Major Korean securities firms are projected to deliver exceptional Q2 2025 earnings that significantly exceed market expectations, according to data released on July 15 by financial information provider FnGuide. The combined operating profit estimate for five major firms—Mirae Asset, Samsung, NH Investment, Korea Investment & Securities, and Kiwoom—reaches 4.8438 trillion won, representing year-over-year growth ranging from 56.1% to 280%. The surge is driven by a 35.1% quarter-over-quarter increase in average daily trading volume, which rose from 84.4 trillion won in Q1 to an estimated 118.1 trillion won in Q2, encompassing domestic and international stocks and ETFs. This performance follows Q1 2025 records, when Mirae Asset Securities became the first Korean securities firm to join the 'quarterly 1 trillion club' with 1.4 trillion won in net profit.
Mirae Asset Securities Leads with 1.9 Trillion Won Q2 Operating Profit Projection
Mirae Asset Securities is forecast to record Q2 operating profit of 1.9019 trillion won, representing a 280% year-over-year increase and securing the top position among Korean securities firms. The firm achieved 1.375 trillion won in operating profit during Q1, a 297% increase from the previous year. Korea Investment & Securities is projected to surpass the 1 trillion won threshold with estimated operating profit of 1.0415 trillion won, up 77.9% year-over-year. The firm recorded Q1 operating profit of 959.9 billion won and net profit of 784.7 billion won, marking record quarterly performance. Samsung Securities is estimated at 643.5 billion won (108.5% increase), NH Investment at 619.4 billion won (92.4% increase), and Kiwoom Securities at 637.5 billion won (56.1% increase).
Trading Volume Surge Drives Brokerage Revenue Growth
The sharp increase in trading volume served as the primary driver of Q2 earnings growth. According to SK Securities, average daily combined trading volume for domestic and international stocks and ETFs increased from 84.4 trillion won in Q1 to 118.1 trillion won in Q2. Jung Tae-joon, researcher at Mirae Asset Securities, stated that brokerage revenue improved significantly due to the Q2 surge in average daily trading volume. SK Securities projected Samsung Securities' Q2 net profit attributable to controlling shareholders at 511.7 billion won, 5.6% above consensus, estimating brokerage commission revenue of 510.5 billion won, up 34.4% quarter-over-quarter. The analysis noted that Interactive Brokers (IBKR)-linked transactions, accounting for approximately 5% of average daily contracts, benefit from higher commission rates than domestic transactions.
Analysts Raise Target Prices on Strong Shareholder Return Expectations
Securities analysts are maintaining buy recommendations and raising target prices based on anticipated shareholder returns and dividend yields. Mirae Asset Securities raised Kiwoom Securities' target price from 516,000 won to 550,000 won. Jung stated that Kiwoom's Q2 net profit is expected to reach 531.1 billion won, exceeding consensus of 410.9 billion won by 29.3%, and raised the projected dividend per share from 15,500 won to 16,500 won. Kim In, researcher at BNK Investment & Securities, projected Mirae Asset Securities' Q2 net profit at 1.6214 trillion won, up 302% year-over-year, noting that the price-to-book ratio declined to 1.6x, enhancing valuation appeal. The analysis stated that the planned 22.3% treasury stock cancellation in the second half and 35% total shareholder return policy will provide upward momentum.
FAQ
What is the projected combined Q2 operating profit for major Korean securities firms?
According to FnGuide data released on July 15, the combined Q2 operating profit estimate for five major Korean securities firms (Mirae Asset, Samsung, NH Investment, Korea Investment & Securities, and Kiwoom) is 4.8438 trillion won, with year-over-year growth ranging from 56.1% to 280%.
What drove the Q2 earnings surge for Korean securities firms?
The primary driver was a 35.1% quarter-over-quarter increase in average daily trading volume, which rose from 84.4 trillion won in Q1 to 118.1 trillion won in Q2, resulting in significantly improved brokerage commission revenue and sustained interest income.
Which Korean securities firm is projected to lead Q2 earnings?
Mirae Asset Securities is projected to lead with Q2 operating profit of 1.9019 trillion won, representing a 280% year-over-year increase, following its Q1 achievement of becoming the first Korean securities firm to surpass 1 trillion won in quarterly net profit.
