Announcement • May 23
DB Securities Co., Ltd. to Report Q1, 2026 Results on May 21, 2026 DB Securities Co., Ltd. announced that they will report Q1, 2026 results on May 21, 2026 Valuation Update With 7 Day Price Move • May 18
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩12,520, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 53x in the Capital Markets industry in South Korea. Total returns to shareholders of 249% over the past three years. New Risk • Apr 12
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 182% 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 Earnings have declined by 26% per year over the past 5 years. High level of non-cash earnings (182% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Declared Dividend • Mar 14
Dividend increased to ₩550 Dividend of ₩550 is 38% higher than last year. Ex-date: 30th March 2026 Payment date: 1st January 1970 Dividend yield will be 3.9%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (20% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 6.9% per year over the past 7 years. However, payments have been volatile during that time. Earnings per share has grown by 6.5% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. 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 ₩12,700, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 49x in the Capital Markets industry in South Korea. Total returns to shareholders of 246% over the past three years. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩15,240, the stock trades at a trailing P/E ratio of 7.7x. Average trailing P/E is 49x in the Capital Markets industry in South Korea. Total returns to shareholders of 301% over the past three years. Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩9,840, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 14x in the Capital Markets industry in South Korea. Total returns to shareholders of 135% over the past three years. Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩7,870, the stock trades at a trailing P/E ratio of 6.3x. Average trailing P/E is 14x in the Capital Markets industry in South Korea. Total returns to shareholders of 58% over the past three years. Declared Dividend • Mar 12
Dividend increased to ₩400 Dividend of ₩400 is 100% higher than last year. Ex-date: 28th March 2025 Payment date: 1st January 1970 Dividend yield will be 6.8%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (31% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 66 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 66% to shift the payout ratio to a potentially unsustainable range, which is more than the 5.2% EPS decline seen over the last 5 years. 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. New Risk • Nov 07
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 8.1% 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 22% 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 (8.1% average weekly change). Large one-off items impacting financial results. Announcement • Sep 23
DB Financial Investment Co., Ltd. (KOSE:A016610) agreed to acquire remaining 44.67% stake in DB Asset Management Co., Ltd. from Shinhan Bank, Industrial Bank of Korea (KOSE:A024110), Hana Bank Co., Ltd., Busan Bank Co., Ltd. and Woori Bank for KRW 37.5 billion. DB Financial Investment Co., Ltd. (KOSE:A016610) agreed to acquire remaining 44.67% stake in DB Asset Management Co., Ltd. from Shinhan Bank, Industrial Bank of Korea (KOSE:A024110), Hana Bank Co., Ltd., Busan Bank Co., Ltd. and Woori Bank for KRW 37.5 billion on September 23, 2024. A cash consideration of KRW 37.52 billion will be paid by DB Financial Investment Co., Ltd. for 2.68 million shares. Upon completion, DB Financial Investment Co., Ltd. will own 100% stake in DB Asset Management Co., Ltd. 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. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₩5,960, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 15x in the Capital Markets industry in South Korea. Total returns to shareholders of 2.3% over the past three years. Buy Or Sell Opportunity • Aug 06
Now 21% overvalued Over the last 90 days, the stock has fallen 2.5% to ₩4,145. The fair value is estimated to be ₩3,417, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 21% over the last 3 years. Earnings per share has declined by 95%. Buying Opportunity • Jul 26
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 3.0%. The fair value is estimated to be ₩4,962, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.4% over the last 3 years. Earnings per share has declined by 19%. Board Change • Apr 01
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. 4 experienced directors. 1 highly experienced director. Independent Outside Director Han Bong Hoe was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Feb 15
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 3.7%. The fair value is estimated to be ₩5,356, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 21%. Buying Opportunity • Jan 26
Now 20% undervalued Over the last 90 days, the stock is up 9.0%. The fair value is estimated to be ₩5,532, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 21%. Upcoming Dividend • Dec 21
Upcoming dividend of ₩500 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 13 April 2023. Payout ratio is a comfortable 67% 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%). Upcoming Dividend • Dec 22
Upcoming dividend of ₩300 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 05 April 2022. Payout ratio is a comfortable 8.8% 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%). Announcement • Mar 13
DB Financial Investment Co., Ltd., Annual General Meeting, Mar 25, 2021 DB Financial Investment Co., Ltd., Annual General Meeting, Mar 25, 2021, at 09:01 Korea Standard Time. Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment improved over the past week After last week's 25% share price gain to ₩5,970, the stock is trading at a trailing P/E ratio of 4.1x, up from the previous P/E ratio of 3.3x. This compares to an average P/E of 15x in the Capital Markets industry in South Korea. Total returns to shareholders over the past three years are 57%. Is New 90 Day High Low • Feb 05
New 90-day high: ₩5,970 The company is up 50% from its price of ₩3,985 on 06 November 2020. The South Korean market is up 26% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 15% over the same period. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improved over the past week After last week's 15% share price gain to ₩5,360, the stock is trading at a trailing P/E ratio of 3.7x, up from the previous P/E ratio of 3.2x. This compares to an average P/E of 16x in the Capital Markets industry in South Korea. Total returns to shareholders over the past three years are 45%. Is New 90 Day High Low • Jan 06
New 90-day high: ₩5,260 The company is up 35% from its price of ₩3,895 on 08 October 2020. The South Korean market is up 24% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 19% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩250 Per Share Will be paid on the 8th of April to those who are registered shareholders by the 29th of December. The trailing yield of 5.2% is in the top quartile of South Korean dividend payers (2.6%), and it is higher than industry peers (3.5%). Is New 90 Day High Low • Dec 21
New 90-day high: ₩4,800 The company is up 30% from its price of ₩3,690 on 22 September 2020. The South Korean market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 17% over the same period. Is New 90 Day High Low • Nov 11
New 90-day high: ₩4,225 The company is up 6.0% from its price of ₩3,980 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. Is New 90 Day High Low • Oct 22
New 90-day high: ₩4,095 The company is up 18% from its price of ₩3,465 on 24 July 2020. The South Korean market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 11% over the same period. Announcement • Sep 21
DB Financial Investment Co., Ltd.(KOSE:A016610) dropped from S&P Global BMI Index DB Financial Investment Co., Ltd.(KOSE:A016610) dropped from S&P Global BMI Index 