DSC Investment is a venture capital firm founded in 2012 and listed in 2016. It raises money from outside limited partners to form investment funds, then invests in and manages early- and growth-stage startups. Its income comes from three streams: management fees tied to fund size (steady, fixed income), performance fees earned when portfolio companies go public or are sold (variable income), and gains from valuing or selling the stakes it holds directly. Assets under management run to roughly ₩1.5 trillion. On March 19, 2026, its 2025 annual report disclosed revenue of ₩45.1 billion, operating profit of ₩22.3 billion, and net profit of ₩17.3 billion, and a strong first quarter was confirmed on May 15, followed by a May 14 material-event report on a tangible-asset acquisition, a March shareholder meeting, and stake-change filings between April and June. What stands out lately is that its ROE of 13.7% and operating margin of 49.5% both sit well above the industry average and are the highest among its peer group, and three straight years of revenue growth backed by a management-fee base of about ₩1.5 trillion in assets under management are clear strengths. On the other hand, a large share of profit comes from fund exits and performance fees, so quarterly and annual swings are wide depending on the equity-market and IPO environment: the firm is strong when exits keep coming and its earnings swing more sharply when they dry up.
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 16.9% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 89.9% higher than a year earlier.
- ROE is 13.7% (controlling-interest basis). It is above the sector average.
- Operating margin is 49.5%.
- P/B is high versus peers, a stretch on an asset basis.
Ownership & governance As of 2025-12-31
Largest shareholder Yoon Gun-soo 20.8% (individual)
Controlling bloc incl. related parties 25.48%
With the controlling bloc holding 25%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- DSC Investment is a venture capital firm (a startup investment company) founded in 2012 and listed on KOSDAQ in 2016.
- It is not a bank that lends out large amounts of its own capital to earn interest; instead, it pools money from outside limited partners (pension funds, policy funds, and private investors) to form investment vehicles such as the 'DSC Home Run Fund,' and uses that money to invest in and manage early- and growth-stage startups.
- It makes money in three main ways: (1) management fees received each year in proportion to the size of the funds it runs (steady, fixed income); (2) performance fees earned when a fund's portfolio company lists or is sold at a gain (variable income that arrives at the time of exit); and (3) valuation and sale gains on the investment stakes and securities the company holds directly.
- Assets under management (AUM, the total size of the funds it runs) are reported at roughly ₩1.5 trillion, so the essence of the business comes down to how large it can grow its funds and how well and when it can exit the companies it has invested in.
- The latest close is ₩8,010 and market capitalization is ₩213.1 billion.
- The price sits below its 20-day moving average (₩9,657) and below its 60-day line (₩12,776).
- Trading below both the short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that compares upward and downward force over the past 14 days on a 0-100 scale) is 29.5, close to oversold territory.
- The one-month change is -25.1%, the three-month change is -37.1%, and the price stands -57.0% below its 52-week high.
- Relative strength versus KOSDAQ is 79 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent periods; higher means stronger than the market).
- That places it in roughly the top 20% of all stocks by strength.
- Over the past three months it lagged the index by 20.4%.
- Chart reading is best done alongside trading volume and the dates of disclosures.
- On recent earnings, the P/E ratio (how many times one year of net profit the share price represents) is 12.34x and P/B (how many times per-share net asset value the price represents) is 1.69x.
- ROE (how much the company earns in a year on shareholders' equity) is 13.7%, well above the industry average and the highest among the listed venture capital firms compared here.
- Operating margin is 49.5% and net margin is 38.3%, reflecting a business whose income comes mainly from fees and investment gains, giving it a light cost structure.
- The debt ratio is 141.3%, which looks high at face value, but for a fund manager the consolidated accounts include items related to the investment vehicles, so it should not be judged by an ordinary manufacturer's yardstick and differs from actual borrowing burden.
- The key point is that for a company like this, where profit is rising, the forward P/E that reflects this year's expected earnings gives the truer picture rather than the P/E on past results.
- Annual revenue rose three years running, from ₩33.6 billion in 2023 to ₩38.6 billion in 2024 to ₩45.1 billion in 2025 (a 16.0% average annual pace).
- In 2025, operating profit jumped +49.4% year on year to ₩22.3 billion and net profit rose +60.6% to ₩17.3 billion, a clear recovery from a weak 2024.
- The first quarter of 2026 started strong, with revenue of ₩12.4 billion (+89.9% year on year), operating profit of ₩4.6 billion, and net profit of ₩3.5 billion.
- As revenue grows, so do the management fees it collects; assets under management, now swollen to about ₩1.5 trillion, form the base for those fees, and when portfolio companies list or are sold, performance fees pile on top and push profit higher.
- That is precisely the basis for expecting this year's profit to top last year's: the enlarged AUM base and the exit-and-fee flow already confirmed in the first quarter provide support.
- That said, performance fees make quarterly swings wide, so rather than gauging the full year from a single quarter's figure it is more accurate to watch AUM growth and the exit cycle together.
- The path beyond next year depends on new fund formation and exit timing, and there is no clear basis for calling the present a cycle top.
- Recent activity is mostly routine disclosures.
- On March 19, 2026, the 2025 annual report disclosed confirmed full-year results (revenue ₩45.1 billion, operating profit ₩22.3 billion, net profit ₩17.3 billion), and the May 15 quarterly report confirmed a strong first quarter.
- On May 14, a material-event report (a decision to acquire a tangible asset) disclosed an asset-acquisition decision, though its connection to the core management business and the size of the funds involved are points to confirm in the original text.
- At the March 27 annual shareholder meeting, agenda items including approval of the financial statements were handled, and stake changes were filed in an April 3 large-holding report and a June 9 report on holdings by executives and major shareholders.
- Because core-business momentum such as new fund formation or exits shows up as revenue and performance fees between these routine and stake-related disclosures, reading the filing dates together with the earnings figures helps trace the flow.
- The strengths are clear: (1) an ROE of 13.7% and operating margin of 49.5% that stand well above the industry average and are the highest in the peer group; (2) three straight years of revenue growth and a clear profit recovery in 2025, with this year's profit on a path to grow further; and (3) a steady management-fee base flowing from about ₩1.5 trillion in assets under management.
- This is the result of earnings improving while the share price was pushed to half its high.
- Points to watch are that a large share of profit comes from fund exits and performance fees, making quarterly and annual swings wide, and that it is correspondingly exposed to the equity-market and IPO environment.
- In short, when new fund formation grows AUM and portfolio companies keep listing or being sold, both fees and performance fees expand together and the firm is strong; conversely, when exits dry up or the market cools, performance fees fade and earnings swings widen.
🔎 Valuation vs peers Fairly valued
Although grouped under a bank/finance code, it is more properly compared with other startup investment companies that actually run venture funds; listed venture capital firms with the same business character were selected from within the site and compared on P/E, P/B, and ROE.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Mirae Asset Venture Investment | 25.87x | 2.11x | 8.18% |
| Aju IB Investment | 54.88x | 1.71x | 3.12% |
| Atinum Investment | 4.00x | 0.49x | 12.27% |
For venture capital firms, exit timing differs by company, so P/E ratios range widely from the mid-single digits to over 100x. DSC Investment's last confirmed P/E of 17.4x is lower than Mirae Asset Venture Investment and Aju IB Investment, which timed their exits well, and higher than Atinum Investment, which happened to have large exits. In other words, it sits in the middle of the peer group rather than at an extreme. Its ROE of 13.7% is the highest, so it leads on capital efficiency, but its P/B of 2.38x is above the peer median, meaning recovery expectations are already partly priced in. The trailing P/E on confirmed results can look low because it reflects a year with concentrated exits, while forward net profit approximated from DART seasonality (about ₩12.5 billion) comes in below last year's confirmed net profit (₩17.3 billion), so the forward multiple is actually higher. Taken together, within the same business group this sits in a fair range that is neither extremely cheap nor extremely expensive, and the assessment shifts a great deal depending on whether fund exits keep coming.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩17.1 billion | approx. ₩2.6 billion | approx. ₩1.2 billion |
Price history Close · MA20 · MA60
The latest close is ₩8,010 and the market capitalization is ₩213.1 billion. The price sits below its 20-day moving average (₩9,657) and below its 60-day moving average (₩12,776). 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 29.5, near oversold territory. The one-month change is -25.1%, the three-month change is -37.1%, and the position relative to the 52-week high is -57.0%. Relative strength versus the KOSDAQ is 79 (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 80% of all stocks. Over the past three months it lagged the index by 20.4%. 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 -20.44% / 6M +27.23% / 12M +9.78%
Key metrics vs sector median
Valuation
The P/E of 12.34x is in line with the sector median (12.68x). The P/B of 1.69x is above the sector median (0.66x).
Profitability & financials
Return on equity (ROE) is 13.7%, above the sector average (6.0%). The operating margin is 49.5%. The debt ratio is 141.3%, 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 | $22.2M | $25.6M | $29.9M | +16.86% ↑ faster |
| Operating profit | $11.6M | $9.9M | $14.8M | +49.38% ↑ faster |
| Net profit | $9.7M | $7.1M | $11.4M | +60.62% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $22.2M | $25.6M | $29.9M |
| Operating profit | — | — | $11.6M | $9.9M | $14.8M |
| Net profit | — | — | $9.7M | $7.1M | $11.4M |
| Revenue CAGR | 2-yr avg 15.97% | ||||
Revenue rose 16.9% year over year (2023 ₩33.6 billion → 2024 ₩38.6 billion → 2025 ₩45.1 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 49.4% year over year. Profit is growing at an accelerating pace. Over the 3 years on record, revenue compound annual growth (CAGR) is 16.0%. The two-year revenue CAGR is 16.0%. In the most recent quarter (Q1 2026), revenue was 89.9% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- ROE of 13.7% points to solid profitability.
- Revenue grew 16.9% year over year, a sign of growth.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-15UpdateFiled 2026 first-quarter report. Q1 revenue ₩12.4 billion (+89.9% year on year), operating profit ₩4.6 billion, and net profit ₩3.5 billion made for a strong startIn the short term this supports hopes of an earnings recovery. However, the first quarter is seasonally weak for this company, so extending the read to the full year calls for caution. Source
- 2026-05-14FilingAmended material-event report (decision to acquire a tangible asset). Disclosed a decision related to an asset acquisitionOver the medium term the use of funds and the tie to the core business are points to confirm in the original text. If the spending falls outside the core management business, it could affect capital efficiency. Source
- 2026-03-19UpdateFiled 2025 annual report. Full-year revenue ₩45.1 billion (+16.9%), operating profit ₩22.3 billion (+49.4%), and net profit ₩17.3 billion (+60.6%) confirmed a recovery from a weak prior yearOver the medium term this is the official basis for the profit recovery. The mix of management fees, performance fees, and investment income, along with the exit record by fund, should be examined together. Source
- 2026-03-27FilingDisclosed the results of the annual shareholder meeting. Routine items such as approval of the financial statements were handledThe short-term effect is limited, but it is a routine step that confirms the tone of shareholder returns and governance, including dividends and director appointments. Source
- 2026-06-09UpdateFiled a report on holdings of specified securities by executives and major shareholders. Insider stake changes were reportedA reference signal for short-term supply and demand. The direction and scale of the change need to be confirmed in the original text, and a single filing alone is not enough to call a trend. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-09OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15PeriodicQuarterly report
- 2026-05-14Material-fact report (amended)
- 2026-04-03OwnershipOwnership-change filing
- 2026-03-27Disclosure
- 2026-03-27Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business report
- 2026-03-19Audit report
- 2026-03-12Amended filing
- 2026-03-12Shareholders' meeting notice
- 2026-03-09Disclosure
- 2026-03-09Shareholders' 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.