Samsung Card: Shares Near 52-Week Low as Earnings Hold Steady and Valuation Multiples Compress

Thesis

The data supports a picture of steady profitability alongside a falling share price. Net income was ₩648.9B in the trailing period to H1 2026, close to the ₩645.9B reported for 2025 and the ₩664.6B for 2024. ROE of 7.5% is in line with the 7.4% to 8.0% seen in recent years. Against this, the shares fell 7.9% in one month and 12.3% in three months, and the price-to-book ratio has moved from 0.7 at the end of 2025 to 0.5 now. The data does not explain the share price weakness: no news headlines, investor flow, foreign ownership or short-interest figures are available. Leverage is high at 292.2% liabilities to equity, and free cash flow is negative, which is a point of caution.

Business overview

Samsung Card (code 029780) is a KOSPI-listed financial company founded on 1983-03-24 and listed on 2007-06-27. It has 115,858,891 listed shares and a market capitalization of about ₩4.9T. The CEO is listed as 김이태. Revenue was ₩4.0T in 2023 and ₩4.4T in 2024, a growth rate of 9.5% in 2024. Revenue figures for 2025 and the trailing period are not available in the data.

Financial analysis

These figures come from filed financial statements (DART). Operating income was ₩810.0B in 2023, ₩885.4B in 2024 and ₩853.7B in 2025, and ₩826.9B in the trailing period to H1 2026. Net income was ₩609.4B in 2023, ₩664.6B in 2024, ₩645.9B in 2025 and ₩648.9B in the trailing period. The operating margin was 20.2% in both 2023 and 2024; later margins are not available because revenue is missing. ROE was 7.5% in 2023, 8.0% in 2024, 7.4% in 2025 and 7.5% in the trailing period. Borrowings are ₩19.8T against cash of ₩760.3B. Liabilities to equity is 292.2%. Free cash flow is negative at ₩3.0T.

Valuation

The price-to-earnings ratio is 7.5 now, versus 10 at the end of 2025. The price-to-book ratio is 0.5, versus 0.7 at the end of 2025. The dividend yield is 6.2%. EV/EBITDA is 28.6 with an enterprise value of ₩23.9T, though this measure is of limited use for a lender with heavy borrowings. Among the listed comparison companies, the price-to-earnings ratios are 4.3 for Mirae Asset Securities, 5.1 for NH Investment & Securities, 5.1 for Samsung Securities, 3.6 for KIWOOM Securities and 58.1 for kakaopay. Price-to-book ratios range from 0.7 to 1.0 for the securities firms and are 2.6 for kakaopay. Samsung Card's price-to-earnings ratio is above the securities firms but far below kakaopay, and its price-to-book is the lowest in the group. The peers are mostly brokers, so the comparison is imperfect.

Catalysts

• Samsung Card filed securities issuance results reports on 2026-09-22, 2026-09-30 and 2026-10-02, showing active use of its shelf registration for funding.
• A related-party transaction filing was made on 2026-09-29, and its details are not included in the data.
• The next financial statements will show whether trailing net income of ₩648.9B and ROE of 7.5% hold.
• The 6.2% dividend yield and price-to-book of 0.5 may draw attention given the shares trade near their 52-week low.

Risks

• Borrowings of ₩19.8T and liabilities to equity of 292.2% leave the company exposed to funding costs and credit market conditions.
• Free cash flow is negative at ₩3.0T in the trailing period.
• The shares have fallen 15.4% over one year and sit just above the 52-week low of ₩41,100, and the data gives no cause.
• Operating income of ₩826.9B in the trailing period is below the ₩885.4B reported for 2024.
• Investor flow, foreign ownership, short balance and news data are not available, so market positioning cannot be assessed.

Closing view

The filed numbers show a business with stable earnings and a return on equity of about 7.5%, while the market has marked its valuation down to 7.5 times earnings and 0.5 times book. Leverage, negative free cash flow and slightly lower operating income than in 2024 offer some context, but the data does not establish why the shares have weakened. Missing revenue, flow and news data limit the conclusions, and this report offers no recommendation.

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 Card: Shares Near 52-Week Low as Earnings Hold Steady and Valuation Multiples Compress