Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩7,370, the stock trades at a trailing P/E ratio of 16.2x. Average trailing P/E is 53x in the Capital Markets industry in South Korea. Total returns to shareholders of 89% over the past three years. Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩7,050, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 48x in the Capital Markets industry in South Korea. Total returns to shareholders of 80% over the past three years. Upcoming Dividend • Mar 19
Upcoming dividend of ₩500 per share Eligible shareholders must have bought the stock before 26 March 2026. Payment date: 17 April 2026. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (1.7%). Announcement • Mar 05
LS SECURITIES Co., Ltd., Annual General Meeting, Mar 20, 2026 LS SECURITIES Co., Ltd., Annual General Meeting, Mar 20, 2026, at 09:00 Tokyo Standard Time. Location: conference room, 60, yeouinaru-ro, yeongdeungpo-gu, seoul South Korea New Risk • Mar 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 46% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (10% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₩7,610, the stock trades at a trailing P/E ratio of 14.2x. Average trailing P/E is 49x in the Capital Markets industry in South Korea. Total returns to shareholders of 62% over the past three years. Declared Dividend • Feb 07
Dividend increased to ₩500 Dividend of ₩500 is 400% higher than last year. Ex-date: 26th March 2026 Payment date: 17th April 2026 Dividend yield will be 8.4%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is well covered by both earnings (23% earnings payout ratio) and cash flows (3% cash payout ratio). The dividend has decreased over the past 76 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 75% to shift the payout ratio to a potentially unsustainable range, which is more than the 23% EPS decline seen over the last 5 years. Announcement • Feb 06
LS SECURITIES Co., Ltd. announces Annual dividend, payable on April 17, 2026 LS SECURITIES Co., Ltd. announced Annual dividend of KRW 500.0000 per share payable on April 17, 2026, ex-date on March 26, 2026 and record date on March 27, 2026. Board Change • Feb 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Head of Management Support & Director Jong-Hyun Park was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩5,800, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 48x in the Capital Markets industry in South Korea. Total returns to shareholders of 15% over the past three years. New Risk • Aug 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 7.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 35% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.7% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.9% net profit margin). Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to ₩6,450, the stock trades at a trailing P/E ratio of 24.7x. Average trailing P/E is 14x in the Capital Markets industry in South Korea. Total returns to shareholders of 7.0% over the past three years. Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩4,810, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 14x in the Capital Markets industry in South Korea. Total loss to shareholders of 26% over the past three years. New Risk • Apr 04
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.2% Last year net profit margin: 2.5% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 28% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.2% net profit margin). Upcoming Dividend • Mar 20
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 27 March 2025. Payment date: 18 April 2025. Payout ratio is a comfortable 30% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of South Korean dividend payers (3.9%). Lower than average of industry peers (4.9%). Announcement • Mar 06
LS SECURITIES Co., Ltd., Annual General Meeting, Mar 21, 2025 LS SECURITIES Co., Ltd., Annual General Meeting, Mar 21, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 60, yeouinaru-ro, yeongdeungpo-gu, seoul South Korea New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Dec 09
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Dec 05
LS SECURITIES Co., Ltd. (KOSDAQ:A078020) agreed to acquire 34.05% stake in REFINE Co., Ltd. (KOSDAQ:A377450) from Lee Chang Seop, Lee Gil Jae, Kim Wan Tae, Hwang Se Eun, Park Byung Yang, Hwang Yun Seok and others for approximately KRW 160 billion. LS SECURITIES Co., Ltd. (KOSDAQ:A078020) agreed to acquire 34.05% stake in REFINE Co., Ltd. (KOSDAQ:A377450) from Lee Chang Seop, Lee Gil Jae, Kim Wan Tae, Hwang Se Eun, Park Byung Yang, Hwang Yun Seok and others for approximately KRW 160 billion on December 3, 2024. A cash consideration of KRW 160.25 billion valued at KRW 27159 per share will be paid by LS SECURITIES Co., Ltd. As part of consideration, KRW 160.25 billion is paid towards common equity of REFINE Co., Ltd. The expected completion of the transaction is January 31, 2025. New Risk • Sep 17
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Apr 02
New major risk - Revenue and earnings growth Earnings have declined by 2.8% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 92% Paying a dividend despite having no free cash flows. Earnings have declined by 2.8% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Upcoming Dividend • Mar 25
Upcoming dividend of ₩150 per share Eligible shareholders must have bought the stock before 01 April 2024. Payment date: 26 April 2024. Payout ratio is on the higher end at 92% but the company is not cash flow positive. Trailing yield: 3.3%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (4.0%). New Risk • Sep 01
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 1,287% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 147% Paying a dividend despite having no free cash flows. High level of non-cash earnings (1,287% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (0.3% net profit margin). Upcoming Dividend • Dec 21
Upcoming dividend of ₩600 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 24 April 2023. Payout ratio is a comfortable 51% but the company is not cash flow positive. Trailing yield: 11%. Within top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (6.6%). Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: ₩105 (vs ₩721 in 3Q 2021) Third quarter 2022 results: EPS: ₩105 (down from ₩721 in 3Q 2021). Revenue: ₩313.9b (down 9.6% from 3Q 2021). Net income: ₩7.65b (down 80% from 3Q 2021). Profit margin: 2.4% (down from 11% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Outside Director Jin Han Kim was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Mar 30
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Outside Director Jin Han Kim was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Dec 22
Upcoming dividend of ₩550 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 25 April 2022. Payout ratio is a comfortable 17% but the company is paying out more than the cash it is generating. Trailing yield: 6.3%. Within top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (3.8%). Board Change • Dec 06
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 Youn Taik Na is the most experienced director on the board, commencing their role in 2018. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • Feb 18
EBEST Investment & Securities Co., Ltd. announced that it has received KRW 59.999995315 billion in funding On February 17, 2021, EBEST Investment & Securities Co., Ltd. (KOSDAQ:A078020) closed the transaction. Announcement • Feb 10
EBEST Investment & Securities Co., Ltd. announced that it expects to receive KRW 59.999995315 billion in funding EBEST Investment & Securities Co., Ltd. (KOSDAQ:A078020) announced a private placement of 5,770,895 registered convertible preferred stocks at a price of KRW 10,397 per stock for gross proceeds of KRW 59,999,995,315 on February 9, 2021. The stocks are cumulative, non-participating and convertible into 5,770,895 common shares. The conversion request period starts on May 18, 2023 and ends on February 18, 2051. The transaction will include participation from Balance First Co., Ltd. The securities to be issued are subject to a hold period of one year. The transaction has been approved by the board of directors of the company. The payment date of the transaction is February 17, 2021. Is New 90 Day High Low • Dec 07
New 90-day high: ₩7,280 The company is up 27% from its price of ₩5,710 on 08 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. Is New 90 Day High Low • Nov 11
New 90-day high: ₩6,370 The company is up 16% from its price of ₩5,480 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. Announcement • Sep 26
A group of buyers acquired 5.8% stake of ISU Abxis Co., Ltd. (KOSDAQ:A086890) from Saneun Capital Co., Ltd. for KRW 17.1 billion. A group of buyers acquired 5.8% stake of ISU Abxis Co., Ltd. (KOSDAQ:A086890) from Saneun Capital Co., Ltd. for KRW 17.1 billion on September 15, 2020. As per the transaction, Saneun Capital Co., Ltd. sold 1.64 million shares. Post completion, Saneun Capital Co., Ltd. hold 4.92 million shares.
A group of buyers completed the acquisition of 5.8% stake of ISU Abxis Co., Ltd. (KOSDAQ:A086890) from Saneun Capital Co., Ltd. on September 15, 2020.