[Edaily Reporter kyoungeun kim ] Analysts report that securities stocks, which had been on a downward trend following a sharp rise in the first half of the year, have begun to stabilize in September. Given their lower valuations and increased dividend appeal, experts advise that October marks the right time to increase investment interest in these stocks.
Yoon Yu-dong, an analyst at NH INVESTMENT & SECURITIES, stated in a report on the 28th, “With the KOSPI’s further decline limited around the 7,000 level, securities stocks are also gradually finding a bottom,” adding, “Major macroeconomic concerns—such as interest rate hikes, exchange rates, and war—have already been largely factored into stock prices.” He maintained a “Positive” investment rating for the sector.
Third-quarter earnings are expected to be weak, as the full impact of rising interest rates and declining trading volume begins to take effect. However, Analyst Yoon explained, “As of September 23, the average daily trading volume for the third quarter stood at 76.3 trillion won, significantly exceeding the previous year’s average of 31.7 trillion won, indicating that interest in stock investment remains high.”
Due to the weak stock market, the price-to-book ratio (PBR) for the securities sector has fallen to 0.9x, and the expected dividend yield for the five companies under coverage this year has risen to between 2.0% and 7.1%.
Preparations for the next cycle are also underway. With SamsungSecurities(016360)and Meritz Securities receiving approval to issue promissory notes in September, competition for deposits has intensified. Ahead of the implementation of the security token offering (STO) system in February 2027, securities firms are also accelerating their preparations to enter the digital asset market.
However, some target prices were lowered. The target price for KOREA INVESTMENT HOLDINGS(071050)was lowered to 300,000 won, for KIWOOM Securities(039490)to 410,000 won, and for DaishinSecurities(003540)to 35,000 won. The target prices for SamsungSecurities(016360)(150,000 won) and MIRAE ASSET SECURITIES(006800)(70,000 won) were maintained.
SamsungSecurities(016360)was named the top pick. This is based on the fact that it has the highest expected dividend yield this year at 7.1% among the companies under coverage and aims for a 50% dividend payout ratio over the medium to long term. Analyst Yoon commented, “Despite the market correction, the number of family office clients with assets of 100 billion won or more has actually increased to 200 families, demonstrating the company’s retail competitiveness.”