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

Mirae Asset Securities

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives.

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Equity Bottom-Up

Industrial Bank Of Korea / Equity Bottom-Up

<ul><li>We raise our target price for Industrial Bank of Korea (IBK) to W22,000 (from W21,000), applying a target P/B of 0.45x (unchanged) to our 2026F BPS.</li><li>With our target price implying 4.3% downside, we maintain our Hold rating.</li><li>We keep our target P/B unchanged, as: 1) we do not expect IBK’s CET1 ratio to reach the 12% threshold required to raise the dividend payout ratio even in 2026; and 2) under this scenario, the cash dividend payout ratio is effectively capped at 35% of standalone net profit. </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 raise our target price for Industrial Bank of Korea (IBK) to W22,000 (from W21,000), applying a target P/B of 0.45x (unchanged) to our 2026F BPS.With our target price implying 4.3% downside, we maintain our Hold rating.We keep our target P/B unchanged, as: 1) we do not expect IBK’s CET1 ratio to reach the 12% threshold required to raise the dividend payout ratio even in 2026; and 2) under this scenario, the cash dividend payout ratio is effectively capped at 35% of standalone net profit. 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.

韓国産業銀行（024110 KS/ホールド）配当分離課税の対象となる可能性は低い