PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩550 per share · Prices as of the 2026-10-02 close
Daou Data is the top holding company of Daou Kiwoom Group, and a surge in trading volume lifted Kiwoom Securities earnings, driving a sharp rise in Daou Data's consolidated results in the first half of 2026.
Consolidated revenue and operating profit are driven by Kiwoom Securities, while net income attributable to owners makes up only a small share of total net income.
Consolidated revenue reached about 9.64 trillion won in Q1 2026 and 16.37 trillion won in Q2 2026, showing a clear sequential increase.
The company set a standalone payout ratio target of 50% or higher as a core goal of its value-up plan, but it was removed from the Korea Value-up Index in 2025.
A civil damages lawsuit filed by Ra Duk-yeon against former chairman Kim Ik-rae and others over the SG Securities crash was dismissed in the first-instance ruling in April 2026.
Since August 2026, analysis has pointed to a 36% month-on-month decline in domestic stock trading value, raising concerns about second-half earnings volatility.
Daou Data sits atop the governance structure of Daou Kiwoom Group as a listed holding company, with unlisted E-Money as its largest shareholder, forming a chain that runs down through Daou Technology to Kiwoom Securities.
According to disclosures, Daou Data holds 45.2% of Daou Technology, while E-Money and former chairman Kim Ik-rae hold 31.56% and 23.01% of Daou Data, respectively, forming a multi-layered equity structure.
Its main subsidiaries include financial affiliates such as Kiwoom Securities, Kiwoom Savings Bank, Kiwoom Investment Asset Management, Kiwoom Capital, and Kiwoom Investment.
Daou Data's own operations consist of software and hardware distribution, value-added network (VAN) services, and payment gateway (PG) services, while Kiwoom Securities, Korea's first comprehensive online brokerage, has held the top market share in domestic stock brokerage since 2005.
Daou Technology also runs an IT business supplying AI and cloud solutions built on an AWS partnership. In the consolidated financial statements, Kiwoom Securities' brokerage revenue dominates and determines the overall scale of group revenue.
Because of this multi-layered equity structure, a large portion of consolidated net income is classified as attributable to non-controlling interests, including minority shareholders of subsidiaries.
Management succession from former chairman Kim Ik-rae to his eldest son, CEO Kim Dong-jun, is underway; Kim served at Daou Data and Kiwoom Investment before heading Kiwoom Private Equity in 2021, and was recently jointly appointed chairman of the Kiwoom Securities board.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩4.7T | ₩438.8B | 9.3% |
| 2025Q3 | ₩3.6T | ₩442B | 12.3% |
| 2025Q4 | ₩5.8T | ₩369.2B | 6.3% |
| 2026Q1 | ₩9.6T | ₩647.3B | 6.7% |
| 2026Q2 | ₩16.4T | ₩831.6B | 5.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩9.7T | ₩776.7B | ₩203.7B | 8.0% | 17.9% | 817.3% |
| 2023 | ₩10.3T | ₩667.9B | ₩63.6B | 6.5% | 5.4% | 843.6% |
| 2024 | ₩12.1T | ₩1.2T | ₩164.3B | 9.9% | 12.1% | 792.6% |
| 2025 | ₩18.1T | ₩1.6T | ₩218.8B | 8.9% | 13.6% | 984.5% |
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
Daou Data's consolidated revenue rose for four consecutive years, from 9.75 trillion won in 2022 to 10.33 trillion won in 2023, 12.14 trillion won in 2024, and 18.05 trillion won in 2025.
Over the same period, consolidated operating profit moved from 776.7 billion won to 667.9 billion won, then to 1.206 trillion won and 1.600 trillion won, with the operating margin shifting from 6.5% in 2023 to 9.9% in 2024 and 8.9% in 2025.
Net income attributable to owners fell sharply from 203.7 billion won in 2022 to 63.6 billion won in 2023, before recovering to 164.3 billion won in 2024 and 218.8 billion won in 2025.
This pattern reflects the ownership structure, under which most consolidated net income is classified as attributable to non-controlling interests. Quarterly revenue expanded steadily from 3.60 trillion won in Q3 2025 to 5.85 trillion won in Q4 2025, 9.64 trillion won in Q1 2026, and 16.37 trillion won in Q2 2026.
Owner-attributable net income also grew each quarter, from 47.4 billion won in Q4 2025 to 74.9 billion won in Q1 2026 and 147.9 billion won in Q2 2026.
This improvement was heavily influenced by Kiwoom Securities, which posted consolidated operating profit of 788.9 billion won and net income of 680.6 billion won in Q2 2026, up 93.2% and 119.4% year on year respectively, with domestic stock commission income jumping 178.3%.
However, consolidated operating cash flow was negative every year from 2022 through 2025, a pattern rooted in accounting treatment of client deposits and other asset and liability movements at the brokerage subsidiary rather than a sign of cash strain at the holding company itself.
Daou Data's consolidated results are effectively tied to the domestic brokerage cycle, particularly retail trading value.
Kiwoom Securities, which has held the top share of domestic stock brokerage since 2005, saw daily average trading value jump 236.1% year on year to 36.3 trillion won in Q2 2026 from 10.8 trillion won, driving earnings improvement.
Yet over the same period, Kiwoom Securities' domestic retail equity market share slipped slightly from 25.7% to 25.0%, showing that competitive intensity remains.
Since August 2026, analysis has pointed to a 36% month-on-month decline in daily average trading value, raising the prospect of greater volatility in brokerage and trading profit and loss in the second half.
Industry analysts have also noted that Kiwoom Securities carries a relatively higher share of proprietary investment within its trading results, warranting close attention to earnings impact during market downturns.
Daou Technology, the IT and software affiliate, is expanding its AI and cloud solutions business on an AWS partnership, a segment exposed to the broader structural trend of domestic cloud migration and AI infrastructure investment.
Daou Data's own VAN and PG businesses are tied to growth in the electronic payments market, but their contribution to overall group revenue remains limited compared with the financial segment.
In its value-up plan disclosed in December 2024, Daou Data set a target of raising standalone revenue and operating profit by 20% each over the following three years compared with the prior three-year average, while maintaining a standalone payout ratio of 50% or higher.
It also announced measures to strengthen shareholder communication, including maintaining annual cash dividends, publishing IR materials yearly, and adopting electronic voting, and its 2024 standalone payout ratio of about 57.6% already exceeded the target.
However, in the 2025 Korea Value-up Index rebalancing, the company was removed from the index due to its low price-to-book ratio, showing that the market did not immediately re-rate the stock after the plan's announcement.
At the group level, the parallel expansion of Daou Technology's AI and cloud business and Kiwoom Securities' retail and investment banking growth is expected to continue.
Still, the key variable for second-half earnings is the direction of domestic trading value, and whether the slowdown seen since August persists through the fourth quarter bears watching.
On the governance front, management succession from former chairman Kim Ik-rae to CEO Kim Dong-jun continues, while more than half of Daou Technology shares and nearly half of E-Money's Daou Data shares are pledged to financial institutions, making any change in collateral terms worth monitoring.
As a holding company with multiple layers of financial subsidiaries in securities and asset management, Daou Data has long traded at a holding-company discount, with market multiples relative to net asset value running below those of its individual subsidiaries.
Because most of the consolidated equity base is classified as attributable to non-controlling interests, this point warrants consideration when interpreting the relationship between owner-attributable net asset value and the value assigned by the market.
On the earnings side, owner-attributable net income passed its 2023 low point and recovered through 2024 and 2025, with a clear quarterly increase continuing into the first half of 2026.
The dividend policy targets a standalone payout ratio of 50% or higher, so as long as this target holds, a continued shareholder-return orientation should remain observable.
That said, as illustrated by the removal from the Korea Value-up Index, there has been a lag and a gap between the announcement of value-up plans and the market's re-rating, which also bears watching.
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
Kiwoom Securities has a structure in which brokerage commission income surges when trading value rises. In Q2 2026, domestic stock commission income increased 178.3% year on year while daily average trading value rose 236.1%. This earnings improvement translated into growing owner-attributable net income each quarter. Should trading value hold or increase further, this leverage effect could recur.
In its December 2024 value-up plan, the company set maintaining a standalone payout ratio of 50% or higher as a core goal. Its 2024 standalone payout ratio of about 57.6% already exceeded this target.
Alongside a commitment to annual cash dividends, it is also pursuing measures such as IR material disclosure and electronic voting to strengthen shareholder communication. If this policy continues, it provides a basis for sustained dividend capacity.
A 530-million-won civil damages lawsuit filed by Ra Duk-yeon against former chairman Kim Ik-rae and Kiwoom Securities was dismissed in the first-instance ruling in April 2026. Prosecutors also issued a non-indictment decision on Kim in 2024 regarding allegations of using undisclosed information.
With much of the legal process now settled, some related uncertainty has eased. That said, the criminal trial over the stock manipulation itself continues separately against Ra Duk-yeon, now awaiting a Supreme Court ruling.
Analysis pointed to a 36% month-on-month decline in daily average domestic trading value since August 2026. Kiwoom Securities was also noted to carry a relatively higher share of proprietary investment within its trading profits, which could amplify volatility during market downturns.
Samsung Securities estimated that Kiwoom Securities' second-half profit could fall by about 50% versus the first half. Given the high dependence on trading value, a second-half earnings slowdown cannot be ruled out.
Daou Data has a multi-layered governance structure running from E-Money to Daou Data to Daou Technology to Kiwoom Securities, which limits the owner-attributable share of consolidated net income. In the 2025 Korea Value-up Index rebalancing, the company was removed due to its low price-to-book ratio.
The fact that market re-rating did not immediately follow the value-up plan announcement suggests the holding-company discount structure may not be easily resolved.
Kiwoom Securities' domestic retail equity market share slipped slightly from 25.7% in Q1 2026 to 25.0% in Q2 2026. That share declined even as trading value rose suggests competitors continue to close the gap. If this market share erosion becomes structural, the benefit of rising trading value may not be fully captured.
Kiwoom Securities, the core driver of consolidated earnings, has results directly linked to domestic trading value. Signs of a trading value decline since August 2026 have prompted analysis suggesting greater second-half earnings volatility.
A relatively higher share of proprietary investment has also been flagged as a factor that could amplify profit and loss swings during market downturns.
Daou Kiwoom Group has a multi-layered equity structure running from E-Money through Daou Data and Daou Technology to Kiwoom Securities, and management succession from former chairman Kim Ik-rae to eldest son CEO Kim Dong-jun is underway.
In the process, more than half of Daou Technology shares and nearly half of E-Money's Daou Data shares are pledged to financial institutions, so changes in collateral terms or share sales could affect the governance structure. Additional share sales to fund gift tax obligations have also been discussed in the market.
The 2023 SG Securities crash and reports of Daou Data-related figures' involvement raised capital market trust concerns. The related civil damages lawsuit was dismissed in the first-instance ruling in April 2026, but moral criticism surrounding the episode has continued afterward.
This kind of reputational risk could act as a negative factor in market assessments, including any future reinstatement to the Value-up Index.
Kiwoom Securities' Q3 earnings release will show how much the trading value slowdown since August has actually affected brokerage and trading profit and loss.
Daou Data's Q3 consolidated report will allow a check on whether Daou Technology's cloud segment and Kiwoom Securities' earnings continue to grow together, and how the owner-attributable profit share evolves.
The annual dividend disclosure and value-up implementation review will indicate whether the standalone payout ratio target of 50% or higher is being met and whether reinstatement to the Korea Value-up Index becomes possible.
Once the Supreme Court rules on Ra Duk-yeon's criminal stock manipulation case, it will be worth checking whether remaining uncertainty around former chairman Kim Ik-rae and the group's governance structure is resolved.
As the holding company of Daou Kiwoom Group, Daou Data's consolidated results are closely tied to the brokerage industry cycle centered on Kiwoom Securities.
Consolidated revenue reached 18.05 trillion won and operating profit 1.5999 trillion won in 2025, both up from the prior year, and quarterly results accelerated further in the first half of 2026 on surging trading value.
However, given the multi-layered governance structure in which most consolidated net income is classified as attributable to non-controlling interests, the owner-attributable net income remains limited relative to total net income.
The company is pursuing a value-up plan targeting a standalone payout ratio of 50% or higher, yet it was removed from the Korea Value-up Index in 2025, and signs of a trading value slowdown since August remain a source of second-half earnings volatility.
The civil damages lawsuit related to the SG Securities crash was dismissed in the first-instance ruling, but the criminal trial and reputational issues remain ongoing.
Overall, this stock should be understood as a holding company whose exposure to the brokerage trading-value cycle is intertwined with a complex governance and succession structure.
Report written 2026-09-05 · Data as of 2026-09-04
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