KOSPI · 003540 · Financials · ₩003540

Daishin Securities대신증권

003540 · KOSPI · ₩003540 · 대신증권

₩23,100▲ ₩400 (1.76%)End-of-day · Oct 28, 2026 · End-of-day prices.

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

₩20,391

vs the current price (₩23,100)

Cost of equity: 9.6%
Fair P/B: 0.35×
P/B now: 0.37×

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: ₩4,672; −79.8%
Base: ₩20,391; −11.7%
Bull: ₩40,867; +76.9%

Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.

Assumptions

Business

Return on equity4.7%
Yearly profit as a share of shareholders' equity.
Default: average return on equity of the last 3 annual reports.
Long-run growth2%
How fast book value and profits grow over the long run.
Default: close to the economy's long-run growth.

Discount rate

Risk-free rate4.11%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-28.
Beta1
How much the share moves when the market moves: 1 means just like the market.
Default: 1.0. Measured beta is 0.76, but against a KOSPI dominated by chipmakers that understates a bank's or insurer's risk, so we use at least the market's.
Equity risk premium5.5%
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): ₩5.3T
Equity (book value): ₩4.5T; Book value per share ₩57,457
Shares: 79,097,489; incl. 32,985,000 preferred
Share price: ₩23,100
Market cap: ₩1.7T

Sensitivity

Fair value per share as two inputs change; the middle is the current case.

Cost of equity ↓ · ROE →	2.7%	3.7%	4.7%	5.7%	6.7%
8.6%	₩6,087	₩14,782	₩23,477	₩32,172	₩40,867
9.1%	₩5,658	₩13,742	₩21,825	₩29,909	₩37,992
9.6%	₩5,287	₩12,839	₩20,391	₩27,943	₩35,495
10.1%	₩4,961	₩12,047	₩19,134	₩26,220	₩33,307
10.6%	₩4,672	₩11,347	₩18,022	₩24,697	₩31,372

Now (TTM)

Market cap: ₩1.1T
Enterprise value: ₩6.4T
P/E: 2.4×
P/B: 0.2×
P/S: 0.1×
EV/EBITDA: 9.9×
Dividend yield: 5.2%

Over time (at each year end)

	2025	2024	2023
Price	₩27,000	₩16,070	₩14,300
Market cap	₩1.2T	₩741B	₩659B
P/E	6.7×	5.1×	4.9×
P/B	0.3×	0.2×	0.2×
P/S	0.2×	0.2×	0.2×
EV/EBITDA	13.1×	26.9×	9.7×
Dividend yield	4.4%	7.5%	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Daishin Securities	2.4×	0.2×	0.1×	9.9×	5.2%
Mirae Asset Securities	3.8×	0.9×	0.3×	—	1.1%
NH Investment & Securities	5.7×	0.8×	—	—	5.5%
Samsung Securities	5.0×	0.8×	—	—	4.9%
KIWOOM Securities	3.5×	0.8×	0.2×	21.6×	5.0%
Samsung Card	7.3×	0.5×	—	28.4×	6.9%
kakaopay	52.7×	2.3×	4.0×	—	0.0%
Similar companies (median)	5.4×	0.8×	0.3×	25.0×	4.9%

Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.

Also known as: Daishin Securities / 대신증권 / 003540 / KRX:003540

Source: KRX statistical information