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

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Equity Bottom-Up

Nh Investment & Securities / Equity Bottom-Up

<ul><li>We raise our target price for NH Investment &amp; Securities (NH I&amp;S) to W28,000 (from W24,000), which implies a 5.0% dividend yield (based on a projected 2026 DPS of W1,400) and corresponds to a 2026F P/B of 1.11x.</li><li>Given that the KOSPI’s 12-month forward P/B is currently above 1x, we expect NH I&amp;S’s P/B to exceed that level as well.</li><li>With our target price implying 39.3% upside, we reiterate our Buy rating.</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 NH Investment &amp; Securities (NH I&amp;S) to W28,000 (from W24,000), which implies a 5.0% dividend yield (based on a projected 2026 DPS of W1,400) and corresponds to a 2026F P/B of 1.11x.Given that the KOSPI’s 12-month forward P/B is currently above 1x, we expect NH I&amp;S’s P/B to exceed that level as well.With our target price implying 39.3% upside, we reiterate our Buy rating.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.

NH Investment & Securities (005940 KS/Buy)Strong Dividend Appeal

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

Nh Investment & Securities / Equity Capital Markets

<ul>
<li>NH Investment &amp; Securities Co (005940 KS) announced that it plans to raise 650 billion won through a third party paid-in capital allocation.</li>
<li>Expected price of the capital raise is 20,150 won. Nonghyup Financial Group is expected to fund this capital raise. </li>
<li>We believe there is likely to be some net selling of the Korean securities companies in the next several months due to disappointing new tax policies (especially for dividends). </li>
</ul>


NH Investment &amp; Securities Co (005940 KS) announced that it plans to raise 650 billion won through a third party paid-in capital allocation.
Expected price of the capital raise is 20,150 won. Nonghyup Financial Group is expected to fund this capital raise. 
We believe there is likely to be some net selling of the Korean securities companies in the next several months due to disappointing new tax policies (especially for dividends). 


NH Investment & Securities - Capital Raise of 650 Billion Won

Cross Asset Strategy

<ul>
<li>On 28 November, the Korean National Assembly reached an agreement on a tax reform plan to officially lower taxes on dividends income. </li>
<li>The decline in tax on dividends is a definite step in the right direction. Nonetheless, the top bracket dividend tax rate cut was slightly less than what market was expecting. </li>
<li>Given that about 15%-25% dividend tax rates are more common in other developed countries,  Korea's reduction of dividend taxes is likely to be welcomed highly by many global investors.</li>
</ul>


On 28 November, the Korean National Assembly reached an agreement on a tax reform plan to officially lower taxes on dividends income. 
The decline in tax on dividends is a definite step in the right direction. Nonetheless, the top bracket dividend tax rate cut was slightly less than what market was expecting. 
Given that about 15%-25% dividend tax rates are more common in other developed countries,  Korea's reduction of dividend taxes is likely to be welcomed highly by many global investors.


Top Bracket Dividend Tax Rate Lowered to 30% in Korea [Moderately Positive]

<ul>
<li>Democratic Party lawmaker Kim Hyun-jung has introduced a revised Income Tax Act that would lower the top tax rate on dividend income from 35% to 25%.</li>
<li>Given that this proposal is coming from the ruling Democratic Party, there is a fairly high probability that this could be passed into law in 3Q 2025.</li>
<li>We provide a list of 28 mid-cap/large cap stocks in Korea with more than 35% dividend payout and 3% or more dividend yield that could benefit from this new proposal.</li>
</ul>


Democratic Party lawmaker Kim Hyun-jung has introduced a revised Income Tax Act that would lower the top tax rate on dividend income from 35% to 25%.
Given that this proposal is coming from the ruling Democratic Party, there is a fairly high probability that this could be passed into law in 3Q 2025.
We provide a list of 28 mid-cap/large cap stocks in Korea with more than 35% dividend payout and 3% or more dividend yield that could benefit from this new proposal.


Separate Dividend Tax Plan in Korea: A Push for a 25% Rate for Top Bracket

South Korea

NH Investment & Securities Co., Ltd. provides brokerage, underwriting, and securities dealing services.  The Company's offerings include financial advisory service, online trading, corporate financing, research, foreign exchange service, beneficiary certificates, investment consulting, financial derivatives, bonds, and mutual funds.

NH Investment & Securities Co (005945 KS)

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NH Investment & Securities Co (005945 KS)

NH Investment & Securities (005940 KS/Buy)Strong Dividend Appeal

We raise our target price for NH Investment & Securities (NH I&S) to W28,000 (from W24,000), which implies a 5.0% dividend yield (based on a...

Mirae Asset Securities

NH Investment & Securities - Capital Raise of 650 Billion Won

NH Investment & Securities Co (005940 KS) announced that it plans to raise 650 billion won through a third party paid-in capital allocation.

Douglas Kim

Top Bracket Dividend Tax Rate Lowered to 30% in Korea [Moderately Positive]

On 28 November, the Korean National Assembly reached an agreement on a tax reform plan to officially lower taxes on dividends income.

Douglas Kim

Separate Dividend Tax Plan in Korea: A Push for a 25% Rate for Top Bracket

The final decision to lower top bracket dividend tax from 35% to 25% could be made in the next several days. There have been increasing local news...

Douglas Kim

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