Mirae Asset Securities leading industry once again

Mirae Asset Securities saw its third-quarter top line soar 22.5 percent to 6.67 trillion won ($4.55 billion) from a year earlier, leading South Korea’s brokerage industry once again.

During the July-September period, the Seoul-based company said early this month that its net profit jumped 18.8 percent year-on-year to 343.8 billion won ($234 million).

No other securities companies of the nation topped the 6 trillion won ($4.1 billion) mark in sales during the three-month period.

Korea Investment & Securities announced on Nov. 11 that its third-quarter net income has almost doubled to 650.9 billion won ($413 million). But its turnover just edged up 0.4% to 5.65 trillion won ($3.85 billion).

Kiwoom Securities netted 322.4 billion won ($220 million) in profit, up 52.3 percent, for a revenue of 3.37 trillion ($2.3 billion), up 24.1 percent.

Samsung Securities suffered from a 1.5 percent decline in its sales of 2.73 trillion won ($1.86 billion) for a net profit of 309.2 billion won ($211 million), up 28.7 percent.

The country’s securities industry is expected to fare well for the time being, thanks to the bullish run on the Seoul bourse.

During the third quarter, its benchmark KOSPI jumped over 10% and since Oct. 1, the index soared more than 20%.

“We need to refer to not only the stock market rally and higher trading volumes, but also structural changes both inside and outside the securities industry,” Kiwoom Securities analyst Ahn Young-joon said.

“Growing public interest in financial markets, reduced earnings volatility from the expansion of large brokerages, and improved capital efficiency through enhanced shareholder returns are expected to gradually drive multiple expansion for brokerage stocks over the mid to long term.”