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KB Financial Group shares attract attention from financial circles

Collected: 2016.10.23

Distributed: 2016.10.24

Source: Go Direct

Shares of South Korea’s KB Financial Group Inc. hit a new 52-week high, which has attracted attention from the industry. Experts analyzed that its shares have drawn attention as the group has bolstered its non-banking units.

According to South Korea’s securities exchange operator Korea Exchange (KRX), the group hit a new 52-week intraday high of 42,700 won ($37) on Friday one and a half years after 42,800 won in April 24 in 2015. The group on Thursday reported earnings that beat market expectations for the third quarter and its share price gained as much as 45 percent from early this year.

The group raked in 1.69 trillion won in net income for the January - September period of this year, compared with 1.7 trillion won of the whole last year. According to Korea’s market data provider FnGuide, this year’s net profit is predicted to reach 2.17 trillion won, the highest in the recent three years. The figure is up more than 25 percent from last year.

“KB Financial Group is expected to grow through expansion of non-banking units and the group’s performance would be backed by profits from its core subsidiaries of Hyundai Securities Co., KB Insurance Co. and KB Capital Co.,” said Eun Kyung-wan, an analyst of Meritz Securities Co.

Unlike other financial groups, the financial group has solid holding assets and cash-making abilities of its subsidiaries. The group has recently bought the full stake of Hyundai Securities. Market observers predict that KB Insurance could be the wholly-owned subsidiary of the group. “If this comes true, its share price would increase further,” said the analyst.

By Hong Jang-won, Bae Mi-jung

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