Daishin Securities' corporate banking, asset quality worsening signs interests undermine confidence. "

It was down to [Korea goyounghun financial newspaper reporter - 15 days instead of securities companies, saying due to asset quality deterioration signs for bank profits to be slightly damaged confidence BUY 'with a target price ₩ 16,000 on.

In addition, the background of the goal down because we said it assumed the credit cost ratio was raised earnings estimates downward since 2017.

Daishin Securities Jeffrey Choi researchers' fourth quarter net profit YoY was almost consistent with the estimates as 213.1 billion won 5.2 percent decline "and" foreign exchange translation losses due to the exchange rate, while generating 41 billion won was posted earnings that slightly below the current level. " I was diagnosed.

Choi researchers "Companies 4Q11 results feature of the Bank asset quality worsening symptoms appeared is that the surface delinquency ratio and NPL ratio in large sheets, depreciation fell," he said, "but every single · depreciated before the real NPL net increase in scale 8400 reached one hundred million won, while higher than the current level of the past few years were 5000 ~ 6000 one hundred million won per quarter is analyzed that asset quality deteriorated, "he said.

In addition, credit costs were also significantly increased due to deteriorating health. Banks will face the fourth quarter loan loss provisions, given the reversal of the loans sold 192.5 billion won to 221.7 billion won substantial loan loss level was estimated to have exceeded 4,000 billion.

He's a "for health is a temporary phenomenon exacerbated journal 1-2 quarters requires more observation, but one fact that the income trust damaged by losses increase is undeniable," said "4Q11 NIM (net interest margin) is 1.90 ~ 1.91% It has determined that it is maintaining a stable level continues. "

Choi researchers "need certainty asset quality does not deteriorate further for a valuation re-evaluation" and "health concerns are resolved and should be available gotta check this dividend payout ratio of upward rally that means should be highlighted is attractive as gobaedangju" said "KT & G the sale is expected to be a factor in increasing the dividend merit "and predicted.



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