Yuanta Securities Korea유안타증권

Yuanta Securities Korea is a small brokerage whose shares have fallen about 13% over the past month, while filings show thin margins and high leverage.

The company is a Korean securities firm with 51 domestic branches and a range of brokerage, trading, asset management and corporate finance services. Trailing twelve-month revenue is about ₩5.4T with operating income near ₩219B and net income near ₩193B as of H1 2026. At ₩3,870 the stock trades at about 3.9 times earnings and 0.4 times book value, but its liabilities are roughly 12 times equity.

What stands out

• Profitability is thin: the trailing operating margin is about 4% and net margin about 3.5%, and ROE is 10.6%, up from 5.4% in 2025.
• Revenue rose 27.6% in 2025 to ₩3.46T, but operating income fell to ₩99B from ₩129B in 2023 and was ₩95.6B net income for the year.
• Trailing free cash flow is negative at about -₩758B, while cash of ₩1.09T and borrowings of ₩260B are reported; the data does not explain the cash flow drivers.
• The share price is far below its 52-week high of ₩8,400 and is 7.5% above the 52-week low of ₩3,600; the 1-year return is +1.2%.
• Recent headlines are mainly research reports from the company's brokerage arm and routine filings on equity-linked bond issuance and fund sales; the data gives no detail on the stock's recent decline.
• The model's fair value range is ₩676 to ₩6,749 with a base case of ₩3,313, but the data does not explain the assumptions and this is not a forecast.

What to watch

• Upcoming half-year or full-year results, and whether operating margin and free cash flow improve from current levels.
• Further filings on equity-linked or derivative-linked bond issuance, which the data shows are frequent in October 2026.
• Market-wide risks named in the data, including foreign selling pressure on the KOSPI and the company's high debt-to-equity ratio.