KIWOOM Securities키움증권

Kiwoom Securities trades near its 52-week low after a steep share price fall, while earnings have grown strongly over the past two years.

Kiwoom Securities is a large Korean online brokerage whose trailing results to H1 2026 show revenue of ₩34.4T and net income of ₩1.7T, with ROE of 26.2%. The share price closed at ₩210,500 on 2026-10-26, down 20.9% over one month and 22.6% over one year, and sits close to its 52-week low of ₩205,000. Leverage is high, with liabilities at 1329.2% of equity and borrowings of ₩44.6T, and trailing free cash flow is negative at ₩-12.0T.

What stands out

• Annual revenue rose from ₩9.5T in 2023 to ₩17.1T in 2025, and net income rose from ₩436B to ₩1.1T over the same period.
• Trailing operating margin is 6.3%, below the 8.7% recorded for full-year 2025, and net income for the trailing period is ₩1.7T.
• Valuation is low on the data given: P/E 3.2, P/B 0.7, dividend yield 5.5%, and a fair value model range of ₩349,587 to ₩631,303 with a base of ₩471,847.
• Foreign ownership rose from 27.9% to 30.3% over 60 days, while institutions were net sellers (-₩22.7B) and retail was net sellers (-₩5.0B) over the last 20 days.
• News flow includes a rise in retail balances of issued short-term notes, a DAPA sanction on subsidiary LIG D&A that the press says has limited short-term earnings impact, and a lowered target price on Green Cross citing weaker COVID treatment sales.

What to watch

• The upcoming full earnings release, since the filings include an advance notice of earnings results dated 2026-10-23 and the data does not state the figures in detail.
• Trend in the high borrowings and negative free cash flow, plus the trend in retail short-term note balances reported in the press.
• Filings for new securities issuance and supplementary shelf registrations, which are listed in recent filings and may affect share count or funding.