Fact Source: Mirae Asset Securities Report (Published on July 3, 2026) Investment Rating & Target Price: BUY / KRW 44,000 Core Momentum: Brokerage commission surge backed by a 35% jump in market turnover and historical continuity of high dividend payout setups
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📊 1. [Valuation & Investment Indicator Analysis]
Key Investment Guidelines
- Investment Rating: BUY (Maintained)
- Target Price: KRW 44,000 (Maintained; Equivalent to Forward P/E 10x)
- Current Price (As of July 2, 2026): KRW 28,950
Annual Financial Facts & Forecast Key Metrics
- 2024: Revenue KRW 2,012 billion, Operating Profit KRW 901 billion, Net Profit (Controlling Interest) KRW 687 billion, ROE 8.7%, EPS KRW 1,960, PBR 0.59x
- 2025: Revenue KRW 2,676 billion, Operating Profit KRW 1,421 billion, Net Profit (Controlling Interest) KRW 1,032 billion, ROE 11.8%, EPS KRW 2,877, PBR 0.84x
- 2026 (F): Revenue KRW 3,991 billion, Operating Profit KRW 2,343 billion, Net Profit (Controlling Interest) KRW 1,672 billion, ROE 16.9%, EPS KRW 4,458, PBR 1.05x
- 2027 (F): Revenue KRW 3,065 billion, Operating Profit KRW 1,760 billion, Net Profit (Controlling Interest) KRW 1,246 billion, ROE 11.7%, EPS KRW 3,321, PBR 0.98x
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🚀 2. [Market Opportunities (TAM) & Detailed Earnings Forecasts]
2Q26 Performance Inflows & Trading Position Balance
- Consensus Beat Projections: The estimated 2Q26 net profit attributable to controlling interests stands at KRW 479.5 billion, pacing 20.3% higher than the market baseline expectation of KRW 398.6 billion.
- Retail Margin Capture: Alongside a structural 35.1% QoQ expander in aggregate daily trading values to KRW 90 trillion, the margin financing average balances rose 8.0% QoQ, driving notable transaction fee expansions.
- Trading Matrix Mitigations: Net performance tracks relatively flat on a sequential quarter baseline due to lower fixed-income and valuation headwind adjustments on non-marketable assets, prompted by broad yield curve expansions. However, proactive asset duration and bond sensitivity de-risking executed earlier minimized underlying marked-to-market degradation.
Capital Return and Dividend Structure Facts
- Continuity of Dividend Payouts: The corporation consistently maintains a robust baseline payout model targeting close to a 50% aggregate dividend payout ratio. Supported by earnings stability, forward-year cash distributions imply a dividend yield profile of 7.3%.
- Inflow Seasonality: Operating under an annual cash distribution format, near-term passive trading blocks might not price in the yielding asset instantly. However, similar to multi-year historic vectors, asset outperformance typically intensifies as pricing structures converge toward the distribution ex-dividend dates.
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📝 Editor’s Comment
- The underlying catalyst for NH Investment & Securities’ 2Q26 outperformance is not solely derived from higher trading velocity beta, but rather from the organic margin expansion achieved via an 8% expansion in margin financing balances. More importantly, the bank’s ability to limit bond book degradation through proactive duration shortening stands out as a critical indicator of enhanced risk-management discipline. While the broad securities sector has experienced temporary multiple compression due to thematic index concentration in electronics, this consolidation enhances the baseline risk-reward framework, driving the forward dividend yield to an exceptional 7.3%. Given its historically reliable 50% payout commitment, the equity functions as a premier defensive vehicle poised to capture relative outperformance as year-end capital flows start pricing in high-yielding distributions.
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📢 Disclaimer & Source
Source
This content has been restructured and newly generated based on the financial facts and data points from officially published securities research reports.
Investment Risk Warning
This information is provided for informational and educational purposes only. Under no circumstances does it constitute financial advice, or a solicitation or recommendation to buy or sell any specific securities. All investment decisions and subsequent financial liabilities rest entirely with the individual investor.
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