Samsung Securities Files Additional Derivative-Linked Bond Prospectus for KRW 125 Billion, Maintains AA+ Rating and Strong Financial Health

Samsung Securities has filed an additional registration statement for three issues of derivative-linked bonds DLB totaling KRW 125 billion. This is a routine use of the existing issuance program with no new capital raising or equity dilution effect.
The issuer Samsung Securities holds an AA+ credit rating with shareholders' equity of KRW 7.6445 trillion as of end-2025 and an NCR of 2095%, demonstrating a very stable financial structure. Net profit of KRW 971.3 billion reflects strong profitability.
These derivative-linked bonds are not covered by the Depositor Protection Act, and investors could lose principal if the issuer defaults. Samsung Securities has contingent liabilities including 23 lawsuits and approximately KRW 2.8 trillion in purchase commitments, but these are manageable given its large capital base.
Samsung Securities paid a dividend of KRW 4,000 per share for fiscal year 2025, representing a payout ratio of 80%, reinforcing its shareholder return policy. The company also has a history of treasury stock cancellation, indicating continued efforts to enhance shareholder value.
[AI Summary]This additional DLB filing is an administrative step within the existing issuance limit, with no new capital raising or dilution. Samsung Securities' strong financial health and high dividend payout ratio are positive for shareholder value, though investors should be aware of principal loss risk and liquidity constraints.