Kyobo Securities교보증권

Kyobo Securities shows thin margins and a share price down about 12% over the past month, with the data not yet explaining the drop.

Kyobo Securities, a KOSPI-listed brokerage and investment bank, reported trailing-twelve-month revenue of ₩7.3T and operating income of ₩265B to H1 2026, with an operating margin of 3.6%. At ₩9,050 the shares trade at about 5.3 times earnings and 0.5 times book value, and the data shows a 6.1% dividend yield. Recent filings are routine shelf registration and prospectus documents for derivative-linked bonds, and no news headlines were supplied.

What stands out

• Revenue rose 42.3% in 2025 to ₩4.5T, but 2024 revenue fell 15.4%, so the trend is uneven.
• Trailing free cash flow is negative at about -₩650B, while cash on hand is ₩133B and the data gives no borrowings figure.
• Liabilities are about 8.7 times equity, typical for a securities firm but a leveraged balance sheet.
• The shares are near the low end of their 52-week range (₩8,120 to ₩18,220) and fell 12.4% over one month.
• Peers Mirae Asset, NH Investment and Samsung Securities trade at similar or higher price-to-book ratios, and the fair value model gives a base of ₩9,258, with bear and bull cases of ₩3,645 and ₩16,531.

What to watch

• Next half-year or annual results, to see whether margins and the negative free cash flow improve.
• Further derivative-linked bond prospectus filings, which are the latest disclosures in the data.
• The data does not explain the recent share price decline or give foreign ownership and short-selling figures, so these are unknown.