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>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.

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

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>In this insight, we discuss the sharp capital flight out of Korea into major stocks in the US in the past several years, especially into the MAG7 stocks.</li>
<li>We provide seven major reasons why Koreans' investments in the US stocks (especially MAG7) have been surging in the past several years. </li>
<li>When will they sell? We provide some clues on this.</li>
</ul>


In this insight, we discuss the sharp capital flight out of Korea into major stocks in the US in the past several years, especially into the MAG7 stocks.
We provide seven major reasons why Koreans' investments in the US stocks (especially MAG7) have been surging in the past several years. 
When will they sell? We provide some clues on this.


7 Main Reasons Driving Surging Ownership into MAG7 Stocks by Korean Investors: When Will They Sell?

<ul>
<li>My NAV valuation analysis of Daou Technology suggests NAV per share of 60,059 won which is 56% higher than current share price. </li>
<li>The largest portion of Daou Technology's value is its 42.5% stake in Kiwoom Securities which is worth 3 trillion won (180% of Daou Technology's market cap). </li>
<li>I think Daou Technology could pay DPS of 2,961 won per share in 2026 (up 65% YoY), which would suggest a dividend yield of 7.7%. </li>
</ul>


My NAV valuation analysis of Daou Technology suggests NAV per share of 60,059 won which is 56% higher than current share price. 
The largest portion of Daou Technology's value is its 42.5% stake in Kiwoom Securities which is worth 3 trillion won (180% of Daou Technology's market cap). 
I think Daou Technology could pay DPS of 2,961 won per share in 2026 (up 65% YoY), which would suggest a dividend yield of 7.7%. 


<ul>
<li>Due to the recent crash in numerous Korean stocks related to the CFDs, FSC announced that it plans to restrict the amount of leverage related to CFD products.</li>
<li>CFDs will be considered as personal credit extensions and thus should be included in the credit limit of securities companies. </li>
<li>Given the propensity of retail investors to be net-long, the greater restriction on the credit limit of securities limit could add to further selling pressures on the Korean stock market. </li>
</ul>


Due to the recent crash in numerous Korean stocks related to the CFDs, FSC announced that it plans to restrict the amount of leverage related to CFD products.
CFDs will be considered as personal credit extensions and thus should be included in the credit limit of securities companies. 
Given the propensity of retail investors to be net-long, the greater restriction on the credit limit of securities limit could add to further selling pressures on the Korean stock market. 


FSC to Reduce CFD Derivatives Transactions in Korea

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

EURO STOXX 50 Price EUR / Technical Analysis

<ul>
<li>It appears the recent pullback is over, and we could see the MSCI ACWI (ACWI-US) test YTD highs at $93. We still expect $93 to cap upside in 2023.</li>
<li>Overweight Europe/UK and non-U.S., we are buyers on pullbacks as long as FTSE 100 is above 7700, STOXX Europe 50 is above 3800, and EURO STOXX 50 is above 4000.</li>
<li>As long as these support levels are holding, we are constructive from a price perspective</li>
</ul>


It appears the recent pullback is over, and we could see the MSCI ACWI (ACWI-US) test YTD highs at $93. We still expect $93 to cap upside in 2023.
Overweight Europe/UK and non-U.S., we are buyers on pullbacks as long as FTSE 100 is above 7700, STOXX Europe 50 is above 3800, and EURO STOXX 50 is above 4000.
As long as these support levels are holding, we are constructive from a price perspective


Remain Overweight Europe/UK & Non-US Equities; Pullback Over?; Buys in Industrials and Financials

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Kiwoom Securities (039490 KS)

7 Main Reasons Driving Surging Ownership into MAG7 Stocks by Korean Investors: When Will They Sell?

In this insight, we discuss the sharp capital flight out of Korea into major stocks in the US in the past several years, especially into the MAG7...

Douglas Kim

NAV Analysis of Daou Technology

My NAV valuation analysis of Daou Technology suggests NAV per share of 60,059 won which is 56% higher than current share price.

Douglas Kim

FSC to Reduce CFD Derivatives Transactions in Korea

Due to the recent crash in numerous Korean stocks related to the CFDs, FSC announced that it plans to restrict the amount of leverage related to...

Douglas Kim

Remain Overweight Europe/UK & Non-US Equities; Pullback Over?; Buys in Industrials and Financials

Remain overweight Europe/UK and non-US equities; we are buyers on pullbacks as long as the FTSE 100 is above 7700, the STOXX Europe 50 is above...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)