[Click eStock] "Samsung Securities, DPS Expected to Increase by Double Digits"

Hana Securities evaluated that Samsung Securities' dividend per share (DPS) could increase by double digits or more on the 16th. The investment opinion 'Buy' and the target price of 47,000 won were maintained.

Samsung Securities recorded a net profit of 253.1 billion won in the first quarter of this year, a 0.2% increase compared to the same period last year, exceeding the market expectation of 173.9 billion won by 46%.

Youngjun Ahn, a researcher at Hana Securities, analyzed, "The results exceeded market expectations thanks to solid brokerage performance due to increased stock market trading volume and favorable operating profit and loss." He added, "One-time expenses such as provisions related to real estate project financing (PF) were at a better level than concerns."

Researcher Ahn continued, "The brokerage sector, which shows strengths, continues to experience favorable business conditions, and a favorable environment such as future interest rate cuts is expected." He forecasted, "Although there is a possibility of additional provision accumulation due to the implementation of real estate PF normalization measures in the second quarter, the scale will not be large as large-scale provisions were proactively accumulated last year." He also explained, "As solid performance was recorded despite provision accumulation, performance growth is expected this year as well due to steady brokerage income and improved operating profit and loss from stock market stabilization." He added, "The expected DPS based on annual performance estimates is 2,600 won, and the expected dividend yield is 6.6%."