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iM Securities Cuts NH Investment & Securities Target Price Amid Market Slump

Finance · Investment Banks/Brokers · yonhap_finance · 2026-08-24

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iM Securities lowered its target price for NH Investment & Securities to 35,000 KRW, citing reduced trading volumes and potential fines from bond collusion probes.

What Happened

Target Price Cut: iM Securities has lowered its target price for NH Investment & Securities from 41,000 KRW to 35,000 KRW. The adjustment reflects concerns over declining trading volumes in the domestic stock market and potential regulatory fines.

Trading Volume Decline: With domestic trading volumes dropping significantly since July, analysts have revised their earnings forecasts downward. The contraction in market activity is expected to weigh on the brokerage's near-term profitability.

Regulatory Risks: The ongoing investigation by the Korea Fair Trade Commission into alleged collusion among primary dealers in government bond auctions remains a significant overhang. Given the scale of the auctions, the potential for substantial fines is creating uncertainty.

Shareholder Returns: Despite these challenges, NH Investment & Securities maintains its appeal as a defensive stock due to its high dividend payout ratio. Analysts believe its commitment to shareholder returns will help mitigate valuation pressures during this industry downturn.

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