Kiwoom intermediates domestic and overseas stock trading for retail investors through online systems such as HeroMoney, earning commissions from order execution, and adds interest income from margin loans and customer deposits, the issuance of ELS and DLS, and proprietary investment. Its results track clearly with trading value and volatility. In the first quarter of 2026, preliminary net profit reached ₩477.4 billion, roughly doubling year on year and marking a record quarterly level. Under the value-up policy, it has kept its standalone shareholder-return ratio above 30% through a regular dividend (₩11,500 per share) and treasury-share cancellation. What stands out most is the strength of a top-tier position in retail order intermediation, a 16.6% ROE, a forward P/E of about 5x, and a dividend of about 3.5%, meaning profitability and shareholder returns are both good, weighed against the caution that these results are linked to trading value and volatility, so profit growth can slow when the market quiets down.
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 16.6% (controlling-interest basis). It is above the sector average.
- Operating margin is 8.7%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Daou Tech 41.55% (corporate)
Controlling bloc incl. related parties 41.58%
With the controlling bloc holding 42%, the ownership structure is stable.
🔎 In-depth analysis
- In a phrase, Kiwoom is "a company that earns commissions by intermediating retail investors' stock trading." Through online trading systems such as HeroMoney, it has held a top-tier retail share of the domestic and overseas order-intermediation market, and the commissions from that are a large axis of its income.
- A second axis is interest income, from margin loans (lending money to buy shares) and from customer deposits.
- Added to this are the business of creating and offering derivative-linked securities such as ELS and DLS, proprietary investment (running its own money directly), wealth management, and investment banking.
- In other words, the more trading value and market volatility rise, the more commissions and interest rise together, so it is a company whose results are clearly linked to the mood of the market.
- The latest closing price is ₩315,000 and the market cap is ₩8.3 trillion.
- The price sits below its 20-day line (₩342,375) and below its 60-day line (₩389,717).
- Being below both the short- and medium-term moving averages, the trend looks subdued.
- The RSI (a supplementary gauge that measures upward versus downward momentum over the past 14 days on a 0-100 scale) is 41.6, a neutral level.
- The one-month change is -8.0%, the three-month change is -23.1%, and the position versus the 52-week high is -36.4%.
- Relative strength versus the KOSPI is 43 (on a 1-99 scale, converting the past year's return versus the index with more recent periods weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 58% of all stocks by strength.
- Over the past three months it lagged the index by 44.8%.
- It is best to read the chart alongside trading volume and disclosure dates.
- On confirmed last-year (2025) results, the P/E (how many times one year's profit the share price is) is 7.42x and the P/B (how many times the company's net asset value the share price is) is 1.23x.
- ROE (the return earned on equity over one year) is 16.6%, clearly above the peer average (about 12%).
- The operating margin is 8.7%, and the dividend yield at the current price is about 3.5% (₩11,500 per share, a payout ratio of 27.1%), so a steady dividend is a strength.
- The key point is that the P/E of 8.08x is on a "confirmed last-year (trailing)" basis.
- Because this year's profit is rising sharply, dividing the same share price by this year's expected earnings brings the profit multiple down to about 5x, which is low versus peers' profit multiples (over 10x) and reads as a signal of undervaluation.
- The P/B of 1.34x is also mid-range among peers and, given this profitability (ROE 16.6%), is not heavy.
- The debt ratio is measured high, but for firms in this sector customer deposits and issued derivative-linked securities are booked as accounting liabilities, so they cannot be viewed by the same yardstick as a manufacturer.
- The top line has grown quickly.
- Revenue (operating income) went from ₩9.5 trillion in 2023 to ₩11.3 trillion in 2024 to ₩17.1 trillion in 2025, rising +51.8% last year alone with the pace of increase accelerating (a three-year CAGR of 33.9%).
- Net profit also rose sharply for two straight years, from ₩436.3 billion in 2023 to ₩835.0 billion in 2024 to ₩1.1136 trillion in 2025.
- In the most recent quarter, the first quarter of 2026, revenue rose +156.7%, operating profit +90.9%, and net profit +102.6% (₩477.4 billion) year on year.
- This strength is not a one-off number but the result of surging retail trading value amid a strong market, which sharply lifted order-intermediation commissions, revived demand for margin loans and overseas-stock trading, and raised derivative and proprietary-investment income together.
- Being in a top-tier share position, it is also placed where profit reacts most when trading revives.
- Reflecting this profit trend, this year's net profit looks set to far exceed last year's (about ₩1.1 trillion), so the profit multiple on this year's basis (a forward P/E of about 5x) is set lower than on last year's basis (8.08x).
- That said, profit in this sector inherently rises and falls with the trading environment, so the cyclical nature—that the increase can shrink when trading cools—should be viewed together.
- Recent disclosures are dominated by successive issuances of derivative-linked securities such as ELS and DLS and their results reports and prospectuses.
- This shows the everyday business flow in which Kiwoom steadily prints structured products to raise funds and sell them.
- On earnings, first-quarter 2026 preliminary net profit reached ₩477.4 billion, roughly doubling year on year and marking 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 its standalone shareholder-return ratio above 30%.
- The structure of pairing a regular dividend (₩11,500 per share) with treasury-share cancellation serves as a channel through which gains flow back to shareholder value when profit rises.
- Rather than large one-off events like individual contract wins, these are disclosures reflecting results, product issuance, and shareholder returns repeating amid brisk trading.
- The strengths are pronounced.
- A top-tier position in retail order intermediation, an ROE of 16.6% ahead of peers, and—reflecting this year's higher profit—a lower profit multiple than peers (a forward P/E of about 5x) together with a dividend of about 3.5% mean profitability and shareholder returns are both good.
- In particular, with first-quarter 2026 profit jumping to a record level, the valuation on this year's earnings reads as an undervalued area versus peers.
- A point to view alongside this is the structural trait that these results are linked to market trading value and volatility.
- When trading is alive, commissions, interest, derivative, and proprietary income all grow at once, but conversely, when trading cools, that increase shrinks.
- The share price is also below its medium-term moving averages, so short-term supply-demand is on the weaker side.
- In conclusion, in a phase where trading value stays high and demand for overseas stocks and margin loans is alive, both earnings and valuation read strong; in a phase where the market quiets and trading contracts, profit growth can slow.
- On trailing metrics alone it looks ordinary, but on forward metrics reflecting this year's earnings, it is close to undervalued versus peers—and that is the crux of this stock.
🔎 Valuation vs peers Undervalued
Compared against large order-intermediation-focused financial companies whose business substance is comparable within the same business group. All earn money by intermediating retail and institutional trading plus interest and product income, so a direct comparison is possible.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Mirae Asset Securities | 14.35x | 1.69x | 11.80% |
| NH Investment & Securities | 10.10x | 1.10x | 10.94% |
| Samsung Securities | 9.90x | 1.24x | 12.48% |
Against the same business group, Kiwoom sits in a "low P/E, high ROE" position. (a) Its confirmed last-year P/E of 8.08x is already the lowest in the peer group, and (b) it sits at a discount rather than a premium. (c) In particular, this P/E of 8.08x has the limitation of being on a confirmed last-year (trailing) basis and does not reflect the earnings inflection of first-quarter profit doubling. Viewed again on this year's earnings trajectory, the profit multiple is about 5x, clearly lower than the peer group (over 10x). The base diagnostic viewing the valuation as heavy from a P/B angle is only one facet of a book-value basis; considered together with profitability (ROE 16.6%) and this year's earnings, reading it as undervalued is reasonable. That said, the cyclical nature of the earnings (dependence on trading value) should be viewed together as a precondition of this re-valuation.
Price history Close · MA20 · MA60
The latest close is ₩315,000 and the market capitalization is ₩8.3 trillion. The price sits below its 20-day moving average (₩342,375) and below its 60-day moving average (₩389,717). 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 41.6, a neutral level. The one-month change is -8.0%, the three-month change is -23.1%, and the position relative to the 52-week high is -36.4%. Relative strength versus the KOSPI is 43 (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 43% of all stocks. Over the past three months it lagged the index by 44.8%. 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 -44.79% / 6M -38.72% / 12M -39.63%
Key metrics vs sector median
Valuation
The P/E of 7.42x is below the sector median (8.97x). The P/B of 1.23x is above the sector median (0.45x). 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 16.6%, above the sector average (6.0%). The operating margin is 8.7%. The debt ratio is 1110.5%, 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 | $6.3B | $7.5B | $11.3B | +51.78% ↑ faster |
| Operating profit | $374.2M | $727.9M | $986.4M | +35.51% ↓ slower |
| Net profit | $289.2M | $553.4M | $738.1M | +33.36% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $6.3B | $7.5B | $11.3B |
| Operating profit | — | — | $374.2M | $727.9M | $986.4M |
| Net profit | — | — | $289.2M | $553.4M | $738.1M |
| 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 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 3.6%, is on the high side.
- ROE of 16.6% 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 of ₩477.4 billion (about +102.6% year on year), with operating profit of ₩621.2 billion (+90.9%). A surge in retail trading value amid a strong market sharply lifted order-intermediation commissions, achieving a record quarterly profit level.Over the medium term, it raises the likelihood that this year's annual profit will far exceed last year's (about ₩1.1 trillion). It is the key basis for lowering the valuation on this year's earnings versus last year's P/E. Source
- 2026-06-08FilingFiled results reports and blanket-filing prospectuses for derivative-linked securities such as ELS and DLS. Shows that the issuance and sale of retail structured products are operating normally.In the short term it is not a one-off event that moves results greatly, but a steady issuance scale forms the foundation of related proprietary and interest income. Source
- 2026-03-31DividendCarried out regular treasury-share cancellation and dividends under the value-up (corporate-value enhancement) policy (₩11,500 per share, a payout ratio of about 27%). Kept its standalone shareholder-return ratio above 30%.Over the medium term, profit increases flow back to shareholder value through dividends and treasury-share cancellation. Share-count reduction and dividends 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. ₩1.8 trillion , forward PER approx. 5.0x | — | Unverified | link |
Recent filings
- 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.