Shinhan Financial Group Co Ltd

055550: XKRX (KOR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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KB Financial, With 33% Total Payout Ratio, Is Our Top Pick Among Korean Banks

Feb 13, 2023

We updated our forecast models for Korean banks following 2022 earnings reports. Our fair value estimates for KB Financial, Shinhan, and Woori are unchanged at KRW 75,000, KRW 54,000, and KRW 18,000 per share, respectively, with KB offering 35% upside, Shinhan 31% upside, and Woori 42% upside from Friday's close. Our estimate for Hana has increased from KRW 62,000 to KRW 65,000 per share (33% upside) as we lift its long-term forecasts slightly.

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Shinhan Financial Group Co Ltd

KB Financial, With 33% Total Payout Ratio, Is Our Top Pick Among Korean Banks

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