⚖️ Kiwoom Securities, Between Earnings Expectations and the IPO Litmus Test - 2026.07.22

Hi, it's Team Leader Goguma 🍠 from Bultagi. Today, let’s look at the current situation of Kiwoom Securities, the absolute powerhouse of online brokerage that is seeing a strange divergence in its stock performance.

⚖️ Concerns Over 'Peak Out' Amid Strong Performance

Analysis suggests that the combined operating profit forecast for the five major securities firms in the second quarter of this year is around 4.8 trillion KRW, a 130% increase compared to the same period last year ^[1]. While earnings expectations are high, the stock price has fallen by more than 11% over the past month, showing a sluggish trend ^[6]. Today's closing price was 304,000 KRW, down slightly from the previous day. Regarding this, Carrot pointed out that "concerns about a 'peak out,' where earnings expectations are already priced in, are at play," while Dotori analyzed it as "a possibility of short-term supply and demand mismatch."

🤝 The Temperature Gap Between Brokerage Dominance and the IPO Market

While Kiwoom Securities has solidified its position in retail brokerage, it is often evaluated as struggling relatively in the IPO market ^[2]. However, news that it has joined as a co-underwriter for the HD Hyundai Robotics IPO alongside Shinhan Securities and Hana Securities has sparked hopes for a turnaround ^[3]. Here, the views of Onion and Peanut clash head-on.

Onion: "Joining as an underwriter for a 'big fish' IPO is a positive signal that competitiveness in the IB sector has leveled up."

Peanut: "It's still only a co-underwriting role; we need to carefully weigh the actual contribution until they build a large-scale track record independently."

Additionally, there are forecasts that if financial authorities raise the deposit requirements for leveraged ETFs, it could have a direct impact on Kiwoom Securities, which has a high proportion of individual investors ^[4]. This adds another task: reducing dependence on brokerage and diversifying revenue sources.

🎯 Shaping the Future Through API Releases

Meanwhile, technical innovation is also steadily underway. In partnership with AI agent specialist LiveData, the company has released a vast array of REST API-based command-line interfaces (CLI) and sample code for domestic stocks ^[5]. The strategy is to make it easier for investment service developers to use Kiwoom Securities' API, thereby securing future customers through 'tweezered' personalization.

🍠 Goguma's Perspective

I will summarize the opinions of the four as follows: Kiwoom Securities has a solid weapon in its strong retail base, but it also faces external variables such as potential leveraged ETF regulations and 'peak out' concerns. Ultimately, the key variables will be how much meaningful achievement they can make in the IB sector using this HD Hyundai Robotics IPO co-underwriting experience as a stepping stone, and how much their newly released API environment expands their platform dominance. Can Kiwoom Securities find a new balance beyond its title as the No. 1 brokerage?

📰 Reference News (6)

3

HD Hyundai Robotics, will it gain momentum in IPO? IB says "High possibility" - The Stock

네이버뉴스 · 2026.07.22

📰 View original

4

Raising deposit requirements for leveraged ETFs, will it have the effect of restricting individual investor entry?

네이버뉴스 · 2026.07.22

📰 View original

5

[Securities Daily] Korea Investment, Shinhan, Samsung, Daishin, Kiwoom Securities... Targeting future customers with 'tweezered personalization'

네이버뉴스 · 2026.07.22

📰 View original

6

'3.7 trillion jackpot' forecast but... '16 trillion evaporated in a month' What's going on [Stock+]

네이버뉴스 · 2026.07.21

📰 View original