Samsung Securities Co Ltd

Samsung Securities operates with a debt-to-equity ratio of 3.18, indicating a capital structure heavily reliant on debt financing. The company's liquidity position is assessed as medium, with negative net cash after subtracting total debt, suggesting potential short-term liquidity constraints. Free cash flow of 268.98 billion KRW provides some flexibility, but the negative operating cash flow of -98.76 billion KRW raises concerns about the sustainability of cash generation from core operations.

Profitability metrics show a return on equity (ROE) of 3.71% and a return on assets (ROA) of 0.41%, both below the industry median for capital markets firms. These figures suggest that Samsung Securities is underperforming in terms of capital efficiency and asset utilization compared to its peers.

The company's revenue is concentrated in its domestic South Korean market, with limited disclosure on geographic diversification. This concentration increases exposure to local economic and regulatory risks, particularly in a volatile capital markets environment. No material revenue segments are disclosed beyond the core investment banking and brokerage services.

Samsung Securities reported revenue of 598.26 billion KRW in the latest period, with no clear indication of growth trajectory in the next fiscal year. Analysts have provided a wide range of price targets, from 110,000 to 180,000 KRW, with a mean of 158,333 KRW and a median of 167,000 KRW, reflecting uncertainty about the company's near-term performance.

The risk assessment highlights liquidity as a medium concern, with negative net cash after debt. Dilution risk is assessed as low, and no recent equity issuance or dilutive events are reported. However, the company's reliance on debt financing and negative operating cash flow could increase financial risk in a rising interest rate environment.

Recent filings and transcripts do not indicate any material events or strategic shifts. The company's capital structure and financial performance remain consistent with prior periods, with no significant changes in business strategy or regulatory exposure.

Analysts project 57.5% upside to a mean price target of 158,333 KRW, signaling strong market confidence in future performance.

Total assets grew 28.0% year-over-year to 79.7 trillion KRW, indicating robust balance sheet expansion and business scale growth.

Net income increased 12.0% year-over-year to 1.0 trillion KRW, reflecting strong earnings momentum in the latest fiscal period.

Debt-to-equity ratio of 3.18 sits in the bottom quartile of the cohort, indicating significantly higher leverage than peers.

High credit risk flags suggest potential vulnerabilities in asset quality or counterparty exposure that could impact future stability.

Return on equity of 3.7% trails the 4.0% cohort median, indicating less efficient capital utilization compared to industry peers.

Revenue growth CAGR of 0.1% over four years suggests stagnant top-line expansion despite recent asset growth.

Medium liquidity risk flags indicate potential challenges in managing short-term obligations or market access under stress.

Revenue KRW 898.74B, +62,3% YoY.

• ▍Revenue KRW 898.74B, +62,3% YoY

Revenue KRW 645.07B, +3,1% YoY; Operating income +56,8% YoY.

• ▍Revenue KRW 645.07B, +3,1% YoY
• ▍Operating income +56,8% YoY
• ▍Net income +45,5% YoY
• ▍Free cash flow +52,2% YoY
• ▍Net margin 33.3%

Revenue KRW 650.92B, +42,3% YoY; Operating income +24,0% YoY.

• ▍Revenue KRW 650.92B, +42,3% YoY
• ▍Operating income +24,0% YoY
• ▍Net income +28,6% YoY
• ▍Free cash flow +32,7% YoY
• ▍Net margin 47.5%

Revenue KRW 511.36B, −14,5% YoY; Operating income −9,0% YoY.

• ▍Revenue KRW 511.36B, −14,5% YoY
• ▍Operating income −9,0% YoY
• ▍Net income −9,0% YoY
• ▍Free cash flow −10,6% YoY
• ▍Net margin 45.9%

Revenue KRW 553.87B; Operating income KRW 334.64B.

• ▍Revenue KRW 553.87B
• ▍Operating income KRW 334.64B
• ▍Net margin 44.9%

Revenue KRW 625.63B; Operating income KRW 210.83B.

• ▍Revenue KRW 625.63B
• ▍Operating income KRW 210.83B
• ▍Net margin 23.6%

Revenue KRW 457.57B; Operating income KRW 324.12B.

• ▍Revenue KRW 457.57B
• ▍Operating income KRW 324.12B
• ▍Net margin 52.5%

Revenue KRW 598.26B; Operating income KRW 339.17B.

• ▍Revenue KRW 598.26B
• ▍Operating income KRW 339.17B
• ▍Net margin 43.1%

Revenue KRW 2.36T, +3,0% YoY; Operating income +14,1% YoY.

• ▍Revenue KRW 2.36T, +3,0% YoY
• ▍Operating income +14,1% YoY
• ▍Net income +12,0% YoY
• ▍Free cash flow −0,1% YoY
• ▍Net margin 42.7%

Revenue KRW 2.29T, +20,4% YoY; Operating income +62,7% YoY.

• ▍Revenue KRW 2.29T, +20,4% YoY
• ▍Operating income +62,7% YoY
• ▍Net income +64,2% YoY
• ▍Free cash flow +70,7% YoY
• ▍Net margin 39.2%

Revenue KRW 1.90T, +29,2% YoY; Operating income +28,1% YoY.

• ▍Revenue KRW 1.90T, +29,2% YoY
• ▍Operating income +28,1% YoY
• ▍Net income +29,6% YoY
• ▍Free cash flow +342,4% YoY
• ▍Net margin 28.8%

Revenue KRW 1.47T, −37,4% YoY; Operating income −55,8% YoY.

• ▍Revenue KRW 1.47T, −37,4% YoY
• ▍Operating income −55,8% YoY
• ▍Net income −56,2% YoY
• ▍Free cash flow −88,0% YoY
• ▍Net margin 28.7%