039490.KO
T3Emerging Markets (IEMG)Kiwoom Securities Co., Ltd.
Key Reported Metrics, Reratings Triggers & ResultsThis metric indicates the expansion of Kiwoom's customer base, signifying its ability to attract new retail investors and grow its market presence in a competit
Upcoming print · 2026-10-29
| Key reported metrics | Rerating thresholds | ||||
|---|---|---|---|---|---|
| Metric | Last period | Why it matters | What's needed for rerating | Rerating context | Earnings date |
| Number of Individual Clients | 11% | This metric indicates the expansion of Kiwoom's customer base, signifying its ability to attract new retail investors and grow its market presence in a competitive brokerage landscape. | Kiwoom Securities needs to report year-over-year (YoY) growth in its Number of Individual Clients of 12% or more, maintaining or accelerating its recent client acquisition momentum (11% YoY as of July 2026). | This metric indicates the expansion of Kiwoom's customer base and market presence. Sustained double-digit client growth, especially in a competitive landscape, confirms the effectiveness of its platform and supports long-term revenue growth, driving a positive rerating. | |
| Credit Lending Interest Income | 63% | As a significant component of net interest income, this metric reflects profitability from margin lending to active traders, directly impacted by interest rates and client leverage. It's crucial for overall earnings. | Kiwoom Securities needs to report flat to positive quarter-over-quarter (QoQ) growth in Credit Lending Interest Income (0% or higher QoQ), significantly counteracting the industry trend of shrinking margin loan balances, which saw a 10.4% QoQ decline for major brokerages in Q3 2026. | Credit Lending Interest Income is a crucial component of net interest income, reflecting profitability from margin lending. Achieving growth or minimal decline here demonstrates robust client leverage and effective interest rate management, bolstering overall earnings and the long thesis. | |
| Average Daily Trading Volume (ADTV) | 236.1% | This metric directly measures the level of retail investor activity and engagement on Kiwoom's platform, which is a primary driver of brokerage commission revenue. Strong growth indicates a robust trading environment and increased market share. | Kiwoom Securities needs to report a quarter-over-quarter (QoQ) decline in Average Daily Trading Volume (ADTV) of less than 15%, significantly outperforming the broader South Korean domestic stock market's projected 41.7% QoQ decline for Q3 2026. | ADTV is a primary driver of brokerage commission revenue. Outperforming the severe market contraction signals Kiwoom's strong market share, platform stickiness, and resilience, which would positively re-rate the stock amidst a challenging macro environment. | |