The author is an analyst of Shinhan Investment Corp. He can be reached at hsh0628@shinhan.com. -- Ed. Client base expands alongside growing demand for SCM solutionsIncreased volatility in global supply chains and efforts to reinforce ESG (environmental, social, and governance) management are driving
The Financial Supervisory Service recently investigated 1.3 trillion won and 800 billion won foreign exchange transactions at Shinhan and Woori Banks, respectively. According to the agency, the abnormal transactions were related to arbitrage cryptocurrency trading, and it sent the cases to the prose
The author is an analyst of KB Securities. He can be reached at cygun101@kbfg.com. -- Ed. Maintain BUY but lower target price 17.5% to KRW16,500 We lower our TP by 17.5% to KRW16,500 on Woori FG but maintain BUY based on the following:(1) Profit contributions from bank subsidiaries have been relativ
The Financial Supervisory Service is inspecting Woori Bank as one of the bank's branches in Seoul is involved in foreign exchange transactions suspected of money laundering.According to reports, a total of 800 billion won was remitted overseas through about 400 transactions at the bank's Eun
The author is an analyst of NH Investment & Securities. He can be reached at junsup@nhqv.com. -- Ed. Major financial groups are forecast to deliver robust earnings in 2H22, building on 1H22. And, backed by base rate hikes and higher market interest rates, NIM at banking players is highly likely to j
The police have arrested a Woori Bank employee for embezzling 61.4 billion won.The bank has recently found in an internal audit that the employee, who handles corporate workouts, embezzled company money. It reported the case to the police on the evening of April 27.The embezzled money was part of a
The author is an analyst of KB Securities. He can be reached at cygun101@kbfg.com. -- Ed. High earnings contribution from Bank; stronger earnings growth compared to rivals— Woori FG reported 1Q22 consolidated NP (attributable to controlling interests) of KRW884.2bn, above the market consensus and ou
The author is an analyst of NH Investment & Securities. She can be reached at jiyoony@nhqv.com. -- Ed. Digital Daesung likely recorded sound 1Q22 earnings. Accumulated transaction value for 2023 Daesung Allpass is estimated to have expanded in the mid-20%-range y-y in 1Q22. Following the roll-out of
The author is an analyst of KB Securities. He can be reached at cygun101@kbfg.com. -- Ed. Maintain BUY, target price of KRW20,000 on high earnings contribution from bank subsidiaries, continuation of CCR stabilization We maintain BUY and TP of KRW20,000 on Woori FG based on:(1) anticipated earnings
The author is an analyst of NH Investment & Securities. He can be reached at junsup@nhqv.com. -- Ed. We expect WFG to report double-digit NP (excluding minority interests) growth for 1Q22. We draw attention to the high earnings portion its banking subsidiary occupies within the financial group.High
The authors are analysts of Shinhan Investment Corp. They can be reached at hsh0628@shinhan.com and wonyong.sim@shinhan.com, respectively, -- Ed. Biggest beneficiary of regulatory shift to standardized APIMyData services, which officially kicked off in Korea on 5 January 2022, take a step beyond ope
Market research firm CEO Score said on March 2 that 853 listed companies announced dividend payment in January or February, and those include 568 in which the dividend for the fiscal year of 2021 exceeds that for the previous fiscal year.“Between the fiscal years of 2019 and 2020, the respective fig
LG AI Research announced on Feb. 22 that the Expert AI Alliance has been launched by 13 domestic and foreign companies from various business fields.The alliance is the first private AI alliance formed by leading domestic and foreign companies in the IT, financial, educational, medical, manufacturing
The author is an analyst of KB Securities. He can be reached at cygun101@kbfg.com. -- Ed. Maintain BUY, raise target price 14.3% to KRW20,000 for industry top pick We maintain BUY on Woori FG and raise our TP by 14.3% to KRW20,000. 4Q21 consolidated NP (attributable to controlling interests) came in
The author is an analyst of NH Investment & Securities. He can be reached at junsup@nhqv.com. -- Ed. Among banking plays, WFG boasts the best investment points given its large market share, expanding shareholder return policy, and to-be-highlighted stake value.Adhering to Buy, raise TP to W21,000; s
Credit card companies are halting the Easy Samsung Pay Registration service on their apps. This is because Samsung Pay is demanding a fee increase. Hyundai Card announced so on Jan. 27.Until recently, Hyundai Card paid Samsung Pay about 500 million won a year regarding the service. Samsung Pay recen
The Ministry of Economy and Finance announced on Jan. 23 that it has paid Iran’s U.N. contributions using Iran’s frozen funds in South Korea.The payment of US$18 million was completed on Jan. 21 after Iran’s request on Jan. 13. Iran lost its voting right in the U.N. General Assembly on Jan. 12 for a
The author is an analyst of NH Investment & Securities. She can be reached at jiyoony@nhqv.com. -- Ed. Digital Daesung’s 4Q21 earnings will likely come in short of consensus, but noting 4Q off-seasonality, we advise investors to focus more upon upcoming 2022 factors. The accumulated transaction valu
The authors are analysts of Shinhan Investment Corp. They can be reached at sh.kim@shinhan.com and mintz95@shinhan.com, respectively. -- Ed. Banks with high share of variable-rate loans show stronger fundamentals during rate hike cyclesBanks with a relatively large portion of variable-rate loans ten
After Samsung Card parted ways from Samsung Pay, Samsung Group’s electronic payment service, Woori Card and Lotte Card have also decided to terminate their Samsung Pay-linked services due to low utilization rates.Woori Card and Lotte Card will end their Samsung Pay-linked services provided through t