Samsung Securities target raised to 170,000 won as Q1 earnings show market boom effect

Korea Investment & Securities said on May 12 that Samsung Securities’ first-quarter results confirmed the benefit of a strong stock market across all business areas, raising its target price from 155,000 won to 170,000 won. It maintained a Buy rating. Samsung Securities posted first-quarter net profit attributable to controlling shareholders of 450.9 billion won, about 17% above the consensus compiled just before the earnings release. Analyst Baek Doo-san said wealth-management results beat expectations and financial-product sales revenue reacted to the market boom as elastically as brokerage commissions. Financial-product sales revenue rose 83% quarter on quarter to 84.6 billion won, with wrap and fund revenue up 131% and 97%, respectively. Net brokerage commissions increased 43% to 349.3 billion won, supported by an 80% rise in domestic equities. The IBKR-linked integrated account for foreign investors moved from pilot operation in late April to official launch on May 7. Source: hankyung.com