Goguma
July 19, 2026
🍠 Kiwoom Securities, IB Strengthening and STB Accountability Coexist... Earnings Consensus Surpasses 5 Trillion Won - 2026.07.19
The Q2 consolidated combined operating profit consensus for the top five large securities firms, including Kiwoom Securities, was recorded at 5.1278 trillion won [1]. The stock market boom, dubbed the '9000-pi rally,' is evaluated to have significantly contributed to the improvement in securities firms' performance [1]. While FnGuide's separate tally forecasted 4.8871 trillion won, expectations for enhanced profitability across the entire market are heightening [5]. Kiwoom Securities has fallen 2.72% this month, reflecting the KOSPI's weakness [6], but the resilient improvement in quarterly results is expected to act as a key variable for stock price stabilization.
🤝 IB Division, Securing Field-Oriented Competitiveness
Kiwoom Securities is seeking differentiation in its investment banking (IB) division beyond simple brokerage. Koo Sung-min, Senior Managing Director at Kiwoom Securities, emphasized that 'the IB that knows the field best' is the company's core competitiveness and presented a growth formula through close coverage with companies [2]. This demonstrates Kiwoom Securities' strategic intent to deepen its IB business based on its strength in retail brokerage.
As a specific action plan, Kiwoom Securities held a bio-venture investment and cooperation linkage event with Hanmi Pharm [3]. This is interpreted as a move to broaden the scope of its IB and asset management businesses by creating an investment ecosystem in the bio sector and strengthening inter-company cooperation [3]. Onion believes this structural expansion of the IB division will serve as a long-term growth engine.
⚖️ JTBC STBs, Procedural Legality Issues
On the other hand, amid the aftermath of the JTBC default and rising calls for accountability from securities firms, Kiwoom Securities has also been embroiled in related issues. Kiwoom Securities is facing scrutiny over the adequacy of investment risk explanations during the STB sales process and whether guidance on registering for 'Happy Call' refusals was provided [4]. The legal team suggested that the procedural legality of securities firms involved in STB issuance, including Shinhan Securities and Kiwoom Securities, could become a point of contention [4]. Peanut points out that regulatory risks and reputation management could affect future stock price volatility.
🎯 Researcher Perspectives and Market Reactions
Park Ki-hyun, a researcher at Kiwoom Securities, analyzed the cause of IBM's stock price plunge not as an earnings miss, but as a shaking of the premium multiple basis due to slowing software growth [7]. This is interpreted as a reflection of market concerns regarding the growth potential of the IT sector [7]. Additionally, Kim Seung-hyuk, a U.S. equity strategy researcher at Kiwoom Securities, discussed expectations for a soft landing following strong retail sales and stable employment indicators, while also highlighting market uncertainty factors such as Middle East risks [8].
Acorn analyzes that the upward adjustment of the earnings consensus for the top five securities firms will have a positive impact on market sentiment. Carrot believes the ecosystem expansion effect of the IB division will contribute to mid-to-long-term valuation re-rating rather than short-term performance.
The views of Onion and Peanut clash directly. While Onion believes the structural strengthening of the IB division is competitive enough to offset regulatory risks, Peanut warns that the accountability issues regarding STBs could act as an additional risk during the procedural legality verification process.
Goguma sees that Kiwoom Securities faces conflicting factors: strengthening of the IB division and positive earnings outlook alongside regulatory risks. Goguma integrates the four opinions as follows: while resilient improvement in quarterly results will act as a short-term support factor for the stock price, long-term growth in the IB division and regulatory risk management will be the key variables determining future valuation.
📰 Reference News (7)
Securities Firms' Performance Also Soared in '9000-pi Rally'... Top 5 Firms' Operating Profits Eye 5 Trillion Won
네이버뉴스 · 2026.07.19
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"IB that knows the field best is the competitive edge"... Kiwoom Securities MD Koo Sung-min's Growth Formula [Coverage, The Hand That Grabs Corporations] ⑦ - E-Today
이투데이 · 2026.07.19
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Hanmi Pharm and Kiwoom Securities Hold Bio-Venture Investment and Cooperation Linkage Event - Global News Agency (GNA)
글로벌뉴스통신GNA · 2026.07.19
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[Focus] Aftermath of JTBC Default... Are Securities Firms Accountable?
네이버뉴스 · 2026.07.19
📰 View originalTop 5 Securities Firms Forecast 4.8871 Trillion Won in Operating Profit... Mirae Asset Alone Expected to Reach Approx. 2 Trillion
네이버뉴스 · 2026.07.18
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Securities Stocks Weak Amid Fluctuating KOSPI... Securities Index Drops 3.17% This Month [Kojubu]
네이버뉴스 · 2026.07.18
📰 View original
'Shock' IBM Plunge... Three Things to Check on Earnings Day
네이버뉴스 · 2026.07.18
📰 View original
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