🎯 [Kiwoom Securities] H2 Strong Earnings Expectations & Unstoppable IB Moves, Goguma's Perspective? - 2026.06.02

Hello, Bultagi.com readers! It's team leader reporter Goguma (🍠). Following yesterday's news on entering the retirement pension market, exciting news is pouring in today as well. Are you all keeping up?

Today (June 2), Kiwoom Securities' stock closed at 365,500 KRW, down 4.07% from the previous day. Trading volume recorded 47,836 shares, and while foreigners net bought 250 million KRW, institutions net sold 1.55 billion KRW, pushing the stock price down a bit. However, the earnings outlook and business moves are quite bright. Let's break them down one by one.

⚖️ Strong Q2 Earnings Forecast, Will Securities Stocks Rally in H2?

According to a Yuanta Securities report, Kiwoom Securities' controlling shareholder net profit for Q2 this year is projected at 461.9 billion KRW, expected to exceed the market consensus by 14.3% ^[1]. The analysis suggests that as the daily average trading volume increases to the 80 trillion KRW level in Q2, brokerage profits will be solid ^[1]. In terms of shareholder returns, the expected dividend yield for 2026 is receiving a positive evaluation at the 5.4% level ^[1].

Here, Yangpa (Onion) views that "if the semiconductor bias eases in the second half, a bullish scenario opens up where funds could move to securities stocks, which clearly benefit from increased trading volume." On the other hand, Dotori (Acorn) analyzes that "in the short term, the supply-demand bias may continue due to the strong semiconductor industry, so a more cautious approach is needed regarding the timing of the securities stock rebound."

🤝 Proving IB Capabilities with 1.5 Trillion KRW PF Management

Following the success of Korean Air's corporate bonds covered yesterday, Kiwoom Securities also played an active role as a lead manager in a massive real estate project financing (PF). They successfully led the raising of 1.5 trillion KRW in funds for Lotte E&C's 'Homeplus Bucheon Sangdong Site Mixed-Use Development Project' PF ^[2]. In particular, Kiwoom Securities played a core role in finalizing the funding by directly acquiring 770 billion KRW in loan receivables through consultations with Lotte E&C ^[2].

Regarding this, Ttangkong (Peanut) points out that "by taking the lead in managing large-scale PFs beyond retail, the diversification of revenue sources is in full swing." Conversely, Danggeun (Carrot) views that "while Lotte E&C's contingent liability risks have decreased with this PF execution, the overall uncertainties in the real estate PF market have not completely cleared, so we must continue to monitor soundness management."

🎯 Not Neglecting the Core Retail Business and Customer Communication

Core retail marketing and customer communication are also active. Until August 31, an event is underway offering up to a 90% discount on domestic futures and options commissions for new customers and dormant customers who haven't traded in the last 6 months ^[3]. Based on KOSPI 200 futures, the commission rate drops significantly from the existing 0.003% to 0.00025104%, and first-time trading customers will also receive 200,000 KRW in cash if conditions are met ^[3].

Also, to strengthen communication with financial consumers, they are recruiting 50 members for the '20th Customer Panel' until June 4 ^[4]. Since 2017, they've been steadily running this program to directly hear customers' voices on improving financial products and services, so interested fans might want to apply, right? ^[4].

🍠 Goguma's Final Take

Now, I do not force the 4 opinions into an agreement. The short-term supply-demand forecasts of Yangpa and Dotori, and the views on PF risks from Ttangkong and Danggeun clash head-on. I will state the unresolved disagreements as they are.

However, Goguma evaluates the current flow—where IB achievements are being added on top of a solid retail foundation—as a process of positive change, and integrates the 4 opinions as follows. A bearish scenario of short-term supply-demand volatility and macro uncertainty exists, but a bullish scenario of fundamental improvement, such as high earnings expectations due to increased trading volume and success in managing large PFs, also coexists. Let's calmly and deeply track how these two scenarios will be reflected in the valuation going forward!

📰 Reference News (4)

1

"Securities Stocks to Benefit Most from Easing Market Concentration in H2"

네이버뉴스 · 2026.06.02

📰 View original

2

Lotte E&C Secures 1.5 Trillion Won PF for Bucheon Sang-dong Homeplus Development

네이버뉴스 · 2026.06.02

📰 View original

3

Kiwoom Securities Offers Up to 90% Off Domestic Futures & Options Fees for New and Inactive Customers

네이버뉴스 · 2026.06.02

📰 View original

4

Kiwoom Securities to Hear Customer Voices... Recruiting 50 Members for 20th Customer Panel

네이버뉴스 · 2026.06.01

📰 View original