[CFO 리포트] NH투자증권은 안녕한가

Despite record-breaking Q1 2026 earnings, NH Securities faces a trust crisis stemming from multiple internal control failures, including the Fadu IPO scandal that led to South Korea's first securities class action lawsuit. The company's underperformance versus competitors signals that the market views current profits as cyclical market benefits rather than structural improvements, requiring governance stabilization and revenue diversification beyond domestic stock dependency. With PBR projected below 1.0x, restoring investor confidence through resolving internal control issues and demonstrating sustainable earnings growth is critical for valuation re-rating.