"With Samsung and Hynix Rising Too Much, Feeling Uneasy... Who Will Be the Biggest Beneficiary of Capital Flows in the Second Half?"

Yuanta Securities predicted that if the current concentration in semiconductors eases in the second half of the year, securities stocks will become the biggest beneficiaries, as profit growth is expected amid a bullish stock market.

The KOSPI is shown on the status board in the dealing room of Hana Bank in Jung-gu, Seoul, as it attempts a rebound after falling more than 2% during the session on the 2nd. That day, the KOSPI opened at 8,883.19, up 94.81 points (1.08%) from the previous session, while the KOSDAQ index started at 1,044.89, down 5.14 points (0.49%). June 2, 2026 Photo by Jo Yongjun

Recently, the KRX Securities Index has been underperforming compared to the KOSPI, with the gap widening further. This is attributed to the concentration of trading volume in Samsung Electronics and SK hynix. Of the more than 100 trillion won in average daily trading value, transactions in Samsung Electronics and SK hynix account for over 40%.

Do-Hyung Woo, a researcher at Yuanta Securities, stated, "Given the current favorable conditions in the semiconductor industry, this tendency for concentration is likely to continue, and the divergence between securities stocks and the KOSPI may widen further." He added, "However, as the rate of semiconductor profit growth is expected to slow in the second half of the year, the concentration phenomenon is likely to ease, and as funds move to other sectors, the clear profit growth effect stemming from higher index levels should trigger a rebound in the securities sector."

Yuanta Securities projected that the combined net profit attributable to controlling shareholders for the five securities companies—Samsung Securities, Mirae Asset Securities, NH Investment & Securities, Korea Financial Group, and Kiwoom Securities—will reach 3.2 trillion won in the second quarter of this year, exceeding the consensus (average securities firm forecast) by 13.2%. Woo explained, "The reason for exceeding the consensus is that the increase in trading value due to the market rally is expected to result in solid brokerage profits, and Mirae Asset Securities is also anticipated to post over 1 trillion won in valuation gains related to the IPO of a global space company in the second quarter."

Yuanta Securities revised its forecast for the combined average daily trading value of the KOSPI and KOSDAQ markets in 2026 and 2027 to 73.2 trillion won and 64.4 trillion won, respectively, reflecting upward adjustments of 37.1% and 41.2% from previous estimates. The firm selected Samsung Securities as its top pick in the securities sector. Woo noted, "As we expect the market to remain KOSPI-centric going forward, Samsung Securities, which has a relatively high commission share from the KOSPI, will benefit. With a payout ratio of 35% and a dividend yield of around 6%, the downside for the stock price is also considered limited."

Mirae Asset Securities was selected as a stock of interest. Woo added, "Securities companies are actively forming strategic partnerships and making equity investments in virtual asset exchanges, with Mirae Asset Group having acquired a 92% stake in Korbit. With discussions on the Basic Act on Digital Assets expected to resume in the second half of the year, momentum for digital asset-related stocks should come into focus again, and further benefits from the IPO of a global space company are also anticipated."

This content was produced with the assistance of AI translation services.