Kiwoom Securities, Woori Bank, savings bank equity investment securities Interest income expectations -NH

[Korea goyounghun financial newspaper reporter] NH Investment & Securities We have proposed a bank's subsidiary and equity investment gains and savings banks in 7000 won only nine target price BUY due to increased revenue for the Kiwoom 13 days. 4 of Kiwoom quarter net profit beat the consensus by 37.1% as NH Investment & Securities 47.6 billion won.

NH Investment & Securities wonjaeung Researchers main cause of increase in the "It's average daily trading reduced brokerage revenues due to price declines and to SG & A expenses rise due to bonus payments increased proprietary trading revenues and interest income, IB revenue because increasing," said "interest income last year while the financial sector since the second increase in household loans was diagnosed two because one savings bank and its subsidiaries had increased revenue. "

Won the researchers "were one-time savings bank losses reversed 20 billion won should take place in the proprietary trading revenues Kiwoom increase in bond valuation losses on concerns over the fourth quarter of last year the stock market downturn and market interest rates rise," said "This investment in the fourth quarter of last year He explained that because of the oligopolistic banking gains of our shareholders' equity of 4% (approximately 340 billion won). "

He continued, "not large yet, the average daily trading volume increased brokerage income improved expectations are great, but the second financial household loan growth has led two savings and revenue growth in the bank subsidiary is expected," said "recent private investments in the KOSDAQ downturn atrophy dwaeteuna and still exceeds the average monthly number of new accounts opened 1000 accounts and is expected to benefit the future growth of the company as a subsidiary increased revenues grow, "he predicted.



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