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Data-driven stock valuation

Kiwoom (039490) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Kiwoom stock KRW 335,235, price KRW 186,400, upside +79.8%, quality 47 out of 100. Rating: strongly undervalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services KR · ISIN KR7039490008

K Kiwoom logo Some data Nov 5, 2026

Kiwoom

039490 · KO
Cheap, value-trap risk

The stock costs 44% less than our calculation considers fair.

Fair value 335,235 KRW · Strongly undervalued (44%)
6.2% dividend yield · Low payout
Costs just 3.4 times its yearly profit.
Quality 47/100
Expensive Growth (revenue 5y +10.2 %/yr in KRW)
Thin margins · 5.6% net margin (TTM)
Mixed vs. peers (7/12)
Moderate moat 62/100 · thin data
Some data
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

495,500 KRW 59,494 KRW Fair Value 335,235 KRW Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.

How to read this chart

60‑month range 59,494 KRW – 495,500 KRW · fair‑value band 252,532 KRW – 474,053 KRW · the 186,400 KRW price screens below the 335,235 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.

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Company profile

Kiwoom Securities Co., Ltd., together with its subsidiaries, provides online brokerage services in South Korea and internationally. The company offers online trading system to trade in foreign stock, local and overseas futures, and F/X margin trading, as well as equity, futures, and option deals.

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It also provides derivatives and futures trading services; and equity capital market services, such as initial pricing offering and recapitalization, as well as recruiting and underwriting of bonds, including convertible bonds and bonds with warrant.

In addition, the company offers debt capital market services comprising underwriting corporate debt and asset-backed securities, and liquidating assets; and provides research center services, as well as operates a savings bank that provides financial services to the local residents and small-medium companies.

Kiwoom Securities Co., Ltd. was founded in 2000 and is headquartered in Seoul, South Korea.

Stock analysis

Kiwoom (039490) currently trades at 186,400 KRW, while our model-based Fair Value estimate is 335,235 KRW, implying the stock looks roughly 44% undervalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of 379,243 KRW per share, and 3 of the 6 models we run sit above the 186,400 KRW price.

Bear case: the Dividend Discount group reads lowest at 109,197 KRW, and 3 of the 6 models stay below the price. Data coverage for this calculation is medium.

Scenario range: 252,532 KRW (bear) to 474,053 KRW (bull), the price of 186,400 KRW sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 47/100 (below-average quality), in the Financial Services sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Kiwoom reported revenue of 2.6T KRW in FY2025 versus 2.0T KRW in FY2021, a compound +7.1%/yr. Reported net income was 1.1T KRW in FY2025, compounding +5.4%/yr from FY2021.

Key figures

Market cap 4.9T KRW (≈ $3.6B) Mid · P/E ratio 3.4 · P/S ratio 0.16 · EPS (TTM) 65,046 KRW · Dividend yield 6.2% · Net margin 5.6% · Return on equity 25.4% · Return on assets (EBIT) 4.6% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 62 out of 100 (low confidence).

What moves the price

The share trades about 62% below its 52-week high and at its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −11% fair-value upside, at 80%, 039490 screens cheaper than that median.

Fair Value models

Bear 252,532 KRW Fair Value 335,235 KRW Bull 474,053 KRW
Price 186,400 KRW · Upside +79.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (45,771 KRW per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Residual Income 252,532 KRW 335,235 KRW 530,942 KRW 74
Gordon GGM 62,463 KRW 114,680 KRW 160,472 KRW 67
DDM Multi-Stage 62,463 KRW 103,715 KRW 122,257 KRW 67
All 6 models by family
Dividend Discount
Gordon GGM 62,463 KRW 114,680 KRW 160,472 KRW 67
DDM Multi-Stage 62,463 KRW 103,715 KRW 122,257 KRW 67
Multiples
P/E Multiple 413,960 KRW 551,946 KRW 689,933 KRW 63
P/B Multiple 154,904 KRW 206,539 KRW 258,173 KRW 55
Asset-Based
NCAV (Graham) 126,280 KRW 169,215 KRW 252,559 KRW 54
Economic Profit
Residual Income 252,532 KRW 335,235 KRW 530,942 KRW 74

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Quality Score breakdown

Overall quality 47/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 39
How much profit the company makes from its sales and capital
Quality Growth 74
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 84
Debt, balance sheet and risk of trouble
Investment 43
Does it invest with discipline instead of growing at any price?
Low Volatility 23
How calm the share price moves, does not count
Price momentum 10
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 0
Distance to the 52-week high, does not count
New shares 35
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 54/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+26.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+24.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.2%
Start year 2020 (pandemic). Over 10 years: +13.2% a year
Revenue growth 25 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+18.9%
What shareholders gained per year (last 5 years), in KRW (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in KRW: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+11.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+5.2%
Dividend (yield on the price)6.2%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.7.5% vs 18.1%, slowing
2025 sits 110% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2020 (pandemic)

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Capital Markets · 384 stocks

Beats the industry median on 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 47 · Below median
Fair Value upside +79.8% · Top 25%
Profitability
Return on equity (12 months) 25.4% · Top 25%
Return on assets 1.4% · Below median
Net margin (12 months) 5.6% · Bottom 25%
Operating margin (12 months) 26.7% · Below median
Growth and dividend
Revenue growth (quarter YoY) 347.3% · Top 25%
Dividend yield (12 months) 6.2% · Top 25%
Balance sheet
Debt / equity 0.55× · Highest 25%

Valuation Multiplesvs Capital Markets median · lower = cheaper

P/E (12 months) 3.4× · Cheapest 25%
P/B 0.74× · Cheaper than median
P/S (12 months) 0.16× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 42
FUTURE (revenue growth)100 · sector 68
PAST (return on equity)100 · sector 38
HEALTH (low debt)–
DIVIDEND (yield)100 · sector 47

HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Capital Markets stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Morgan Stanley MS $181.44 $260.72 +44% vs 039490
The Charles Schwab Corporation SCHW $91.49 $117.60 +29% vs 039490
Guotai Haitong Securities Co 601211 ¥16.46 ¥18.02 +9% vs 039490
Nomura Holdings NMR $9.42 $10.20 +8% vs 039490
The Goldman Sachs Group GS $865.82 $766.86 −11% vs 039490
CITIC Securities Company 600030 ¥25.72 ¥20.42 −21% vs 039490
Robinhood Markets, Inc HOOD $80.91 $47.60 −41% vs 039490
Macquarie Group MQG A$248.86 A$123.84 −50% vs 039490
East Money Information Co 300059 ¥18.78 ¥6.72 −64% vs 039490
Interactive Brokers Group IBKR $75.82 $17.48 −77% vs 039490

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Kiwoom: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Kiwoom Fair Value". https://www.fairvalue-calculator.com/stock/039490

Frequently asked questions

Is Kiwoom (039490) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of 335,235 KRW versus a price of 186,400 KRW, about +80% upside (undervalued).
What is the fair value of 039490?
Our model-based fair value for Kiwoom is 335,235 KRW (as of Nov 5, 2026), built from audited fundamentals. The current price: 186,400 KRW.
What is the quality score of 039490?
Kiwoom has a Quality Score of 47/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Kiwoom (039490)?
Our model-based price target is the fair value of 335,235 KRW (as of Nov 5, 2026) from 6 valuation models. Cautious scenario 252,532 KRW, optimistic scenario 474,053 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Kiwoom stock forecast for 2026?
Our models put fair value at 335,235 KRW, about +80% upside versus a price of 186,400 KRW (undervalued). Cautious scenario 252,532 KRW, optimistic scenario 474,053 KRW. The calculation is refreshed regularly with new filings.
Does Kiwoom pay a dividend?
Kiwoom currently shows a dividend yield of 6.17% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of Kiwoom (039490) and when is the ex-dividend date?
Kiwoom pays a dividend of 11,500 KRW per share a year, a dividend yield of 6.2%. The last ex-dividend date was Dec 29, 2025. A dividend has been paid every year since at least 2005. The payout ratio is 17.7% of earnings. Our assessment: Low payout. A low payout ratio: the dividend takes at most 60 % of earnings. Whether free cash flow covers it as well, we cannot see for this company.
What is the intrinsic value of Kiwoom (039490)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Kiwoom it is 335,235 KRW per share (as of Nov 5, 2026), against a price of 186,400 KRW. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Kiwoom stock overvalued or undervalued in 2026?
As of Nov 5, 2026, 039490 trades below its calculated fair value: price 186,400 KRW, fair value 335,235 KRW, a gap of about +80% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 039490?
No. The price is what the market pays today (186,400 KRW); the fair value is what the company's own numbers justify (335,235 KRW). For Kiwoom the two are 148,835 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Kiwoom worth?
The market values Kiwoom at about 4.9T KRW (market capitalisation, as of Nov 5, 2026). Per share that is 186,400 KRW; our models calculate a fair value of 335,235 KRW per share.
What do the bullish and bearish scenarios say about 039490?
Our models span a range for Kiwoom: cautious scenario 252,532 KRW, base 335,235 KRW, optimistic 474,053 KRW per share (as of Nov 5, 2026, price 186,400 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 039490?
Kiwoom trades at a price-to-earnings ratio of 3.4 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 335,235 KRW is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 5.2. Other multiples: P/B 0.7, P/S 0.2.
How solid is the balance sheet of Kiwoom (039490)?
Balance-sheet figures for Kiwoom (as of Nov 5, 2026): return on equity 25.4%, debt of 0.55 per unit of equity. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is 039490 from its 52-week high?
Kiwoom trades at 186,400 KRW, about 62% below its 52-week high of 495,500 KRW and at the low of 186,400 KRW (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 335,235 KRW is for.
Which stocks are comparable to Kiwoom?
From the same area (Financial Services) we also value Morgan Stanley, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Kiwoom stock attractive at the current price?
The data as of Nov 5, 2026: price 186,400 KRW, calculated fair value 335,235 KRW (+80%), Quality Score 47/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 039490 calculated?
We run Kiwoom through 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of 335,235 KRW builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Kiwoom currently trades 44% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Kiwoom (039490)?
The closing price on Nov 6, 2026 was 186,400 KRW. Our model-based fair value is 335,235 KRW, about +80% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Kiwoom right now?
The large discount to fair value meets weak quality (47/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (252,532 KRW). The market is more pessimistic than our downside scenario. A fairly wide model range (252,532 KRW to 474,053 KRW) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of Kiwoom

How large is the market capitalisation of Kiwoom (039490)?
The market capitalisation of Kiwoom is 4.9T KRW (≈ $3.6B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Kiwoom (039490)?
The price-to-sales ratio of Kiwoom is 0.16 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Kiwoom (039490)?
Earnings per share at Kiwoom are 65,046 KRW (price ÷ EPS = P/E 3.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Kiwoom (039490)?
The dividend yield of Kiwoom is 6.2% (payout 17.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Kiwoom (039490)?
The net margin of Kiwoom is 5.6% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Kiwoom (039490)?
The return on equity (ROE) of Kiwoom is 25.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Kiwoom (039490)?
On an EBIT basis the return on assets of Kiwoom is 4.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Kiwoom (039490)?
The operating margin of Kiwoom is 26.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Kiwoom (039490)?
Revenue at Kiwoom is growing +347% versus a year earlier (3y avg +24.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Kiwoom (039490)?
Earnings per share at Kiwoom are growing +119% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Kiwoom (039490) generate?
The free cash flow of Kiwoom is −6.5T KRW (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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