This presentation material is prepared by KDB Daewoo Securities Co., Ltd. For the purpose of providing information to current and prospective

Transcription

1 This presentation material is prepared by KDB Daewoo Securities Co., Ltd. For the purpose of providing information to current and prospective investors of the company. The contents in this document are preliminary, and forward looking statements are based on KDB Daewoo Securities internal projections. All such statements are subject to certain risks and uncertainties that could cause actual results to differ from those in this material.

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3 Income Statement Q Q Q * Net income refers to net income attributable to controlling interests Q Net Operating Revenue Brokerage Wealth Management Investment Banking Sales & Trading Interest Income Others Commission Expenses SG&A Expenses Operating Profit Net Non-operating Income Net Income before Tax Income Tax Expense Net Income Key Points Overview Along with an upsurge in BK, most of the business divisions revenue including WM and IB increased. Despite deteriorated bond trading environment, NOR rose 4% QoQ to W313.2 and pretax profit rose 7% QoQ to W155.1bn Brokerage Retail sales capacity was reinforced in a result of company-wide support on contents and product competitiveness. In addition, BK revenue (up 44% QoQ to W111.9bn) and M/S rapidly increased thanks to improved market environment such as avg. trading volume and individual participant rate Wealth Management (Financial product sales revenue) WM capability was strengthened on the back of competitive products such as trust investing unlisted stocks, Mongolian CD, Special RP, etc. WM assets hit a record high of W60.9tr and WM revenue exceeded W30.0bn (up 14% QoQ to W32.7bn) Investment Banking Advisory revenue showed continuous growth in a result of continued effort to diversify revenue structure to traditional IB (ECM, DCM) and non-traditional IB (structural finance, PF, corporate loan, PE, etc). In particular, quarterly IB revenue marked above W30bn (up 144% QoQ to W31.2bn) for the first time since 2010 thanks to increased real-estate PF advisory fee Sales & Trading Derivatives Unit income rose with good results in early redemption margin and hedge trading led by enlarged market volatility. Prop. Trading Unit income also improved by realizing profit from one of the past investment. On the other hand, total S&T income was down 29% QoQ to W95.8bn due to worsened bond trading environment 3

4 (DW) Brokerage Revenue (Market) Avg. Daily Trading Volume (Unit : Wtr) KOSPI KOSDAQ (DW) M/S & Avg. Commission Rate 12.4bp 6.6% 11.5bp 6.1% 5.4% 5.3% 12.4bp 7.0% 5.7% 12.7bp 7.4% 6.0% By turnover By commission Avg. commission rate (Market) Breakdown by Investor Type 60.5% 59.9% 21.0% 21.8% 63.8% 18.6% 18.5% 18.3% 17.6% 68.6% 16.7% 14.7% Foreigners Institutions Individuals 4

5 WM (Financial product related) Revenue Mutual Fund Wrap Trust/Pension ELS/DLS WM (Financial product sales) Assets (Unit : Wtr) 2Q Q Q Q Mutual Fund Wrap Account Trust/Pension ELS/DLS RP Bond/CP (Key Product) Wrap Account Assets 11,850 12,614 4,047 4,868 13,382 13,827 4,947 5,249 7,478 7,450 8,123 8, Equity (Hybrid) Bond (Hybrid) Others (CMA) (Key Product) ELS/DLS Issuance 3,186 3,361 3,674 3,018 1, ELS DLS 5

6 IB Revenue 1H 2015 Major Deals ECM DCM Advisory Rights Offering (W150.7bn) Block Sale (W324.0bn) IB League Table (1H 2015) ECM DCM 3% 19% 97% KDB DW Others 81% KDB DW Others Financial Advisory in acquiring KT Rental (W400.0bn) Emirates Airline Aircraft investment (USD 144.6mn) * Source : The Bell League Table (ECM-IPO, Rights Offering, ELB, DCM-Corporate Bonds, Financial Bonds, ABS) 6

7 차트제목 Sales & Trading Income Fixed Income Balance (Unit : Wtr) 8.1% 7.7% 8.5% 8.0% FI Balance Portion of Foreign Currency Denominated Bonds (Market) Interest Rate Client Book Balance (Unit : %) (Unit : Wtr) Y Bank Debenture 3Y KTB Yield 10Y KTB Yield Derivative-combined Securities Sold Securities sold under R.P 7

8 Total Client Assets SG&A (Unit : Wtr) Financial product assets Equities, etc Salary Advertising Others * Cheil Ind. (W15.5tr) was withdrawn in Jun as lockup period expires * One-off expense : W25.4bn (140 voluntary retired employees in June 2015) Retail Client Assets HNWI Client (with assets of W100mn+) (Unit : Wtr) (Unit : Wtr, '000) Financial product assets Equities, etc. * W8.0tr (approx.) of retail assets is reclassified as non-retail assets (Jan. 2015) Asset of HNWI Number of HNWI * Retail client assets decreased W10tr due to withdrawing Cheil Ind. in June

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10 General History Date of Established 23 September 1970 September 1970 Established as Dong Yang Securities Date of Listing 30 September 1975 No. of Shares Paid-in-Capital Common Preferred 326,700,891 shares 14,075,750 shares W1.7tr No. of Employees 3,060 Domestic Network Overseas Network Overseas Subsidiaries Branch Office Rep. Offices 103 (101 Branches, 2 Stores) Hong Kong (1994, 2014), London (1991), New York (1992), Beijing (2011), Singapore (2012), Mongolia (2013), Indonesia (2013) Tokyo (2011) Beijing (2008), Shanghai (2010), Ho Chi Minh (2007) September 1975 October 1983 October 1999 October 2009 November 2011 December 2014 Shareholder Structure Foreigners 17% Institutions 10% Initial Public Offering Renamed as Daewoo Securities Co., Ltd. Split from Daewoo Group KDB Financial Group established and becomes majority shareholder Capital increase (W1.12tr) Majority shareholder changed to KDB Bank / KoFC, KDBFG and KDB Bank merged Individuals 29% KDB Bank 43% Credit Rating AA+ Stable (3 Domestic Rating Agencies) Baa2 (Moody s) (As of 31 December 2014, common shares) 10

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12 FY2012 FY Q 2Q 3Q 4Q 1Q 2Q 3Q 1Q 2Q 3Q 4Q 1Q 2Q FY12 FY (YTD) Net Operating Revenue Brokerage Wealth Management Investment Banking Sales & Trading Interest Income Others Commission Expenses SG&A Expenses Operating Profit Net Non-operating Income Net Income before Tax Income Tax Expense Net Income * Net income refers to net income attributable to controlling interests Balance Sheet (Wtr) Total Assets Total Liabilities Shareholders Equity Net Capital Ratio (NCR) 546% 506% 535% 488% 519% 520% 511% 505% 449% 422% 428% 932% 953% 488% 511% 428% 953% Net Capital 2,950 3,050 3,070 3,186 3,067 3,012 2,929 3,065 2,925 2,983 3,174 3,199 3,303 3,186 2,929 3,174 3,303 Total Risk Amount * The new NCR formula was applied from 1Q 2015, new NCR formula = (net operating capital-gross risks)/sum of equity capital required to maintain each business unit s license (W268.8bn) *

13 Dream with Us Investor Relations Team Junsoo Kim, Youngbae Shin, Minjeun Lee, Jieun Lee