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Korean securities house reporting 19.7% first-half ROE, 41.9% CIR, and sharp growth in financial-product fee income and IB net operating revenue.
Hugel and PharmaResearch posted record numbers on exports, and brokerages marked up targets within days. The upside now has to come from execution, not re-rating.
Reality
The runners-up behind Lilly and Novo are consolidating around a few late-stage assets. Readouts starting next year, not messaging, will decide who takes share.
Reality
Foreigners swung from heavy net sellers to heavy net buyers of KOSPI shares in a single week as Samsung and SK hynix rebounded. The small-cap record run was a flow event.
Reality
Korean brokerages have tied retail pay so tightly to individual sales results that a trading boom now pays front-line contract staff many times what the people running the firms take home.
Reality
Product fee income rose 158% and IB revenue 248% in the first half. Both were earned in a rising market, and neither has been tested in a falling one.
Reality