On May 4, 2026, NH Investment & Securities (NH투자증권) made headlines across South Korea’s financial sector with a string of influential reports and a major internal shakeup. The company’s latest analyses on construction and consumer stocks, as well as its own record-breaking performance and looming leadership restructuring, are stirring both optimism and speculation among investors and industry insiders alike.
Let’s start with the construction sector, where NH투자증권’s confidence in DL E&C (DL이앤씨) and GS Engineering & Construction (GS건설) stands out. According to a report highlighted by etoday, NH투자증권 reaffirmed a ‘buy’ rating for DL이앤씨 and set a bullish target price of 140,000 KRW. The reasoning? DL이앤씨’s first-quarter 2026 operating profit soared to 157.4 billion KRW—a staggering 94.4% jump from the previous year and well above market expectations. The housing division’s gross profit margin (GPM) climbed to around 20%, signaling clear profitability improvements. This upward trajectory is expected to hold steady, with the GPM for housing and construction projected to remain at 18% even in 2026, despite a slowdown in new construction starts. While the plant division faces short-term challenges due to design changes lingering from late 2025, overall company performance remains robust, buoyed by foreign exchange gains and one-off legal windfalls.
But perhaps the most exciting element for DL이앤씨 is its foray into the small modular reactor (SMR) business. The company is ramping up collaboration with U.S.-based X-energy, pursuing standard designs for conventional and nuclear island facilities. DL이앤씨 currently holds a 1.17% stake in X-energy, and with X-energy’s recent public listing, the value of this stake is expected to climb. NH투자증권 projects that, after a slight dip in sales in 2026, DL이앤씨 will return to growth in 2027, with operating profits forecast to rise from 520 billion KRW in 2026 to 668 billion KRW the following year. As NH투자증권 researcher 이은상 put it, “Stable profitability in the housing business and increased visibility in the SMR business are being highlighted at the same time. If new orders and energy business expansion are added, there is a high possibility of a valuation reappraisal.”
GS건설, another construction heavyweight, also received a vote of confidence from NH투자증권, according to Yonhap News. The brokerage maintained its ‘buy’ rating and a target price of 56,000 KRW, projecting a 29% increase in operating profit for 2026—up to 564.9 billion KRW. The company’s construction and housing segment, which secured a massive 16 trillion KRW in new orders last year and plans to sell 14,000 housing units in 2026, is expected to maintain stable performance. The plant division is on track for profitability stabilization thanks to confirmed cost rates and progress in major Northeast Asia LNG projects. Meanwhile, uncertainties in new business areas have been resolved through the liquidation of subsidiary 엘리먼츠 and a stock purchase agreement for GS이니마. For the first quarter of 2026, GS건설 announced an operating profit of 73.5 billion KRW (up 4.4% year-over-year), though sales dropped by 21.6% to 2.45 trillion KRW.
Turning to the consumer sector, NH투자증권’s coverage of F&F (383220) has also caught the market’s attention. Analyst 정지윤 noted in a new report that F&F’s first-quarter 2026 earnings exceeded consensus, driven by improved consumer sentiment at home and abroad, as well as the global expansion of the MLB brand. The brokerage raised its target price for F&F by 5.3%, from 95,000 KRW to 100,000 KRW, maintaining a ‘buy’ rating. This is the highest target price among analyst reports in the last six months, surpassing the consensus average of 92,778 KRW. However, it’s worth noting that overall analyst sentiment has become more conservative recently, with the six-month average target price for F&F dipping by 2.5% compared to the previous half-year period. Nevertheless, NH투자증권’s optimistic stance signals strong faith in F&F’s ability to leverage sales growth into increased profits, especially as inbound tourism and domestic profitability continue to improve in the second quarter.
While NH투자증권’s research and recommendations are making waves in the market, the company itself is undergoing a significant transformation. As reported by FETV, NH투자증권 is preparing to shift from a single-CEO to a dual-CEO (각자대표) system, sparking widespread interest in how leadership and responsibilities will be divided. The current CEO, 윤병운, is widely expected to be reappointed and may share the helm with a new CEO who would likely oversee the retail division. This move comes on the heels of a record-breaking first quarter: NH투자증권 posted an operating profit of 636.7 billion KRW and a net profit of 475.7 billion KRW, both all-time highs for the company. The timing of the leadership transition discussions—right after the Q1 results—has led many to speculate that 윤병운’s continued leadership is a foregone conclusion.
The dual-CEO system, already in place at peer firms like 미래에셋증권, 메리츠증권, and KB증권, involves dividing authority and responsibility by business segment. NH투자증권’s main divisions include retail (wealth management and digital), investment banking, asset management, wholesale, and global business. While 윤병운 has a strong background in investment banking, the new CEO is expected to take charge of the retail business, though the allocation of critical support functions like HR and finance remains undecided. These functions, while not directly tied to sales, have a significant impact on organizational management. According to an NH투자증권 spokesperson, “Currently, only the decision to transition to a dual-CEO system has been made. We are preparing for the nomination committee, but nothing concrete has been decided yet.”
Industry observers are keenly watching how NH투자증권 will structure its new leadership. Comparisons to other securities firms provide some clues: at 메리츠증권, for example, one CEO oversees trading, trusts, and retail, while the other handles investment banking and management support (HR, compliance, etc.); at KB증권, one CEO manages wealth management, digital, and product strategy, while the other is responsible for investment banking, sales and trading, and overall corporate management, including planning, support, communications, and IT.
As NH투자증권 stands at the crossroads of record profits, bold investment recommendations, and a fundamental leadership overhaul, the stakes could hardly be higher. Investors, employees, and market watchers are all asking: will these strategic moves reinforce NH투자증권’s position as a market leader, or will they introduce new challenges in an already dynamic financial landscape? Only time will tell, but for now, the company’s strong research, robust earnings, and willingness to adapt are painting a picture of ambition—and calculated risk.
With the dust still settling on first-quarter results and the nomination committee’s decisions yet to be finalized, all eyes remain on NH투자증권 as it charts a new course in both its own boardroom and the wider Korean financial market.