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

Meritz Financial Group / Equity Bottom-Up

<ul><li>We lift our target price for Meritz Financial Group (Meritz) to W157,000 (from W145,000). Our target price is based on a 2026F P/B of 2.18x and implies a P/E of 10x.</li><li>Our higher valuation for Meritz relative to peers reflects: 1) the three-year extension of its existing corporate value enhancement plan; and 2) the resulting expectation that the firm will continue to execute a shareholder return policy centered on buybacks/cancellations to achieve its long-term P/E target of 10x.</li><li>With our target price implying 28.8% upside, we maintain our Buy rating and retain the stock as our top pick in the insurance sector.</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 Meritz Financial Group (Meritz) to W157,000 (from W145,000). Our target price is based on a 2026F P/B of 2.18x and implies a P/E of 10x.Our higher valuation for Meritz relative to peers reflects: 1) the three-year extension of its existing corporate value enhancement plan; and 2) the resulting expectation that the firm will continue to execute a shareholder return policy centered on buybacks/cancellations to achieve its long-term P/E target of 10x.With our target price implying 28.8% upside, we maintain our Buy rating and retain the stock as our top pick in the insurance sector.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.

Meritz Financial Group (138040 KS/Buy)Consistent Shareholder Returns and Resilient Earnings