Eugene Investment & Securities유진투자증권

Eugene Investment & Securities trades near book value after a sharp fall, with profits recovering from weak 2023 levels but heavy borrowings remaining.

Trailing results to H1 2026 show revenue of ₩3.41T, operating income of ₩189B and net income of ₩145B, well above the 2023 to 2025 annual figures. The share price is ₩3,545, down 14.3% over one month and 15.6% over three months, sitting far below its 52-week high of ₩6,920. Borrowings of ₩5.35T against cash of ₩685B mean the balance sheet is highly leveraged, with liabilities at 1137% of equity.

What stands out

• Annual net income rose from ₩30.7B in 2023 to ₩64.5B in 2025, and trailing net income to H1 2026 is ₩145B, though the data does not give the period-by-period breakdown behind that jump.
• Trailing operating margin is 5.5% and ROE is 12.7%, both above the 2025 annual figures of 5.0% and 5.9%.
• Valuation metrics are low: P/E of 2.4, P/B of 0.3, and a dividend yield of 5.1%, compared with peers such as Mirae Asset Securities at P/E 3.5 and P/B 0.8.
• The internal excess-return fair value model gives a base of ₩4,374, a bear case of ₩892 and a bull case of ₩8,912; this is a model output, not a forecast or target.
• Recent filings are mostly bond and securities issuance reports, prospectuses and shelf registrations, plus affiliate transaction disclosures. News headlines cover a lowered Hyundai AutoEver target price by a brokerage and a tennis event sponsorship.

What to watch

• Upcoming full-year and quarterly results, to confirm whether the trailing profit improvement holds up.
• Continued new issuance and shelf registration filings, which may signal further funding needs given the high borrowing levels.
• Net foreign selling over the last 20 days (about -₩1.28B) and foreign ownership easing from 11.8% to 11.2%, alongside the sharp share price decline.