Shinhan Financial Group Co Ltd

055550: XKRX (KOR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Korean Bank Earnings: Shinhan, Hana, and Woori Show Good Resilience to Sector Headwinds

Jul 27, 2023

We maintain our fair value estimates of KRW 54,000 for Shinhan Financial, KRW 65,000 for Hana Financial, and KRW 18,000 for Woori Financial after the Korean banks’ second-quarter earnings announcements. Our fair values are equivalent to 0.57 times June 2023 book value for Shinhan, 0.55 times book value for Hana, and 0.49 times book value for Woori, around 50% higher than current share prices for all three. Our fair value for KB Financial, which reported earnings earlier this week and is the largest Korean banking group, is equivalent to 0.60 times its book value and offers similar upside.

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Shinhan Financial Group Co Ltd

Korean Bank Earnings: Shinhan, Hana, and Woori Show Good Resilience to Sector Headwinds

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