PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩2,400 per share · Prices as of the 2026-10-02 close
Bookook Securities is a small-cap brokerage centered on proprietary trading and IB, with a strong Q2 2026 rebound coexisting with quarter-to-quarter earnings volatility and governance issues.
Q2 2026 revenue reached KRW 583.1 billion with operating profit of KRW 24.45 billion and owner net income of KRW 24.39 billion, a clear rebound from the prior quarter.
Q4 2025 saw operating profit of just KRW 0.47 billion and an owner net loss of KRW 9.99 billion, essentially a break-even-to-loss quarter.
Treasury stock accounts for roughly 43% of shares outstanding, making the company's disposal plan under the revised Commercial Act a key variable.
Business mix is dominated by proprietary trading at over 60%, followed by collective investment, brokerage, and credit finance businesses.
Real estate PF exposure is limited relative to peers, but credit rating agencies continue to monitor potential additional credit-cost burdens tied to bridge loans.
Bookook Securities, established in 1954 and listed on the KOSPI, operates traditional securities businesses including securities trading, brokerage, and underwriting, with Yurie Asset Management as its subsidiary.
Revenue is most heavily weighted toward proprietary trading at 60.79%, followed by collective investment management at 29.54%, brokerage at 8.75%, and credit finance business at 4.04%, indicating a structure more dependent on proprietary trading and asset management than on brokerage commissions.
The firm funds itself through repos and short-term bonds, concentrating its efforts on investment-grade bond trading, real estate development financial advisory and arrangement, and bond underwriting and arrangement within its IB business.
Its net capital ratio (NCR) stands at 1,023.4%, reflecting strong capital adequacy, with no self-hedged equity-linked securities exposure and limited exposure to stocks and real estate PF loans.
On the governance side, treasury stock accounts for roughly 43% of shares outstanding, which has reportedly been used to maintain stable control for the founding family led by Chairman Kim Joong-geon despite a relatively low direct ownership stake.
More recently, along with Daishin Securities, the company reportedly decided to retire all of its treasury shares or use them as an employee incentive pool, aligning with the intent of the revised Commercial Act's mandatory treasury stock retirement provisions.
In retail, the firm pursues a niche strategy typical of smaller brokers, focusing on expanding online and mobile trading and offering tailored advisory services to individual clients.
Competitively, while smaller in scale than large full-line brokerages, it is regarded as having above-average competitiveness in IB and proprietary trading relative to its size.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩262.8B | ₩20.5B | 7.8% |
| 2025Q3 | ₩208.5B | ₩13.9B | 6.7% |
| 2025Q4 | ₩301B | ₩46,793,824 | 0.0% |
| 2026Q1 | ₩479.6B | ₩15.6B | 3.3% |
| 2026Q2 | ₩583.1B | ₩24.5B | 4.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩983.4B | ₩60.5B | ₩42.3B | 6.1% | 6.1% | 113.2% |
| 2023 | ₩815B | ₩69.1B | ₩57.3B | 8.5% | 7.6% | 133.6% |
| 2024 | ₩779.2B | ₩36.7B | ₩31B | 4.7% | 4.0% | 114.4% |
| 2025 | ₩965.5B | ₩56.8B | ₩45.6B | 5.9% | 5.5% | 117.4% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04
Annual results have shown pronounced volatility.
In 2022 the company posted revenue of KRW 983.4 billion, operating profit of KRW 60.5 billion, and owner net income of KRW 42.3 billion (operating margin 6.1%); in 2023, even as revenue declined to KRW 815.0 billion, operating profit rose to KRW 69.1 billion and net income to KRW 57.3 billion, pushing the operating margin up to 8.5%, the highest profitability of the past four years.
However, 2024 saw a sharp pullback with revenue of KRW 779.2 billion, operating profit of KRW 36.7 billion, and net income of KRW 31.0 billion, dragging the operating margin down to 4.7%.
In 2025, results recovered to revenue of KRW 965.5 billion, operating profit of KRW 56.8 billion, and net income of KRW 45.6 billion, lifting the operating margin back to 5.9%.
Quarterly figures show even sharper swings: after a solid Q2 2025 with operating profit of KRW 20.47 billion and net income of KRW 17.83 billion, Q3 2025 slowed to operating profit of KRW 13.92 billion and net income of KRW 10.50 billion, and Q4 2025 was nearly break-even, with operating profit of just KRW 0.047 billion and a net loss of KRW 9.99 billion.
In Q1 2026, revenue surged to KRW 479.6 billion, yet operating profit of KRW 15.6 billion and net income of KRW 12.8 billion actually declined year-on-year, as gains from derivatives trading in the proprietary trading segment drove revenue higher while valuation losses on collective investment securities, losses on exchange-traded futures trading, and lower brokerage commissions weighed on profitability.
Q2 2026 then rebounded sharply, with revenue of KRW 583.1 billion, operating profit of KRW 24.45 billion, and net income of KRW 24.39 billion, pushing the net margin relative to revenue to an unusually high level.
This confirms, based on finalized figures, a recurring pattern in which quarterly earnings swing widely with market volatility given the company's proprietary-trading-heavy business structure.
The domestic securities industry is structured around competition between large and small-to-mid-sized brokerages centered on stock brokerage and investment banking, with recent trends including expanded non-face-to-face trading via HTS and MTS platforms, and growth in ESG investing and overseas equity services.
As fee competition intensifies, strengthening asset management and research capabilities has become a key trend across the industry. Smaller brokers such as Bookook Securities often choose to specialize in niche markets such as real estate PF or CFD rather than compete head-on with larger firms in brokerage.
However, across the real estate trust and PF sector broadly, damages litigation risk stemming from failure to meet completion-guarantee obligations has been spreading, heightening market wariness toward the asset quality of financial firms with PF exposure.
Credit rating agencies have assessed that Bookook Securities' real estate financing exposure is not large in quantitative terms and that it carries no self-hedged equity-linked securities or overseas real estate investment exposure, making large-scale losses less likely.
Following the Commercial Act revision mandating treasury stock retirement, disposal plans have become an industry-wide focal point, particularly among securities and insurance firms with high treasury stock ratios.
In a December 2025 report, Korea Investors Service (KIS) assessed Bookook Securities' recurring earnings power as stable, while noting that additional credit-cost burdens could arise from deteriorating recoverable value on bridge loans and further asset-quality declines related to underperforming main PF projects.
Still, KIS noted that as of end-September 2025, the loan-loss reserve ratio against precautionary-and-below loans stood at about 60%, indicating improved loss-absorption capacity, and stated it plans to monitor profitability trends going forward, centered on the recovery of the IB segment's operating performance.
On treasury stock, the company is reported to have decided, alongside Daishin Securities, to retire all treasury shares or use them as an employee incentive pool under the revised Commercial Act, with the specific timing and method still to be confirmed.
In finalized Q1 2026 results, derivatives trading gains in the proprietary trading segment drove revenue growth, but valuation losses on collective investment securities and losses on exchange-traded futures trading weighed on profitability; in Q2, these pressures eased and profit rebounded sharply, as shown in the confirmed figures.
The company is understood to be focusing on strengthening competitiveness through investment information services and financial product development.
However, no clear quantitative earnings guidance or new capacity-expansion or order-win plans from the company have been confirmed to date, warranting further verification through future quarterly disclosures and periodic credit rating reviews.
The current share price appears to trade at a discount relative to the company's net asset value, while on an earnings basis over the most recent four quarters it moves within the valuation band seen during past earnings-recovery periods.
On the dividend side, the company appears to have maintained a double-digit consolidated payout ratio over the past decade or so as part of a high-dividend policy, though the governance characteristic of a high treasury stock ratio reducing the number of dividend-eligible shares should be considered when interpreting per-share dividend metrics.
Earnings showed a recovery trend through 2025 and the first half of 2026 following the 2024 profit slowdown, but quarter-to-quarter volatility remains substantial, making it difficult to draw valuation conclusions from any single period's profit alone.
Should the treasury stock retirement plan and its method become concrete, the basis for calculating per-share metrics itself could change, so this policy variable warrants attention when interpreting valuation.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-09-04
Q2 2026 operating profit of KRW 24.45 billion and net income of KRW 24.39 billion improved sharply from the prior quarter, with the net margin relative to revenue rising to a very high level.
Confirmed results show that the collective investment valuation losses and futures trading losses that weighed on Q1 eased in Q2. On an annual basis, the operating margin also improved from 4.7% to 5.9% in 2025, continuing the recovery trend.
The net capital ratio (NCR) stands at 1,023.4%, indicating ample capital buffer. With no self-hedged equity-linked securities exposure and limited real estate PF loan exposure, the company is relatively insulated from the completion-guarantee damages litigation risk spreading across the industry.
Credit rating agencies have also assessed improved loss-absorption capacity based on higher loan-loss reserve coverage.
With treasury stock accounting for roughly 43% of shares outstanding—among the highest ratios of listed Korean companies—the firm has been cited as a candidate subject to the mandatory treasury stock retirement provisions under the revised Commercial Act.
The company is reported to have decided, along with Daishin Securities, to retire all treasury shares or use them for employee incentive purposes; if retirement is actually carried out, it could bring about changes in per-share metrics through a reduction in share count.
As seen in Q4 2025, when operating profit was just KRW 0.47 billion and net income was KRW -9.99 billion—essentially break-even—the business structure, with proprietary trading exceeding 60% of revenue mix, can see quarterly results swing widely with market volatility.
In Q1 2026 as well, revenue surged but operating profit and net income actually declined year-on-year due to factors related to derivatives and collective investment securities.
A high treasury stock ratio structurally reduces the number of dividend-eligible shares, relatively increasing the share of dividends received by related parties.
Despite a relatively low direct ownership stake, the founding family has reportedly maintained stable control through treasury stock, and depending on how treasury shares are ultimately handled (retirement versus incentive use), interests may diverge from those of minority shareholders.
Damages litigation related to failure to meet completion-guarantee obligations in real estate trusts and PF is spreading across the industry, with courts increasingly ruling for full principal-and-interest repayment.
While Bookook Securities' own exposure is assessed as limited, the possibility of additional credit-cost burdens from deteriorating recoverable value on bridge loans is a point that credit rating agencies have also flagged.
With more than 60% of revenue generated from the proprietary trading segment, volatility in bond, equity, and derivatives markets has a direct impact on quarterly results.
The valuation losses on collective investment securities and losses on exchange-traded futures trading seen in Q4 2025 and Q1 2026 are representative examples.
Credit rating agencies have flagged the possibility of deteriorating recoverable value on bridge loans and further asset-quality declines tied to weak pre-sales at real estate PF and trust-related project sites. The industry-wide spread of completion-guarantee-related litigation is also an indirect factor to watch.
Under the revised Commercial Act, regulatory changes are underway requiring companies to finalize treasury stock disposal (retirement) plans within a set timeframe, and for firms with high treasury stock ratios like Bookook Securities, shareholder value impact varies significantly depending on the method chosen.
Governance controversy surrounding the founding family's ownership stake and dividend-receipt structure also remains a latent risk.
Watch the Q3 2026 quarterly report for whether the Q2 earnings recovery continues and how proprietary trading segment profit and loss have evolved.
Confirm the specific timing and method for implementing the plan to retire all treasury shares or use them as an employee incentive pool, as the deadline for finalizing disposal plans under the revised Commercial Act approaches.
Check the periodic credit rating review for changes in the loan-loss reserve ratio against precautionary-and-below loans and trends in asset quality related to real estate financing.
Watch the annual general shareholders meeting for how the fiscal 2026 year-end dividend amount and treasury-stock-related agenda items are decided.
Bookook Securities is a small-cap brokerage centered on proprietary trading and IB, showing a recovery trend through 2025 and the first half of 2026 following the 2024 profit slowdown, though confirmed results clearly reveal significant quarter-to-quarter earnings volatility.
While Q2 2026 saw a marked improvement in both operating profit and net income, Q4 2025 was nearly break-even, making it difficult to draw a firm trend conclusion from any single quarter.
Capital adequacy is strong with an NCR of 1,023.4%, and real estate PF exposure is limited relative to peers, though the industry-wide spread of completion-guarantee-related litigation risk warrants indirect monitoring.
On the governance side, the roughly 43% treasury stock ratio and the company's disposal plan under the revised Commercial Act stand out as key variables that could affect future per-share metrics and shareholder value.
The high-dividend policy continues, but the governance characteristic of a limited number of dividend-eligible shares due to the high treasury stock ratio should also be considered.
Overall, the sustainability of the earnings recovery, the concretization of the treasury stock disposal method, and trends in real estate financing asset quality are the key points to monitor going forward.
Report written 2026-09-05 · Data as of 2026-09-04
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