DSC InvestmentDSC인베스트먼트

DSC Investment reports strong trailing profits on a venture-fund business, but its share price has fallen sharply over the past year.

DSC Investment is a Korean venture capital firm that manages 17 venture funds with about ₩1.58T in assets under management. On trailing twelve-month figures to H1 2026 it reported revenue of about ₩56.7B, operating income of about ₩33.9B and net income of about ₩26.0B. The shares closed at ₩6,730 on 2026-10-28, a market value of about ₩179B, and are down 13.2% over one year.

What stands out

• Trailing operating margin is 59.8% and net margin 45.9%, well above the 2025 full-year operating margin of 49.5%.
• 2025 revenue grew 16.9% to about ₩45.1B, and net income rose to about ₩17.3B from about ₩10.7B in 2024.
• Trailing free cash flow is negative at about -₩18.2B, and borrowings of ₩16.4B exceed cash of ₩9.0B.
• The fair value model's base case is ₩7,370, close to the current price, with a bear case of ₩5,305 and a bull case of ₩10,062; these are model outputs, not forecasts.
• Valuation is 6.9x earnings and 1.3x book, above most listed securities peers shown, which trade at about 0.8x to 0.9x book.
• Filings in 2026 include a 5%+ holding report in August, the half-year report, and an amended filing on a tangible asset acquisition. No news headlines were included in the data.

What to watch

• The next quarterly or annual results, to see whether the strong trailing margins hold given the 2025 to trailing comparison.
• Whether negative free cash flow and rising borrowings continue, and how they are financed.
• Foreign ownership has slipped from 7.9% to 7.5% over 60 days, and the 1-month return is -18.1%; the data does not explain the cause.