Korea Asset in Trust한국자산신탁
123890 · KOSPI · ₩123890 · 한국자산신탁
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
₩5,792
vs the current price (₩2,240)
- Cost of equity
- 9.6%
- Fair P/B
- 0.64×
- P/B now
- 0.25×
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
- ₩3,030
- +35.3%
- Base
- ₩5,792
- +158.6%
- Bull
- ₩9,391
- +319.2%
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
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Business
- 6.9%
Yearly profit as a share of shareholders' equity.
Default: average return on equity of the last 3 annual reports.
- 2%
How fast book value and profits grow over the long run.
Default: close to the economy's long-run growth.
Discount rate
- 4.11%
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.
- 1
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.
- 5.5%
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)
- ₩400B
- Equity (book value)
- ₩1.1T
- Book value per share ₩8,993
- Shares
- 122,373,926
- Share price
- ₩2,240
- Market cap
- ₩274B
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | 4.9% | 5.9% | 6.9% | 7.9% | 8.9% |
|---|---|---|---|---|---|
| 8.6% | ₩3,947 | ₩5,308 | ₩6,669 | ₩8,030 | ₩9,391 |
| 9.1% | ₩3,669 | ₩4,934 | ₩6,200 | ₩7,465 | ₩8,730 |
| 9.6% | ₩3,428 | ₩4,610 | ₩5,792 | ₩6,974 | ₩8,156 |
| 10.1% | ₩3,217 | ₩4,326 | ₩5,435 | ₩6,544 | ₩7,653 |
| 10.6% | ₩3,030 | ₩4,075 | ₩5,119 | ₩6,164 | ₩7,209 |
Now (TTM)
- Market cap
- ₩274B
- Enterprise value
- ₩674B
- P/E
- 4.5×
- P/B
- 0.2×
- P/S
- 1.1×
- EV/EBITDA
- —
- Dividend yield
- 6.7%
Over time (at each year end)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Price | ₩2,430 | ₩2,785 | ₩3,160 |
| Market cap | ₩297B | ₩341B | ₩387B |
| P/E | 6.0× | 9.1× | 3.0× |
| P/B | 0.3× | 0.3× | 0.4× |
| P/S | 1.5× | 1.5× | 1.5× |
| EV/EBITDA | — | — | — |
| Dividend yield | 6.2% | 3.6% | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Korea Asset in Trust | 4.5× | 0.2× | 1.1× | — | 6.7% |
| 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: Korea Asset in Trust / 한국자산신탁 / 123890 / KRX:123890
Source: KRX statistical information