Reported Earnings • May 17
First quarter 2026 earnings released: EPS: ₩5,049 (vs ₩2,782 in 1Q 2025) First quarter 2026 results: EPS: ₩5,049 (up from ₩2,782 in 1Q 2025). Revenue: ₩922.1b (down 66% from 1Q 2025). Net income: ₩450.9b (up 82% from 1Q 2025). Profit margin: 49% (up from 9.2% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 48% decline forecast for the Capital Markets industry in South Korea. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 52% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • May 13
Price target increased by 8.5% to ₩133,083 Up from ₩122,667, the current price target is an average from 12 analysts. New target price is approximately in line with last closing price of ₩127,900. Stock is up 131% over the past year. The company is forecast to post earnings per share of ₩18,075 for next year compared to ₩11,279 last year. Major Estimate Revision • May 13
Consensus revenue estimates increase by 19% The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from ₩2.99b to ₩3.57b. EPS estimate increased from ₩13,914 to ₩18,821 per share. Net income forecast to grow 60% next year vs 37% growth forecast for Capital Markets industry in South Korea. Consensus price target up from ₩126,877 to ₩133,083. Share price fell 15% to ₩127,400 over the past week. Buy Or Sell Opportunity • May 08
Now 24% undervalued Over the last 90 days, the stock has risen 55% to ₩137,200. The fair value is estimated to be ₩180,817, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last 3 years. Earnings per share has grown by 27%. For the next 3 years, revenue is forecast to decline by 72% per annum. Earnings are forecast to grow by 8.0% per annum over the same time period. Valuation Update With 7 Day Price Move • May 04
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩136,750, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 9x in the Capital Markets industry in South Korea. Total returns to shareholders of 368% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩177,590 per share. Announcement • May 01
SK Inc. (KOSE:A034730) completed the acquisition of additional 4.05% stake in SK ecoplant Co., Ltd. from a group of shareholders. SK Inc. (KOSE:A034730) agreed to acquire additional 4.05% stake in SK ecoplant Co., Ltd. from a group of shareholders for approximately KRW 200 Billion on April 28, 2026.
SK Inc. (KOSE:A034730) completed the acquisition of additional 4.05% stake in SK ecoplant Co., Ltd. from a group of shareholders on April 30, 2026. Announcement • Apr 30
SK Inc. (KOSE:A034730) agreed to acquire additional 4.05% stake in SK ecoplant Co., Ltd. from a group of shareholders. for approximately KRW 200 Billion. SK Inc. (KOSE:A034730) agreed to acquire additional 4.05% stake in SK ecoplant Co., Ltd. from a group of shareholders for approximately KRW 200 Billion on April 28, 2026. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩111,400, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Capital Markets industry in South Korea. Total returns to shareholders of 288% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩181,575 per share. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₩88,000, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 12x in the Capital Markets industry in South Korea. Total returns to shareholders of 234% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩172,963 per share. Announcement • Feb 24
Samsung Securities Co.,Ltd., Annual General Meeting, Mar 20, 2026 Samsung Securities Co.,Ltd., Annual General Meeting, Mar 20, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 27, saimdang-ro 23-gil, seocho-gu, seoul South Korea New Risk • Feb 17
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risk Paying a dividend despite having no free cash flows. Price Target Changed • Feb 12
Price target increased by 7.7% to ₩106,833 Up from ₩99,167, the current price target is an average from 12 analysts. New target price is 10% above last closing price of ₩97,100. Stock is up 108% over the past year. The company is forecast to post earnings per share of ₩11,426 for next year compared to ₩10,068 last year. New Risk • Dec 03
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 59% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (59% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Price Target Changed • Nov 19
Price target increased by 8.1% to ₩94,750 Up from ₩87,667, the current price target is an average from 12 analysts. New target price is 22% above last closing price of ₩77,600. Stock is up 69% over the past year. The company is forecast to post earnings per share of ₩11,246 for next year compared to ₩10,068 last year. Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: ₩3,462 (vs ₩2,691 in 3Q 2024) Third quarter 2025 results: EPS: ₩3,462 (up from ₩2,691 in 3Q 2024). Revenue: ₩669.8b (down 70% from 3Q 2024). Net income: ₩309.2b (up 29% from 3Q 2024). Profit margin: 46% (up from 11% in 3Q 2024). Revenue is expected to fall by 54% p.a. on average during the next 3 years compared to a 53% decline forecast for the Capital Markets industry in South Korea. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Nov 12
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ₩2.36b to ₩2.39b. EPS estimate increased from ₩10,374 to ₩11,664 per share. Net income forecast to grow 19% next year vs 37% growth forecast for Capital Markets industry in South Korea. Consensus price target up from ₩87,667 to ₩90,083. Share price rose 13% to ₩83,300 over the past week. New Risk • Sep 05
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 30% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (30% accrual ratio). Minor Risk Dividend is not well covered by cash flows (201% cash payout ratio). New Risk • Aug 31
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. New Risk • Aug 24
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Announcement • Aug 02
Samsung Securities Co.,Ltd. to Report First Half, 2025 Results on Aug 08, 2025 Samsung Securities Co.,Ltd. announced that they will report first half, 2025 results on Aug 08, 2025 Price Target Changed • Jul 09
Price target increased by 8.1% to ₩69,750 Up from ₩64,500, the current price target is an average from 12 analysts. New target price is 7.9% below last closing price of ₩75,700. Stock is up 75% over the past year. The company is forecast to post earnings per share of ₩10,200 for next year compared to ₩10,068 last year. Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩77,200, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Capital Markets industry in South Korea. Total returns to shareholders of 173% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩118,375 per share. Announcement • Jun 24
Samsung Securities Co.,Ltd. (KOSE:A016360) agreed to acquire 12.5% stake in Q ENERGY Solutions SE for approximately KRW 220 billion. Samsung Securities Co.,Ltd. (KOSE:A016360) agreed to acquire 12.5% stake in Q ENERGY Solutions SE for approximately KRW 220 billion on June 23, 2025. In this transaction, Samsung Securities will acquire 1.53 million shares in Q ENERGY Solutions. Date of Board of Directors Resolution is June 23, 2025. Q ENERGY Solutions has reported total assets of KRW 2369.5 billion, sales of KRW 181.81 billion and net income of KRW -219.06 billion and total debt of KRW 1293.76 billion as of the end of December 2024. The transaction is expected to complete on June 26, 2025. Announcement • Apr 25
Genome & Company (KOSDAQ:A314130) agreed to acquire an additional 28.64% stake in List Biotherapeutics, Inc. from a group of shareholders for KRW 27.07 billion. Genome & Company (KOSDAQ:A314130) agreed to acquire an additional 28.64% stake in List Biotherapeutics, Inc. from a group of shareholders for KRW 27.07 billion on April 24, 2025. As part of consideration, KRW 27.07 billion is paid towards 0.075 million common equity of List Biotherapeutics, Inc.
For the period ending December 31, 2024, List Biotherapeutics, Inc. reported net loss of KRW 26.43 billion. As of December 31, 2024, List Biotherapeutics, Inc. reported total assets of KRW 602.24 billion.
The expected completion of the transaction is April 28, 2025. Board Change • Apr 11
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Won-Joo Park was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Feb 28
Samsung Securities Co.,Ltd., Annual General Meeting, Mar 14, 2025 Samsung Securities Co.,Ltd., Annual General Meeting, Mar 14, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 27, saimdang-ro 23-gil, seocho-gu, seoul South Korea New Risk • Feb 19
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Feb 19
Full year 2024 earnings: Revenues exceed analyst expectations Full year 2024 results: Revenue: ₩2.24t (down 79% from FY 2023). Net income: ₩899.0b (up 64% from FY 2023). Profit margin: 40% (up from 5.1% in FY 2023). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 1.2%. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 51% decline forecast for the Capital Markets industry in South Korea. Buy Or Sell Opportunity • Dec 09
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.5% to ₩45,000. The fair value is estimated to be ₩57,800, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Board Change • May 02
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Independent Outside Director Beom-Shik Jang is the most experienced director on the board, commencing their role in 2020. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • Jan 27
Samsung Securities Co., Ltd., Annual General Meeting, Mar 21, 2024 Samsung Securities Co., Ltd., Annual General Meeting, Mar 21, 2024. Upcoming Dividend • Dec 20
Upcoming dividend of ₩1,700 per share at 4.2% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 15 April 2024. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 4.2%. Within top quartile of South Korean dividend payers (3.5%). In line with average of industry peers (3.9%). Major Estimate Revision • May 13
Consensus EPS estimates increase by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from ₩1.61b to ₩1.74b. EPS estimate increased from ₩6,267 to ₩6,908 per share. Net income forecast to grow 49% next year vs 68% growth forecast for Capital Markets industry in South Korea. Consensus price target up from ₩42,500 to ₩43,667. Share price was steady at ₩34,800 over the past week. Reported Earnings • Mar 14
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: ₩4,730 (down from ₩10,810 in FY 2021). Revenue: ₩11t (up 24% from FY 2021). Net income: ₩422.4b (down 56% from FY 2021). Profit margin: 4.0% (down from 11% in FY 2021). Revenue missed analyst estimates by 5.1%. Earnings per share (EPS) also missed analyst estimates by 17%. Revenue is expected to fall by 98% p.a. on average during the next 2 years compared to a 29% decline forecast for the Capital Markets industry in South Korea. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jan 02
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 1.8%. The fair value is estimated to be ₩38,152, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 29%. Revenue is forecast to decline by 85% in 2 years. Earnings is forecast to grow by 24% in the next 2 years. Upcoming Dividend • Dec 21
Upcoming dividend of ₩3,800 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 14 April 2023. Payout ratio is a comfortable 61% and this is well supported by cash flows. Trailing yield: 11%. Within top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (6.6%). Price Target Changed • Nov 16
Price target decreased to ₩44,727 Down from ₩50,900, the current price target is an average from 11 analysts. New target price is 29% above last closing price of ₩34,750. Stock is down 27% over the past year. The company is forecast to post earnings per share of ₩5,758 for next year compared to ₩10,810 last year. Major Estimate Revision • Nov 03
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ₩1.61b to ₩1.49b. EPS estimate also fell from ₩6,662 per share to ₩5,777 per share. Net income forecast to shrink 15% next year vs 4.7% decline forecast for Capital Markets industry in South Korea. Consensus price target of ₩44,727 unchanged from last update. Share price was steady at ₩32,200 over the past week. Price Target Changed • Oct 06
Price target decreased to ₩46,727 Down from ₩50,900, the current price target is an average from 11 analysts. New target price is 48% above last closing price of ₩31,550. Stock is down 32% over the past year. The company is forecast to post earnings per share of ₩6,858 for next year compared to ₩10,810 last year. Upcoming Dividend • Dec 22
Upcoming dividend of ₩2,200 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 14 April 2022. Payout ratio is a comfortable 21% but the company is not cash flow positive. Trailing yield: 4.4%. Within top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (3.8%). Major Estimate Revision • May 13
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from ₩7,503 to ₩8,363. Revenue forecast steady at ₩1.79b. Net income forecast to grow 47% next year vs 18% growth forecast for Capital Markets industry in South Korea. Consensus price target of ₩53,550 unchanged from last update. Share price was steady at ₩44,000 over the past week. Is New 90 Day High Low • Feb 24
New 90-day low: ₩37,350 The company is down 7.0% from its price of ₩40,100 on 26 November 2020. The South Korean market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩57,840 per share. Announcement • Feb 20
Samsung Securities Co., Ltd., Annual General Meeting, Mar 19, 2021 Samsung Securities Co., Ltd., Annual General Meeting, Mar 19, 2021, at 09:00 Korea Standard Time. Is New 90 Day High Low • Jan 07
New 90-day high: ₩43,600 The company is up 37% from its price of ₩31,750 on 08 October 2020. The South Korean market is up 23% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩45,466 per share. Is New 90 Day High Low • Dec 11
New 90-day high: ₩42,400 The company is up 35% from its price of ₩31,400 on 11 September 2020. The South Korean market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩46,830 per share. Is New 90 Day High Low • Nov 11
New 90-day high: ₩35,750 The company is up 8.0% from its price of ₩32,950 on 13 August 2020. The South Korean market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩34,363 per share. Is New 90 Day High Low • Oct 20
New 90-day high: ₩33,100 The company is up 12% from its price of ₩29,600 on 22 July 2020. The South Korean market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩30,561 per share. 
