Monday, April 24, 2017

· NH future such securities 1Q good

[Goyounghun financial newspaper reporter Korea] is expected to be good this year, one quarter of the securities. If we expect to very large effects IB starting the second quarter of the atmosphere of a large brokerage firms during the first half of this year is expected to not be too bad.

MAS 24 days treatment (choehyeonman jounggi CEO Senior Vice President & CEO), NH Investment & Securities in the first quarter earnings from major brokerage firms, etc. (gimwongyu CEO) According to the financial investment industry is jeomchyeo to rise YoY.

According to the financial information company epeuen guide last 20 days estimated this year's first quarter sales of the three institutions can Mirae treated more than forecast results are jeomchyeo place to 355.6 billion won. The same period, operating profit of 122.3 billion won and net profit is expected to 86.9 billion won. This preparation and the first quarter 2016 sales of 81.9% from 195.5 billion won, operating profit of 77.1% from the 69.1 billion won, a 62.6% increase in net profit was 53.4 billion won.

Korea Investment Holdings is also the first quarter sales of 260.7 billion won, up 44.6% compared to 180.3 billion won a year earlier this year, operating profit was 107.7 billion won increased by 20.1% compared to 89.7 billion won a year earlier. Net income is expected to 91.2 billion won, up 13.7% compared to 80.2 billion won a year earlier.

NH Investment & Securities also there is forecast earnings higher than the previous year first quarter sales of 262 billion won rose 4.1 percent from a year earlier 251.5 billion won, operating profit of 100.7 billion won, up 17.5 percent from a year earlier 85.7 billion won and net profit 26.6% 64 billion won over the same period last year this is expected to rise 81 billion won.

Samsung Securities is also the first quarter sales of 215.6 billion won rose 4.7 percent from a year earlier 205.9 billion won this year, operating profit of 75 billion won, up 20.5% compared to 62.2 billion won a year earlier, while net profit is estimated to have 57.3 billion won, up 23.6 percent from 46.4 billion won a year earlier. Meritz Securities Investment Bank is also expected a 30.5% increase in operating profit and net profit increased 35.6% YoY. However Kiwoom was expected to fall both sales and operating profit, and net profit against a year earlier.

The last week released results from KB Financial Group and Shinhan Investment securities also increased both operating profit.

KB Securities posted a 141.3 billion won this year's first quarter consolidated operating profit increased by 152.44% YoY. The same period, sales grew by 41.05 percent to 1.9316 trillion won in net profit surged 120.53% to 108.8 billion won.

1Q11 net profit of Shinhan Investment Corp. jumped 111% YoY 21.8 billion won to 46 billion won. During the same period, operating profit rose 121% yoy compared to 25.2 billion won to 55.8 billion won. Operating profit was 163.6 billion won a year earlier increase of 11.5% compared to 182.4 billion won.

According to the IBK Research Center is expected to Samsung Securities and Mirae Asset treated, NH Investment & Securities, Korea Investment Holdings, Meritz Investment Bank Securities, Kiwoom including six first quarter net profit increased by 94.2% QoQ to about 409.2 billion won this year from securities , a 23.4% increase is expected bihaeseodo the same period last year.

Equity-linked securities (ELS) including securitized derivatives Early repayments and sales revenue and operating profit compared to the previous quarter in fixed income trading revenue in the domestic market is expected to stabilize interest rates and dividends generated by new issuance increases are expected. In addition, the earnings improvement is expected in the IPO (IPO) and investment banking (IB) part.

Kim Jiyoung IBK Investment & Securities researcher "Capital is becoming the stamina crush invest to risk than ever as larger possible, and, with the growth of the business area expanded due to the easing of government regulations and new work permit is expected," said It issued a positive opinion about the profitability of large securities firms. Following was diagnosed as "What is the large securities firms are already making efforts to diversify the revenue it than revenue contribution also increased more parts IB is a positive point."

Kim Seo-yeon Korea Investment & Securities researcher also said that "the main cause of improving the performance of the sales force recovery IB division has been lowered from last year's merger with increased ELS-related gains in overseas markets thanks" for the MAS treatment. Following just explained that the SG & A efficiency expected to act as the main parameters of profitability, but added there is a possibility that the additional costs related to the merger will be reflected this year, the organization relocated cleanup is in progress, rather than focusing point reduced manpower and the fact that such considerations.

Kim researchers about the NH Investment Securities "of employees with promotion personnel after the merger in 2015 streamlining has reduced 400 people in 2820 to 3,218 people," said "seems to be a labor in 2017 as restructuring savings up to 19 billion won "he said. Thanks to the strong global stock markets in the first quarter earnings also fell because of synergies with the ELS early repayment enlarged scale cooperatives as a financial holding.

He NH NH Financial Group said how gathered funded affiliates in this process NH Investment & Securities Financial organizing fee and additional fee income if the 22 billion won revenue reflects Yeouido Park won project financing (PF) business in the fourth quarter of last year ( has secured the sale of advisory fees, underwriting fees, loan commitment fees, etc.) were diagnosed as boindago come steadily annual revenue of 10 billion won to the future in 2021.

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