Daol Investment & Securities다올투자증권

Daol Investment & Securities returned to a small profit on a trailing basis after losses in 2023 and 2024, but margins remain thin and leverage is high.

The brokerage and investment group posted trailing twelve-month revenue of about ₩2.6T and operating income of about ₩34B as of H1 2026, after net losses in 2023 and 2024 and a 2025 net profit of about ₩41B. The shares closed at ₩3,375 on 2026-10-23, down 13.6% over one month and 4.9% over one year, and trade at a low price-to-book of 0.3 with a reported 7.1% dividend yield.

What stands out

• Trailing operating margin is 1.3% and net margin 1.4%, so most revenue is not converted into profit.
• Liabilities are about 11.6 times equity and borrowings are about ₩3.4T, a high leverage level for the company to carry.
• Price-to-book of 0.3 and P/E of 5.5 are below peers such as Mirae Asset and NH Investment, which trade at 0.7 to 0.8 times book.
• Recent filings include several lawsuit disclosures from August to September 2026 and a response to a news report on 2026-09-18; the data does not give details of their size or outcome.
• Over the last 20 days, institutions were net buyers of about ₩1.4B while foreign and retail investors were net sellers; foreign ownership eased from 4.7% to 4.5%.

What to watch

• Upcoming Q3 2026 quarterly report, which will show whether the recent profit holds.
• Outcome and any financial impact of the lawsuits listed in recent filings, which the data does not describe.
• Whether the dividend yield of 7.1% is sustained, given that the data does not confirm the dividend policy.