A Plus Asset is not an insurer that creates policies but a general agency (GA) that compares and sells the products of 34 life and non-life insurers, with close to 80% of revenue coming from selling commissions on non-life insurance (about ₩168.7 billion) and life insurance (about ₩157.3 billion), while it has widened its income sources into bio and medical devices, funeral services, loan intermediation, and real estate. The Q1 report filed on May 15 confirmed strong results with revenue, operating profit, and net profit all up sharply, filings on holdings changes by the largest shareholder and executives recurred from April to June, and it continues a dividend stance of ₩300 per share (payout about 31%). The strengths worth noting are its first-mover position as the first listed GA, a four-year average revenue growth of about 28%, ROE in the 13% range, and a P/E of 7.85x on this year's earnings, below last year's confirmed figure (10.58x); on the other hand, its profit is tied to new-policy conditions in insurance and to policy variables such as the commission system, so it is quickly affected when sales slow.
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 32.3% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 17.9% higher than a year earlier.
- ROE is 13.0% (controlling-interest basis). It is below the sector average.
- Operating margin is 4.3%.
- P/B is low versus peers too, so it looks cheap on an asset basis as well.
Ownership & governance As of 2024-12-31
Largest shareholder Kwak Keun-ho 20.06% (individual)
Controlling bloc incl. related parties 23.86%
With the controlling bloc holding 24%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- This company is not an insurer that creates policies but a 'GA (general agency)' that sells the products of many insurers on their behalf to customers.
- Unlike a tied agent who sells only one company's products, it compares the products of 34 life and non-life insurers in one place and receives selling commissions in return.
- Most of its revenue comes from these very commissions - on the most recent public basis, non-life insurance selling commissions were about ₩168.7 billion and life insurance about ₩157.3 billion, the two axes accounting for close to 80% of revenue.
- Not stopping there, it has widened its income sources into bio and medical-device sales (about ₩7.9 billion), funeral and ceremonial side businesses (about ₩15.3 billion), loan intermediation (about ₩14.0 billion), and real estate and other (about ₩13.1 billion).
- In a word, it is closer to a 'comprehensive financial and lifestyle-service group centered on insurance sales.'
- The latest close is ₩10,180 and the market cap is ₩230.1 billion.
- The price sits below the 20-day line (₩10,486) and the 60-day line (₩10,541).
- Trading below both the short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge comparing upward and downward strength over the past 14 days on a 0-100 scale) is 46.6, a neutral reading.
- The one-month change is +4.0%, the three-month change is -2.1%, and the position versus the 52-week high is -31.1%.
- Relative strength against the KOSPI is 48 (1-99, a weighting of the past year's return versus the index that gives more weight to recent performance; higher means stronger than the market), placing it in roughly the top 52% of all stocks by strength.
- Over the past three months it lagged the index by 25.3%.
- Chart reading is best done alongside trading volume and disclosure dates.
- The P/E (how many times a year's earnings the price represents) is 10.40x, close to the market median, and the P/B (how many times the company's net assets the price represents) is 1.36x.
- ROE, which shows how much is earned in a year on its own capital, is 13.0%, a firm level of profitability for financial distribution.
- The dividend yield is 2.77% (₩300 per share), returning about 31% of earnings as dividends.
- The debt ratio (debt to equity) is 303.7%, which looks high by the number alone, but this is largely because, as is typical for a GA, payables and receivables exchanged with customers and insurers are booked as large liabilities, so it should not be read the same way as the borrowing burden of an ordinary manufacturer.
- In fact, the current ratio measuring short-term solvency is a healthy 205% and the interest coverage ratio is 6.25x, so there is no strain in servicing debt.
- One point to flag - the P/E and P/B above are on last year's confirmed earnings (trailing).
- This company's earnings are at an inflection, so last year's number does not capture the whole reality.
- The forward P/E converted on this year's earnings is clearly below the trailing 10.58x, and the P/B on an asset basis is also on the low side versus peers, so the price is if anything closer to the cheap side.
- Revenue rose from ₩258.0 billion in 2021 to ₩682.4 billion in 2025, growing at an average of about 28% a year over four years, a clear expansion in scale.
- In Q1 2026 that growth translated into profitability - revenue of ₩186.6 billion (+17.9%), operating profit of ₩15.9 billion (+114.9%), and net profit of ₩13.1 billion (+98.6%), with operating profit growing far faster than revenue as margins thickened.
- It was the result of brisk new insurance policies lifting selling commissions, backed together by the bio-equipment, funeral, loan, and real-estate businesses outside insurance.
- The forward P/E converted on this year's earnings is a figure reflecting this very improvement in profitability - a picture in which the commission-revenue expansion and margin recovery confirmed in Q1 carry through for the full year.
- It is true that past earnings were uneven year to year (including a base effect where 2024 net profit was unusually low at ₩2.48 billion), but Q1 operating profit exceeding double the prior year shows that the direction of that volatility has turned upward.
- Recent disclosures read along two lines.
- First, the Q1 report on May 15 confirmed strong results with revenue, operating profit, and net profit all up sharply.
- Second, from April to June 2026, filings on holdings changes by the largest shareholder and by executives and major shareholders were submitted repeatedly - a signal worth noting in that the parties who know the company best keep moving their stakes, and it is best to confirm from the original filings whether the holdings rose or fell and by how much.
- On June 1 it disclosed a corporate governance report, opening up the status of board operation, shareholder rights, and internal controls.
- The continuation of a dividend stance of ₩300 per share (payout about 31%) is also noted as a fact on the shareholder-return side.
- This is a stock with clear strengths - a first-mover position as the first listed GA, four-year average revenue growth of about 28%, ROE in the 13% range, and the improvement in profitability confirmed in Q1 2026 plus a steady dividend.
- Having diversified its income sources across insurance, bio equipment, funeral services, loans, and real estate provides a cushion when one side wobbles.
- Above all, at a P/E of 7.85x on this year's earnings, it trades below last year's confirmed figure (10.58x) and, on an asset basis by P/B, below peers, so the price is not a heavy spot.
- A point to keep in view is the structural feature that its earnings are tied to new-policy conditions in insurance and to the commission system (policy variables such as commission regulation and rules on switching policies).
- In sum, it is a company that is strong in a phase like Q1 where commission revenue and operating profit rise together, and whose earnings are quickly affected when insurance sales slow or the commission system changes.
- For now the flow points upward, and the price is set low relative to it.
🔎 Valuation vs peers Fairly valued
By the business reality of being not an insurer that directly underwrites but a 'GA (general agency) that sells many insurers' products on their behalf,' listed peer GAs were used as the comparison set.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Inca Financial Service | 6.81x | 2.28x | 33.43% |
Compared with its direct peer Inca Financial Service (P/E 6.92, P/B 2.31, ROE 33.4%), A Plus Asset (P/E 11.06, P/B 1.44, ROE 13.0%) has a higher P/E but a lower P/B. This cannot be sorted simply into expensive or cheap - Inca's ROE is more than twice as high, so its capital efficiency is better and it is valued higher relative to net assets (P/B), whereas A Plus Asset trades lower relative to net assets. The key is that the current P/E is on last year's confirmed earnings - this company's earnings have swung widely year to year, from ₩2.48 billion to ₩50.3 billion, so a single-year trailing P/E alone easily misses the reality. Reflecting the trend of Q1 2026 operating profit more than doubling year on year, the burden on this year's earnings (forward) is lighter than last year's number. So rather than a clear discount or premium versus the peer, it is seen as a 'fairly valued' zone, while earnings volatility and the commission-system variable should be weighed together.
Price history Close · MA20 · MA60
The latest close is ₩10,180 and the market capitalization is ₩230.1 billion. The price sits below its 20-day moving average (₩10,486) and below its 60-day moving average (₩10,541). 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 46.6, a neutral level. The one-month change is +4.0%, the three-month change is -2.1%, and the position relative to the 52-week high is -31.1%. Relative strength versus the KOSPI is 48 (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 48% of all stocks. Over the past three months it lagged the index by 25.3%. 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 -25.34% / 6M -31.33% / 12M -26.76%
Key metrics vs sector median
Valuation
The P/E is 10.40x. The P/B of 1.36x is below the sector median (1.67x). 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 13.0%, in line with the sector average (15.0%). The operating margin is 4.3%. The debt ratio is 303.7%, 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 | $232.5M | $341.8M | $452.3M | +32.32% ↓ slower |
| Operating profit | $8.3M | $20.9M | $19.4M | -7.09% ↓ slower |
| Net profit | $6.8M | $1.6M | $14.7M | +791.96% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $171.0M | $179.4M | $232.5M | $341.8M | $452.3M |
| Operating profit | $3.8M | $898,482 | $8.3M | $20.9M | $19.4M |
| Net profit | $8.0M | $33.4M | $6.8M | $1.6M | $14.7M |
| Revenue CAGR | 4-yr avg 27.53% | ||||
Revenue rose 32.3% year over year (2023 ₩350.9 billion → 2024 ₩515.8 billion → 2025 ₩682.5 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 7.1% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 27.5%. The two-year revenue CAGR is 39.5%. In the most recent quarter (Q1 2026), revenue was 17.9% 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.
- ROE of 13.0% points to solid profitability.
- Revenue grew 32.3% 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
- 2026-05-15EarningsQ1 2026 report filed. Cumulative revenue ₩186.6 billion (+17.9%), operating profit ₩15.9 billion (+114.9%), net profit ₩13.1 billion (+98.6%), a sharp improvement year on year.Short term: positive earnings momentum from confirmed commission-revenue expansion and margin improvement. Medium term: operating profit outpacing revenue growth is a signal of margin recovery. Source
- 2026-06-08FilingReport of change in shares held by the largest shareholder and large-holding status report (general) filed. Discloses changes in the stakes of the largest shareholder and related parties.Short term: confirmation of stake movements by parties well-versed in the company's internal situation. Medium term: the direction and size of the change need checking in the original filing, but it is a point for assessing governance stability. Source
- 2026-06-01FilingCorporate governance report disclosed. Opens up the governance status of board operation, shareholder rights, and internal controls.Short term: direct earnings impact is limited. Medium term: positive baseline material for information transparency and protection of shareholder rights. Source
- 2026-04-30FilingReport on holdings of specific securities by executives and major shareholders and report of change in shares held by the largest shareholder filed (recurring in April-May).Short term: the flow of stake changes by insiders and major shareholders continues. Medium term: a signal for gauging whether management's interests are aligned. Source
- 2026-05-15DividendDividend stance of ₩300 per share maintained (payout about 31%). Dividend policy confirmed in the regular report.Short term: a shareholder return at a dividend yield of about 2.8%. Medium term: whether the return stance is maintained amid earnings volatility is the crux. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-08OwnershipLargest-shareholder ownership change report
- 2026-06-08OwnershipOwnership-change filing
- 2026-06-01Corporate governance report
- 2026-05-22OwnershipLargest-shareholder ownership change report
- 2026-05-15PeriodicQuarterly report
- 2026-04-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-30OwnershipLargest-shareholder ownership change report
- 2026-04-30OwnershipOwnership-change filing
- 2026-04-14OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-14OwnershipLargest-shareholder ownership change report
- 2026-04-14OwnershipOwnership-change filing
- 2026-04-13OwnershipOfficers'/major-shareholders' holdings report
📖 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.