Fact Source: Miraes Asset Securities Report (Published on July 3, 2026) Investment Rating & Target Price: BUY / KRW 178,000 Core Momentum: Outstanding fee revenue capture from a 35% jump in daily trading volume and structural enhancement of capital payout ratios
━━━━━━━━━━━━━━━━━━━━━━
📊 1. [Valuation & Investment Indicator Analysis]
Key Investment Guidelines
- Investment Rating: BUY (Maintained)
- Target Price: KRW 178,000 (Maintained)
- Current Price (As of July 2, 2026): KRW 107,900
Annual Financial Facts & Forecast Key Metrics
- 2024: Revenue KRW 2,240 billion, Operating Profit KRW 1,206 billion, Net Profit (Controlling Interest) KRW 899 billion, ROE 12.9%, EPS KRW 10,069, PBR 0.53x
- 2025: Revenue KRW 2,522 billion, Operating Profit KRW 1,377 billion, Net Profit (Controlling Interest) KRW 1,008 billion, ROE 13.1%, EPS KRW 11,279, PBR 0.83x
- 2026 (F): Revenue KRW 3,644 billion, Operating Profit KRW 2,356 billion, Net Profit (Controlling Interest) KRW 1,703 billion, ROE 20.3%, EPS KRW 19,075, PBR 1.10x
- 2027 (F): Revenue KRW 2,704 billion, Operating Profit KRW 1,603 billion, Net Profit (Controlling Interest) KRW 1,152 billion, ROE 12.7%, EPS KRW 12,906, PBR 1.02x
━━━━━━━━━━━━━━━━━━━━━━
🚀 2. [Market Opportunities (TAM) & Detailed Earnings Forecasts]
2Q26 Divisional Performance Profile & Commission Metrics
- Consensus Beat Estimation: Projected 2Q26 net profit attributable to controlling interests stands at KRW 520 billion, beating the market consensus base of KRW 432.4 billion by 20.2%. This indicates a sequential quarterly increase of 15.3%.
- Brokerage Leverage: Driven by an unadjusted 35.1% QoQ surge in daily average market trading volumes, pure commission profits (projected at KRW 642 billion for 2Q26) continue to function as the core growth engine.
- Cross-Border Expansion: Inflows derived from the strategic partnership with Interactive Brokers (IBKR) continue to stream in consistently. While its absolute composition within near-term net revenues remains modest, the steady expansion of this channel provides structural visibility.
Capital Solidification & Shareholder Value Metrics
- Equity Baseline Adjustments: On a non-consolidated basis, the firm’s total capital base is modeled to cross the KRW 8.0 trillion mark starting in 2Q26. Backed by this capital expansion, the estimated 2026 payout layout is set to scale up to 39.3% (compared to 35.4% in 2025).
- Capital Return Visibility: Supported by corporate long-term guidance targeting a mid-term dividend payout ratio of 50%, the projected dividend yield for the current fiscal year reaches 7.0%, showcasing premier valuation metrics within the financial sector.
━━━━━━━━━━━━━━━━━━━━━━
📝 Editor’s Comment
- Samsung Securities maintains a dominant market share within high-net-worth wealth management and domestic retail brokerage channels, positioning the enterprise to capture the high operating leverage generated during market volume expansion phases. Because the firm maintains a remarkably stable proprietary trading book with minimal downside volatility relative to its peers, surging retail transaction velocities filter directly down into the bottom-line net profit attributable to shareholders. While sector-wide capital flows toward specific large-cap electronics segments have temporarily subdued broad financial equities index trends, the resulting discount creates a highly secure valuation floor backed by an impending 7% dividend yield. As the firm surpasses the KRW 8.0 trillion standalone capital threshold and gradually expands its cross-border processing capabilities with IBKR, this robust capital positioning should minimize downward multiple re-ratings.
━━━━━━━━━━━━━━━━━━━━━━
📢 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.
Contact
Compliance & Copyright Inquiries
ksb220805@gmail.com
🔥 Bulls vs Bears, drop your analysis in the comments!
