[Korea hyerin nine financial newspaper reporter] transcript in the securities industry was a bitter squeeze. Two days was most concerned in accordance with the fourth quarter results published last year, he broke into a reality.
FSS warned would cause massive losses from bond holdings last November. Major securities firms have been increasing bond holdings as expected, it was unable to avoid a recession.
Daewoo Mirae · NH Investment & Securities, Korea Investment & Securities last year, the average operating profit · KB Securities, Samsung Securities, including five major domestic securities firms were aggregated 838.7 billion won. This figure is reduced to 60% or more than 1.5002 trillion won in 2015. Net income was up 50% less 1 trillion 228.6 billion won from 663.4 billion won in.
The reason for this lies in the earnings losses due to reduced trading volume and bond yields rise due to the status of long-term blood box.
Doeja the psychology of investors tired of the stagnant stock price fell a contraction trading. This performance is mainly retail banking (retail) worsened the reduced commission income. In addition, market interest rates have rebounded between October and November last year, US President Trump issue bond prices slumped. Gamyeo increase the debt securities holdings was expecting an operating profit saw a loss undoubtedly have been. This equity-linked securities (ELS) has also contributed to the operating loss.
◇ bulrideon big brokerages in cold direct hit right
Last year, mergers and acquisitions and capital raising beonjyeotdeon securities like fashion. Daewoo Mirae Asset, KB Securities, Samsung Securities, Korea Investment & Securities was not busy in the big hit is called a direct hit by cold weather performance.
Daewoo Mirae Asset has recorded an earnings shock significantly lower than the average market estimate. It decreased 97.6% over the previous year (148.5 billion won) recorded an operating profit of 36 billion won. Net income also decreased 90.9% over the previous year (1746 million) was recorded at 160 million.
This is not only attributable to decreased revenue due to sluggish market such as the stock market trading volume decreased 9.9% in the previous quarter reflecting the merger-related one-off costs amounting to 1,500 million. Mirae Asset treatment is added to such exclusion to last year's first quarter Mirae treatment gains, including merger accounting integration and computational cost of 128 billion won minutes (72.9 billion won), ELS, etc. duplicate revenue adjustments related (102.9 billion won), reflecting the merger cost of 303.8 billion won.
Daishin Securities Research Chandler Kang was evaluated as "as expected, but the conservative accounting standards in fiscal unification in the fourth quarter, reflecting the cost of the merger is greater than the expected shock level scale performance itself." KB securities are no exception. The operating profit decreased fee income was crazy, not even 10% in previous years, integration costs of the merger process model from the valuation of derivatives and modern securities (952 million) is included net profit turned to a loss.
Samsung Securities had to meet the rigid requirements of IB capital increase of 350 billion won last year's scale. However, except for the one (127.4% QoQ) Samsung Bio-Logics IB commission income recorded a surge in public, including the poor performance in all sectors.
The trading volume decreased to trust fee income declined 11.5% QoQ. It handled the honors due to severance pay 8.8 billion won year-end regular conduct voluntary retirement (approximately 50 people) to one-off costs. Daegu building disposal gains amounting to about 200 billion won, but operating income was treated with He Jin offset the poor performance.
In particular, the end of last year, Samsung Securities' retail client assets decreased by 7.4% compared to the end of the previous year to 161.1 trillion won. Shinhan Investment hands unknown researchers "recently is the WM markets somewhat sluggish in the global market uncertainty expanded," said, "Samsung Securities is highly WM revenue share than its competitors The IB revenue share is bound to be lower and more sensitive to the WM market slump." he said.
Daishin Securities Chandler Kang researchers' 4Q09 earnings are also poor performance, considering the seasonality, "he said," 4Q11 financial product sales revenue was QoQ 23.0% to 69.2 billion won, which funds new sales and reduced ELS early redemption reduced because " he said.
Last year, Korea Investment & Securities also had three recorded the highest quarterly net profit in the industry had been running in the 4Q08 earnings. Korea Investment & Securities decreased 17.5% compared to the previous year (362.2 billion won) recorded an operating profit of 299.9 billion won. Brokerage revenue and operating loss of hedge funds appeared to be influenced in the performance.
◇ NH Investment & Securities encouraging results
NH Investment & Securities is among gotta expected to be reflected in earnings until a one-time cost of 34.6 billion won last year for advanced early retirement (145 people) analyst was expected to record a competitor and a similar performance. However, the revenue from the public offering (IPO) increased demand for animated NH Investment & Securities.
Hand unknown researchers are "Glen and sale of wood PEF jointly held by Oriental Magic 100% stake was on SK Networks will recognize a one-time profit of about 30 billion won," "financial arrangements in Yeouido complex 'Park won' development to take over as revenue of about 200 billion won is expected to host fees, "he said.
Due to the same IB division hosiljeok NH Investment & Securities ceased to operating profit (3019 million) decreased 3.9% in the previous year (314.1 billion won) year. Net income (236.2 billion won) is eotneunde increase of over 10%, considering that the entire industry fell into a swamp of earnings deserves to be called encouraging results.
NH Investment & Securities posted a 3.8 one trillion won in December, shareholders' equity increased 14.0% QoQ to 10.9% in total volume sold treasury shares (290 billion won). Rights issue capital increase of the 338.3 billion won is expected to be reflected in the end of March this year, since the equity rights offering is expected to record a 4.2 trillion won. This is carried over the standard of 4 trillion won capital of IB mega development plan issued commercial paper work.
◇ let's walk forward to this year's IPO market
The IB division increased revenue due to depressed IPO market report favorable to accept any such securities is georida yuan. Last year, IPO issuance since 2010 has recorded the maximum throughout the securities market and KOSDAQ markets.
IPO market this year is expected to maintain growth and buleonal up to 10 trillion won. Net Marble Games, E-Land Retail, and scheduled a large public company IPO, including the energy, if you re-promote the contest Lotte Hotel last traded this composition contest was postponed and will be the largest market in the past.
Eugene Investment & Securities bakjongseon researchers, "this year's IPO market is expected to be traded their level of company similar to last year but has scheduled a listing of the large companies conspired amount large," he said. "Competition based on amount to about 10 trillion won recorded in 2010 We expect to record levels, "he said.
Also, he added, "If the last traded smoke Lotte Hotel has been re-listing is expected to record about 13 trillion won successive maximum amount of collusion." Hotel Lotte is estimated at one trillion 100 billion won up to four 10 000-scale conspiracy. And Lotte Group while increasing the investment plan also raises the prospect of increasing scale conspiracy trial, but there remains a constant variable.
This also fits with the environment, such as the securities industry trend to focus away from sales-oriented brokerage in the IB sector. Thanks to the lack of food in the IPO securities stricken earnings are expected to gather dajul not breathe chunpung. Researchers Night "of the Finance Committee, called the Tesla IPO requirements, gongmoje is gwichu is also noted for the listing of companies with growth potential losses in accordance with the restructuring," he said. "The continued interest in this year's IPO market is needed," he said.
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