External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Equity Bottom-Up

<ul><li>We raise our target price for Kiwoom Securities to W466,000 (from W320,000).</li><li>Our revised target price implies a 3.0% dividend yield based on our 2026F DPS projection of W14,000 and corresponds to a 2026F P/B of 1.59x.</li><li>The reduction in our target dividend yield from 5.0% to 3.0% reflects a lower required rate of return amid the market rally. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We raise our target price for Kiwoom Securities to W466,000 (from W320,000).Our revised target price implies a 3.0% dividend yield based on our 2026F DPS projection of W14,000 and corresponds to a 2026F P/B of 1.59x.The reduction in our target dividend yield from 5.0% to 3.0% reflects a lower required rate of return amid the market rally. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kiwoom Securities (039490 KS/Hold)Market Share Contracts Despite Bullish Conditions

South Korea

KIWOOM Securities Co., Ltd. is an online financial institution.  The Company offers equity and fixed income securities brokerage, dealing, and underwriting services.  Kiwoom Securities provides its services to individual investors.

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