Corporate Logo(source: samsungsecurities.com)
Korea Investment & Securities Co.,Ltd announced on July 10 that it is maintaining a “Buy” rating on Samsung Securities (016360), citing increasing attractiveness of the stock’s dividend yield. The firm raised its target price from 78,000 won to 86,000 won, a 10.3% upward revision. The stock closed at 75,700 won in the previous session.
Ahn Hyun-bin, an analyst at Korea Investment & Securities, projected that Samsung Securities’ second-quarter consolidated net profit would reach 236.1 billion won, exceeding market consensus by approximately 3%.
By segment, Ahn estimated that pure brokerage commissions would rise 16% quarter-on-quarter to 165.8 billion won, driven by improved fee income from domestic equities. This corresponds with a 27% increase in the average daily trading value of the Korean stock market, which reached 23.6 trillion won during the same period. He added that, given the strong uptrend in trading volume since June, growth in domestic equity brokerage commissions is expected to continue into the third quarter.
As for overseas equity commissions, Ahn noted that while contracted volumes increased due to enhanced promotional efforts in mid-April, the average commission rate slightly declined, likely resulting in a flat quarter-on-quarter performance.
Asset management income is expected to decrease. Ahn projected that total operating profit and financial income would amount to 264.5 billion won, down 14% from the previous quarter, citing a base effect following strong bond investment results in the first quarter.
Underwriting and advisory fees are forecast to rise 8% quarter-on-quarter to 73 billion won, primarily driven by revenue from structured finance. Financial product sales revenue is expected to increase 3% to 33.8 billion won, supported by growth in discretionary and fund-based income.
Ahn also emphasized the company’s dividend outlook, stating, “Samsung Securities’ dividend payout ratio in 2024 was 34.8%, while its medium- to long-term target for total shareholder return is 50%.” He added that, under current regulatory guidelines, maintaining the issuance note business for over two years is a prerequisite for Integrated Management Account (IMA) approval. Combined with favorable trends in government tax policy on dividend income and a solid outlook for the brokerage industry, the company’s dividend per share is expected to show steady growth over the next three to five years.
“The expected dividend yield for this year stands at 5.2%,” he concluded.
*[KOSPI] Samsung Securities(016360) operates 29 domestic branches in addition to its headquarters, 1 domestic office, and 2 overseas offices(Tokyo, Beijing). Its subsidiaries include Samsung Futures and overseas corporations. Market capitalization is 6.743 trillion won (as of July 9, 2025, closing price).
Corporate Logo(source: samsungsecurities.com)
Korea Investment & Securities Co.,Ltd announced on July 10 that it is maintaining a “Buy” rating on Samsung Securities (016360), citing increasing attractiveness of the stock’s dividend yield. The firm raised its target price from 78,000 won to 86,000 won, a 10.3% upward revision. The stock closed at 75,700 won in the previous session.
Ahn Hyun-bin, an analyst at Korea Investment & Securities, projected that Samsung Securities’ second-quarter consolidated net profit would reach 236.1 billion won, exceeding market consensus by approximately 3%.
By segment, Ahn estimated that pure brokerage commissions would rise 16% quarter-on-quarter to 165.8 billion won, driven by improved fee income from domestic equities. This corresponds with a 27% increase in the average daily trading value of the Korean stock market, which reached 23.6 trillion won during the same period. He added that, given the strong uptrend in trading volume since June, growth in domestic equity brokerage commissions is expected to continue into the third quarter.
As for overseas equity commissions, Ahn noted that while contracted volumes increased due to enhanced promotional efforts in mid-April, the average commission rate slightly declined, likely resulting in a flat quarter-on-quarter performance.
Asset management income is expected to decrease. Ahn projected that total operating profit and financial income would amount to 264.5 billion won, down 14% from the previous quarter, citing a base effect following strong bond investment results in the first quarter.
Underwriting and advisory fees are forecast to rise 8% quarter-on-quarter to 73 billion won, primarily driven by revenue from structured finance. Financial product sales revenue is expected to increase 3% to 33.8 billion won, supported by growth in discretionary and fund-based income.
Ahn also emphasized the company’s dividend outlook, stating, “Samsung Securities’ dividend payout ratio in 2024 was 34.8%, while its medium- to long-term target for total shareholder return is 50%.” He added that, under current regulatory guidelines, maintaining the issuance note business for over two years is a prerequisite for Integrated Management Account (IMA) approval. Combined with favorable trends in government tax policy on dividend income and a solid outlook for the brokerage industry, the company’s dividend per share is expected to show steady growth over the next three to five years.
“The expected dividend yield for this year stands at 5.2%,” he concluded.
*[KOSPI] Samsung Securities(016360) operates 29 domestic branches in addition to its headquarters, 1 domestic office, and 2 overseas offices(Tokyo, Beijing). Its subsidiaries include Samsung Futures and overseas corporations. Market capitalization is 6.743 trillion won (as of July 9, 2025, closing price).