{"id":122734,"date":"2026-08-18T01:35:08","date_gmt":"2026-08-18T01:35:08","guid":{"rendered":"https:\/\/www.europesays.com\/korea\/122734\/"},"modified":"2026-08-18T01:35:08","modified_gmt":"2026-08-18T01:35:08","slug":"db-securities-raised-its-investment-opinion-from-neutral-hold-to-buy-buy-and-raised-its-target-s","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/korea\/122734\/","title":{"rendered":"DB Securities raised its investment opinion from neutral (hold) to buy (buy) and raised its target s.."},"content":{"rendered":"<p>            <img decoding=\"async\" src=\"https:\/\/www.europesays.com\/korea\/wp-content\/uploads\/2026\/08\/news-p.v1.20260818.b87bbc443bdb4c0c91c8f8e264f2f582_P1.jpg\" orgwidth=\"700\" orgheight=\"569\" alt=\"A panoramic view of the Hyundai Marine Fire &amp; Marine Insurance building. [Yonhap News]\"\/>                      \uc0ac\uc9c4 \ud655\ub300                A panoramic view of the Hyundai Marine Fire &amp; Marine Insurance building. [Yonhap News]      <\/p>\n<p refid=\"2\">DB Securities raised its investment opinion from neutral (hold) to buy (buy) and raised its target stock price from 32,000 won to 63,000 won on the 18th, saying that Hyundai Marine is expected to have an earnings turnaround.<\/p>\n<p refid=\"3\">DB Securities said Hyundai Marine &amp; Marine Insurance&#8217;s second quarter performance this year was a surprise, exceeding the estimate of 44.5%. In the long-term insurance sector, it was analyzed that loss-bearing contract costs would be refunded due to changes in accounting assumptions.<\/p>\n<p refid=\"4\">It was also pointed out that the main reason was the significant improvement in the actual loss ratio (the difference between the expected loss ratio and the actual loss ratio). This has been proven again that Hyundai Marine &amp; Marine Insurance has a high sensitivity to real loss insurance. DB Securities confirmed that claims for manual treatment have been decreasing due to the recent expansion of management benefits, and reflected them in its performance estimation because there is a high possibility that it will be repaid instead of the large-scale loss contract cost of the previous year at the end of the year.<\/p>\n<p refid=\"5\">In addition, auto insurance is also showing the effect of increasing insurance premiums across the industry. Contrary to concerns, it is expected to achieve a break-even point (BEP) or higher, and its annual net profit is expected to recover to around KRW 1 trillion.<\/p>\n<p refid=\"6\">In addition, dividends are still unlikely this year, but dividends for next year&#8217;s settlement are expected to be possible without improving regulations on cancellation refund reserves.<\/p>\n<p refid=\"7\">DB Securities pointed out that Hyundai Marine Co.&#8217;s target stock price was 60%, and conservatively set a target of 6 trillion won, which is 50% of Hyundai Marine Co.&#8217;s current market capitalization. He explained that a 10% discount rate was applied to the calculated value considering that there was no dividend this year.<\/p>\n<p refid=\"8\">Lee Byung-gun, a researcher at DB Securities, said, &#8220;The room to raise the target price by 20% is open just by reducing the discount over time and burning the holdings of treasury stocks. There are still internal risks, but the expected rate of return will be the highest within the insurance industry.&#8221;<\/p>\n<p>#<\/p>\n<p>DB Securities<\/p>\n<p> Investment Opinion<\/p>\n<p> Yonhap News<\/p>\n<p> Hyundai Marine<\/p>\n<p> Target Stock Price<\/p>\n<p> Loss Contract Cost<\/p>\n<p> DB Insurance<\/p>\n","protected":false},"excerpt":{"rendered":"\uc0ac\uc9c4 \ud655\ub300 A panoramic view of the Hyundai Marine Fire &amp; Marine Insurance building. [Yonhap News] DB Securities&hellip;\n","protected":false},"author":2,"featured_media":122735,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[23085,15942,295,294,7554,293,49941,63573,50314,16973],"class_list":["post-122734","post","type-post","status-publish","format-standard","has-post-thumbnail","category-hyundai","tag-db-insurance","tag-db-securities","tag-hyundai","tag-hyundai-group","tag-hyundai-marine","tag-hyundai-motor-group","tag-investment-opinion","tag-loss-contract-cost","tag-target-stock-price","tag-yonhap-news"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts\/122734","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/comments?post=122734"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts\/122734\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/media\/122735"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/media?parent=122734"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/categories?post=122734"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/tags?post=122734"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}