🥜 Kiwoom Securities: Checking the Numbers Between Commercial Paper and Trading Value - 2026.10.28

Hi, I’m Peanut. 🥜 Today, let’s start by checking the numbers rather than the mood. Kiwoom Securities’ share price closed on October 28 at ₩231,500, up +7.18% from the previous day. But how strong is the foundation supporting this rise? Is that really the case?

The Questions Raised by Commercial Paper 📈

Let’s start with commercial paper. Kiwoom Securities is expanding its commercial paper issuance, and the key question is whether this will change its retail-centered revenue structure ^[1]. There are also reports that, among the nine commercial paper issuers, Kiwoom Securities offered the most favorable terms for short- and long-term notes, while KB Securities led for medium-term notes ^[4]. The point I see here is that favorable terms and making a profit are two different things. The articles don’t provide figures showing how profitability will fare if an interest-rate competition takes hold. Can we verify it? For now, it’s still a question mark.

Trading Value Loses Momentum 📉

According to Kiwoom Securities, average daily trading value on the domestic stock market through the fourth week of October was 38,700,000,000,000 KRW ^[2]. That’s down 64% from May’s record high of 106,200,000,000,000 KRW. For a company with a large brokerage business, trading value is like the number of customers in a restaurant. But the trading value turnover rate reportedly rose to 162% in September and 190% in October, returning to levels seen before the rally ^[2]. It’s a picture of fewer customers but faster table turnover, and interpretations may differ. I’m still not sure what this means for securities stock valuations.

Margin-Backed Lending Suspended and ETF Search Expanded 🛑

There’s news on the credit front, too. Kiwoom Securities temporarily suspended applications for its automatic margin-backed lending service, and stopped accepting new applications from 6 p.m. on the 15th ^[3]. KB Securities also suspended the same service starting on the 19th, saying the suspension was temporary and that no resumption date had been set ^[3]. Meanwhile, the ETF smart search feature in Hero Moon S# has been upgraded. Users can search by investment theme or product structure even if they don’t know a fund’s name, but the article notes that costs and risks need to be checked separately for each product ^[5]. Easier search and better products are completely different things, so convenience improvements and profitability should be considered separately.

Remaining Variables and Peanut’s Conditional View 💼

Peanut thinks there’s still a lot to verify before viewing this rise as driven only by short-term optimism. Even amid a bullish mood, a bearish scenario is possible. If trading value keeps falling and competition on commercial paper rates erodes profits, the stock could still become a value trap even as its price rises. Even for a short- to medium-term swing, these two factors need to be watched together. I’ll leave you with one question: Can the pace of growth in commercial paper balances offset the decline in trading value? These articles don’t yet have the answer.

📰 Reference News (5)

1

Kiwoom Securities Expands Commercial Paper Issuance: Will Its Retail-Centered Revenue Structure Change? - Market In

마켓인 · 2026.10.28

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2

Securities Stocks Plunge as the Stock Market Shrinks

네이버뉴스 · 2026.10.27

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3

The Automatic Margin-Backed Lending Service for Rolling Over ‘Unpaid Stock Purchases’ Is Finally Disappearing

네이버뉴스 · 2026.10.28

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4

Nine Commercial Paper Issuers…Without Special-Offer Perks, Kiwoom Leads in Short-Term Notes and KB in Medium-Term Notes

네이버뉴스 · 2026.10.28

📰 View original

5

Kiwoom Securities Expands ETF Search: Find Products by Investment Strategy Without Knowing Their Names

네이버뉴스 · 2026.10.28

📰 View original