Korea Investment Holdings is a holding company built around a large, wholly owned securities subsidiary, with several other financial subsidiaries, so its consolidated results combine the securities arm's trade-intermediation and IB fees and its trading and interest income with contributions from asset management, a savings bank, and venture capital — and its profit moves with market turnover, interest rates, and the IB environment. On May 14 it reported strong results, with Q1 consolidated preliminary operating profit topping ₩1.1 trillion, and in April it voluntarily disclosed a corporate-value enhancement plan laying out its direction on capital efficiency and shareholder returns. The strengths are that profit has nearly doubled, a 16.8% ROE is among the highest in its peer group, this year's earnings multiple is in the 4x range, and a 4.0% dividend yield is added to shareholder returns. The caution is that, because value centers on the securities subsidiary, profit growth can slow when trading activity cools.
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 16.8% (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
- Korea Investment Holdings is not a company that sells goods or services directly; it is a holding company owning several financial subsidiaries, valued on the consolidated results that flow from those stakes.
- The center of value is a large, wholly owned securities subsidiary, which makes money on: (1) trade-intermediation fees for handling stock and bond trades for individuals and institutions; (2) IB (investment-banking) fees for helping companies list, issue corporate bonds, and carry out mergers and acquisitions; and (3) trading and interest income from investing the firm's own capital in bonds, equities, and derivatives.
- To this are added an asset-management arm 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, all forming the consolidated results.
- As a result, this company's profit moves with market turnover, market interest rates, and the level of IB activity, a business structure in which profit grows quickly when trading picks up.
- The latest close is ₩222,500 and the market cap is ₩12.4 trillion.
- The price sits below its 20-day line (₩228,850) and its 60-day line (₩243,542).
- Trading below both its short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a gauge that weighs 14 days of gains against losses on a 0-100 scale) is 45.9, a neutral level.
- The stock is down 2.8% over one month and up 4.5% over three months, and stands 23.9% below its 52-week high.
- Relative strength versus the KOSPI is 51 (1-99, a return-versus-index measure over the past year weighted toward recent performance; higher means stronger than the market), placing it in roughly the top 49% of all stocks by strength.
- Over the past three months it lagged the index by 25.0%.
- Chart reading is best done alongside trading volume and the dates of disclosures.
- On this year's earnings, the P/E (how many times one year of net profit the price reflects) is about 4.1x.
- Given that P/Es across the securities sector generally range from 8x to 17x, this 4x level is markedly low versus peers and can be read as an undervaluation signal.
- The P/B (how many times net assets) is also below 1x on this year's basis, and the ROE (how much it earns on equity in a year) of 16.8% is among the highest in the comparable securities group.
- Usually stronger profitability comes with a higher multiple, yet this company shows the combination of the highest profitability and the lowest multiple.
- The P/E computed on last year's finalized results is 6.1x, but for a company whose profit is growing quickly, a value reflecting this year's already-increased earnings is closer to a fair judgment of value.
- The debt ratio is 1,033%, which looks high in raw terms, but in the securities business items such as customer deposits and repurchase agreements are booked as accounting liabilities, so its risk cannot be viewed by the same yardstick as manufacturing.
- On dividends, the yield is about 4.0% at the current price, ₩8,690 per share, with a 25.1% payout ratio, so it shares a portion of profit steadily.
- This is a company with strongly growing profit.
- Consolidated operating profit rose from ₩0.82 trillion in 2023 to ₩1.20 trillion in 2024 to ₩2.35 trillion in 2025, a 95.5% increase in 2025, with the pace of growth itself faster than the year before.
- Net profit likewise nearly doubled over the same span, ₩0.71 trillion to ₩1.04 trillion to ₩2.02 trillion (up 94.3%).
- In Q1 2026, cumulative operating profit was ₩1.11 trillion (up 108.9% year on year) and net profit ₩0.92 trillion (up 99.6%), a steeper acceleration.
- If this trend continues, this year's profit is positioned a step higher than last year's, and the reason this year's P/E comes out low at the 4x range lies precisely in this enlarged profit.
- The drivers are clear: when market turnover rises, trade-intermediation fees grow; when IB activity is brisk, underwriting and advisory fees accrue; and proprietary-trading income is added, so the securities subsidiary's profit grows in tandem.
- Revenue (operating revenue) is left blank as a comparison because, given the nature of the financial industry, the year-by-year aggregation basis differs.
- Recent disclosures center on results and shareholder returns.
- On April 29, 2026, the company voluntarily disclosed a corporate-value enhancement plan, setting out its own direction on capital efficiency and shareholder returns.
- On May 14 it fair-disclosed Q1 consolidated preliminary operating results, reporting strong figures with quarterly operating profit topping ₩1.1 trillion, and on May 15 the quarterly report finalized the detailed figures.
- On May 18 an investor briefing was announced, giving the company a venue to explain its Q1 results and business situation directly.
- On June 8 a (summary) large-holdings report was disclosed, reporting a change in a major stake; such stake disclosures can affect short-term supply and demand, so their direction and scale are worth confirming in the original document.
- Overall, the company is actively communicating results and its return plans through disclosures and briefings, which is positive for information transparency.
- This is a company with clear strengths.
- From 2025 through Q1 2026 profit nearly doubled, a 16.8% ROE is among the highest in its peer group, and yet this year's P/E is markedly lower than the securities sector at the 4x range.
- It shows the combination of the highest profitability and the lowest multiple, and a 4.0% dividend yield plus the April corporate-value enhancement plan formalize the shareholder-return direction as well.
- At this level, the price is not heavy against profit and assets; if anything, it reads as priced cheap.
- The point to weigh alongside is the nature of the business.
- Because value centers on the securities subsidiary, profit moves with market turnover, interest rates, and the IB environment; in a phase of brisk trading this structure works strongly and profit grows quickly, while in a phase where trading cools the pace of profit growth can slow.
- In short, right now shows low valuation, high profitability, and strengthening shareholder returns at the same time, and the range of outcomes will hinge on how favorable the market-trading environment remains going forward.
🔎 Valuation vs peers Undervalued
Since value centers on the securities subsidiary, the peer set consists of large listed securities companies that earn profit from trade intermediation, IB, and proprietary trading. The P/E, P/B, and ROE below are all on-site calculations at the current price.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Korea Investment Holdings | 6.14x | 1.03x | 16.82% |
| Mirae Asset Securities | 14.35x | 1.69x | 11.80% |
| Samsung Securities | 9.90x | 1.24x | 12.48% |
| NH Investment & Securities | 10.10x | 1.10x | 10.94% |
| Kiwoom | 7.42x | 1.23x | 16.61% |
Within this peer set, Korea Investment Holdings has among the lowest P/E and P/B while its ROE is among the highest. Even against Kiwoom Securities (P/E 8.1, ROE 16.6%), whose business is most similar in substance, its profitability is comparable or better while its multiple is lower. On the usual relationship that stronger profitability commands a higher multiple, this is a clear discount. Moreover, the P/E of 6.1x is on last year's (2025) finalized results, before profit nearly doubled; converting to this year's earnings, which reflect near-record Q1 results, brings the price down to the 4x range against profit and widens the discount. For an inflection-stage company, viewing valuation on the trailing P/E alone tends to overstate value, whereas this company is even lower on a forward basis, so we judge it undervalued. That said, given the nature of the securities business, profit is tied to the market-trading environment and carries high volatility, which needs to be taken into account.
Price history Close · MA20 · MA60
The latest close is ₩222,500 and the market capitalization is ₩12.4 trillion. The price sits below its 20-day moving average (₩228,850) and below its 60-day moving average (₩243,542). 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 -2.8%, the three-month change is +4.5%, and the position relative to the 52-week high is -23.9%. Relative strength versus the KOSPI is 51 (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 51% of all stocks. Over the past three months it lagged the index by 25.0%. 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 -25.03% / 6M -21.00% / 12M -31.05%
Key metrics vs whole-market median
Valuation
The P/E of 6.14x is below the whole-market median (13.81x). The P/B of 1.03x is in line with the whole-market median (1.15x). 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 16.8%, above the whole-market average (5.0%). The debt ratio is 1033.0%, 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 | $543.7M | $795.1M | $1.6B | +95.49% ↑ faster |
| Net profit | $468.6M | $689.1M | $1.3B | +94.32% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Operating profit | — | — | $543.7M | $795.1M | $1.6B |
| Net profit | — | — | $468.6M | $689.1M | $1.3B |
Operating profit rose 95.5% year over year. Profit is growing at an accelerating pace.
Latest quarterly results
No recent quarterly results confirmed from DART.
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 3.9%, is on the high side.
- ROE of 16.8% 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
- 2026-04-29FilingVoluntarily disclosed a corporate-value enhancement plan, with the company itself setting out its direction on capital efficiency and shareholder returns.A signal that raises the visibility of capital-efficiency and shareholder-return policy over the medium term. The specifics of the size and timing of returns, however, need to be confirmed in the original document. Source
- 2026-05-14EarningsFair-disclosed Q1 2026 consolidated preliminary operating results. Cumulative operating profit of ₩1.11 trillion rose sharply from the same period a year earlier.Confirms the profit-recovery trend over the short term. Reflects that the Q1 market-trading environment was favorable. Source
- 2026-05-15FilingFiled the Q1 2026 quarterly report, finalizing the detailed financial figures.Material that verifies the detailed line items of the preliminary results. It becomes the primary source for citing the quarterly results. Source
- 2026-05-18IRAnnounced an investor briefing. A venue for the company to explain its Q1 results and business situation directly.An opportunity to confirm the business status through an official company channel. The announcement itself, however, does not signal a change in figures. Source
- 2026-06-08UpdateA (summary) large-holdings report was disclosed, reporting a change in a major stake.A stake disclosure that can affect short-term supply and demand. The direction and scale of the change need to be confirmed in the original document. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Finalized annual P/E (2025) | 6.1x (PBR 1.03x·ROE 16.8%) | net profit 2204 | Confirmed | link |
| Q1 2026 cumulative operating profit | ₩1.11 trillion | 1 | Confirmed | link |
| Shareholder-return direction (corporate-value enhancement plan) | 2026-04-29 | DART | Confirmed | link |
| 2026 annual net profit (internal estimate) | approx. ₩3 trillion | — | Unverified | — |
Recent filings
- 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.