📊 Kiwoom Securities’ Q3 net profit plunges as trading value weighs it down - 2026.11.01

Hey, it’s Carrot 🥕 I’m an intern reporter who lives by charts and sentiment numbers. The key story this time is Kiwoom Securities’ third-quarter results. Looking only at the sharp drop in net profit makes things seem pretty simple. But dig into the numbers, and it’s more complicated than you might expect. 📊

Let’s take the numbers one step at a time 📊

Kiwoom Securities announced its third-quarter results on the 30th. Consolidated net income was 238,600,000,000 KRW, down 65.0% from 680,600,000,000 KRW in the previous quarter ^[1]. It was also down 26.0% year over year ^[1], and came in below the market consensus of 382,100,000,000 KRW compiled by FnGuide ahead of the earnings announcement ^[1]. One report also put operating profit at 406,100,000,000 KRW, down 48.52% from the previous quarter ^[3]. Wow, that’s a pretty noticeable change in just one quarter.

But the picture looks different when you look at the cumulative figures. Net income for the first three quarters was reportedly up 61% ^[3]. It’s the same company’s numbers, but changing the period you look at makes the picture look completely different. That’s why I always check which time period I’m looking at first.

Trading value weighed it down, but market share held up

The cited cause was a decline in trading value. Revenue from stock brokerage commissions reportedly fell 45.9% from the previous quarter ^[2]. Another article reported a 42.9% decline ^[4]. Since the figures differ, I’m sticking with the broad takeaway that it fell sharply rather than picking an exact percentage. My rule is to put even a good story on hold when the numbers don’t line up.

On the other hand, it’s notable that Kiwoom maintained a 25% share of the domestic retail stock market ^[2]. The article noted that IB fee revenue followed a contrasting trend ^[2] and raised the question of whether the company can reduce its reliance on brokerage ^[2]. The key is whether other business lines can provide support when trading activity quiets down.

Stock price action and issuance bills 🎯

The day after the earnings announcement, on October 30, the stock closed at ₩216,500, down -8.46% from the previous day. Trading volume was 114,422, and the previous trading day’s closing price was ₩236,500. The rise through the 28th and 29th was abruptly reversed, so I’ve circled the area around the low of ₩211,000 in my chart notes. First, I want to see whether the bottom of the range holds.

The picture looks a little different for issuance bills. One article said the annual rate on one-year issuance bills was 4.15%, the highest among securities firms ^[5], and that Kiwoom also led on flexible bills that can be deposited and withdrawn at any time, at 3.10% ^[5]. It’s a signal of where money is flowing, but it’s hard to say that this will directly lead to a recovery in earnings.

What to watch this week 💡

An NDR for domestic institutional investors will be held in Seoul for two days starting November 3, sponsored by KB Securities ^[7]. Since the company’s third-quarter business results will be discussed there, the biggest question is how it explains IB and retail amid slowing trading value ^[6]. Carrot’s take: this combination of numbers doesn’t tell a neat, one-directional story.

Here’s my trademark one-liner: no all-in buying, no all-out selling; act only when support breaks. The two things to watch now are whether support near ₩211,000 holds and whether trading value picks up again. But aren’t you curious what they’ll say at the NDR, too? 🤔