# Samsung Securities (016360.KO)

Canonical: https://gigainvestors.com/s/016360.KO

Analysis as of: 2026-10-16T07:37:25.775Z. Financial observations: FY1999–FY2025.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: KRW 76,300.00 per share; close as of 2026-10-15.

Estimated value: low KRW 166,094.62 per share, central KRW 188,995.43 per share, high KRW 219,481.28 per share. Buy at or below the central value KRW 188,995.43 per share. Valuation as of 2026-10-16T07:37:25.775Z; scenarios are not confidence intervals.

Expected annual return: 21.0% at the stated quote. About 21.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; KR 10-year bond 4.2% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.41×

Chart: Operating margin; fiscal year observations.

- FY2016: 1.83×

- FY2017: 1.98×

- FY2018: 1.15×

- FY2019: 0.68×

- FY2020: 0.61×

- FY2021: 0.70×

- FY2022: 0.86×

- FY2023: 1.03×

- FY2024: 0.99×

- FY2025: 0.91×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 11.5%

- ROIC, second-lowest year: 8.4%

- Years with nonpositive capital: 6

- Capital spending / revenue: 1.3%

- ROIC including acquisitions, ten-year median: -314.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 9.0%

- FY2017: 9.8%

- FY2018: 14.1%

- FY2019: >100%

- FY2020: 12.8%

- FY2021: 18.7%

- FY2022: 5.9%

- FY2023: >100%

- FY2024: 10.2%

- FY2025: 8.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.16×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 4.44T

- Net income, five-year total: KRW 3.84T

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -128.7 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: -2.16×

- FY2022: 17.57×

- FY2023: -5.20×

- FY2024: 1.02×

- FY2025: 1.03×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 9.8% vs 10.2%

- Per-share earnings: 3741.16 to 10068.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: KRW 5.61T

- Cumulative retained earnings: KRW 3.74T

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 15.2%

- Per-share value change: KRW 6K

- Per-share value, starting three-year median: KRW 4K

- Per-share value, ending three-year median: KRW 10K

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 2.3%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 94B

- Cumulative net income, 10 years: KRW 5.52T

- ROIC, first three-year median: 9.8%

- ROIC, last three-year median: 10.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 5K

- FY2017: KRW 3K

- FY2018: KRW 4K

- FY2019: KRW 4K

- FY2020: KRW 6K

- FY2021: KRW 11K

- FY2022: KRW 5K

- FY2023: KRW 6K

- FY2024: KRW 10K

- FY2025: KRW 11K

### accounting: fail

- earnings not backed by cash

- Sloan accruals: 7.9%

- Receivables to sales index (DSRI): 1.15×

- Earnings backed by cash: No

- Operating cash / earnings: -5.29×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.9%

- FY2017: 2.8%

- FY2018: 4.8%

- FY2019: 9.7%

- FY2020: 7.1%

- FY2021: 4.6%

- FY2022: -13.0%

- FY2023: 5.9%

- FY2024: -0.7%

- FY2025: 7.9%

## Holders

## Price story

Down 36% since May 2026 · sales +12.4%

Story as of 2026-10-16T10:00:09.089Z; price observation 2026-10-15.

Price needs cash profits to shrink 10.6% a year for ten years

### Sales · FY2024–2025

sales +12.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 800B 

- FY2017: KRW 971B 

- FY2018: KRW 1.14T 

- FY2019: KRW 1.22T 

- FY2020: KRW 1.50T 

- FY2021: KRW 2.25T 

- FY2022: KRW 1.41T 

- FY2023: KRW 1.65T 

- FY2024: KRW 2.26T 

- FY2025: KRW 2.54T 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in capital markets; annual sales are KRW 2.5 trillion.

- Source: https://eodhd.com/api/fundamentals/016360.KO.json#2025-12-31 (filed 2026-10-16T07:37:25.775Z); FY2025: revenue 2544653300550; operatingIncome 2314909850660; margin = operatingIncome / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 016360.KO: Samsung Securities Co.,Ltd. operates as a financial investment company in South Korea. The company offers asset and wealth management services; global investment strategy; tax, real estate, and legal consulting services; digital and pension services, such as pension asset management services; investment products, including domestic and overseas stocks, funds, ELS, fixed-income, wrap, and other financial products; channel solutions; credits and loans; corporate banking; and capital management services. It also provides an equity platform to support investment activities, such as brokerage and liquidity provision for domestic and global stocks, ETFs, and ETNs; private equity fund solutions; FIIC products and services, including KRW/USD repurchase agreements (RP), domestic and global bond offerings, and FX services; and structured derivative products. In addition, the company offers investment banking services consisting of equity and debt capital markets, mergers and acquisitions, investment finance, and alternative investment services; and sales and trading services. Samsung Securities Co.,Ltd. was incorporated in 1982 and is headquartered in Seoul, South Korea.

### Why customers stay

It earns 11.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:25.775Z); FY2023: operatingIncome / revenue = 103.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:25.775Z); FY2024: operatingIncome / revenue = 98.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:25.775Z); FY2025: operatingIncome / revenue = 91%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:25.775Z); 10-year return on capital observations [[2016,0.08997220351553467],[2017,0.09820726040659847],[2018,0.1408489189674406],[2019,1.1418736974529282],[2020,0.1284709270522267],[2021,0.18734700590540787],[2022,0.058770267090030685],[2023,2.9563396380965163],[2024,0.1021249843181006],[2025,0.0835572102149218]]; median 0.11529795568516366. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/016360.KO.json#2016-12-31 (filed 2026-10-16T07:37:25.775Z); FY2016: growth capex 0; upkeep 38409456750; owner earnings 176811820630. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/016360.KO.json#2022-12-31 (filed 2026-10-16T07:37:25.775Z); FY2022: growth capex 0; upkeep 14057193560; owner earnings 7422378722680. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/016360.KO.json#2024-12-31 (filed 2026-10-16T07:37:25.775Z); FY2024: growth capex 0; upkeep 46221335720; owner earnings 917613643140. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/016360.KO.json#2025-12-31 (filed 2026-10-16T07:37:25.775Z); FY2025: growth capex 0; upkeep 44220468460; owner earnings 1032838296680. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:25.775Z); Dividend observations: [[2016,70106125000],[2017,49682857250],[2018,89300000000],[2019,125020000000],[2020,151810000000],[2021,196565311090],[2022,339340000000],[2023,151810000000],[2024,196460000000],[2025,312550000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 016360.KO SharesStats.PercentInsiders = 0.632 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 10.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:25.775Z); Ten-year compound average after fade. Initial solved rate -0.16076671375513257. Price 76300; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (KRW per share)

- 2016-10: KRW 34,550.03 per share

- 2016-11: KRW 32,050.02 per share

- 2016-12: KRW 31,700.02 per share

- 2017-01: KRW 32,400.00 per share

- 2017-02: KRW 33,150.00 per share

- 2017-03: KRW 33,650.00 per share

- 2017-04: KRW 34,600.00 per share

- 2017-05: KRW 40,150.00 per share

- 2017-06: KRW 41,300.00 per share

- 2017-07: KRW 40,550.00 per share

- 2017-08: KRW 36,550.00 per share

- 2017-09: KRW 34,550.00 per share

- 2017-10: KRW 35,600.00 per share

- 2017-11: KRW 36,400.00 per share

- 2017-12: KRW 36,600.00 per share

- 2018-01: KRW 43,550.00 per share

- 2018-02: KRW 39,600.00 per share

- 2018-03: KRW 39,350.00 per share

- 2018-04: KRW 37,100.00 per share

- 2018-05: KRW 36,900.00 per share

- 2018-06: KRW 34,750.00 per share

- 2018-07: KRW 32,500.00 per share

- 2018-08: KRW 32,350.00 per share

- 2018-09: KRW 32,650.00 per share

- 2018-10: KRW 26,750.00 per share

- 2018-11: KRW 31,150.00 per share

- 2018-12: KRW 31,500.00 per share

- 2019-01: KRW 33,450.00 per share

- 2019-02: KRW 34,650.00 per share

- 2019-03: KRW 33,300.00 per share

- 2019-04: KRW 35,650.00 per share

- 2019-05: KRW 35,350.00 per share

- 2019-06: KRW 39,100.00 per share

- 2019-07: KRW 36,600.00 per share

- 2019-08: KRW 35,300.00 per share

- 2019-09: KRW 35,350.00 per share

- 2019-10: KRW 33,600.00 per share

- 2019-11: KRW 36,100.00 per share

- 2019-12: KRW 38,600.00 per share

- 2020-01: KRW 35,250.00 per share

- 2020-02: KRW 33,100.00 per share

- 2020-03: KRW 29,350.00 per share

- 2020-04: KRW 30,100.00 per share

- 2020-05: KRW 27,950.00 per share

- 2020-06: KRW 26,350.00 per share

- 2020-07: KRW 28,950.00 per share

- 2020-08: KRW 30,150.00 per share

- 2020-09: KRW 30,600.00 per share

- 2020-10: KRW 32,100.00 per share

- 2020-11: KRW 39,450.00 per share

- 2020-12: KRW 40,450.00 per share

- 2021-01: KRW 37,750.00 per share

- 2021-02: KRW 36,550.00 per share

- 2021-03: KRW 39,450.00 per share

- 2021-04: KRW 42,650.00 per share

- 2021-05: KRW 47,450.00 per share

- 2021-06: KRW 44,950.00 per share

- 2021-07: KRW 44,250.00 per share

- 2021-08: KRW 49,450.00 per share

- 2021-09: KRW 47,900.00 per share

- 2021-10: KRW 47,350.00 per share

- 2021-11: KRW 44,350.00 per share

- 2021-12: KRW 44,900.00 per share

- 2022-01: KRW 40,000.00 per share

- 2022-02: KRW 42,300.00 per share

- 2022-03: KRW 41,900.00 per share

- 2022-04: KRW 39,700.00 per share

- 2022-05: KRW 39,650.00 per share

- 2022-06: KRW 33,450.00 per share

- 2022-07: KRW 35,000.00 per share

- 2022-08: KRW 33,900.00 per share

- 2022-09: KRW 30,750.00 per share

- 2022-10: KRW 31,750.00 per share

- 2022-11: KRW 35,200.00 per share

- 2022-12: KRW 31,450.00 per share

- 2023-01: KRW 33,400.00 per share

- 2023-02: KRW 33,500.00 per share

- 2023-03: KRW 31,700.00 per share

- 2023-04: KRW 33,850.00 per share

- 2023-05: KRW 36,750.00 per share

- 2023-06: KRW 36,000.00 per share

- 2023-07: KRW 35,900.00 per share

- 2023-08: KRW 37,350.00 per share

- 2023-09: KRW 36,750.00 per share

- 2023-10: KRW 35,300.00 per share

- 2023-11: KRW 39,200.00 per share

- 2023-12: KRW 38,500.00 per share

- 2024-01: KRW 37,650.00 per share

- 2024-02: KRW 41,550.00 per share

- 2024-03: KRW 40,100.00 per share

- 2024-04: KRW 38,100.00 per share

- 2024-05: KRW 36,100.00 per share

- 2024-06: KRW 39,800.00 per share

- 2024-07: KRW 44,750.00 per share

- 2024-08: KRW 47,250.00 per share

- 2024-09: KRW 43,550.00 per share

- 2024-10: KRW 45,900.00 per share

- 2024-11: KRW 47,600.00 per share

- 2024-12: KRW 43,500.00 per share

- 2025-01: KRW 45,600.00 per share

- 2025-02: KRW 45,600.00 per share

- 2025-03: KRW 45,250.00 per share

- 2025-04: KRW 52,200.00 per share

- 2025-05: KRW 60,500.00 per share

- 2025-06: KRW 73,600.00 per share

- 2025-07: KRW 70,800.00 per share

- 2025-08: KRW 68,800.00 per share

- 2025-09: KRW 71,700.00 per share

- 2025-10: KRW 77,300.00 per share

- 2025-11: KRW 78,800.00 per share

- 2025-12: KRW 75,400.00 per share

- 2026-01: KRW 90,600.00 per share

- 2026-02: KRW 106,800.00 per share

- 2026-03: KRW 92,400.00 per share

- 2026-04: KRW 107,500.00 per share

- 2026-05: KRW 119,800.00 per share

- 2026-06: KRW 108,500.00 per share

- 2026-07: KRW 99,800.00 per share

- 2026-08: KRW 88,000.00 per share

- 2026-09: KRW 88,400.00 per share

- 2026-10: KRW 80,500.00 per share

## Annual estimated value (KRW per share)

- FY2017: low KRW 8,328.19 per share, central KRW 9,476.47 per share, high KRW 11,005.06 per share

- FY2020: low KRW 40,588.57 per share, central KRW 46,184.85 per share, high KRW 53,634.68 per share

- FY2025: low KRW 126,251.31 per share, central KRW 143,658.60 per share, high KRW 166,831.41 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:43:16.190Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.