KOSPI · 012630 · Financials · ₩012630

HDC HoldingsHDC

012630 · KOSPI · ₩012630 · HDC

₩21,350▲ ₩50 (0.23%)End-of-day · Oct 29, 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

₩35,278

vs the current price (₩21,350)

Cost of equity: 9.6%
Fair P/B: 0.66×
P/B now: 0.40×

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: ₩18,700; −12.4%
Base: ₩35,278; +65.2%
Bull: ₩56,893; +166.5%

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

Assumptions

Business

Return on equity7%
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 rate4.08%
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.
Beta1
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.
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): ₩1.3T
Equity (book value): ₩3.2T; Book value per share ₩53,488
Shares: 59,741,721
Share price: ₩21,350
Market cap: ₩1.3T

Sensitivity

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

Cost of equity ↓ · ROE →	5.0%	6.0%	7.0%	8.0%	9.0%
8.6%	₩24,383	₩32,510	₩40,638	₩48,766	₩56,893
9.1%	₩22,661	₩30,215	₩37,769	₩45,322	₩52,876
9.6%	₩21,167	₩28,222	₩35,278	₩42,333	₩49,389
10.1%	₩19,857	₩26,476	₩33,095	₩39,714	₩46,333
10.6%	₩18,700	₩24,933	₩31,166	₩37,400	₩43,633

Now (TTM)

Market cap: ₩1.3T
Enterprise value: ₩2.3T
P/E: 2.9×
P/B: 0.4×
P/S: 0.2×
EV/EBITDA: —
Dividend yield: 2.1%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩18,710	₩11,910	₩6,890	₩5,490	₩10,450
Market cap	₩1.1T	₩712B	₩412B	₩328B	₩624B
P/E	3.7×	4.9×	3.6×	—	5.5×
P/B	0.4×	0.3×	0.2×	0.1×	0.3×
P/S	0.2×	0.1×	0.1×	0.1×	0.1×
EV/EBITDA	—	—	—	—	—
Dividend yield	2.4%	2.9%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
HDC Holdings	2.9×	0.4×	0.2×	—	2.1%
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: HDC Holdings / HDC / 012630 / KRX:012630

Source: KRX statistical information