South Korean brokerage Hana Securities has issued a ‘buy’ recommendation for Kiwoom Securities, citing a developing liquidity surge reminiscent of the conditions seen during the COVID-19 pandemic. The firm maintains a target price of 570,000 won (approximately $430 USD) for Kiwoom Securities stock, anticipating further gains as personal investment flows increase. This assessment comes as individual investors continue to drive activity in both domestic and overseas stock markets.
The analysis, released on March 4, 2026, suggests that the current influx of personal funds into the market is still in its early stages. According to Hana Securities’ research, personal investors have already accumulated approximately 25 trillion won (roughly $19 billion USD) in exchange-traded funds (ETFs) as of February, exceeding the full-year total of 17 trillion won from 2025. ETF average daily trading volume has more than tripled year-over-year, reaching 16.5 trillion won. The Kospi index has also seen two consecutive months of net buying by individual investors.
Mirroring the Pandemic-Era Surge
Hana Securities researcher Go Yeon-soo drew parallels between the current market dynamics and those observed during the height of the COVID-19 pandemic in 2020-2021. During that period, individual investor participation soared, reaching a peak of 80% of monthly trading volume and significantly contributing to the overall market rally. As reported by E-Today, Go believes the current trend has the potential to follow a similar trajectory.
The government’s push to promote the Kosdaq market, specifically the “Kosdaq 3000” initiative, is expected to further accelerate the inflow of personal capital into the domestic stock market. This policy aims to boost the Kosdaq index to 3000 points, potentially attracting more retail investors seeking higher growth opportunities.
Potential for Kiwoom Securities Market Share Gains
Hana Securities anticipates that a substantial increase in personal investment activity could lead to a rebound in Kiwoom Securities’ domestic market share. Even under a conservative scenario where market share remains stable, the brokerage projects a 53% year-over-year increase in brokerage commission revenue, reaching 1 trillion won. This projection is based on the anticipated growth in trading volume and associated fees.
Further bolstering the outlook for Kiwoom Securities are upcoming announcements. The company is expected to unveil a two-year shareholder return policy in March, potentially including increased dividends. An expansion of its retirement pension business in the second half of the year is anticipated to strengthen its position in the ETF lifecycle (LP) business.
Financial Metrics and Investor Sentiment
Currently, Kiwoom Securities is trading at a price-to-book (PBR) ratio of 1. Hana Securities believes this valuation presents an attractive entry point for investors. The brokerage’s positive outlook is supported by the expectation that increased trading volume will offset any potential downside risks to earnings.
Recent market activity reflects growing investor confidence. As noted in a post on X (formerly Twitter), there is a consensus among some analysts that Kiwoom Securities is a worthwhile investment, particularly during market adjustments.
Looking Ahead
Investors will be closely watching for the release of Kiwoom Securities’ two-year shareholder return policy later this month. The details of this policy, including potential dividend increases, will likely influence investor sentiment and stock performance. The progress of the company’s expansion into the retirement pension business will be a key area of focus in the coming months.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. Investing in the stock market involves risks, and investors should conduct their own research and consult with a qualified financial advisor before making any investment decisions.
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