Daou Tech (023590.KS) Q1 2026: Kiwoom Doubles Profit, IT at 1.5%
Kiwoom Securities' net profit surge of +103% absorbs virtually all consolidated earnings, making Daou Technology a leveraged proxy for Korea's retail brokerage boom rather than an IT holding company.
Source: Quarterly Report (분기보고서) — Filed Q1 2026 with DART | Consolidated Financial Statements | Unit: ₩ billions
Daou Technology reported consolidated revenue of ₩9.48 trillion for Q1 2026, a figure in which the parent company's own IT services business contributed just ₩143.2 billion — 1.5% of the total. Kiwoom Securities, the group's controlling subsidiary, delivered standalone operating profit of ₩534.8 billion (+81.0% year-on-year) and net profit of ₩443.2 billion (+92.4%); on a consolidated basis, those figures reached ₩621.2 billion and ₩477.4 billion, representing growth of +90.9% and +102.6% respectively. Three forces converged to produce the result: a sustained Korean equity market rally that lifted retail brokerage commissions, a widening proprietary trading book, and material interest income from ₩24.1 trillion in customer deposits — a balance up roughly 60% from fifteen months ago. Owning Daou Technology shares is, in economic substance, owning a leveraged claim on Kiwoom Securities' brokerage cycle, with a profitable but structurally marginal IT operation attached.
This analysis covers Q1 2026 quarterly report data and does not reflect annualized or full-year confirmed figures.
