Brokerage stocks set for record highs, dividend surprises expected

Brokerage buildings in Seoul's financial district of Yeouido, Dec. 22, 2025. Yonhap

The brokerage industry is entering a strong earnings cycle, underpinned by months of benchmark stock index KOSPI’s rally amid steady capital inflows, trading fee income growth and rising expectations for sizable dividend increases, market watchers said Wednesday.

Further advancing the optimism is vibrant trading activity, coupled with a growing number of investors orienting their cash from banks to equities.

Brokerage stocks are reaching all-time highs, as rising valuations in equity-related assets and higher fee income push the combined industry earnings forecasts well above earlier market consensus.

According to financial market data, Kiwoom Securities traded at around 320,000 won ($216) per share on Wednesday, nearing its all-time intraday high of 327,500 won recorded Monday.

Mirae Asset Securities traded at 29,250 won, nearing its intraday peak of 30,400 won recorded on Monday. Korea Investment Holdings, the parent of Korea Investment & Securities, also traded near 173,700 won, after recording a record high of 187,400 won last November.

The record prices are driven by a bullish market that took shape last year and extended well into early this year.

“More funds are drawn into equity,” Daishin Securities analyst Park Hye-jin said. “Brokerages are seeing a sharp rebound in stock transaction commissions, their core revenue growth driver. Korea’s per-day trading volume stood at 36.9 trillion won in the fourth quarter of last year. This is a market condition favorable for them to see strong, sustained growth.”

The combined net income for the top five brokerages — Mirae Asset, Korea Investment, NH Investment & Securities, Samsung Securities and Kiwoom Securities — reached about 1.5 trillion won in the fourth quarter of last year.

This is up 17 percent from the market consensus of around 1.28 trillion won.

The figures are backed by trading data.

Average daily trading volume encompassing KOSPI and tech-heavy secondary bourse Kosdaq surged to 36.9 trillion won in the fourth quarter, up 43 percent from the previous quarter, the highest level on record.

As a result, their combined commission profits are estimated at around 1.62 trillion won, nearly double that of the previous year.

The strong equity is also explained by declining demand deposits at Korea’s top five commercial lenders, which saw a combined figure of 645 trillion won, down more than 28 trillion won over the first 10 days of January.

This means many are opting for high-risk, high-return equity investment, away from the low-risk, low-return monthly interests at banks.

Investor deposits at brokerages hit a record 92.9 trillion won on Jan. 8, up 5 trillion won this month alone.

Improving profitability is also fueling expectations for stronger shareholder returns.

Kiwoom Securities said its dividend this year will be 11,500 won per share, up 53 percent from a year earlier.

According to consensus estimates from FnGuide, a financial market data provider, Korea Investment Holdings will pay a dividend of 7,467 won per share, up 87 percent from the previous year.

Mirae Asset Securities and Samsung Securities are expected to increase dividends by about 53 percent and 35 percent, respectively.