Dream Security co., Ltd (203650) Fair Value & Analysis
Technology · KR · Market cap 197B KRW
Fair value as of: Jul 20, 2026
From 17 valuation models · updated 21 days ago
Share price −8.3% over the past month.
Below-average quality, and screening another 30% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (1,840 KRW). The favourable scenario is already priced in.
- Weak quality (29/100) and above fair value at the same time, the margin of safety is missing on both counts.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 20, 2026.
How to read this chart
60‑month range 1,148 KRW – 4,615 KRW · fair‑value band 1,104 KRW – 1,840 KRW · the 2,090 KRW price screens above the 1,472 KRW fair value. Dashed = 300-day average. As of Jul 20, 2026.
Analysis
Dream Security co., Ltd (203650) currently trades at 2,090 KRW, while our model-based Fair Value estimate is 1,472 KRW, implying the stock looks roughly 29.6% overvalued today. The Quality Score stands at 29/100 (below-average quality), in the Technology sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).
Over the trailing twelve months, Dream Security co., Ltd generated revenue of 353B KRW at a net margin of 2.2%. Revenue grew 46.1% year over year. It earns a return on equity of 4.7%. Net debt stands at 307B KRW. Fundamentals as of Jul 20, 2026
Our scenario range runs from 1,104 KRW (bear case) to 1,840 KRW (bull case); at 2,090 KRW, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 57% below its 52-week high and 49% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -50% fair-value upside, at -30%, 203650 screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 17 models by family
Widest divergence: DCF Models (30,617 KRW) versus Dividend Discount (18.39 KRW). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 20, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 27 · Market factors (momentum, volatility) 34
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Dream Security co., Ltd., an authentication security company, offers authentication and security solutions. It provides authentication, integrity, confidentiality, and non-repudiation through PKI infrastructure, such as Magic RootCA, Magic CA, Magic RA, Magic OCSP, Magic SCVP, Magic TSA, and Magic LTVS; cryptographic technologies, including verified …
Full company description
Dream Security co., Ltd., an authentication security company, offers authentication and security solutions. It provides authentication, integrity, confidentiality, and non-repudiation through PKI infrastructure, such as Magic RootCA, Magic CA, Magic RA, Magic OCSP, Magic SCVP, Magic TSA, and Magic LTVS; cryptographic technologies, including verified cryptographic modules and quantum-resistant cryptography for quantum computer environments, which include Magic Crypto, Magic QCrypto, Magic TLS for PQC, and Magic QKMI; data security through encryption key management comprising key to key data encryption and decryption, Magic DBPlus, Magic KMS, and Magic CryptoBox; mobile security solutions to protect key information in the mobile environment and provide a secure smartphone environment through user authentication, such as Magic mVaccine, Magic TrustAPP, Magic vKeypad, Magic MRS, Magic xSign, Magic SE, and Magic mOTP; convenience, security, and efficiency through user authentication and access rights, such as Magic Line for Web, Magic FIDO, Secu Face, Magic DID, Magic SDP, Magic SSO, Magic EAM, Magic IAM, and Magic MFA; and an e-paperless environment by incorporating electronic document security technology into PKI, such as Magic TSA AR, Magic LineMD, Magic XMLSecurity, and Magic DVCS. The company also offers security solutions, including private authentication system, quantum cryptography, authenticity of electronic documents, and dream matter certification. In addition, it offers zero trust, a solution that creates a safe work environment through pre-authentication and post-connection; and multifactor authentication solutions. Further, the company provides services, including mobile phone verification, integrated relay for simple authentication, dream certification, smart joint authentication, and face recognition. Dream Security co., Ltd. was founded in 1998 and is based in Seoul, South Korea.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Dream Security co., Ltd reported revenue of 319B KRW in FY2025 versus 190B KRW in FY2021, a compound +13.9%/yr. Reported net income was 8.3B KRW in FY2025, compounding −10.4%/yr from FY2021.
203650 screens 30% overvalued. Compare with Microsoft Corporation →
Peer Group
Software - Infrastructure · 370 stocks
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.
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Software - Infrastructure stocks, each showing price versus our Fair Value estimate (as of Jul 20, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Microsoft Corporation MSFT | $384.00 | $274.17 | -29% |
| Oracle Corporation ORAC | C$9.08 | C$2.94 | -68% |
| Fortinet, Inc FTNT | $160.78 | $44.96 | -72% |
| Synopsys, Inc 1SNPS | €354.50 | €93.61 | -74% |
| Block, Inc XYZ | A$114.53 | A$70.69 | -38% |
| CoreWeave, Inc CRWV | $79.94 | $44.89 | -44% |
| Range Intelligent Computing Technology Group 300442 | ¥71.60 | ¥34.00 | -53% |
| Oracle Financial Services Software Limited OFSS | ₹11,651 | ₹5,821 | -50% |
| 360 Security Technology Inc 601360 | ¥9.64 | ¥5.05 | -48% |
| One97 Communications Limited PAYTM | ₹1,342 | ₹181.50 | -86% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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