PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩1,200 per share · Prices as of the 2026-10-02 close
Brokerage momentum and securities valuation gains drove a sharp jump in quarterly profit, while real estate finance exposure and capital funding costs remain variables to monitor.
Second-quarter 2026 consolidated operating profit reached KRW 359.9 billion and net profit attributable to owners KRW 258.6 billion, a sharp step-up in quarterly scale (preliminary filing basis).
The company attributed the swing to higher brokerage commissions and trading gains amid an active equity market.
A quarterly net loss attributable to owners occurred in the fourth quarter of 2025, highlighting the high volatility of quarterly earnings.
In a February 2026 value-up disclosure, the company announced a phased cancellation of 15.35 million treasury shares alongside tax-exempt dividends.
Its real estate finance exposure relative to equity is assessed among the highest of the ten largest brokers, making provisioning trends a key watch point.
Daishin Securities is a full-service broker built around retail brokerage, wealth management, investment banking and real estate project financing, and proprietary trading.
In December 2024 the Financial Services Commission designated it the country's tenth comprehensive financial investment business entity after it met the equity threshold of KRW 3 trillion and other requirements, expanding its corporate credit-extension limit from 100% to 200% of equity and enabling prime brokerage.
The regulator said it judged the firm to have met all statutory requirements covering equity, personnel and physical facilities, and conflict-of-interest controls. Under the regime, designation doubles the credit-extension limit and permits corporate credit extension.
Within the revenue mix, retail brokerage commissions, margin-loan interest, and proprietary securities trading results carry large weight.
In the second quarter of 2026, net brokerage commissions rose 158.7% year on year to KRW 187.8 billion, with domestic equity commissions of KRW 158.4 billion, overseas equity commissions of KRW 12.2 billion, and margin-loan income of KRW 18.3 billion.
Investment banking and project finance revenue in the same quarter rose 96.7% year on year to KRW 80.8 billion, which the company explained as higher advisory fees and guarantee fees from quality project finance mandates, with pre-IPO and new-technology fund gains offsetting fewer IPO listings.
At the group level, distressed-debt investor Daishin F&I, Daishin Savings Bank, Daishin Asset Management and Daishin Asset Trust contribute to consolidated results.
Daishin F&I raised distressed-loan assets to 57% of total assets as of end-2025 and, per the parent's quarterly materials, posted pre-tax profit of KRW 28.6 billion in the first quarter and KRW 18.4 billion in the second quarter of 2026.
Competitively, larger-capital peers already dominate the promissory-note and corporate finance markets, so differentiation as a late-entrant is cited as a challenge.
Korea Investors Service noted that the nine earlier-designated firms hold larger capital and established share in corporate and acquisition finance, making competition intense.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩1.3T | ₩135.7B | 10.3% |
| 2025Q3 | ₩825.8B | ₩73.6B | 8.9% |
| 2025Q4 | ₩1.8T | ₩53.2B | 3.0% |
| 2026Q1 | ₩2.4T | ₩102.5B | 4.3% |
| 2026Q2 | ₩2.6T | ₩359.9B | 14.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩4.2T | ₩253.5B | ₩115.9B | 6.0% | 4.3% | 679.0% |
| 2023 | ₩3.9T | ₩161.3B | ₩133.6B | 4.2% | 4.4% | 649.4% |
| 2024 | ₩4.1T | ₩83.6B | ₩144.8B | 2.0% | 4.4% | 696.2% |
| 2025 | ₩5.1T | ₩301.4B | ₩186.6B | 6.0% | 4.6% | 864.4% |
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
On an annual basis, operating profit fell from KRW 253.5 billion on revenue of KRW 4,231.3 billion in 2022 (6.0% margin) to KRW 161.3 billion on KRW 3,854.6 billion in 2023 (4.2%), then to KRW 83.6 billion on KRW 4,093.9 billion in 2024 (2.0%).
In 2025 the scale recovered, with revenue of KRW 5,063.9 billion, operating profit of KRW 301.4 billion (6.0%), and net profit attributable to owners of KRW 186.6 billion.
Quarterly, operating profit and owners' net profit moved from KRW 135.7 billion and KRW 73.9 billion in the second quarter of 2025, to KRW 73.6 billion and KRW 41.6 billion in the third, before the fourth quarter showed operating profit of KRW 53.2 billion and an owners' net loss of KRW 6.1 billion.
Press reporting indicated that provisioning burdens and overseas real estate valuation losses were recognized together in that quarter (Insight Korea, May 2026).
The first quarter of 2026 then delivered revenue of KRW 2,401.4 billion, operating profit of KRW 102.5 billion and owners' net profit of KRW 149.8 billion, followed by revenue of KRW 2,550.4 billion, operating profit of KRW 359.9 billion and owners' net profit of KRW 258.6 billion in the second quarter.
The company cited higher brokerage commissions and trading gains from an active equity market, noting the figures are preliminary and not yet reviewed by external auditors.
SK Securities analyst Jang Young-im explained that separate-basis trading income rose 83.5% quarter on quarter to KRW 240.2 billion as holdings appreciated 84.8%, producing roughly KRW 160 billion of valuation gains.
In the same quarter KRW 42.7 billion of provisions tied to domestic and overseas real estate were recognized, and the company said the year-on-year decline in separate-basis net profit reflected a base effect from KRW 200 billion of affiliate dividends booked in the prior-year second quarter.
Structurally, consolidated equity grew from KRW 2,723.0 billion in 2022 to KRW 4,057.2 billion in 2025 while the debt-to-equity ratio rose from 679.0% to 864.4%, and operating cash flow was deeply negative through 2023-2025, reflecting how changes in trading and funding assets dominate that metric for financial firms.
Brokerage earnings are directly geared to average daily turnover and market volatility, so the cycle position matters.
In May 2026 Shinhan Investment Corp. tallied average daily turnover rising from KRW 84.4 trillion in April (including ETFs) to KRW 143.5 trillion in May, with customer deposits surpassing KRW 130 trillion and margin balances KRW 36 trillion.
The same material set a second-half 2026 KOSPI band of 7,000-9,300 points and a base scenario of KRW 113.1 trillion in average daily turnover including ETFs. Strong operating metrics have not translated directly into sector share prices, however.
Per Korea Exchange data, the KRX securities index fell 17.4% in the second quarter of 2026 while the KOSPI surged 54.7% - the reverse of the first quarter, when the index rose about 56% against a 17.2% KOSPI gain.
Invest Chosun reported that wider ETF trading and higher volatility increased liquidity-provider margin burdens, pushing brokers' high-yield commercial paper and short-term bond issuance to a monthly average of KRW 134 trillion in the second quarter, about triple the prior year's KRW 46 trillion monthly average.
On the regulatory side, changes that affect turnover - longer trading hours and a KOSDAQ tiering system - are in the pipeline. SK Securities noted in May 2026 that single-stock leveraged ETFs had launched and that extended trading hours via pre- and after-market sessions were targeted for September 14 implementation.
Competitively, the nine larger-capital peers lead in promissory notes and corporate finance, so the question raised for Daishin is whether it can differentiate by combining its retail franchise with group distressed-debt operations.
The company's disclosed medium-term plan pairs capital expansion with shareholder returns.
Daishin designated 2025-2028 a "capital expansion period" to pursue mega-IB status through equity build-up, and 2028-2030 as an "earnings expansion period." Separate-basis equity stood at KRW 4,134.5 billion at end-December 2025, clearing the KRW 4 trillion separate-basis threshold for mega-IB status (Korea Financial News, March 2026).
Regulators, however, tightened promissory-note licensing so that the equity requirement must be met for two consecutive fiscal year-ends and applicants must demonstrate two years of operations and competitiveness after comprehensive-entity designation, so approval will take time.
SK Securities analyst Jang Young-im, in a report covered in June 2026, projected that mega investment bank approval could come in 2028 given funds raised through hybrid securities and redeemable convertible preferred shares. The shareholder-return timetable is already disclosed.
Per the February 2026 filing, a total of 15.35 million shares - 9.32 million common and all 6.03 million first and second preferred shares - will be cancelled in stages at each quarter-end over six quarters, alongside tax-exempt dividends of up to KRW 400 billion over roughly four years starting this year.
On the second-half earnings path, more cautious views have been offered. In August 2026 SK Securities analyst Jang Young-im projected that the second half would bring not only lower turnover but also a heavier burden from securities valuation losses.
At the group level, distressed-debt market conditions are a variable, with commentators noting that recovery pricing and timing on Daishin F&I's recently purchased assets will determine results.
The ultimate outcome is expected to hinge on at what price and within what period the large volume of purchased distressed loans is recovered.
The stock trades at a multiple below its self-calculated book value per share, placing it in a discount-to-net-assets zone as a matter of fact.
Because the sum of the last four quarters' profit substantially exceeds full-year 2025 net profit attributable to owners, the price-to-earnings multiple computes lower than in the weaker-earnings stretch around 2024.
That said, much of that profit stemmed from securities valuation gains, which must be weighed when judging how durable the multiple is.
For the sector overall, Shinhan Investment Corp. said in May 2026 that expectations for a break above 1x price-to-book were rising on structural improvement in earnings capacity and capital efficiency.
For the stock itself, SK Securities lowered its target price to KRW 40,000 from KRW 42,000 shortly after the August 2026 results. On dividends, filings confirm a 27-year run of cash dividends, a minimum-dividend guideline, tax-exempt dividends funded from capital reserves, and phased treasury share cancellation.
The company said it was the first in the industry to publish dividend guidelines and to set a minimum dividend for income-dependent shareholders, improving predictability.
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
A retail-heavy revenue mix expands profit quickly when market turnover rises. In the second quarter of 2026, net brokerage commissions rose 158.7% year on year to KRW 187.8 billion and margin-loan income rose 123.2% to KRW 18.3 billion.
Clients with assets above KRW 100 million increased from 73,000 in the first quarter of 2026 to 98,000 in the second. A broader fee-paying client base can cushion swings in trading volumes.
Returns are disclosed as a quarter-by-quarter execution schedule rather than a statement of intent. The plan covers 83.6% of held treasury shares including preferred stock, comprising 9.32 million common shares and all 6.03 million first and second preferred shares.
Cancellation proceeds in stages at each quarter-end over six quarters, alongside tax-exempt dividends of up to KRW 400 billion over about four years.
NH Investment & Securities analyst Yoon Yu-dong said it exceeded market expectations as the first broker to disclose a concrete plan for using held treasury shares in step with commercial-law revision discussions.
The recovery of affiliate Daishin F&I's core business feeds both consolidated profit and capital build-up.
In April 2026 Korea Investors Service raised Daishin F&I's unsecured bond rating to A+/stable from A/positive, citing market-position recovery amid distressed-debt market growth and reduced project finance and overseas real estate exposure.
It acquired about KRW 410 billion of the KRW 1.5 trillion of distressed loans sold in the first quarter of 2026, holding second place with a 27% share. Analysis notes that profits generated at Daishin F&I have flowed to the parent as dividends, serving as a funding source for capital expansion.
A large share of the second-quarter 2026 profit surge came from valuation gains on securities holdings, which is central to the durability debate. SK Securities analyst Jang Young-im said holdings appreciated 84.8% quarter on quarter, producing roughly KRW 160 billion of valuation gains.
Analysts projected that profit could shrink in the second half given how much of the result came from one-off valuation gains. Confirmed figures also show a negative owners' net result in the fourth quarter of 2025, underscoring the wide swing amplitude of quarterly profit.
Real estate finance burdens are still treated as an open issue. Per Korea Investors Service, real estate finance exposure equalled 93% of equity at end-2025, the second highest among the ten largest brokers after Meritz Securities and 10 percentage points above Hana Securities at 83%.
Bridge loans were 25% of project finance, mezzanine and subordinated tranches 37%, and overseas real estate 37% of exposure - each among the highest in the peer group.
In the second quarter of 2026, KRW 42.7 billion of real estate provisions were booked, with project finance exposure of KRW 2.2 trillion domestically and KRW 900 billion overseas, little changed from before.
Capital has grown, but the cost and quality of that funding draw continued scrutiny. The KRW 615 billion of redeemable convertible preferred shares issued while crossing KRW 4 trillion in equity carry preferred dividend rates of 6-7%, flagged as a financial burden.
NICE Investors Service and Korea Ratings pointed to the large-scale issuance of such preferred shares to meet designation requirements. The net capital ratio rose over four years to 429% at end-2025 but remained below the ten-broker average of 1,805%. Confirmed figures also show the consolidated debt-to-equity ratio rising from 696.2% in 2024 to 864.4% in 2025.
Because profit is strongly geared to turnover and the prices of held assets, swings widen when the market regime shifts. In July 2026 the KOSPI plunged nearly 30% over a month before rebounding some 17% in a single day, with sidecars triggered 15 times on the KOSPI and 12 times on the KOSDAQ.
Analysts said whether the trend continues in the second half depends on turnover, volatility, and valuation results on held assets. In a rising-rate phase, potential bond trading losses also warrant monitoring.
The structure of overseas real estate assets and delayed securitization tie into the possibility of further loss recognition.
At one measurement point overseas exposure was 47% of total real estate finance, based mostly on offices in Japan, Germany, France and the United States and largely in subordinated structures, which commentators called vulnerable to market volatility.
Korea Investors Service assessed exposure as excessive relative to provisions set aside and flagged concern over additional overseas real estate provisions. The company said its level is not high versus other large peers and that it has no plan to raise the weighting.
Mega-IB and promissory-note licensing is not decided by quantitative thresholds alone. Although the KRW 4 trillion equity requirement is met, the firm must clear two years of capital stability plus qualitative and risk-management review, and targets approval around 2028.
External concerns exist about board independence and internal-control effectiveness under an owner-centered structure, and internal controls and conflict-of-interest safeguards are cited as qualitative assessment items for short-term finance licensing.
If approval slips, the period in which capital-raising costs land ahead of the associated revenue could lengthen.
Watch whether the Korea Exchange implements extended trading hours via new pre- and after-market sessions. SK Securities noted a September 14 implementation target; actual rollout and any change in turnover feed directly into brokerage revenue metrics.
Check quarterly execution of the phased treasury share cancellation. The company said cancellation proceeds in stages at each quarter-end over six quarters, so filings and changes in outstanding share count are the items to verify.
Third-quarter 2026 results will show whether the large second-quarter valuation gains reverse and whether further real estate provisions are booked. SK Securities projected heavier valuation-loss burdens and lower turnover in the second half, so the reported figures warrant comparison.
This is when full-year 2026 audited results, the value-up plan progress disclosure, and the year-end dividend decision can be checked. The annual pace of the announced tax-exempt dividends, capped at about KRW 400 billion over roughly four years, is part of the same review.
The key issue is whether requirements for mega-IB and promissory-note licensing are satisfied. With the equity requirement needing to be met at two consecutive fiscal year-ends and two years of operations required after designation, maintenance of separate-basis equity and any application filing are the items to track.
Daishin Securities' recent results directly reflect its high sensitivity to the market regime.
The operating margin fell to 2.0% in 2024 before recovering to 6.0% in 2025, and after a fourth-quarter 2025 net loss attributable to owners, quarterly operating profit expanded to KRW 102.5 billion and KRW 359.9 billion in the first and second quarters of 2026.
The company cited higher brokerage commissions and trading gains, but analysis also attributed much of the second-quarter increase to valuation gains on securities holdings, and KRW 42.7 billion of domestic and overseas real estate provisions were booked in the same quarter.
Structurally, following its designation as a comprehensive financial investment business entity, the firm is broadening corporate credit extension and corporate finance while sitting in a capital-expansion phase that has cleared the KRW 4 trillion separate-basis equity threshold and targets mega-IB approval.
At the same time, the cost of funding tools such as redeemable convertible preferred shares, a higher debt-to-equity ratio, and a real estate finance exposure ratio ranked near the top among the ten largest brokers coexist as offsetting factors.
Shareholder returns are disclosed with a timetable - phased quarterly cancellation of 15.35 million treasury shares plus tax-exempt dividends - making execution relatively verifiable.
Ultimately, separately tracking turnover trends, the direction of valuation gains and losses, provisioning, and progress toward licensing requirements is the starting point for understanding this stock; this report is for information purposes and contains no buy or sell opinion.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.