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

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We lift our target price for KB Financial Group (KBFG) to W184,000, which we derived by applying a target P/B of 1.0x (unchanged) to our 2026F BPS.</li><li>We believe it is reasonable to maintain a target P/B of 1.0x due to the group’s stronger-than-expected capital position, which should give it ample capacity to keep raising shareholder returns (even accounting for potential earnings headwinds such as “productive finance” initiatives and regulatory fines).</li><li>We project the shareholder return ratio (dividends + buybacks) to reach 53.8% in 2026 and increase steadily thereafter. </li></ul><p><em>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.</em></p>

We lift our target price for KB Financial Group (KBFG) to W184,000, which we derived by applying a target P/B of 1.0x (unchanged) to our 2026F BPS.We believe it is reasonable to maintain a target P/B of 1.0x due to the group’s stronger-than-expected capital position, which should give it ample capacity to keep raising shareholder returns (even accounting for potential earnings headwinds such as “productive finance” initiatives and regulatory fines).We project the shareholder return ratio (dividends + buybacks) to reach 53.8% in 2026 and increase steadily thereafter. 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.

KB Financial Group (105560 KS/Buy)Strong Capital Position to Support Higher Shareholder Returns