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JONBUR Research · Initiation

Orion Holdings · 001800 · Financials

Orion Holdings: Steady Revenue Growth, Low P/B and a Wide Model Range

Why this report

Start of coverage: one of the 300 largest companies, written once its financial statements were in.

Orion Holdings (KOSPI, Financials) closed at ₩22,700 on 2026-10-12, down 10.8% over one month and 15.3% over three months but up 15.2% over one year. Filed statements show revenue growing for several years, a 15.3% trailing operating margin, a net margin of 3.7% and a price-to-book of 0.6.

Written Oct 13, 2026 · Data as of Oct 12, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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Thesis

The data supports a company with growing revenue and a stable operating margin, trading below book value with a high dividend yield of 8.3%. Revenue rose from ₩2.42T in 2021 to ₩3.39T in 2025, and trailing revenue to H1 2026 is ₩3.75T. The data does not support a clear view on earnings quality: net income is much smaller than operating income (₩140.4B vs ₩572.6B trailing), and ROE is only 5.7%. The model estimate is very wide (bear ₩13,286, bull ₩108,879), so it shows high uncertainty. Investor flow, foreign ownership, short balance and news data are not available, so we cannot say how investors are positioned.

Business overview

Orion Holdings is a KOSPI-listed company in the Financials sector, founded in 1956 and listed in 1975, with 62,645,422 listed shares. CEO is 허인철. Market capitalisation is about ₩1.42T. Recent filings show subsidiary-level decisions on share-linked bond acquisitions, cash dividend decisions (dated 2026-07-06), a quarterly large business group disclosure and two 5%+ holding reports (2026-07-13 and 2026-10-01). The data does not describe individual business lines.

Financial analysis

These figures come from filed financial statements (DART). Revenue grew from ₩2.42T in 2021 to ₩2.93T in 2022 (+21.5%), ₩2.95T in 2023 (+0.7%), ₩3.20T in 2024 (+8.2%) and ₩3.39T in 2025 (+6.2%). Operating income was ₩487.7B in 2025 (14.4% margin) versus ₩506.2B in 2024 (15.8%). Net income was ₩121.0B in 2025, down from ₩160.6B in 2024. ROE was 5.0% in 2025 and 7.0% in 2024. Trailing to H1 2026: revenue ₩3.75T, operating income ₩572.6B (15.3% margin), net income ₩140.4B (3.7% margin), ROE 5.7%. Liabilities to equity is 21.4%, cash is ₩691.8B and free cash flow is ₩441.0B. Borrowings data is not available.

Valuation

Current P/E is 10.1, P/B 0.6, P/S 0.4 and EV/EBITDA 1.0, with enterprise value of ₩730.3B and a dividend yield of 8.3%. At the end of 2025 P/E was 10.7 and P/B 0.5, so the multiples are close to that point. Listed peers show lower P/E (Mirae Asset Securities 4.4, NH Investment & Securities 5.2, Samsung Securities 5.1, KIWOOM Securities 3.5) and P/B between 0.7 and 1.0, while kakaopay is at P/E 58.0 and P/B 2.6. Orion's P/E is above the four traditional securities peers and its P/B is below them. The valuation model (excess method, P/B versus ROE, 5.0% rate, TTM to H1 2026) gives a model estimate based on the assumptions shown of ₩45,043 per share in the base case, ₩13,286 in the bear case and ₩108,879 in the bull case, compared with the ₩22,700 share price. The range is very wide and is not a target or a reason to buy or sell.

Catalysts

  • The half-year report for June 2026 was filed on 2026-08-14 and gives the latest financial base.
  • Cash dividend decisions were filed on 2026-07-06, relevant given the 8.3% dividend yield.
  • A 5%+ holding report was filed on 2026-10-01, following one on 2026-07-13, showing changes in significant shareholdings.
  • Subsidiary decisions on share-linked bond acquisitions (filed in June and July 2026, one amended) may affect the group's investment positions.
  • The next quarterly financial filing and large business group disclosure will update the numbers.

Risks

  • ROE of 5.7% is low, and net margin of 3.7% is far below the 15.3% operating margin.
  • Net income fell from ₩160.6B in 2024 to ₩121.0B in 2025 even though revenue grew.
  • The share price fell 15.3% over three months and sits closer to the 52-week low of ₩18,360 than the high of ₩29,950, showing volatility.
  • The model range from ₩13,286 to ₩108,879 shows the estimate is highly sensitive to assumptions.
  • Data on investor flows, foreign ownership, short balance and news is not available, which limits visibility on market sentiment.

Closing view

The filed numbers show growing revenue, a steady operating margin near 15%, positive free cash flow of ₩441.0B and a low P/B of 0.6 with an 8.3% dividend yield. Against that, ROE is modest, net income is a small share of operating income, and the model estimate spans a very wide range. The base-case model estimate of ₩45,043 is above the current price, but it depends on the assumptions shown and is not a prediction. Missing flow and news data mean the picture is incomplete.

Model estimate of fair value

Bear
₩13,286
-41%
Base
₩45,043
+99%
Bull
₩108,879
+382%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the P/B vs ROE (excess return) model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 5%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 13, 2026InitiationStart of coverage (300 largest)Orion Holdings: Steady Revenue Growth, Low P/B and a Wide Model Range

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information