Hanyang Securities한양증권
001750 · KOSPI · ₩001750 · 한양증권
Valuation model · P/B vs ROE (excess return)
Banks, insurers and brokers don't suit a cash flow model (borrowing and lending is their business), so we value them on book value and return on equity: P/B vs ROE.
Fair value per share
₩36,270
vs the current price (₩18,780)
- Cost of equity
- 9.6%
- Fair P/B
- 0.84×
- P/B now
- 0.44×
Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.
Bear / Base / Bull
- Bear
- ₩22,030
- +17.3%
- Base
- ₩36,270
- +93.1%
- Bull
- ₩54,838
- +192.0%
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
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Business
- 8.4%
Yearly profit as a share of shareholders' equity.
Default: average return on equity of the last 3 annual reports.
- 2%
How fast book value and profits grow over the long run.
Default: close to the economy's long-run growth.
Discount rate
- 4.08%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-29.
- 1
How much the share moves when the market moves: 1 means just like the market.
Default: 1.0. Measured beta is 0.6, but against a KOSPI dominated by chipmakers that understates a bank's or insurer's risk, so we use at least the market's.
- 5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Starting point
- Net debt (borrowings and leases − cash and deposits)
- ₩486B
- Equity (book value)
- ₩669B
- Book value per share ₩42,963
- Shares
- 15,582,356
- incl. 472,870 preferred
- Share price
- ₩18,780
- Market cap
- ₩293B
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | 6.4% | 7.4% | 8.4% | 9.4% | 10.4% |
|---|---|---|---|---|---|
| 8.6% | ₩28,724 | ₩35,253 | ₩41,781 | ₩48,309 | ₩54,838 |
| 9.1% | ₩26,696 | ₩32,764 | ₩38,831 | ₩44,898 | ₩50,965 |
| 9.6% | ₩24,935 | ₩30,603 | ₩36,270 | ₩41,937 | ₩47,604 |
| 10.1% | ₩23,393 | ₩28,709 | ₩34,026 | ₩39,342 | ₩44,659 |
| 10.6% | ₩22,030 | ₩27,036 | ₩32,043 | ₩37,050 | ₩42,056 |
Now (TTM)
- Market cap
- ₩284B
- Enterprise value
- ₩770B
- P/E
- 4.5×
- P/B
- 0.4×
- P/S
- 0.2×
- EV/EBITDA
- —
- Dividend yield
- 8.5%
Over time (at each year end)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Price | ₩19,080 | ₩11,740 | ₩9,180 |
| Market cap | ₩288B | ₩177B | ₩139B |
| P/E | 5.1× | 4.5× | 4.0× |
| P/B | 0.5× | 0.3× | 0.3× |
| P/S | 0.3× | 0.2× | 0.1× |
| EV/EBITDA | — | — | — |
| Dividend yield | 8.4% | 8.1% | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Hanyang Securities | 4.5× | 0.4× | 0.2× | — | 8.5% |
| Mirae Asset Securities | 3.8× | 0.9× | 0.3× | — | 1.1% |
| NH Investment & Securities | 5.9× | 0.8× | — | — | 5.3% |
| Samsung Securities | 5.1× | 0.9× | — | — | 4.8% |
| KIWOOM Securities | 3.6× | 0.8× | 0.2× | 21.7× | 4.9% |
| Samsung Card | 7.3× | 0.5× | — | 28.5× | 6.8% |
| kakaopay | 52.4× | 2.3× | 4.0× | — | 0.0% |
| Similar companies (median) | 5.5× | 0.8× | 0.3× | 25.1× | 4.8% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Hanyang Securities / 한양증권 / 001750 / KRX:001750
Source: KRX statistical information