Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Bottom-Up

Woori Financial Group  / Equity Bottom-Up

<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

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Mirae Asset Securities / Equity Bottom-Up

<ul>
<li>In this insight, we propose a pair trade between a basket of major securities stocks (long) versus banking stocks (short) in Korea.</li>
<li>We believe the five major securities stocks in Korea could continue to outperform the five major banking stocks in Korea over the next 6-12 months.</li>
<li>We present 3 major headwinds on the Korean banking sector and 4 major tailwinds on the Korean securities sector. </li>
</ul>


In this insight, we propose a pair trade between a basket of major securities stocks (long) versus banking stocks (short) in Korea.
We believe the five major securities stocks in Korea could continue to outperform the five major banking stocks in Korea over the next 6-12 months.
We present 3 major headwinds on the Korean banking sector and 4 major tailwinds on the Korean securities sector. 


A Pair Trade (Basket) Of Korean Banks Vs Securities

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>Our weighted metrics of share valuations, returns, capital adequacy and credit quality feed into a scorecard matrix; we look for opportunities where the risks are well discounted in current valuations</li>
<li>
<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> remains the stand-out in terms of our matrix; this is based on valuation, dividend yield, and its superior credit quality relative to its peers</li>
<li>Hana Financial is second from top in our scorecard due to its attractive PBV ratio versus RoE, healthy dividend yield and sound credit quality; management should deliver improved medium-term returns</li>
</ul>


Our weighted metrics of share valuations, returns, capital adequacy and credit quality feed into a scorecard matrix; we look for opportunities where the risks are well discounted in current valuations

Woori Financial Group (316140 KS) remains the stand-out in terms of our matrix; this is based on valuation, dividend yield, and its superior credit quality relative to its peers
Hana Financial is second from top in our scorecard due to its attractive PBV ratio versus RoE, healthy dividend yield and sound credit quality; management should deliver improved medium-term returns


Korean Banks; Stick with Hana (086790 KS) And Woori (316140 KS)

<ul>
<li>Among the various industries, the banking sector could be negatively impacted if Lee Jae-Myung becomes the next President of Korea.</li>
<li>Lee Jae-Myung has pledged providing a "basic loan" of 10 million won per citizen which is likely to negatively impact the Korean banks since it lacks rigorous credit checks. </li>
<li>There is an increasing likelihood that Lee Jae-Myung could raise the pressure on local banks to share the responsibility of social policies by contributing more money to support them.</li>
</ul>


Among the various industries, the banking sector could be negatively impacted if Lee Jae-Myung becomes the next President of Korea.
Lee Jae-Myung has pledged providing a "basic loan" of 10 million won per citizen which is likely to negatively impact the Korean banks since it lacks rigorous credit checks. 
There is an increasing likelihood that Lee Jae-Myung could raise the pressure on local banks to share the responsibility of social policies by contributing more money to support them.


Lee Jae-Myung's Policies Likely to Negatively Impact Korean Banks

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Index Rebalance

<ul>
<li>June rebalance drops mid-May, goes live post-KOSPI 200 expiry. Back to 100 names—net outflow setup with more deletes than adds. ETFs rebalance into June 12 close.</li>
<li>KRX confirmed 10 special entries for June; results likely out in May with Value-Up rebalance. 12 protected names stay. Stocks over 10% weight, like Samsung and SK Hynix, remain.</li>
<li>Value-Up disclosure isn’t mandatory yet—rule starts June 2026. But compliant firms get a screening boost. Around 76 spots remain, filled via quant screen after excluding 24 protected names.</li>
</ul>


June rebalance drops mid-May, goes live post-KOSPI 200 expiry. Back to 100 names—net outflow setup with more deletes than adds. ETFs rebalance into June 12 close.
KRX confirmed 10 special entries for June; results likely out in May with Value-Up rebalance. 12 protected names stay. Stocks over 10% weight, like Samsung and SK Hynix, remain.
Value-Up disclosure isn’t mandatory yet—rule starts June 2026. But compliant firms get a screening boost. Around 76 spots remain, filled via quant screen after excluding 24 protected names.


June Value-Up Rebalance: Hype Fading, But Key Flags Remain

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)

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

Statistical analysis highlights potential for a tactical opportunity. Statistical and fundamental arguments in favor and against a relative value...

Gaudenz Schneider

A Pair Trade (Basket) Of Korean Banks Vs Securities

In this insight, we propose a pair trade between a basket of major securities stocks (long) versus banking stocks (short) in Korea.

Douglas Kim

Korean Banks; Stick with Hana (086790 KS) And Woori (316140 KS)

Weighted scorecard metrics drive opportunities in undervalued stocks; Woori Financial with its strong credit quality and high dividend yield, Hana...

Victor Galliano

Lee Jae-Myung's Policies Likely to Negatively Impact Korean Banks

Among the various industries, the banking sector could be negatively impacted if Lee Jae-Myung becomes the next President of Korea.

Douglas Kim

June Value-Up Rebalance: Hype Fading, But Key Flags Remain

This post gives a quick pulse check on the June Value-up Index rebalance—hype’s cooling off, but there are still a few key things to flag.

Sanghyun Park

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52-week Range

Market Cap (USDm)

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

Statistical analysis highlights potential for a tactical opportunity. Statistical and fundamental arguments in favor and against a relative value...

Gaudenz Schneider

A Pair Trade (Basket) Of Korean Banks Vs Securities

In this insight, we propose a pair trade between a basket of major securities stocks (long) versus banking stocks (short) in Korea.

Douglas Kim

Korean Banks; Stick with Hana (086790 KS) And Woori (316140 KS)

​Weighted scorecard metrics drive opportunities in undervalued stocks; Woori Financial with its strong credit quality and high dividend yield, Hana...

Victor Galliano

Lee Jae-Myung's Policies Likely to Negatively Impact Korean Banks

Among the various industries, the banking sector could be negatively impacted if Lee Jae-Myung becomes the next President of Korea.

Douglas Kim

June Value-Up Rebalance: Hype Fading, But Key Flags Remain

This post gives a quick pulse check on the June Value-up Index rebalance—hype’s cooling off, but there are still a few key things to flag.

Sanghyun Park

Weighted scorecard metrics drive opportunities in undervalued stocks; Woori Financial with its strong credit quality and high dividend yield, Hana...