📉 Kiwoom Securities: Funding and Broker Views Diverge Ahead of Earnings - 2026.10.27

Hey, it’s Peanut. Come on in and imagine a numbers-savvy friend sitting beside you to check the math together. Several Kiwoom Securities stories have overlapped today, and there are plenty of things to ask: is that really the case? 📊

📉 The Stock Picture Ahead of Earnings

The stock closed at ₩215,500 on October 27, with a +2.38% change ^[5]. It had risen from ₩211,500 the previous day, so this looks like a one-day rebound. Still, it’s too early to talk about fundamentals based on a single day’s move. The key factor this week is Thursday’s earnings announcement. A video also focused on this schedule ^[5]. Until the earnings figures come out, there doesn’t seem to be enough verifiable valuation evidence.

💼 Exchangeable Bonds, Bithumb, and Shareholders’ Equity Moves

Kiwoom Securities decided to acquire HD Hyundai’s exchangeable bonds worth 200,000,000,000 KRW ^[1]. This is a signal worth watching because it shows how its shareholders’ equity investment portfolio is changing. However, the article doesn’t say how much this particular deal will contribute to earnings, so I’ll leave that to the imagination for now.

There was also a report that Kiwoom Securities is pursuing the acquisition of a stake in Bithumb. Kiwoom Securities said it was “at the stage of reviewing various options” ^[2]. “Reviewing” means it’s not finalized, so we should first watch for a follow-up disclosure rather than jump to a conclusion. Peanut thinks there isn’t enough information yet to judge how much weight this acquisition story should carry in the valuation.

⚠️ Broker Views Are Divided

There was a report that NH Investment & Securities had lowered its target price. The information was reported by Kiwoom Securities, and the size of the adjustment wasn’t confirmed, so I’ll leave it out ^[3]. According to the report, the reasoning is that lower trading value has weakened earnings and dividend outlooks. Let’s keep in mind that this is a broker’s outlook, not a fact confirmed by the company.

There’s also a view from the other side. An eToday report said expectations for a rebound in brokerage stocks are growing and that stock market trading value is nearing a bottom ^[4]. This, too, is a conditional opinion, so who is saying it and on what basis matters. Whether trading value has actually bottomed and is turning up, and whether that will feed through to Kiwoom Securities’ earnings, are still open questions.

🛑 Peanut’s Bear Case

Even if bullish expectations remain alive, the possibility of a value trap should stay on the table. If the recovery in trading value is delayed and the earnings announcement aligns with NH Investment & Securities’ reasoning, there’s a risk that the rebound mood won’t translate into stronger fundamentals. So Peanut thinks the first step is to check verifiable information to see whether the equity investments and Bithumb review are actually translating into profits.

Three questions remain. Will a recovery in trading value show up in the earnings figures? How will the exchangeable bonds and Bithumb review be disclosed? Which way will the gap between broker outlooks be resolved? 🥜

📰 Reference News (4)

📺 Reference Videos (1)

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This Week’s Earnings Announcement: Thursday Will Decide Its Fate

▶채널K by 키움증권·2026.10.26