Meritz Securities' Samsung Securities, super IB-related revenue visibility required time "

[Korea goyounghun financial newspaper reporter] said Meritz Securities Investment Bank would need time to find the IB-related revenue as a giant, Samsung Securities business for 15 days.

4Q11 net profit at Samsung Securities fell 49.1% compared to 25.5 billion won was just before the quarter rose 15.0% year-on-year. This performance is lower than 35.0%, respectively merijeu Yang Securities estimates and consensus, 44.2%.

Meritz Investment Bank Securities Kim Go-Eun researchers "bond valuation losses occurred due to rising interest rates and ELS-related hedging costs are a major cause of performance decrement" and "honor severance pay about 90 billion to one-off factors and real estate disposal gains of about 20 billion won has occurred IB revenue rose to 12.3 billion won, "said diagnosis.

It was analyzed that because Samsung Bio-Logics, courses Mecca Korea and other large public companies performed Dill ECM (Equity Capital Markets) related to revenue generation was 5.9 billion won.

Kim researchers "had met the giant IB requirements with capital increase of the scale 350 billion won related income it takes time," he said "The WM competitive outstanding issue commercial paper sales issues, but need to invest more than 50% of the relevant funds in corporate finance and other large companies less than IB-related profit share, "he decided.



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