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023590KOSPI

Daou Technology

36,450
-1,250 (-3.32%)

Price chart

  • MA5
  • MA20
  • MA60
Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

Daou Technology was established in 1986 and is listed on the KOSPI market. The company is headquartered in Seongnam, Gyeonggi-do.

The company operates non-financial and financial business segments. Non-financial operations include IT system construction and building management services. The financial segment consists of Kiwoom Securities and other financial subsidiaries providing services under the Financial Investment Services and Capital Markets Act.

Company overview

1. 연결대상 종속회사 개황연결대상 종속회사 현황(요약)

1-1. 연결대상회사의 변동내용

2. 회사의 법적·상업적 명칭

당사의 명칭은 "주식회사 다우기술"로 표기하며 영문으로는 "DAOU TECHNOLOGY INC."로 표기합니다. 또한, 약식으로는 "(주)다우기술"로 표기합니다.

3. 설립일자 및 존속기간

당사는 1986년 1월 9일 설립되었으며, 1997년 8월 27일 유가증권시장에 상장되어 매매가 개시되었습니다.

4. 본사의 주소, 전화번호, 홈페이지 주소

주 소 : 경기도 성남시 수정구 금토로 69 다우디지털스퀘어전화번호 : 070-8707-1000홈페이지 : www.daou.co.kr

5. 중소기업 등 해당 여부

6. 주요사업의 내용당사 및 연결종속회사가 영위하는 사업은 비금융사업부/금융사업부로 나눠집니다. 비금융사업부는 IT 서비스를 제공하는 시스템구축본부, 건물관리 서비스를 제공하는 건물관리본부로 분류되며 비금융사업부의 매출비중은 전체 연결 매출액의 3.03%입니다. 금융사업부는 키움증권 및 금융 종속회사가 포함되어있으며,『자본시장과 금융투자업에 관한 법률』에서 수행토록 규정된 사업 및 그와 직ㆍ간접적으로 관련되거나 부대되는 제사업을 영위하고 있습니다. 금융사업부의 매출비중은 전체 연결 매출액의 98.56% 입니다. (연결 조정액 제외)

보다 자세한 내용은 Ⅱ. 사업의 내용을 참조해 주시기 바랍니다.

7. 신용평가에 관한 사항당사는 보고서 작성기준일 현재 기업신용등급은 'A' 의 신용평가등급을 유지하고 있습니다.최근 3사업연도 동안 회사가 받은 신용등급은 아래의 표와 같습니다.

주) 등급체계 및 정의- 기업신용등급의 정의원리금의 적기상환 확실성의 정도에 따라 신용등급은 AAA에서 D 까지 10개의 등급으로 구성됩니다.

* 위 등급중 'AA'등급에서 'CCC'등급까지는 그 상대적 우열 정도에 따라 +, - 기호를 첨부할 수 있음.

8. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.18), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

3.33%
[2.39%, 4.78%] · As of 2026-10-02
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 45.6% (2026-07-29). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.55
Beta [0.40, 0.70] · KOSPI200 · As of 2026-10-08
Intercept
-0.163%[-0.540%, +0.213%]
R squared
0.34
Observations
252
Trading-time corrected beta
0.47[0.26, 0.69]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSPI200 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M10,49711,53413,51222,10029,01851,64760,87092,10698,551116,258174,950348,197
Revenue growth%—9.8817.1563.5631.3077.9817.8651.327.0017.9750.48—
Operating incomeKRW 100M2,6052,5343,3153,2395,07510,15412,5727,1876,39911,74715,59322,444
Operating income growth%—-2.7330.82-2.2856.67100.0623.82-42.84-10.9783.5832.74—
Net incomeKRW 100M2,0261,9202,4312,2543,9596,7949,1426,8054,9008,52811,56017,555
Net income growth%—-5.2526.65-7.3075.6371.6434.55-25.56-27.9974.0335.56—
Attributable to ownersKRW 100M1,0319751,1461,1041,8532,7563,7613,7262,2603,5585,0527,488
Attributable to minoritiesKRW 100M9959451,2861,1502,1054,0385,3813,0802,6404,9696,50810,067
Operating margin%24.8221.9724.5314.6617.4919.6620.657.806.4910.108.916.45
Net margin%19.3016.6417.9910.2013.6413.1615.027.394.977.346.615.04
ROE%12.1210.4710.849.2013.8717.3619.0316.098.9712.3214.6619.28
ROA%2.831.961.851.171.601.761.971.380.921.491.391.59
Debt ratio%394.36510.75586.89692.67828.661,090.14903.42849.42861.03808.181,006.861,212.39
Current ratio%115.25106.73110.20105.03106.22101.2298.2899.7481.3999.4798.27100.15
Quick ratio%115.04106.72110.20105.03106.22101.2298.2899.7481.2499.4797.9999.94
Reserve ratio%—4,198.594,666.525,216.015,947.427,109.148,734.1310,358.9311,246.0212,761.2914,764.9716,601.03
Free cash flowKRW 100M——-8,615-14,686-30,241-13,619-35,167-20,773-21,295-49,554-66,439—
FCF margin%——-63.76-66.45-104.21-26.37-57.77-22.55-21.61-42.62-37.98—
OCF conversion%——-350.15-639.46-744.49-196.48-380.71-296.61-418.30-575.52-565.20—
Capex to revenue%1.061.070.751.232.650.520.600.640.810.410.63—
Receivable daysdays—776.0975.4—————————
Inventory daysdays—3.30.40.10.10.00.00.00.00.02.4—
Payable daysdays—347.3429.0137.90.40.40.40.71.72.12.2—
Cash conversion cycledays—431.9546.7—————————
EPSKRW2,3822,2542,6482,4604,1306,1438,6938,6345,2378,24611,70717,299
PERx—7.997.277.664.603.572.622.223.422.173.322.06
BPSKRW—20,75023,56026,74329,78335,38844,05051,60356,14264,35376,81589,709
PBRx—0.870.820.700.640.620.520.370.320.280.510.40
Dividend per shareKRW150250300350400500600600700—1,400—
Payout ratio%6.3011.0911.3314.239.688.146.906.9513.37—11.96—

Consolidated basis

Profit flowKRW 100M

Revenue
174,950
Cost of sales
150,112
Gross profit
24,838
Operating income
15,593
SG&A expenses
9,245
Non-operating income
700
Profit before tax
16,293
Net income
11,560
Income tax expense
4,732

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

20152016201720182019202020212022202320242025
71,56298,183131,264193,457247,416386,222463,224492,600533,425571,479829,502
57,08782,107112,154169,051220,774353,771417,060440,716477,919508,554754,560
14,47616,07619,11024,40626,64232,45246,16551,88455,50562,92674,942

Income statement

20152016201720182019202020212022202320242025
10,497*11,53413,512*22,100*29,018*51,64760,87092,10698,551116,258174,950
2,605*2,5343,315*3,239*5,07510,15412,5727,1876,39911,74715,593
2,831*2,6083,451*3,244*5,33410,30412,9887,4496,66611,55616,293
2,0261,9202,4312,2543,9596,7949,1426,8054,9008,52811,560
Basic earnings per shareKRW2,3822,2542,648Not applicableNot applicableNot applicable8,6938,6345,2378,24611,707
Diluted earnings per shareKRWNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable8,1278,5155,1677,756*11,707
2,0331,7522,8852,2983,1716,4809,7526,4644,7959,12414,175

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement2,0261,9202,4312,2543,9596,7949,1426,8054,9008,52811,560
Total adjustments to operating cash flowcomputed——-10,945-16,668-33,431-20,144-43,946-26,990-25,398-57,606-76,898
Not applicableNot applicable-8,514-14,414-29,472-13,350-34,804-20,185-20,498-49,078-65,338
Not applicableNot applicable-2,734-7,839-3,744494-3,558-3,643-3,278-2,806-15,775
Not applicableNot applicable11,56725,28631,10121,80639,88925,59527,23853,76086,692
Cash at beginning of periodKRW 100M1,6601,8621,5611,8224,8572,76111,71313,24214,96418,42220,351
1,8621,5611,8224,8572,76111,71313,24214,96418,42220,35125,927
Net change in cash and cash equivalentsKRW 100MNot applicable-3203203,034-2,1158,9501,5271,7673,462Not applicableNot applicable

In the latest fiscal year operations and investing consumed cash raised through financing activities.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.18.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 40삼정회계법인2025-12-31
2024적정의견Term 39삼정회계법인2025-12-31
2023적정의견Term 38삼정회계법인2025-12-31
2022적정Term 36삼일회계법인2022-12-31
적정Term 35삼일회계법인2022-12-31
2019적정Term 34한영회계법인2019-12-31
적정Term 33한영회계법인2019-12-31
적정Term 32한영회계법인2019-12-31
2016적정Term 31한영회계법인2016-12-31
적정Term 30한영회계법인2016-12-31
적정Term 29한영회계법인2016-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 5Y0.64
%
%
Cost of equity7.60%
Weighted average cost of capital—
Initial growth12.9%
Effective tax rate29.0%
Base fiscal year2025
Current priceKRW36,450

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth model25,494-30.1%
Dividend discount model DDM32,561-10.7%
Discounted cash flow FCFFBase-year cash flow not positive
Discounted cash flow FCFEBase-year cash flow not positive
Residual income model RIM215,824+492.1%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.64 × 5.00% = 7.60%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(14.66% × (1 − 11.96%), 0) = 12.91%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Gordon growth model

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 1,400 × (1 + 2.00%) / (7.60% − 2.00%) = 1,428 / 0.0560 = 25,494 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 1,400, g_1 = 12.91%, g_T = 2.00%, r = 7.60%

YearGrowthDividend KRWDiscount factorPresent value KRW
112.91%1,5810.92941,469
210.18%1,7420.86371,504
37.45%1,8710.80271,502
44.73%1,9600.74601,462
52.00%1,9990.69331,386
Terminal value2.00%36,4030.693325,237
Total32,561

P_0 = 32,561 KRW

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 76,815 KRW, ROE = 14.66%, payout ratio = 11.96%, r = 7.60%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
176,81511,2605,8395,4210.92945,038
286,72812,7136,5926,1200.86375,286
397,92114,3537,4436,9100.80275,547
4110,55816,2068,4047,8020.74605,820
5124,82518,2979,4888,8090.69336,107
Terminal value160,4110.6933111,211

P_0 = 76,815 + 27,798 + 111,211 = 215,824 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

Other issues on the same market

Neighbours in the market capitalisation order.

See the full KOSPI list