KB Financial Group, top-line growth strategy finalized - Meritz Securities Investment Bank

Was raised to [Korea goyounghun financial newspaper reporter] Yang Securities Meritz the 17th KB contains the top-line growth strategy for financial entering the final stages of the return of a leading bank expects doendamyeo reiterate our target price of 61,000 won a number of.

KB Financial Group announced a fully owned subsidiary promotion of July 14 KB Insurance, KB Capital. Miboyu 60.2% stake, then proceed with the tender offer for 100% of 48.0%, and the remaining shares will be swapped with the treasury of KB Financial Group. The tender offer price is 33,000 won per share figures, two of 17.9% compared to the current share price to 17,500 won, respectively, 7.8% premium.

Eun Kyung Wan Meritz Investment Bank Securities researcher "total travel funds trillion is expected to be 600 billion won, given the high tender price of treasury swap possibility is low, it seems," he said "are continually rising sector the highest level of profit and profitability, etc. and, "he says.

The researchers are "operating leverage, KB Securities second half with a profit, the KB non-life insurance, profit of capital will reflect 100% of the large-scale restructuring," said "increased due to net income as a wholly owned subsidiary incorporated in both company size is a simple calculation when about 250 billion won, the year that the KB 10% of the expected financial income 2.5 trillion won, "he diagnosed.

He added, "The overwhelming were the turn of the capital adequacy ratio by external finish expansion strategy phase on the basis of competitiveness for some time further M & A potential need to focus on the organic growth generated mainly non-banking sector as the lower" and "100% stake the forecast called for earnings estimates will be adjusted upward to the point, "which is defined.



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