Korea Investment Holdings (071050) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Korea Investment Holdings is a holding company centered on a large, wholly owned securities subsidiary and several other financial subsidiaries, whose consolidated results combine the securities arm's trading and IB fees and its proprietary and interest income with asset management, a savings bank and venture capital — so profit moves with market trading volumes, interest rates and the IB environment. On May 14 it reported strong Q1 consolidated operating (preliminary) profit exceeding ₩1.1 trillion, and in April it voluntarily disclosed a corporate value-up plan laying out a direction for capital efficiency and shareholder returns. What stands out lately is that profit has nearly doubled and ROE of 16.8% puts profitability at the top of its peer group, yet the multiple on this year's earnings is in the low 4x range, joined by a 4.0% dividend yield and shareholder returns — while the caution is that, because value is centered on the securities subsidiary, the pace of earnings growth can slow when trading cools.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
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 “Banks” (Financials), a type typically read first through P/B.
Banks earn by putting capital to work through deposits and loans, so what matters is how much equity (net assets) they hold and how efficiently they use it, more than headline profit. That makes price-to-book (P/B) the first lens — but it should be read alongside ROE, which shows how much profit the equity generates.
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.
- ROE is 19.4% (controlling-interest basis). It is above the sector average.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Nam-koo 20.7% (individual)
Controlling bloc incl. related parties 21.3%
With the controlling bloc holding 21%, control is maintained but the free float is relatively large.
Financial-group subsidiaries stake
| Korea Investment Manufacturing Innovation No.1 Private Equity | sub-subsidiary | 5.71% |
🔎 In-depth analysis Reading
Korea Investment Holdings does not sell goods or services directly; it is a holding company that owns several financial subsidiaries and whose value is set by the consolidated results flowing from those stakes. The center of value is a large, wholly owned securities subsidiary (Korea Investment & Securities), which earns money from: (1) trading commissions for intermediating stock and bond trades for retail and institutional clients, (2) IB (investment banking) fees for helping companies list, issue corporate bonds, and pursue mergers and acquisitions, and (3) proprietary and interest income from investing the firm's own money in bonds, equities and derivatives. Added to this are an asset manager that runs funds, a savings bank that earns loan interest, a venture-capital arm that invests in unlisted companies, and a real-estate trust subsidiary, which together make up the consolidated results. Counting the holding company's direct stake and grandchild-subsidiary holdings, the group holds about 34% of listed KakaoBank, so its results and share price feed into the holding company's value. As of Q1 2026, the securities arm accounts for about 70% of pre-tax profit, down from about 86% a year earlier — a sign that other businesses such as asset management and the savings bank are contributing more and the profit base is broadening. This company's profit moves with market trading volumes, market interest rates and the vibrancy of IB deals, a structure in which profit rises quickly when trading picks up.
The latest close is ₩204,000 and the market capitalization is ₩11.4 trillion. The price sits below its 20-day moving average (₩212,740) and below its 60-day moving average (₩228,355). 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 45.9, a neutral level. The one-month change is -16.2%, the three-month change is -30.0%, and the position relative to the 52-week high is -30.3%. Relative strength versus the KOSPI is 36 (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 35% of all stocks. Over the past three months it lagged the index by 12.1%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On this year's earnings the P/E ratio (how many times one year's net profit the price is) is about 4.1x. Given that peers in the securities sector generally trade at 8-17x, this low-4x level is clearly below peers and can be read as a sign of undervaluation. The P/B (how many times net assets) is also below 1x on this year's basis, and ROE (how much it earns in a year on its equity) of 16.8% is among the highest in its securities peer group. Normally higher profitability comes with a higher multiple, yet this company shows the combination of the highest profitability and the lowest multiple. The P/E on last year's finalized results is 6.1x, but at a company whose earnings are growing fast, a value reflecting the already-larger current-year earnings is closer to the real valuation. One more point is the P/B: on the holding company's book equity, the stake in listed KakaoBank is carried at low acquisition cost rather than market value, so book equity looks smaller than actual net asset value. As a result even a P/B of about 1.09x is optically higher than it really is, leaving room to view it as cheap on assets too. The debt ratio is 1,033%, which looks high on the number alone, but in the securities business items such as client deposits and repurchase agreements are booked as liabilities by accounting convention, so risk cannot be judged by the same yardstick as manufacturing. The dividend yields about 4.0% at the current price, at ₩8,690 per share with a 25.1% payout ratio, steadily sharing part of profit.
This is a company whose earnings are growing strongly. Consolidated operating profit rose from ₩0.82 trillion in 2023 to ₩1.20 trillion in 2024 and ₩2.35 trillion in 2025, a +95.5% gain in 2025 with the pace itself faster than the year before. Net profit likewise nearly doubled over the same period, from ₩0.71 trillion to ₩1.04 trillion to ₩2.02 trillion (+94.3%). In Q1 2026 cumulative operating profit reached ₩1.11 trillion (+108.9% YoY) and net profit ₩0.92 trillion (+99.6%), so the growth turned even steeper. Core subsidiary Korea Investment & Securities alone posted Q1 net profit of about ₩784.7 billion (+75.1%). If this continues, this year's earnings are positioned a notch above last year's, which is exactly why the P/E on this year's earnings comes out as low as the 4x range. The profit base is also broadening: the securities arm's share of pre-tax profit fell from about 86% a year earlier to about 70% in Q1, as contributions from asset management, the savings bank and others grew. The growth engine is clear: when market trading volumes rise, trading commissions rise; when IB deals are active, underwriting and advisory fees are added; and proprietary income joins in, so the securities subsidiary's profit grows in tandem. Revenue (operating revenue) is left blank as a comparison because, by the nature of the financial industry, the annual aggregation basis differs by year.
Recent disclosures center on earnings and shareholder returns. On April 29, 2026 the company voluntarily disclosed a corporate value-up plan, laying out its own direction for capital efficiency and shareholder returns. On May 14 it disclosed Q1 consolidated operating (preliminary) results via fair disclosure, reporting strong quarterly operating profit exceeding ₩1.1 trillion, and on May 15 the details were finalized in the quarterly report. On May 18 an IR (investor presentation) was announced, giving the company a venue to explain Q1 results and its management situation directly. On June 8 a simplified large-holding report was disclosed, reporting a change in a major stake; such stake disclosures can affect short-term supply and demand, so their direction and size are worth checking in the original filing. Overall, the company is actively communicating results and its return plan through disclosures and IR, a positive for information transparency.
This is a company with clear strengths. From 2025 through Q1 2026 earnings nearly doubled, ROE of 16.8% puts profitability among the highest in its peer group, and yet the P/E on this year's earnings is in the 4x range, clearly below its securities peers. It shows the combination of the highest profitability and the lowest multiple, and the direction of shareholder returns has been formalized with a 4.0% dividend yield and April's corporate value-up plan. Valuation is more accurately viewed through net asset value (NAV) that aggregates subsidiary stakes than through the P/E alone. Because the market value of the listed KakaoBank stake (about 34% on a group basis) is not fully reflected on the books, adding it back makes the shares look cheap on assets too. At this level the price burden versus earnings and assets is not large; rather, it reads as valued on the cheap side. A point to weigh alongside is the nature of the business: since value is centered on the securities subsidiary, profit moves with market trading volumes, interest rates and the IB environment, so this structure works strongly when trading is active and profit rises quickly, while the pace of earnings growth can slow when trading cools. The value of the KakaoBank stake also rises and falls with its share price. In sum, this is a phase showing low valuation, high profitability and strengthened shareholder returns at once, and the range of outcomes will hinge on how favorably the market trading environment continues.
🔎 Valuation vs peers Undervalued
Because value is centered on the securities subsidiary, the peer set comprises listed large securities companies that earn profit from trading, IB and proprietary investment; the P/E, P/B and ROE below are all on-site figures computed at the current price.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Korea Investment Holdings | 5.63x | 0.89x | 19.41% |
| Mirae Asset Securities | 12.32x | 1.37x | 16.39% |
| Samsung Securities | 8.46x | 1.04x | 14.81% |
| NH Investment & Securities | 9.78x | 1.05x | 13.04% |
| Kiwoom Securities | 6.84x | 1.09x | 19.47% |
Within the same peer set, Korea Investment Holdings sits at the lower end on P/E and P/B while its ROE is among the highest. Even compared with Kiwoom Securities (P/E 7.8x, ROE 16.6%), whose business is the closest fit, its profitability is comparable or ahead while its multiple is lower. On the usual relationship that 'better profitability earns a higher multiple', this is a clear discount. Moreover, a P/E of 6.1x is on last year's (2025) finalized results — before earnings nearly doubled — so converting to this year's earnings, which reflect near-record Q1 results, the price-to-earnings falls to the 4x range and the discount widens further. For an inflection stock, judging valuation on trailing P/E alone can make it look overvalued, whereas here the forward basis is lower, so we judge it undervalued. The holding-company characteristics also matter: most profit flows through consolidation from the wholly owned securities subsidiary, but the market value of the listed KakaoBank stake (about 34% on a group basis) is not fully reflected on the books. So the holding company's value is more accurately seen through net asset value (NAV) or sum-of-the-parts (SOTP) — the subsidiaries' operating value plus the market value of listed stakes — than through the consolidated P/E alone, and on that view too the current price reads on the low side. That said, the securities business's earnings are tied to the market trading environment, so higher volatility should be taken into account.
Price history Close · MA20 · MA60
The latest close is ₩204,000 and the market capitalization is ₩11.4 trillion. The price sits below its 20-day moving average (₩212,740) and below its 60-day moving average (₩228,355). 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 45.9, a neutral level. The one-month change is -16.2%, the three-month change is -30.0%, and the position relative to the 52-week high is -30.3%. Relative strength versus the KOSPI is 36 (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 35% of all stocks. Over the past three months it lagged the index by 12.1%. 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 -12.07% / 6M -19.74% / 12M -26.57%
Key metrics Computed vs whole-market median
Valuation
The P/E of 5.63x is below the whole-market median (12.97x). The P/B of 0.89x is in line with the whole-market median (0.84x). 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 19.4%, above the whole-market average (3.0%). The debt ratio is 1058.9%, 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 | — | — | — | — |
| Operating profit | $576.3M | $842.8M | $1.6B | +95.49% ↑ faster |
| Net profit | $496.7M | $730.4M | $1.4B | +94.32% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Operating profit | — | — | $576.3M | $842.8M | $1.6B |
| Net profit | — | — | $496.7M | $730.4M | $1.4B |
Operating profit rose 95.5% year over year. Profit is growing at an accelerating pace.
Latest quarterly results Source
No recent quarterly results confirmed from DART.
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 4.3%, is on the high side.
- ROE of 19.4% points to solid profitability.
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
- 2026-04-29FilingThe company voluntarily disclosed a corporate value-up plan, itself laying out a direction for capital efficiency and shareholder returns.A signal of greater medium-term visibility on capital-efficiency and shareholder-return policy. However, the specifics of the size and timing of returns need to be checked in the original filing. Source
- 2026-05-14EarningsThe company disclosed Q1 2026 consolidated operating (preliminary) results via fair disclosure. Cumulative operating profit of ₩1.11 trillion rose sharply from a year earlier.Confirms the earnings-recovery trend in the short term. Reflects a favorable market trading environment in Q1. Source
- 2026-05-15FilingThe company filed its Q1 2026 quarterly report, finalizing the detailed financial figures.Data verifying the line items of the preliminary results. Serves as the primary source for citing the quarter's figures. Source
- 2026-05-18IRThe company announced an IR (investor presentation), a venue where it explains Q1 results and its management situation directly.An opportunity to confirm the business status via the company's official channel. However, an announcement disclosure itself does not signal a change in figures. Source
- 2026-06-08UpdateA simplified large-holding report was disclosed, reporting a change in a major stake.A stake disclosure that can affect short-term supply and demand. The direction and size of the change need to be checked in the original filing. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Finalized annual P/E (2025) | 6.1x (PBR 0.89x·ROE 16.8%) | net profit 2204 | Confirmed | link |
| Q1 2026 cumulative operating profit | ₩1.11 trillion | 1 | Confirmed | link |
| Shareholder-return direction (corporate value-up plan) | 2026-04-29 | DART | Confirmed | link |
| 2026 annual net profit (own estimate) | approx. ₩3 trillion | — | Unverified | — |
| KakaoBank stake (group aggregate) | base | — | Unverified | link |
Recent filings Source
- 2026-06-08OwnershipOwnership-change filing
- 2026-05-20Amended filing
- 2026-05-18Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-14Disclosure
- 2026-05-14EarningsFair-disclosure notice
- 2026-05-14EarningsFair-disclosure notice
- 2026-05-11EarningsEarnings disclosure
- 2026-04-29Disclosure
- 2026-04-07Amended filing
- 2026-04-02OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-02Disclosure
📖 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.