External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Woori Financial Group  / Equity Bottom-Up

<ul><li>We raise our target price for Woori Financial Group to W34,000 (from W31,000), which we derived by applying a P/B of 0.65x (unchanged) to our 2026F BPS.</li><li>We kept our target multiple unchanged because we expect the group to exceed its CET1 ratio target of 13% throughout 2026, paving the way for meaningful shareholder return ratio improvement.</li><li>With our target price implying 33.9% upside, we reiterate our Buy rating.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We raise our target price for Woori Financial Group to W34,000 (from W31,000), which we derived by applying a P/B of 0.65x (unchanged) to our 2026F BPS.We kept our target multiple unchanged because we expect the group to exceed its CET1 ratio target of 13% throughout 2026, paving the way for meaningful shareholder return ratio improvement.With our target price implying 33.9% upside, we reiterate our Buy rating.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Woori Financial Group (316140 KS/Buy)CET1 Ratio Likely to Exceed 13% Throughout 2026

<ul><li>We maintain our Buy rating on Woori Financial Group and lift our target price to W31,000 (from W29,000).</li><li>We have slightly raised our target P/B from 0.6x to 0.65x (applied to 2025F BPS), as we believe the firm’s CET1 ratio continued rising in 3Q25 despite won weakness and should comfortably exceed the year-end target of 12.5%.</li><li>This means that the upper end of Woori Financial Group’s shareholder return range will likely be lifted from 35% to 40%. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain our Buy rating on Woori Financial Group and lift our target price to W31,000 (from W29,000).We have slightly raised our target P/B from 0.6x to 0.65x (applied to 2025F BPS), as we believe the firm’s CET1 ratio continued rising in 3Q25 despite won weakness and should comfortably exceed the year-end target of 12.5%.This means that the upper end of Woori Financial Group’s shareholder return range will likely be lifted from 35% to 40%. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Woori Financial Group (316140 KS/Buy)Capital Ratio Improvement Remains on Track

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
Context: This article provides an update on a previously identified pair trading opportunity between <a href="https://www.smartkarma.com/entities/samsung-fire-marine-insuranc" target="_blank" data-smartkarma-citation="entities:27499:1" rel="noopener">Samsung Fire &amp; Marine Insuranc (000815 KS)</a> and <a href="https://www.smartkarma.com/entities/woori-financial-group-inc" target="_blank" data-smartkarma-citation="entities:27995:1" rel="noopener">Woori Financial Group (316140 KS)</a>.</li>
<li>
Key Insights: The pair has not mean-reverted.  This Insight discusses the use of a Stop Loss in a statistical pair trading context and why one might be considered at this point.</li>
<li>
Why Read It: For investors interested in quantitative strategies, this article demonstrates some of the mechanics of statistical arbitrage and which indicators can be used to decide on exiting a position.</li>
</ul>



Context: This article provides an update on a previously identified pair trading opportunity between Samsung Fire &amp; Marine Insuranc (000815 KS) and Woori Financial Group (316140 KS).

Key Insights: The pair has not mean-reverted.  This Insight discusses the use of a Stop Loss in a statistical pair trading context and why one might be considered at this point.

Why Read It: For investors interested in quantitative strategies, this article demonstrates some of the mechanics of statistical arbitrage and which indicators can be used to decide on exiting a position.


Samsung F&M (000815 KS) Vs. Woori (316140 KS): No Mean Reversion (Yet), Time to Reassess the Pair

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

<ul>
<li>The “Value Up” initiative which kicked off in February 2024 has been intended to bring about corporate governance and market reforms which minority and especially foreign investors have long sought</li>
<li>So far, these voluntary reforms have brought positive albeit limited benefits to South Korean equities; presidential elections, with potential legislative change, should act as a positive valuation driver</li>
<li>We reiterate our positive views on Woori and Hana Financial which are the top banks based on our scorecard; these attributes are due to  attractive valuations and balance sheet credentials</li>
</ul>


The “Value Up” initiative which kicked off in February 2024 has been intended to bring about corporate governance and market reforms which minority and especially foreign investors have long sought
So far, these voluntary reforms have brought positive albeit limited benefits to South Korean equities; presidential elections, with potential legislative change, should act as a positive valuation driver
We reiterate our positive views on Woori and Hana Financial which are the top banks based on our scorecard; these attributes are due to  attractive valuations and balance sheet credentials


Korean Banks; Presidential Election Drives Positive View on Hana (086790 KS) And Woori (316140 KS)

<ul>
<li>The <a href="https://www.smartkarma.com/entities/samsung-fire-marine-insuranc" target="_blank" data-smartkarma-citation="entities:27499:1" rel="noopener">Samsung Fire &amp; Marine Insurance (000815 KS)</a> vs. <a href="https://www.smartkarma.com/entities/woori-financial-group-inc" target="_blank" data-smartkarma-citation="entities:27995:1" rel="noopener">Woori Financial Group (316140 KS)</a> Price-Ratio has deviated two standard deviations from its one-year average, highlighting a potential tactical opportunity.</li>
<li>Statistical and fundamental arguments are provided for and against a relative value trade in this pair that derives from two different industries.</li>
<li>Trade setup, statistical properties, factor exposure, risk management strategies, and key events are discussed.</li>
</ul>


The Samsung Fire &amp; Marine Insurance (000815 KS) vs. Woori Financial Group (316140 KS) Price-Ratio has deviated two standard deviations from its one-year average, highlighting a potential tactical opportunity.
Statistical and fundamental arguments are provided for and against a relative value trade in this pair that derives from two different industries.
Trade setup, statistical properties, factor exposure, risk management strategies, and key events are discussed.


Samsung Fire & Marine Ins (000815 KS) Vs. Woori Financial (316140 KS): A Pair Trade Investigation

South Korea

Woori Financial Group Inc. provides commercial banking services. The Company offers deposit services, loan services, bill services, settlement services, credit card, international, online banking, and other related services. Woori Financial Group also operates banking and retail banking businesses.

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Woori Financial Group (316140 KS)