Kiwoom Securities (039490) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Kiwoom Securities intermediates individuals' domestic and overseas stock trading through online systems such as Hero Moon (Youngwoongmun) to earn trading commissions, adding margin-loan and deposit interest income, ELS/DLS issuance and proprietary investment; its earnings are clearly linked to trading value and volatility. Preliminary net profit for the first quarter of 2026 was ₩477.4 billion, up roughly two-fold year on year to a record quarterly level, and under its value-up policy it has kept a separate-basis shareholder-return ratio of at least 30% through a regular dividend (₩11,500 per share) and share cancellation. The point to weigh in balance is the strength of leading individual trading share, a 16.6% ROE, a forward P/E of about 5x and a roughly 3.5% dividend, giving both good profitability and shareholder returns, against the caution that because these results are linked to trading value and volatility, profit growth can slow when the market goes quiet.
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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 51.8% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 156.7% higher than a year earlier.
- ROE is 19.5% (controlling-interest basis). It is above the sector average.
- Operating margin is 7.8%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Daou Technology 41.55% (corporate)
Controlling bloc incl. related parties 41.58%
With the controlling bloc holding 42%, the ownership structure is stable.
🔎 In-depth analysis Reading
In a word, Kiwoom Securities is a company that intermediates individuals' stock trading to earn commissions. Through online trading systems such as Hero Moon (Youngwoongmun), it has held a leading individual share of the domestic and overseas stock trading market, and the trading commissions from this are a major revenue pillar. A second pillar is interest income: it collects interest on margin loans lent to investors (lending them money to buy stocks) and on deposits. Added to this are the business of creating and selling derivative-linked securities such as ELS and DLS, proprietary investment (running the company's own money), and wealth management and IB. In other words, its structure is one where commissions and interest rise together as trading value and market volatility increase, so its earnings are clearly linked to the market mood.
The latest close is ₩290,500 and the market capitalization is ₩7.6 trillion. The price sits below its 20-day moving average (₩299,300) and below its 60-day moving average (₩341,650). 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 45.5, a neutral level. The one-month change is -16.0%, the three-month change is -40.0%, and the position relative to the 52-week high is -41.4%. Relative strength versus the KOSPI is 22 (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 25.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On last year's (2025) confirmed results, the P/E ratio (how many times one year's earnings the price is) is 6.84x and P/B (price to book net assets) is 1.09x. ROE (how much is earned in a year on equity) of 16.6% clearly exceeds the sector average (about 12%). The operating margin is 8.7% and the dividend yield is about 3.5% at the current price (₩11,500 per share, payout ratio 27.1%), with a steady dividend a strength. The important point is that the 7.80x P/E is on a trailing basis, using last year's confirmed results. Because this year's profit is rising sharply, dividing the same price by this year's expected earnings brings the earnings multiple down to about 5x, which is low compared with peers' earnings multiples (10x or more) and reads as an undervaluation signal. The 1.29x P/B is also mid-range among peers and, given this profitability (16.6% ROE), not heavy. The debt ratio reads high, but for a securities and financial company, customer deposits and issued derivative-linked securities are recorded as accounting liabilities, so it cannot be judged by the same yardstick as a manufacturer.
The top line has grown quickly. Revenue (operating revenue) went from ₩9.5 trillion in 2023 to ₩11.3 trillion in 2024 and ₩17.1 trillion in 2025, up 51.8% last year alone with the growth pace quickening (three-year average of 33.9%). Net profit also rose sharply for two straight years, from ₩436.3 billion in 2023 to ₩835.0 billion in 2024 and ₩1.1136 trillion in 2025. The most recent quarter, the first quarter of 2026, jumped sharply year on year with revenue +156.7%, operating profit +90.9% and net profit +102.6% (₩477.4 billion). This strength is not a one-off number; it came from surging individual trading value amid a strong market that sent trading commissions sharply higher, reviving margin-loan and overseas-stock trading demand, and rising derivative and investment income together. With a leading share, it is also positioned so that profit reacts most strongly when trading revives. Reflecting this earnings trend, this year's net profit looks set to far exceed last year's (about ₩1.1 trillion), so the earnings multiple on this year's basis (a forward P/E of about 5x) is set lower than last year's basis (7.80x). That said, securities-industry profit inherently rises and falls with the trading environment, so the cyclical character in which growth can shrink when trading cools must be viewed together.
Recent disclosures are mostly successive issuances of derivative-linked securities such as ELS and DLS along with their results reports and prospectuses. This shows the routine business flow in which Kiwoom Securities steadily issues structured products to raise and place funds. On the earnings side, preliminary net profit for the first quarter of 2026 was ₩477.4 billion, up roughly two-fold year on year to a record quarterly level. On shareholder returns, a structural feature of this stock is that, under its value-up (corporate-value enhancement) policy, the company regularly cancels treasury shares each year and has kept a separate-basis shareholder-return ratio of at least 30%. The structure of a regular dividend (₩11,500 per share) running alongside share cancellation acts as a channel that returns performance to shareholder value when profit grows. Rather than large one-off events such as individual contract wins, these are disclosures where results, product issuance and shareholder returns repeat amid brisk trading.
The strengths are clear. Its leading position in individual trading, an ROE of 16.6% ahead of peers, and, reflecting this year's higher profit, an earnings multiple below peers (a forward P/E of about 5x) with a roughly 3.5% dividend, mean profitability and shareholder returns are both good. In particular, with first-quarter 2026 profit jumping to a record level, valuation on this year's earnings reads as undervalued territory versus peers. The point to weigh together is the structural feature that these results are linked to trading value and volatility. In phases where trading is alive, commission, interest, derivative and investment income all grow at once, but conversely, when trading cools, that margin shrinks. In addition, with the price below its medium-term moving averages, near-term supply-demand is on the weak side. In conclusion, this is a stock that reads strong on both profit and valuation in phases where trading value stays high and overseas-stock and margin-loan demand are alive, and where profit growth can slow when the market goes quiet and trading contracts. On trailing (last year's confirmed) metrics alone it looks ordinary, but the core of this stock is that on forward metrics reflecting this year's earnings it is close to undervalued versus peers.
🔎 Valuation vs peers Undervalued
Compared against the same business group of large trading-focused investment-services companies with comparable business substance; all earn money through intermediating individual and institutional trading plus interest and product income, so direct comparison is possible.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Mirae Asset Securities | 12.32x | 1.37x | 16.39% |
| NH Investment & Securities | 9.78x | 1.05x | 13.04% |
| Samsung Securities | 8.46x | 1.04x | 14.81% |
Against the same business group, Kiwoom sits in a low-P/E, high-ROE position. (a) Its trailing confirmed P/E of 7.80x is already the lowest in the peer set, and (b) it sits at a discount rather than a premium. (c) In particular, this 7.80x P/E has the limitation of being trailing, so it does not reflect the earnings inflection of first-quarter profit doubling this year. Viewed again on this year's earnings trajectory, the earnings multiple is around 5x, clearly below the peer set (10x or more). The base diagnostic viewing valuation as heavy on a P/B basis is only one facet on a book-value basis; viewing profitability (16.6% ROE) together with this year's earnings, reading it as undervalued is reasonable. That said, the cyclical character of the profit (dependence on trading value) must be viewed together as a precondition of this re-assessment.
Price history Close · MA20 · MA60
The latest close is ₩290,500 and the market capitalization is ₩7.6 trillion. The price sits below its 20-day moving average (₩299,300) and below its 60-day moving average (₩341,650). 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 45.5, a neutral level. The one-month change is -16.0%, the three-month change is -40.0%, and the position relative to the 52-week high is -41.4%. Relative strength versus the KOSPI is 22 (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 25.8%. 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 -25.84% / 6M -45.24% / 12M -30.65%
Key metrics Computed vs sector median
Valuation
The P/E of 6.84x is below the sector median (9.27x). The P/B of 1.09x is above the sector median (0.50x). 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 19.5%, above the sector average (7.0%). The operating margin is 7.8%. The debt ratio is 1250.5%, 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 | $6.7B | $7.9B | $12.0B | +51.78% ↑ faster |
| Operating profit | $396.7M | $771.5M | $1.0B | +35.51% ↓ slower |
| Net profit | $306.5M | $586.6M | $782.3M | +33.36% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $6.7B | $7.9B | $12.0B |
| Operating profit | — | — | $396.7M | $771.5M | $1.0B |
| Net profit | — | — | $306.5M | $586.6M | $782.3M |
| Revenue CAGR | 2-yr avg 33.93% | ||||
Revenue rose 51.8% year over year (2023 ₩9.5 trillion → 2024 ₩11.3 trillion → 2025 ₩17.1 trillion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 35.5% year over year. The pace of that profit growth is gradually easing. Over the 3 years on record, revenue compound annual growth (CAGR) is 33.9%. The two-year revenue CAGR is 33.9%. In the most recent quarter (Q1 2026), revenue was 156.7% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
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 4.0%, is on the high side.
- ROE of 19.5% points to solid profitability.
- Revenue grew 51.8% 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
- 2026-05-01EarningsFirst-quarter 2026 consolidated preliminary net profit ₩477.4 billion (up about 102.6% year on year), operating profit ₩621.2 billion (+90.9%). A record quarterly profit as strong markets drove surging individual trading value and sharply higher trading commissions.Medium-term, this raises the likelihood that full-year profit this year will far exceed last year's (about ₩1.1 trillion). It is the key basis for lowering valuation on this year's earnings versus last year's P/E. Source
- 2026-06-08FilingFiled issuance-results report and shelf-registration prospectus for derivative-linked securities such as ELS and DLS. Shows the retail structured-product issuance and sales business running normally.In the near term this is not a one-off event that greatly moves earnings, but steady issuance volume forms the base for related investment and interest income. Source
- 2026-03-31DividendUnder the value-up (corporate-value enhancement) policy, carried out regular treasury-share cancellation and a dividend (₩11,500 per share, payout ratio about 27%). Maintains a separate-basis shareholder-return ratio of at least 30%.Medium-term, profit growth is returned to shareholder value through dividends and share cancellation. The lower share count and dividend are structural factors supporting the valuation. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| First-quarter 2026 net profit (cumulative) | ₩477.4 billion (+102.6% YoY) | net profit ₩477.4 billion, +102.6% | Confirmed | link |
| First-quarter 2026 operating profit (cumulative) | ₩621.2 billion (+90.9% YoY) | operating profit ₩621.2 billion | Confirmed | link |
| FY2025 dividend per share (DPS) | ₩11,500 / 27.05% | 30% | Confirmed | link |
| 2026 full-year earnings outlook (forward) | net profit self-estimate approx. ₩1.7 trillion , forward PER approx. 5.1x | — | Unverified | link |
Recent filings Source
- 2026-06-10Disclosure
- 2026-06-10Disclosure
- 2026-06-10Disclosure
- 2026-06-10Disclosure
- 2026-06-10Disclosure
- 2026-06-08Earnings disclosure
- 2026-06-08Earnings disclosure
- 2026-06-08Earnings disclosure
- 2026-06-08Earnings disclosure
- 2026-06-08Earnings disclosure
- 2026-06-08Earnings disclosure
- 2026-06-05Earnings 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.