In today’s briefing:
- Samsung Life’s Official Move to Make Fire a Subsidiary: A Value-Up Play for Samsung’s Big Three
- Korean Banks; Positive Fundamental and Share Price Trends for Hana (086790 KS) And Woori (316140 KS)
Samsung Life’s Official Move to Make Fire a Subsidiary: A Value-Up Play for Samsung’s Big Three
- The FSS will review the subsidiary approval, with final approval expected from the FSC by early April. Market signals suggest a near-100% chance of Samsung Life getting the green light.
- Samsung’s moves post-Lee Jae-yong’s Feb 3rd ruling signal a major pivot, setting up aggressive value-up plays across Samsung Life, Samsung Electronics, and Samsung C&T.
- Shoring up Samsung Life’s finances triggers a domino effect, positioning Samsung Electronics and Samsung C&T to follow with their own shareholder-friendly moves.
Korean Banks; Positive Fundamental and Share Price Trends for Hana (086790 KS) And Woori (316140 KS)
- Our weighted metrics of share valuations, capital adequacy and credit quality feed into an investment valuation matrix; we look for opportunities where the risks are well discounted in current valuations
- We stick with Hana Financial for its attractive valuations, PEG and equity risk premia; there is potential for management to deliver on its Value-Up plan over the medium term
- Woori is the stand-out in terms of our matrix; this is based on valuation, PEG ratio, credit quality and its improving pre- and post-provision returns along with efficiency ratio
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