Skip to main content
KREDKRED
071050KOSPI

Korea Investment Holdings

168,600
-5,800 (-3.33%)

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

Korea Investment Holdings was established in 2003 and is listed on the KOSPI market. Based in Seoul, the company operates as a financial holding company that manages its subsidiaries and group structure.

The company provides financial services through various segments including investment banking, asset management, savings banking, venture capital, and credit specialization. It distributes diverse financial products and services to investors and capital seekers through its subsidiaries.

Business overview as filed

한국투자금융지주는 금융투자, 자산운용, 저축은행, 벤처/PEF투자, 여신전문업, 헤지펀드 운용 등 금융업 전반의 영역에서 고객 니즈에 부합하는 독창적인 상품과 서비스를 제공하며, 투자자와 자금수요자 모두의 진정한 만족을 추구하는 글로벌 리딩 금융그룹이 되기 위해 노력하고 있습니다.

* KIH Advisors Japan은 출자 후 계열회사 편입을 위한 등기진행 중임.

Company overview

가. 연결대상 종속회사 개황

1) 연결대상 종속회사 현황(요약)

2) 연결대상회사의 변동내용(2025.01.01 ~ 2025.12.31)

나. 회사의 법적 상업적 명칭

당사의 명칭은 한국투자금융지주 주식회사라고 표기합니다. 또한 영문으로는 Korea Investment Holdings Co., Ltd. 라 표기합니다.

다. 설립일자 및 존속기간

당사는 2003년 1월 11일 설립되었으며, 2003년 7월 21일 (구)동원증권과의 주식교환을 통해 주식시장에 상장되어 매매가 개시되었습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

- 본사의 주소 : 07321 서울 영등포구 의사당대로 88- 전화번호 : 02-3276-6400- 홈페이지 주소 : www.koreainvestment.com

마. 회사사업 영위의 근거가 되는 법률

당사는 '금융지주회사법'에 근거하여 사업을 영위하고 있습니다.

바. 중소기업 등 해당 여부

사. 주요 사업의 내용 및 향후 추진하려는 신규사업

[한국투자금융지주]

지배회사인 주식회사 한국투자금융지주는 자회사 등 (자회사, 손자회사 및 손자회사가 지배하는 회사를 포함) 에 대한 사업목표의 부여, 사업계획의 승인, 자회사 경영성과의 평가 및 보상 결정, 경영지배구조 결정, 업무와 재산상태에 대한 검사를 하는 경영관리를 주요 업무로 영위하고 있습니다. 이외에, 자회사 등에 대한 자금지원, 자회사에 대한 출자 또는 자회사 등에 대한 자금지원을 위한 자금조달 등을 경영관리에 부수하는 업무로 수행하고 있습니다.

[주요 종속회사의 사업]

증권업을 영위하는 한국투자증권은 당사의 주력 자회사로서 투자매매업, 투자중개업, 신탁업, 투자일임 및 투자자문업 등의 금융투자업무를 영위하고 있습니다. 겸영업무 및 부수업무 등은 관련 법령 등에 따라 영위할 수 있는 모든 업무를 포함하며, 인가권자의 허용 및 신고 등이 요구되는 업무는 해당 인가 등을 취득하여 영위하고 있습니다. 한국투자증권은 자산운용업을 영위하는 한국투자신탁운용과 한국투자밸류자산운용, 현지법인 (런던, 홍콩, 뉴욕, 싱가포르, 베트남, 북경투자자문유한공사, 인도네시아, SF Credit Partners) 등을 자회사로 두고 있습니다.이외에 한국투자금융지주의 자회사로는 벤처캐피탈사인 한국투자파트너스, 주택담보대출 등 소비자 및 중소기업 금융에 강점을 가진 한국투자저축은행, 국내 최초의 기업여신 전문 캐피탈사인 한국투자캐피탈, 2019년 설립된 한국투자부동산신탁, 에너지/인프라 PEF 전문운용사인 한국투자프라이빗에쿼티, 대체투자전문 운용사인 한국투자리얼에셋운용, 절대수익을 추구하며 국내 최초로 싱가포르에 설립된 해외 대안투자전문펀드인 KIARA ADVISORS, 스타트업에 투자하고 육성하는 한국투자액셀러레이터가 있습니다.기타 자세한 사항은 II.

아. 신용평가에 관한 사항

1) 최근 3년간 신용등급

2) 회사채 신용평가등급 체계 요약① 한국기업평가

주) 상기 등급 중 AA부터 B까지는 동일 등급내에서 상대적인 우열을 나타내기 위하여 "+" 또는 "-"의 기호를 부가할 수 있음② 한국신용평가 주) 상기등급 중 AA부터 B까지는 +, -부호를 부가하여 동일등급 내에서의 우열을 나타내고 있음③ NICE신용평가 주) 상기 등급 중 AA등급에서 CCC등급까지는 그 상대적 우열 정도에 따라 +, -기호를 첨부할 수 있음

(3) 기업어음 신용평가등급 체계 요약① 한국기업평가

주) 상기 등급 중 A2부터 B까지는 당해 등급 내에서의 상대적 위치에 따라 + 또는 -부호를 부여할 수 있음 ② 한국신용평가 주) 상기등급 중 A2부터 B까지는 +, -부호를 부가하여 동일등급 내에서의 우열을 나타내고 있음 ③ NICE신용평가 주) 상기 등급 중 A2등급에서 B등급까지는 그 상대적 우열 정도에 따라 +, -기호를 첨부할 수 있음

자. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.19), 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

3.30%
[2.25%, 4.79%] · 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 42.4% (2026-10-08). 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

0.77
Beta [0.65, 0.88] · KOSPI200 · As of 2026-10-08
Intercept
-0.180%[-0.551%, +0.190%]
R squared
0.46
Observations
252
Trading-time corrected beta
0.72[0.51, 0.93]
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

2022202320242025TTM
RevenueKRW 100M229,395208,934211,741——
Revenue growth%—-8.921.34——
Operating incomeKRW 100M5,4588,20411,99723,45336,807
Operating income growth%—50.3246.2495.49—
Net incomeKRW 100M6,3987,08110,45920,24429,397
Net income growth%—10.6747.7193.56—
Attributable to ownersKRW 100M6,3687,07010,39720,20429,336
Attributable to minoritiesKRW 100M3011613961
Operating margin%2.383.935.67——
Net margin%2.793.394.94——
ROE%8.298.4410.7716.8221.39
ROA%0.740.740.961.491.75
Debt ratio%1,020.061,035.591,021.991,025.351,119.39
Reserve ratio%2,334.142,520.012,807.303,399.033,850.07
Free cash flowKRW 100M-46,181-73,079-78,140-76,229—
FCF margin%-20.13-34.98-36.90——
OCF conversion%-718.01-1,029.09-743.26-375.79—
Capex to revenue%0.110.100.19——
EPSKRW11,42812,68718,65834,59252,644
PERx4.664.833.824.674.20
BPSKRW137,807150,265173,182215,524246,106
PBRx0.390.410.410.750.90
Dividend per shareKRW2,3002,650—3,980—
Payout ratio%20.1320.89—11.51—

Consolidated basis

Margins%

Cash flow by activityKRW 100M

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.

Free cash flow breakdownKRW 100M

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

2022202320242025
863,086959,0121,092,202*1,361,619
786,028874,561994,857*1,240,624
77,05784,45197,345*120,995

Income statement

2022202320242025
229,395208,934211,741*Not applicable
Operating incomeKRW 100M5,4588,20411,997*23,453
6,4588,85813,989*27,236
6,3987,08110,459*20,244
Basic earnings per shareKRWNot applicableNot applicableNot applicable34,592
Diluted earnings per shareKRWNot applicableNot applicableNot applicableNot applicable
6,4968,29614,446*21,036

Cash flow statement

2022202320242025
Net incomefrom the income statement6,3987,08110,45920,244
Total adjustments to operating cash flowcomputed-52,337-79,947-88,194-96,316
-45,939-72,866-77,735*-76,072
1,662-11,80024,478*3,177
48,37892,09946,574*74,412
Cash at beginning of periodKRW 100M25,72629,76337,200*31,489
Not applicableNot applicableNot applicableNot applicable
Net change in cash and cash equivalentsKRW 100M4,0377,438-5,711*1,371

In the latest fiscal year operations consumed cash while investing and financing activities brought cash in.

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 2026.03.19.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견삼일회계법인2025-12-31
2024적정의견한영회계법인2025-12-31
2023적정의견한영회계법인2025-12-31
2022적정한영회계법인2022-12-31
2021적정삼정회계법인2022-12-31
2020적정삼정회계법인2022-12-31
2019적정삼정회계법인2019-12-31
2018적정삼정회계법인2019-12-31
2017적정삼정회계법인2019-12-31
2016적정삼정회계법인2016-12-31
2015적정삼정회계법인2016-12-31
2014적정삼일회계법인2016-12-31

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 5Y0.87
%
%
Cost of equity8.74%
Weighted average cost of capital—
Initial growth14.9%
Effective tax rate25.7%
Base fiscal year2025
Current priceKRW168,600

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 model60,209-64.3%
Dividend discount model DDM80,028-52.5%
Discounted cash flow FCFFNo borrowing line filed
Discounted cash flow FCFEBase-year cash flow not positive
Residual income model RIM607,013+260.0%
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% + 0.87 × 5.00% = 8.74%

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(16.82% × (1 − 11.51%), 0) = 14.89%

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 = 3,980 × (1 + 2.00%) / (8.74% − 2.00%) = 4,060 / 0.0674 = 60,209 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 = 3,980, g_1 = 14.89%, g_T = 2.00%, r = 8.74%

YearGrowthDividend KRWDiscount factorPresent value KRW
114.89%4,5730.91964,205
211.67%5,1060.84574,318
38.44%5,5370.77774,306
45.22%5,8260.71524,167
52.00%5,9430.65773,908
Terminal value2.00%89,9010.657759,124
Total80,028

P_0 = 80,028 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 = 215,524 KRW, ROE = 16.82%, payout ratio = 11.51%, r = 8.74%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
1215,52436,25718,84217,4140.919616,014
2247,60941,65421,64720,0070.845716,919
3284,47047,85524,87022,9850.777717,875
4326,82054,97928,57226,4070.715218,885
5375,47363,16432,82630,3390.657719,953
Terminal value458,9610.6577301,842

P_0 = 215,524 + 89,647 + 301,842 = 607,013 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