KOSDAQFinance241520

DSC Investment

₩8,520▲ 0.47%2026-10-02 close

Market Cap

₩225.6B

Turnover

₩1B

Volume

110,000 shares

Shares out.

26.6M

PER

7.9×

PBR

1.5×

EPS

₩1,009

Dividend Yield

0.50%

PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩40 per share · Prices as of the 2026-10-02 close

Report overview

FuriosaAI Stake Value and Earnings Volatility

DSC Investment is a KOSDAQ-listed venture capital firm whose earnings rest on two pillars—fund management fees and portfolio exit performance fees—with its stake in unlisted AI semiconductor company FuriosaAI standing out as a key asset.

1
2025 revenue reached KRW 45.1 billion and operating profit KRW 22.3 billion (49.5% margin), improving from the prior year.
2
Quarterly results swing sharply depending on when performance fees are recognized, dipping in Q3 2025 before rebounding strongly in Q4, with similar oscillation continuing into 2026.
3
DSC Investment, an investor in FuriosaAI since 2017, is reported to hold a stake of over 10 percent as the second-largest shareholder, while FuriosaAI has named listing underwriters and is pursuing pre-IPO funding.
4
The company has said it expects potential exits in 2026 from portfolio firms including Nex-i, Ohno Pharmaceutical, AppClon, and Moloco.
5
Government policies expanding technology special listings, raising delisting thresholds, and introducing the National Growth Fund and BDC framework could affect the broader venture capital ecosystem.

Business structure

DSC Investment is a venture capital firm established in 2012 under the Venture Investment Promotion Act and listed on KOSDAQ in 2016. The company was established as a venture capital firm based on the Venture Investment Promotion Act in 2012 and listed on KOSDAQ in 2016.

Its core business is early-stage startup investment through venture fund formation, currently operating 17 venture investment associations with assets under management of KRW 1.5205 trillion.

It operated DSC Homerun Fund No.1 from 2022 and formed DSC Homerun Fund No.2 in 2025, continuing a two-track strategy of early-stage and secondary investment.

Subsidiary Schmidt serves as an accelerator sourcing early-stage startups, and Schmidt also invested early in FuriosaAI, joining DSC Investment in FuriosaAI's Series A round in 2019.

The most notable asset in the portfolio is domestic AI semiconductor fabless firm FuriosaAI, as DSC Investment was an early investor in FuriosaAI, participating in the pre-Series A round together with Naver just one month after FuriosaAI's founding in June 2017.

At the time, the investment vehicles used were the KT-DSC Creative Economy Youth Startup Investment Association and the DSC Follow-on Growth Ladder Fund. Currently, DSC Investment is reported to be the second-largest shareholder of FuriosaAI, holding a stake of over 10 percent.

Beyond this, the company has built a portfolio spanning listed and unlisted firms across industries including Nex-i, AppClon, Ohno Pharmaceutical, and Moloco.

Its revenue structure is split between fund management fees and performance fees generated upon portfolio exits, with management fees relatively stable while performance fees fluctuate widely by quarter depending on exit timing.

Competition in the listed venture capital sector in Korea is notable, as one industry source noted that "more than ten venture capital firms including Mirae Asset Venture Investment and DSC Investment are already listed."

Earnings trend

Quarterly revenue · Operating profit

₩10.8B₩5.6B25Q2₩7.3B₩900M25Q3₩20.5B₩16.2B25Q4₩12.4B₩4.6B26Q1₩16.4B₩12.2B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩33.8B₩18.8B2022₩33.6B₩17.5B2023₩38.6B₩15B2024₩45.1B₩22.3B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩10.8B	₩5.6B	51.7%
2025Q3	₩7.3B	₩900M	12.6%
2025Q4	₩20.5B	₩16.2B	79.1%
2026Q1	₩12.4B	₩4.6B	37.0%
2026Q2	₩16.4B	₩12.2B	74.0%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩33.8B	₩18.8B	₩15.8B	55.8%	17.0%	32.4%
2023	₩33.6B	₩17.5B	₩14.6B	52.3%	14.0%	31.8%
2024	₩38.6B	₩15B	₩10.7B	38.7%	9.7%	38.1%
2025	₩45.1B	₩22.3B	₩17.3B	49.5%	13.7%	36.5%

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

Earnings analysis

Consolidated 2025 revenue reached KRW 45.1 billion with operating profit of KRW 22.3 billion (49.5% margin), a marked improvement from 2024's revenue of KRW 38.6 billion and operating profit of KRW 15.0 billion (38.7% margin).

Net profit attributable to controlling shareholders also rose from KRW 10.7 billion in 2024 to KRW 17.3 billion in 2025. However, this recovery was highly uneven across quarters.

Cumulative consolidated revenue through Q3 2025 fell 11.3 percent year over year, while operating profit dropped 33.7 percent and net profit fell 33.4 percent. This was attributed to a contraction in the venture capital market and limited exit opportunities amid an IPO market downturn.

Looking at actual quarterly figures, revenue of KRW 10.8 billion and operating profit of KRW 5.6 billion in Q2 2025 fell sharply to revenue of KRW 7.3 billion and operating profit of KRW 0.9 billion in Q3, before rebounding strongly to revenue of KRW 20.5 billion and operating profit of KRW 16.2 billion in Q4, driving the full-year result.

This pattern continued into 2026, with Q1 operating profit dipping to KRW 4.6 billion before jumping back to KRW 12.2 billion in Q2.

This mix of stable management-fee income and highly volatile performance-fee income is characteristic of the venture capital sector; notably, operating margins were even higher in 2022 and 2023 at 55.8 percent and 52.3 percent respectively, though on a smaller revenue base.

Industry analysis

Korea's venture capital industry appears to be reaching a policy inflection point in 2026 after an IPO market downturn that persisted from 2023 through 2025. 2026 marks a decisive turning point for the venture capital industry, as the three-year IPO drought from 2023 to 2025 ends and the government advances measures to enhance trust and innovation in the KOSDAQ market.

Key measures include expanding technology special listing rules (covering AI, space, energy, and other sectors), raising the market-cap delisting threshold from KRW 4 billion to KRW 15 billion, and improving conditions for institutional investor participation.

The launch of the National Growth Fund, introduction of Business Development Companies (BDCs), and expanded participation by pension funds, banks, and securities firms in venture investing have begun to activate a virtuous cycle of fund formation, investment, and exit.

That said, some caution around BDC operations reportedly persists within the industry. Beyond DSC Investment, Korea's listed VC sector includes more than ten already-listed venture capital firms including Mirae Asset Venture Investment, making for intense competition.

Relative to these larger rivals, some observers note that while smaller in scale than large firms such as Mirae Asset Venture Investment and Aju IB Investment, the company differentiates itself through portfolio concentration and early-stage investment capability.

DSC Investment pursues a concentrated investment strategy in early- and growth-stage companies including FuriosaAI, SemiFive, Everspin, and Nex-i. The venture capital industry is considered highly cycle-sensitive, as fundraising and exit conditions are heavily influenced by interest rates and capital market conditions.

Outlook

The company has stated that it has designated 2026 not as a year of simple investment expansion but as the founding year of a period to reestablish investment standards and perspective.

Based on a diagnosis that concentrated investment demand in specific industries and proven companies has ironically narrowed access to new opportunities, the firm is expanding network-based deal sourcing capabilities to preemptively secure investment opportunities that had not previously been recognized.

Exits from Nex-i, Ohno Pharmaceutical, AppClon, and Moloco are anticipated in 2026. Nex-i, in which DSC Investment invested across three rounds from pre-Series A to Series B, is pursuing a KOSDAQ technology special listing and has completed its technology evaluation application.

AppClon, invested in through a mezzanine structure, is expecting interim Phase 2 and Phase 3 multinational trial data from partner Henlius, which could bring milestone payments and sales royalties at various stages.

On the core asset, FuriosaAI, the company selected Mirae Asset Securities as lead underwriter and NH Investment & Securities as co-underwriter in preparation for its IPO.

However, delays in finalizing Series C and D funding and the rejection of an acquisition offer in February 2025 appear to have pushed back the listing timeline. According to a February 2026 report, FuriosaAI is reportedly pursuing a pre-IPO funding round of up to KRW 700 billion with Morgan Stanley as underwriter.

The same report confirmed that DSC Investment currently has no plans to sell its existing stake. Subsidiary TokTok has diversified the business by launching 'LPworks,' a fund management system for institutional limited partners, in April 2026.

Valuation

PER

7.9×

PBR

1.5×

ROE

20.7%

EPS

₩1,009

BPS

₩5,337

Dividend per share

₩40

The venture capital sector blends stable management-fee income with performance fees that swing widely depending on exit timing, making valuation based solely on annual net profit difficult to interpret.

For this reason, the market often references share price levels relative to book net asset value, with the gap between the book value and market-implied value of unlisted portfolio companies frequently cited as a premium factor.

In DSC Investment's case, unrealized value tied to holdings such as the FuriosaAI stake is not fully reflected on the balance sheet, so market attention tends to rise whenever news emerges about that company's listing progress or follow-on funding.

On the dividend side, the company has a history of paying cash dividends over recent fiscal years.

However, this premium logic carries uncertainty as long as the listing timeline and valuation of the unlisted company remain unconfirmed, and the quarter-to-quarter volatility of the underlying earnings themselves should also be taken into account.

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

Bull factors

FuriosaAI Stake Value

DSC Investment is reported to be the second-largest shareholder of FuriosaAI, holding a stake of over 10 percent.

FuriosaAI has selected Mirae Asset Securities and NH Investment & Securities as listing underwriters in preparation for its IPO, and is reportedly pursuing a pre-IPO funding round of up to KRW 700 billion with Morgan Stanley as underwriter.

If the listing materializes, there is potential for a re-rating of the value of the early-stage investment stake, though the listing timing and final valuation remain unconfirmed.

Policy Tailwinds

The government is advancing measures to enhance market trust, including expanding technology special listing rules and raising KOSDAQ delisting thresholds.

Discussions also include launching the National Growth Fund, introducing BDCs, and expanding venture investment participation by pension funds, banks, and securities firms.

This represents an attempt to restore a virtuous cycle of fund formation, investment, and exit following a three-year IPO market downturn, which could improve fundraising conditions across the venture capital industry if realized.

Business Diversification and Management Fee Base

The company reports 17 venture investment associations with assets under management of KRW 1.5205 trillion.

It is diversifying revenue sources through accelerator subsidiary Schmidt and the launch of TokTok's fund management SaaS product 'LPworks,' while continued new fund formation, such as the 2025 DSC Homerun Fund No.2, may help sustain the management-fee revenue base.

Bear factors

Delayed FuriosaAI Exit Risk

FuriosaAI reportedly rejected an acquisition proposal from a global IT company, opting to maintain an independent growth strategy. Delays in finalizing Series C and D funding appear to have pushed the listing timeline back somewhat.

A related DSC Investment fund has also repeatedly extended its liquidation period past maturity, adding uncertainty around the exit timeline.

Earnings Volatility

Quarterly results show wide swings depending on when performance fees are recognized. Operating profit contracted to roughly KRW 0.9 billion in Q3 2025 before surging to KRW 16.2 billion in Q4, then fell back to KRW 4.6 billion in Q1 2026 before rising again to KRW 12.2 billion in Q2. This pattern makes it difficult to extrapolate the annual trend from any single quarter.

Sensitivity to the Venture Capital and IPO Market Cycle

The double-digit year-over-year decline in cumulative results through Q3 2025 stemmed from a contraction in the venture capital market and an IPO market downturn.

If capital market conditions cool again, both new fund formation and portfolio exits could be negatively affected, and given its smaller scale relative to larger competitors, sensitivity to industry cycles may be relatively pronounced.

Risk factors

Portfolio Concentration Risk

Concerns have been raised that as FuriosaAI shifted toward raising its own capital, the exit timeline for existing financial investors could be pushed further out.

High dependence on the value of a small number of large portfolio holdings means that listing delays or valuation adjustments for those companies could affect the overall portfolio assessment.

Fund Liquidation Delays

A DSC Investment-backed fund, the KT-DSC Creative Economy Youth Startup Investment Association, was formed in 2015 with a 2023 maturity but has reportedly extended its liquidation period repeatedly without completing the exit of a key portfolio holding. If new fund formation does not keep pace, this could become a headwind to management-fee revenue.

Capital Market and Policy Changes

Institutional changes such as expanded technology special listings, revised delisting criteria, and the introduction of BDCs could affect fundraising, investment, and exit conditions across the industry.

Given funding gaps relative to larger competitors, the benefits of these institutional changes may not be evenly distributed.

What to watch next

Mid-November 2026
The Q3 2026 quarterly report disclosure should be checked to see whether performance-fee recognition continues to drive large swings in results.
Q4 2026
Check whether FuriosaAI completes its up-to-KRW700 billion pre-IPO funding round and whether updated listing schedule or underwriter details are disclosed.
Second half of 2026
Monitor whether Nex-i files for and receives approval of its preliminary listing review for a KOSDAQ technology growth special listing.
Second half of 2026
Track the timing of interim Phase 2/3 global trial data from AppClon's partner Henlius and any resulting milestone payments.
Q4 2026 through 2027
Watch for new commitments from policy-driven LPs such as the National Growth Fund and any resulting new fund formations.

Overall view

DSC Investment is a venture capital firm combining stable management-fee income with performance fees tied to portfolio exits; 2025 revenue and profit improved year over year, though quarterly variance remains substantial.

Its core asset, the FuriosaAI stake, is progressing through underwriter selection and pre-IPO funding, but given past rejection of an acquisition offer and repeated schedule delays, the exit timing remains uncertain.

Listing and milestone events at other portfolio companies such as Nex-i and AppClon remain watch points from the second half of 2026 onward. Government policies supporting the venture capital ecosystem could create a favorable environment for the industry, but their timing and effect have yet to be confirmed.

Investors should weigh both the earnings volatility driven by the quarterly timing of performance-fee recognition and the company's dependence on a small number of large portfolio holdings. This report is provided for informational purposes and does not constitute a buy or sell recommendation.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

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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.