Kiwoom Securities Co Ltd

Kiwoom Securities maintains a capital structure characterized by high leverage, with a debt-to-equity ratio of 5.27 and long-term debt of 35.3 trillion KRW against total equity of 6.7 trillion KRW. The firm holds 8.8 trillion KRW in cash and equivalents, resulting in a negative net cash position after subtracting total debt, which contributes to a medium liquidity risk assessment. Despite the high debt load, the company reports a current ratio that is not explicitly detailed but is contextualized by its substantial asset base of 81.2 trillion KRW.

Profitability metrics indicate strong returns on equity, with an ROE of 20.21%, significantly outperforming typical industry medians for leveraged financial institutions. The return on assets stands at 1.67%, reflecting the asset-heavy nature of the balance sheet. The company generates a gross profit of 16.6 trillion KRW on revenue of 16.9 trillion KRW, indicating a high gross margin typical of brokerage firms where revenue is largely fee-based or spread-based. Operating income is 1.5 trillion KRW, leading to a net income of 1.1 trillion KRW.

Segment and geographic data are not provided in the available input, preventing a detailed analysis of revenue concentration by business line or region. The company's revenue mix is therefore treated as a consolidated whole, with no specific segment disclosures to evaluate diversification risks.

Growth trajectory analysis is limited by the absence of historical period data in the input, preventing a year-over-year or quarter-over-quarter trend assessment. The current financial snapshot provides a static view of performance, with no prior period comparisons available to determine momentum or deceleration.

Risk factors include medium liquidity risk and low dilution risk, with the primary flag being the negative net cash position after debt subtraction. The high debt-to-equity ratio of 5.27 suggests significant financial leverage, which amplifies both returns and risks in volatile market conditions. The absence of specific operational risk disclosures limits the depth of the risk assessment beyond balance sheet metrics.

Recent events are highlighted by strong analyst sentiment, with a mean recommendation of 1.69 (where 1 is strong buy) and a mean price target of 566,000 KRW, implying substantial upside from the current market price of 336,000 KRW. The high count of strong buy (6) and buy (9) ratings suggests institutional confidence in the company's future performance.

Analysts project 83.2% upside to the mean price target of 566,000 KRW, reflecting strong consensus buy ratings.

Revenue surged 52.8% year-over-year to 16.9 trillion KRW in FY2026, demonstrating robust top-line growth momentum.

Net income grew 33.4% year-over-year to 1.11 trillion KRW, showing significant profitability expansion in the latest period.

Debt-to-equity ratio of 5.27 places the company in the bottom quartile, signaling excessive leverage compared to peers.

High credit risk flags indicate significant potential for loan losses or counterparty defaults impacting financial stability.

Cash conversion of -4.72 ranks in the bottom quartile, suggesting poor ability to convert earnings into cash.

Long-term debt increased to 35.3 trillion KRW in FY2026, raising concerns about rising interest expenses and solvency.

Medium liquidity risk flags suggest potential difficulties in meeting short-term obligations during market stress periods.

Revenue KRW 9.35T, +158,4% YoY; Operating income +91,0% YoY.

• ▍Revenue KRW 9.35T, +158,4% YoY
• ▍Operating income +91,0% YoY
• ▍Net income +102,4% YoY
• ▍Free cash flow +102,2% YoY
• ▍Net margin 5.1%

Revenue KRW 5.55T, +54,9% YoY; Operating income +95,5% YoY.

• ▍Revenue KRW 5.55T, +54,9% YoY
• ▍Operating income +95,5% YoY
• ▍Net income +68,8% YoY
• ▍Free cash flow +48,0% YoY
• ▍Net margin 4.4%

Revenue KRW 3.33T, +24,3% YoY; Operating income +49,7% YoY.

• ▍Revenue KRW 3.33T, +24,3% YoY
• ▍Operating income +49,7% YoY
• ▍Net income +52,0% YoY
• ▍Free cash flow +47,0% YoY
• ▍Net margin 9.7%

Revenue KRW 4.44T, +97,8% YoY; Operating income +30,7% YoY.

• ▍Revenue KRW 4.44T, +97,8% YoY
• ▍Operating income +30,7% YoY
• ▍Net income +33,7% YoY
• ▍Free cash flow +34,6% YoY
• ▍Net margin 7.0%

Revenue KRW 3.62T; Operating income KRW 328.57B.

• ▍Revenue KRW 3.62T
• ▍Operating income KRW 328.57B
• ▍Net margin 6.5%

Revenue KRW 3.58T; Operating income KRW 165.97B.

• ▍Revenue KRW 3.58T
• ▍Operating income KRW 165.97B
• ▍Net margin 4.1%

Revenue KRW 2.68T; Operating income KRW 275.97B.

• ▍Revenue KRW 2.68T
• ▍Operating income KRW 275.97B
• ▍Net margin 7.9%

Revenue KRW 2.25T; Operating income KRW 315.48B.

• ▍Revenue KRW 2.25T
• ▍Operating income KRW 315.48B
• ▍Net margin 10.3%

Revenue KRW 16.94T, +52,8% YoY; Operating income +35,0% YoY.

• ▍Revenue KRW 16.94T, +52,8% YoY
• ▍Operating income +35,0% YoY
• ▍Net income +33,4% YoY
• ▍Free cash flow +16,5% YoY
• ▍Net margin 6.6%

Revenue KRW 11.09T, +18,0% YoY; Operating income +89,9% YoY.

• ▍Revenue KRW 11.09T, +18,0% YoY
• ▍Operating income +89,9% YoY
• ▍Net income +91,4% YoY
• ▍Free cash flow +109,8% YoY
• ▍Net margin 7.5%

Revenue KRW 9.40T, +6,3% YoY; Operating income −13,4% YoY.

• ▍Revenue KRW 9.40T, +6,3% YoY
• ▍Operating income −13,4% YoY
• ▍Net income −14,0% YoY
• ▍Free cash flow −11,9% YoY
• ▍Net margin 4.6%

Revenue KRW 8.84T, +51,8% YoY; Operating income −45,1% YoY.

• ▍Revenue KRW 8.84T, +51,8% YoY
• ▍Operating income −45,1% YoY
• ▍Net income −43,9% YoY
• ▍Free cash flow −50,4% YoY
• ▍Net margin 5.7%