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#One. Mr. A (67), a high-value asset owner, recently transferred 10 billion won of money from the sale of real estate from a bank to a brokerage account. Having increased his assets by investing in commercial buildings in Seoul, he initially planned to reinvest the funds from the sale into real estate, but changed plans. This is because we already judged that the real estate prices were high and transaction costs were high, and there were not enough properties to meet the expected rate of return. Mr. A explained that “out of the funds for the sale of real estate deposited in the bank as an investment waiting fund, 3 billion won was directly invested in domestic and foreign high-end stocks such as Samsung Electronics and Tesla.” As the yield exceeded expectations, he gave up real estate purchases and deposited an additional 7 billion won, and is currently investing in 50% of domestic stocks, 30% of US stocks and 20% of Chinese stocks.
#2. Mr. B (55), the manufacturer’s representative who sold the villa only after three years, invested 4 billion won in stocks. Having had a hard time finding a buyer during the villa selling process, he initially invested mainly in bond-type products and diversified investments to Samsung Electronics, LG Chem, Kakao, etc. for 300 million won. Since then, the investment has been gradually increased, investing 2 billion won each in domestic and US stocks.
The central axis of the asset composition of high-value asset owners is changing. It is interpreted that the fact that the liquidity market continues around the world and the difficulty of finding attractive investment destinations as well as the stock market, which is easy to cash out with high yields, has been affected. For example, the KOSPI rose by 30.7% over the past year. High-value asset owners are also expanding their share of stocks, focusing on large and high-end stocks, while actively distributing their assets to overseas markets such as the US, China, Hong Kong, and Japan. In a survey conducted by Samsung Securities PB’s 508 customers, 44% of respondents said that bank deposits would be transferred to the stock market. Their average investment per person was 2.3 billion won. The fact that 17 people who answered that they would invest more than 10 billion won in the stock market, and 2 people with more than 20 billion won, supports that the’flow of money’ is changing together.
In the era of zero interest rates, financial demand is exploding, and at the same time, when new investment destinations appear, capital is rapidly being sucked into the stock market, increasing the share of stocks to respond quickly. Samsung Securities Investment Consulting Team Leader Kim Sang-moon said, “When looking at the amount of additional investment, it is expected that various real estate investment funds such as shopping malls and buildings will move in addition to housing.”
If the’money move’ phenomenon accelerates, a positive impact on the Korean stock market is expected. It is an analysis that the inflow of long-term investment funds into the stock market is important and that the central axis must shift to the capital market to foster the industry. Jae-cheol Na, chairman of the Financial Investment Association, said, “The money move phenomenon, which moves funds from banks and real estate to the stock market, is accelerating.” It needs to be increased,” he said.
Investor deposits, which already have the characteristics of stock market funds, are showing a sharp increase this year. Investor deposits from 29 trillion won at the beginning of last year rose to 67,836.9 billion won as of the 21st of this month. It has increased by more than 127% in about a year. On the 12th, investor deposits reached a record high of 74,455.9 billion won.
Kang Song-cheol, a researcher at Shinhan Investment Corp. said, “The amount of funds waiting for the stock market for individual investors can be estimated by the sum of the investor deposit and the balance of CMA.” Assuming that it maintains the (7% level), the stock market standby fund can be expanded to 130 trillion won at the end of 2021.
Meanwhile, the proportion of investing in overseas stocks is also steadily increasing.
According to Samsung Securities, among those who have invested directly in domestic and foreign stocks, the proportion of those who have invested in overseas stocks is at the level of 21%, an increase of 8 percentage points from 13% in 2019. Among investors who cited’stocks’ as promising investment assets, 34% said they would invest in overseas stocks, indicating that diversified investment in the global market has become a solid trend.
As the stock market absorbs market funds quickly, it is highly likely that securities companies’ earnings will increase this year. For example, the average daily trading value steadily increased every month, and as of December last year, the stock market transaction amount exceeded 18 trillion won and the KOSDAQ market exceeded 15 trillion won. According to Kiwoom Securities on the day, the net operating income of Korea Investment & Securities and Samsung Securities was around 1.8 trillion won in 2017, but is expected to increase by more than 60% to 1.76 trillion won this year.
In the past, brokerage (consignment trading) profits of securities companies were mostly limited to simple stock brokerage fees. However, recent investors’ interests are expanding to non-stock assets, crossing overseas stocks, raw materials, and index-following products. The brokerage role is expanding into a comprehensive asset brokerage platform. In addition, the ultra-high asset price with high average commission rate and the transaction amount of corporate funds also increased significantly.
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