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

Woori Financial Group  / Equity Bottom-Up

<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><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 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