Samsung Securities: Earnings Up Sharply While Shares Fall From 52-Week High

Thesis

The data supports a picture of improving profitability: net income rose from ₩547.4B in 2023 to ₩1.01T in 2025, and the trailing figure to H1 2026 is ₩1.46T. ROE moved from 8.3% in 2023 to 13.1% in 2025 and 18.3% on the trailing basis. Against that, the share price has fallen 5.3% over one month and 23.9% over three months, so the market is not simply following reported earnings. The data does not explain the fall. Investor flows, foreign ownership and short balance are not available, so we cannot say who has been selling. Free cash flow is deeply negative and leverage is high, which are typical features of a securities firm's balance sheet but still matter for risk.

Business overview

Samsung Securities (016360) is a Financials-sector company listed on KOSPI since 1988-03-28 and founded on 1982-10-19. The CEO is listed as 박종문. It has 89.3M listed shares and a market capitalization of about ₩7.39T. Enterprise value is about ₩7.76T. Revenue figures are not available in the data, so company size is judged by market value and profit. Recent filings are mostly securities issuance results reports, prospectuses and shelf registration documents tied to derivative-linked securities, suggesting frequent issuance activity. One news headline on 2026-10-13 says the firm sold out the initial batch of the 2nd National Growth Fund and added ₩14.7B in sales.

Financial analysis

All figures come from filed financial statements (DART). Revenue and margins are not available. Operating income was ₩741.1B in 2023, ₩1.21T in 2024 and ₩1.38T in 2025, and ₩2.02T on the trailing basis to H1 2026. Net income was ₩547.4B, ₩899.0B and ₩1.01T for 2023 to 2025, and ₩1.46T trailing. ROE was 8.3%, 12.9% and 13.1% for those years, and 18.3% trailing. Liabilities to equity stands at 1,126.6%. Cash is ₩2.86T against borrowings of ₩3.23T. Trailing free cash flow is negative ₩7.43T.

Valuation

The current P/E is 5.1 and P/B is 0.9, with a dividend yield of 4.8%. At the end of 2025 the P/E was 6.7 and P/B 0.8, so the P/E is lower now while P/B is slightly higher. Peers show a mixed picture: Mirae Asset Securities has P/E 4.3 and P/B 1.0, NH Investment & Securities 5.1 and 0.7, and KIWOOM Securities 3.6 and 0.8. Samsung Securities' P/E matches NH and is above Mirae and KIWOOM. Its P/B is higher than NH and KIWOOM. Price-to-sales and EV/EBITDA are not available. Earlier-year multiples for 2023 and 2024 are not available.

Catalysts

• The 2026-10-13 headline reports the initial batch of the 2nd National Growth Fund sold out, adding ₩14.7B in sales.
• A run of securities issuance results reports and prospectuses between 2026-10-06 and 2026-10-13 shows active issuance of derivative-linked products.
• Full-year results will show whether the trailing earnings level of ₩1.46T net income is sustained.
• The 4.8% dividend yield may draw attention if payouts are maintained, though dividend details are not in the data.

Risks

• The share price is down 23.9% over three months and far below its 52-week high, and the data gives no cause.
• Liabilities to equity of 1,126.6% leaves little cushion if markets or funding conditions worsen.
• Trailing free cash flow of negative ₩7.43T points to heavy cash use, and borrowings of ₩3.23T exceed cash of ₩2.86T.
• Investor flows, foreign ownership and short balance are unavailable, so shifts in market positioning cannot be assessed.
• Revenue and margin data are missing, which limits assessment of earnings quality.

Closing view

The filings show a clear improvement in profit and returns, and the current multiples are modest next to those at the end of 2025 and in line with several peers. Yet the sharp three-month price decline, high leverage and sharply negative free cash flow temper that picture. Missing revenue, flow and short-interest data leave important questions open, so the evidence is mixed rather than conclusive.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Report history

1. Oct 13, 2026InitiationSamsung Securities: Earnings Up Sharply While Shares Fall From 52-Week High