Sangsangininvestment&Securities상상인증권

Sangsangin Investment & Securities shows a profitable trailing twelve months after loss-making 2024 and 2025, but its shares are down 4.1% over the past month and the balance sheet is highly leveraged.

The company is a small Korean securities firm with a market value of about ₩84.3B at ₩3,890 per share. Trailing twelve-month figures to H1 2026 show revenue of ₩209.0B, operating income of ₩9.3B and net income of ₩12.5B, after operating and net losses in 2024 and 2025. Liabilities are about 7 times equity, and the data gives no fair value estimate or analyst view.

What stands out

• Trailing twelve-month operating margin is 4.5% and net margin is 6.0%, compared with an operating margin of -5.0% for 2025 and -15.4% for 2024.
• Annual revenue fell 43.7% in 2025 after rising 77.1% in 2024, so the top line has been volatile.
• Valuation metrics are low: P/E of 6.7, P/B of 0.4, and a 0% dividend yield. Peers such as Mirae Asset and Kiwoom trade at lower P/E ratios but higher P/B ratios of around 0.7 to 0.8.
• Foreign ownership fell from 1.7% to 0% over the last 60 days, and 20-day retail flows were negative at about -₩33.5B.
• Recent filings include a half-year report, a share consolidation decision, a shareholder approval meeting, an investment caution notice, and two responses to news reports, but the data does not explain their contents in detail.

What to watch

• The Q3 and full-year results, since the latest news suggests weak investment income at a related insurer and the data gives no company guidance.
• Any further filings on the share consolidation, largest shareholder holdings or rumour responses, as the data does not state their outcome.
• Leverage and borrowings of ₩60.0B against cash of ₩51.0B, given the liabilities-to-equity ratio of about 700%.