52-week high is -42.8%. Relative strength versus the KOSDAQ is 72 (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 72% of all stocks. Over the past three months it outpaced the index by 0.8%. 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 +0.83% / 6M +12.80% / 12M -6.19%
Key metrics vs sector median
Valuation
The P/E of 3.07x is below the sector median (9.68x). The P/B of 0.42x is below the sector median (0.80x). 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 13.6%, above the sector average (7.0%). The operating margin is 8.9%. The debt ratio is 5193.6%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $6.8B | $8.0B | $12.0B | +48.75% ↑ faster |
| Operating profit | $442.7M | $799.2M | $1.1B | +32.67% ↓ slower |
| Net profit | $42.1M | $108.9M | $145.0M | +33.16% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $4.4B | $6.5B | $6.8B | $8.0B | $12.0B |
| Operating profit | $871.8M | $514.8M | $442.7M | $799.2M | $1.1B |
| Net profit | $97.4M | $135.0M | $42.1M | $108.9M | $145.0M |
| 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 Q1 2026 · vs year-ago
Technical indicators
What stands out
- The dividend yield, at 3.1%, is on the high side.
- ROE of 13.6% points to solid profitability.
- Revenue grew 48.8% year over year, a sign of growth.
Points to watch
- Debt far exceeds equity (debt ratio 5193.6%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 98.6%).
- 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
- 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.