Kiwoom, steady earnings improvement target price raised -HMC

[Korea hyerin nine financial newspaper reporter] HMC Investment Securities was adjusted this year youngeopik estimates and target price on the basis of the fourth quarter of last year hosiljeok for 13 days Kiwoom upward. Recommendation maintain BUY, TP proposed a 4000 won 10 009.

Kim Jin - Sang Institute of brokerage is' private equity commitments steady rise and PI growth in operating profit of M / S (174 billion won, + 168% QoQ, TTP YoY) 4 quarter, 47.3 billion won as (+ 9.7% QoQ, + 83.5% YoY) said it expected levels.

4Q11 contracted private equity M / S 26.5% of Kiwoom will rise 0.7 percentage points compared to the previous quarter, and achieved the highest ever. The total share agreement M / S is a mobile, while M / S fell slightly (-0.8% pt QoQ) maintained a similar level is 28% the previous quarter.

Retail sector was 60.4 billion won profit increased 11% YoY. In the previous quarter as a personal investment fell by 3% due to falling share transactions (-4% pt QoQ) and client assets shrink (-2.9% QoQ).

IB division showed revenue grew 1% QoQ revenue normalization of the ECM sector despite the fourth quarter IPO concentrated in effect breaking the previous quarter DCM sector.

Kim researchers '4 quarter net profit 39.6 billion won (+9.2% QoQ, +31.4% YoY) rise in interest rates and the end of the year thanks to savings bank subsidiary incorporated in sharp growth was 'said' SG & A expenses 50.2 billion won (+1.2% YoY , + 1.6% QoQ, separate basis) has increased slightly, he added.

Also, he 'Kiwoom I will present a 10% increase in operating profit this year, steady earnings growth of core business and its subsidiaries is in progress to determine Come to the achievable level "he said.



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