SV Investment is a venture-capital (startup investment) firm that raises funds, invests in venture and new-technology companies, and earns gains by exiting once the value of its stakes rises through sale or listing. Its income comes from steady fees such as management and performance fees, plus one-off disposal gains realized when investments are recovered. In 2026, exercises of conversion rights turned a cumulative 850,000-plus shares (about 1.57% of shares outstanding) into stock, and a May filing confirmed 2025 revenue of ₩21.1 billion, an operating loss of ₩6.1 billion and a net loss of ₩5.2 billion — a year in which the company swung to a loss. The key thing to note: if exit events such as listings or sales emerge from the existing portfolio and it swings back to profit, the picture is strong; but if weak recoveries persist and convertible-bond-driven share-count growth overlaps, the valuation set high relative to equity of ₩70.7 billion (P/B of 1.6x) can weigh on it.
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.
- The most recent full-year net result was a loss.
- Revenue fell 29.2% year over year (3-year trend: mixed).
- Most recent quarter (Q3 2025) revenue was 2.7% lower than a year earlier.
- ROE is -7.4% (controlling-interest basis). It is below the sector average.
- Operating margin is -28.7%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-03-31
Largest shareholder Park Sung-ho 16.23% (individual)
Controlling bloc incl. related parties 26.48%
With the controlling bloc holding 26%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- SV Investment is a startup-investment firm (venture capital) classified under the banking and finance sector.
- It is not a company that makes and sells goods directly; rather, it raises funds, invests in venture and new-technology companies, and earns gains by exiting — through sale or listing — once the value of those stakes rises.
- Its income comes in two main streams: steady fee revenue such as the management and performance fees earned from the funds it runs, and one-off disposal gains realized when an investee company is sold.
- Because those disposal gains swing widely depending on which investments are recovered in a given year, this sector inherently sees large year-to-year earnings variation.
- With a market cap that is not large, a single fund recovery or financing disclosure can have a relatively outsized effect on that year's results and on share count.
- The latest close is ₩1,745 and the market cap is ₩104.9 billion.
- The price sits below both its 20-day (₩2,070) and 60-day (₩3,043) moving averages.
- Trading below both the short- and mid-term averages, the trend looks subdued.
- The RSI (a supplementary gauge comparing upward and downward force over the past 14 days on a 0-100 scale) is 30.1, a neutral reading.
- The price is down 25.3% over one month and 51.3% over three months, and stands 61.7% below its 52-week high.
- Relative strength versus the KOSDAQ is 82 (on a 1-99 scale that weights recent returns against the index over the past year more heavily; higher means stronger than the market).
- That places it in roughly the top 18% by strength among all stocks.
- Over the past three months it has lagged the index by 37.0%.
- Chart readings are best considered alongside trading volume and disclosure dates.
- On a 2025 annual basis, revenue was ₩21.1 billion, with an operating loss of ₩6.1 billion and a net loss of ₩5.2 billion.
- The operating margin was -28.7% and ROE (how much is earned in a year on equity) was -7.4%, so profitability is in the red, and the debt ratio (debt against equity) is 131.2%.
- The P/E (how many times one year's earnings the price is) cannot be computed given the loss, and the P/B (how many times book value the price is) is 1.48x.
- Equity is about ₩70.7 billion, smaller than the market cap (₩113.5 billion), meaning the stock is priced above book.
- The point worth noting here is that a venture-capital firm's earnings vary greatly with that year's recovery results.
- In fact, 2024 was profitable with operating profit of ₩6.3 billion and net profit of ₩4.3 billion before the swing to a loss in 2025 — an outcome driven more by a weak recovery cycle than by the core business collapsing.
- So rather than declaring the stock expensive or cheap on the P/B of 1.6x alone, it is right to weigh the value of the existing portfolio alongside the next recovery flow.
- On the top line, 2025 revenue of ₩21.1 billion was down 29.2% from the prior year (₩29.7 billion), and the three-year trend is mixed.
- On earnings, net profit rose from ₩3.4 billion in 2023 to ₩4.3 billion in 2024 before swinging to a loss of ₩5.2 billion in 2025.
- The latest quarter (Q3 2025) also stayed in the red, with revenue of ₩4.6 billion, an operating loss of ₩1.4 billion and a net loss of ₩1.2 billion.
- The key is the nature of this flow.
- A venture-capital firm swings between profit and loss while doing the same business, depending on when it recovers its investees, so it is natural to read the 2025 contraction and loss as the result of a year in which recoveries were weak.
- Put another way, this company's growth is not the kind that accumulates evenly each year; it is the variable kind, driven by fund-formation size and the timing of investees' listings and sales.
- No numeric full-year outlook for this year is confirmed through the company's official channels or filings, so whether it recovers from here must be verified not by estimate but by actual recovery and disposal-gain disclosures.
- In 2026, disclosures related to financing and share-count changes have continued.
- A March 16 report on major matters (designation of the party exercising the convertible-bond option) put the conversion price at ₩1,460, and on April 30, exercises of conversion rights converted a cumulative 853,586 shares (about 1.57% of the 54.31 million-plus total shares outstanding) into stock.
- When convertible bonds turn into shares, share count rises by that much and existing holders' stakes can be diluted, so this must be viewed alongside where the funds are used.
- On May 14, a filing on a change in revenue or profit of 30% or more disclosed 2025 annual results (revenue ₩21.1 billion, operating loss ₩6.1 billion, net loss ₩5.2 billion) as confirmed.
- Whether these results reflect a temporary recovery lull or a trend slowdown is best confirmed alongside subsequent quarterly and half-year recovery disclosures.
- The conditions under which it can be strong are clear.
- The essence of the business is investment recovery, and given that it was profitable as recently as 2024, if a holding in the portfolio leads to a listing or sale, earnings can swing back to profit relatively quickly.
- With the stock down more than half from its 52-week high and its RSI in oversold territory, it is also at a level with room for a price rebound if recovery news emerges.
- On the other hand, the weak conditions must be viewed honestly.
- In 2025 revenue fell 29.2% and operating and net income swung to a loss, and with the market cap larger than equity of ₩70.7 billion (P/B of 1.6x), it is hard to call it undervalued against book.
- Compared with same-sector names of nearby market cap such as Atinum Investment (P/B of 0.5x, ROE of 12.3%) or NAU IB (P/B of 1.22x), this company is priced higher against book while its profit footing is not yet confirmed.
- In short, if the recovery cycle turns again and a swing back to profit is confirmed, it is strong; if weak recoveries and convertible-bond-driven share-count growth overlap, it is weak.
- The conclusion hinges on directly confirming, in the next recovery and results disclosures, whether the loss-making flow stops.
🔎 Valuation vs peers Overvalued
A peer set of banking and finance names with nearby market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Atinum Investment | 4.00x | 0.49x | 12.27% |
| NAU IB Capital | 21.07x | 1.17x | 5.54% |
| Haesung Industrial | — | 0.28x | -3.36% |
Within banking and finance, public-data peers with nearby market capitalization were looked at first. The current P/E (how many times one year's earnings the price is) is not available, and the P/B (how many times book value the price is) is 1.48x. That said, for smaller-cap names, earnings swings and financing disclosures carry a large effect, so no firm conclusion was drawn from last year's confirmed-results metrics alone. As for the outlook box, an official company outlook could not be confirmed.
Price history Close · MA20 · MA60
The latest close is ₩1,745 and the market capitalization is ₩104.9 billion. The price sits below its 20-day moving average (₩2,070) and below its 60-day moving average (₩3,043). 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 30.1, a neutral level. The one-month change is -25.3%, the three-month change is -51.3%, and the position relative to the 52-week high is -61.7%. Relative strength versus the KOSDAQ is 82 (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 82% of all stocks. Over the past three months it lagged the index by 37.0%. 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 -37.05% / 6M +20.95% / 12M +6.64%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 1.48x is above the sector median (0.66x).
Profitability & financials
Return on equity (ROE) is -7.4%, below the sector average (6.0%). The operating margin is -28.7%. The debt ratio is 131.2%, 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 | $16.8M | $19.7M | $14.0M | -29.16% ↓ slower |
| Operating profit | $3.0M | $4.2M | -$4.0M | -195.64% ↓ slower |
| Net profit | $2.3M | $2.8M | -$3.5M | -222.10% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $16.8M | $19.7M | $14.0M |
| Operating profit | — | — | $3.0M | $4.2M | -$4.0M |
| Net profit | — | — | $2.3M | $2.8M | -$3.5M |
| Revenue CAGR | 2-yr avg -8.84% | ||||
Revenue fell 29.2% year over year (2023 ₩25.4 billion → 2024 ₩29.7 billion → 2025 ₩21.1 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 195.6% year over year. The decline widened. Over the 3 years on record, revenue compound annual growth (CAGR) is -8.8%. The two-year revenue CAGR is -8.8%. In the most recent quarter (Q3 2025), revenue was 2.7% lower than the same period a year earlier.
Latest quarterly results Q3 2025 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- 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.
- The most recent full-year net result was a loss.
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 29.2% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-03-16UpdateReport on major matters (designation of the party exercising the convertible-bond option): conversion price ₩1,460A disclosure where the purpose of the incoming funds and the change in share count must be viewed together. When facility or operating purposes are stated, the key is whether the actual investment is executed and links to revenue. Source
- 2026-05-14EarningsChange in revenue or profit structure of 30% or more (15% for large corporations): full-year revenue ₩21.1 billion, operating loss ₩6.1 billion, net loss ₩5.2 billionThis is recent confirmed or preliminary results data. Check whether it points the same way as the annual trend and whether any one-off factors are involved. Source
- 2026-04-30UpdateExercise of conversion rights: exercise of conversion rights / (2026.04.30) — cumulative shares from exercised conversion rights (excluding previously reported amounts) 853,586; total shares outstanding 54,316,322; 1.57% of total shares outstanding; subject to Fair Trade Commission reporting: not applicableA disclosure where the purpose of the incoming funds and the change in share count must be viewed together. When facility or operating purposes are stated, the key is whether the actual investment is executed and links to revenue. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩1,745 | ₩1,745 | Confirmed | link |
| Latest quarterly results | revenue ₩4.6 billion, operating profit -₩1.4 billion | revenue ₩4.6 billion, operating profit -₩1.4 billion | Confirmed | link |
| Annual results | revenue ₩21.1 billion, operating profit -₩6.1 billion | revenue ₩21.1 billion, operating profit -₩6.1 billion | Confirmed | link |
| Financing disclosure (original text) | : ₩1,460 | : ₩1,460 | Confirmed | link |
| Results disclosure (original text) | revenue30%: revenue ₩21.1 billion · operating profit -₩6.1 billion · net profit -₩5.2 billion | revenue30%: revenue ₩21.1 billion · operating profit -₩6.1 billion · net profit -₩5.2 billion | Confirmed | link |
| Financing disclosure (original text) | : /(2026.04.30) 1. 853,586 - 54,316,322 - (%) 1.57 2. 3. | : /(2026.04.30) 1. 853,586 - 54,316,322 - (%) 1.57 2. 3. | Confirmed | link |
| Outlook-box basis | — | — | Unverified | — |
Recent filings
- 2026-06-09Shareholders' meeting notice
- 2026-06-09Amended filing
- 2026-06-09Amended filing
- 2026-06-08Shareholders' meeting notice
- 2026-06-08Disclosure
- 2026-05-20OwnershipOwnership-change filing
- 2026-05-14DividendCash/stock dividend decision
- 2026-05-14EarningsEarnings filing
- 2026-05-14OwnershipAmended filing
- 2026-05-08OwnershipOwnership-change filing
- 2026-05-07OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-30Disclosure
📖 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.