Samsung Securities said on the 30th that its consolidated net profit reached KRW 190.3 billion in the second quarter, exceeding market expectations, adding that strong profits from corporate finance and trading led to strong earnings. It maintained its "buy" investment opinion and raised its target price by 9.09% from 5,500 won to 6,000 won on Meritz Securities.
Samsung Securities analyzed, "Consolidated net profit in the second quarter was KRW 190.3 billion due to strong corporate finance and trading profits, exceeding market expectations by 18.2%.".
The strong performance was attributed to strong sales, including recognition of commission fees of about 25 billion won following the arrangement of Magok MICE development real estate project financing (PF).
Corporate financial commission revenue rose 72.3% year-on-year to KRW 158 billion. Trading earnings also rose 24.3% to 187.9 billion won in a year, with both stocks and bonds posting good results.
Profits from consignment sales fell 29.7 percent to 13.5 billion won due to a drop in market transaction payments. It is noteworthy that corporate financial profits proved excellent operating power with more than KRW 100 billion. It is said that profits from other sectors such as trading also remained solid and diversified.
Reporter Lee Dong-hoon usinvestmentidea2020@gmail.com
