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Morning Focus July 20, 2018 Korea Morning Focus Company News & Analysis Major Indices Close Chg Chg (%) KB Financial Group (105560/Buy/TP: W78,000) KOSPI 2,282.29 -7.82 -0.34 A safe haven stock during times of uncertainties KOSPI 200 295.90 -0.57 -0.19 KOSDAQ 796.49 -13.95 -1.72 Ottogi (007310/Buy/TP: W1,050,000) Raise TP Steady earnings to continue Turnover ('000 shares, Wbn) Volume Value Hanmi Pharmaceutical (128940/Buy/TP: W680,000) KOSPI 458,752 5,347 KOSPI 200 84,065 3,889 Positive clinical data continues KOSDAQ 752,875 4,076 Market Cap (Wbn) Sector News & Analysis Value Securities (Overweight) KOSPI 1,526,048 Earnings, discount rates, and dividend yields all point to valuation bottom KOSDAQ 263,391 KOSPI Turnover (Wbn) MedTech (Overweight) Buy Sell Net Takeaways from latest regulatory reform and industry support measures Foreign 1,445 1,391 54 Institutional 1,145 1,164 -18 Retail 2,739 2,773 -34 KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 389 461 -73 Institutional 305 293 12 Retail 3,375 3,319 56 Program Buy / Sell (Wbn) Buy Sell Net KOSPI 1,139 1,176 -37 KOSDAQ 237 243 -6 Advances & Declines Advances Declines Unchanged KOSPI 182 643 67 KOSDAQ 282 894 61 KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Samsung Electronics 46,900 350 456 SK Securities 1,300 190 213 KODEX KOSDAQ150 16,475 -565 213 LEVERAGE Hynix 90,300 1,000 213 Celltrion 288,500 -1,500 187 KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value NATURECELL 8,480 -2,170 252 SillaJen 62,200 -4,900 235 New Pride 3,845 -250 149 JeilSteel 3,100 -800 144 HLB 76,700 -300 109 Note: As of July 19, 2018 Mirae Asset Daewoo Research This document is a summary of a report prepared by Mirae Asset Daewoo Co., Ltd. (“Mirae Asset Daewoo”) and published on our website. Please review the compliance notices contained in the original report. Information and opinions contained herein have been compiled in good faith from sources deemed to be reliable. However, the information has not been independently verified. Mirae Asset Daewoo makes no guarantee, representation or warranty, express or implied, as to the fairness, accuracy or completeness of the information and opinions contained in this document. Mirae Asset Daewoo accepts no responsibility or liability whatsoever for any loss arising from the use of this document or its contents or otherwise arising in connection therewith. Information and opinions contained herein are subject to change without notice. This document is for informational purposes only. It is not and should not be construed as an offer or solicitation of an offer to purchase or sell any securities or other financial instruments. This document may not be reproduced, further distributed or published in whole or in part for any purpose. KB Financial Group (105560 KS) A safe haven stock during times of uncertainties Banks 2Q18 review: Demonstrating robust earnings power Results Comment For 2Q18, KB Financial Group (KBFG) reported net profit (attributable to controlling July 20, 2018 interests) of W946.8bn (+9.1% YoY, -2.2% QoQ), slightly above our estimate (W945.7bn) and the consensus (W922.9bn based on Bloomberg; W928bn based on FnGuide). Excluding the 2Q17 bargain purchase gain related to KB Insurance (W121bn) and the 1Q18 profit from the sale of the bank’s Myeongdong office (W115bn), 2Q18 net profit growth was robust, at 17.3% YoY and 7.0% QoQ. (Maintain) Buy Major one-offs in the quarter included: 1) a W33bn massive reversal of loss provisions Target Price (12M, W) 78,000 related to one company; 2) W32bn in donations, including to the KB Foundation; 3) W24bn in gains from KAMCO NPL sales (net of donations); and 4) W20bn in asset- Share Price (07/19/18, W) 53,600 backed commercial paper (ABCP) valuation losses at KB Securities related to China’s CERCG (all of the above items are pretax). With the positives largely offsetting the Expected Return 46% negatives, we estimate underlying net profit was also around W940bn. Core income growth and cost efficiency stand out NP (18F, Wbn) 3,632 In 2Q18, group net interest income and net commission income were W2.2tr (+12.9% Consensus NP (18F, Wbn) 3,453 YoY, +2.5% QoQ) and W595.8bn (+16.8% YoY, -5.3% QoQ), respectively, resulting in core income growth (net interest and net commission income combined) of 13.7% YoY EPS Growth (18F, %) 8.1 and 0.7% QoQ. Bank won-denominated loans grew 2.1% QoQ (+4.0% from end-2017), Market EPS Growth (18F, %) 10.4 with corporate and household loans up 2.0% and 2.1% QoQ, respectively (+5.1% and P/E (18F, x) 6.2 +3.0% from end-2017, respectively). Bank net interest margin (NIM) stood flat QoQ at Market P/E (18F, x) 9.0 1.71%, while group NIM narrowed 1bp QoQ to 1.99%, affected by lower returns on KOSPI 2,282.29 credit card revolving bonds and cash advance assets. Group SG&A expenses increased YoY to W1.35tr (+2.2% YoY, -2.9% QoQ), but this was mainly due to subsidiary Market Cap (Wbn) 22,411 consolidation (KB Insurance, etc.); cost-to-income ratio actually improved markedly to Shares Outstanding (mn) 418 48.4% (-7.4%p YoY, -1.6%p QoQ). Credit costs were W116.8bn (+121.2% YoY, -29.0% Free Float (%) 84.7 QoQ), leading to a well-managed credit cost ratio of 10bps of total credit (annualized; Foreign Ownership (%) 69.5 +5bps YoY, -4bps QoQ). Beta (12M) 0.96 52-Week Low 51,100 Reaffirm Buy and TP of W78,000 52-Week High 68,600 KBFG is currently trading at a 2018F P/B of 0.62x (2018F ROE of 10.3%) and P/E of 6.2x, (%) 1M 6M 12M based on our estimates. We estimate 2018 dividend yield at 4.1%. We believe the stock Absolute -2.7 -20.1 -5.3 is deeply undervalued, given its superior earnings power, solid profitability (10% ROE), Relative -0.3 -11.8 0.8 and industry-leading capital adequacy (2Q18P CET1 ratio of 14.59%). In particular, we think KBFG’s ability to demonstrate robust earnings power at a time when 130 KB Financial Group KOSPI uncertainties are rising increases its attractiveness as a value play to investors. We 120 continue to recommend KBFG as our top pick alongside Hana Financial Group (HFG). 110 100 90 80 7.17 11.17 3.18 7.18 Mirae Asset Daewoo Co., Ltd. Fiscal year-end 12/15 12/16 12/17 12/18F 12/19F 12/20F Net interest inc. (Wbn) 6,203 6,403 7,853 8,819 9,198 9,558 [ Banks/Credit card] Net non-interest inc. (Wbn) 1,179 1,042 2,339 2,385 2,468 2,532 Operating profit (Wbn) 1,821 1,677 4,016 4,904 5,150 5,400 Heather Kang +822-3774-1903 Net profit (Wbn) 1,698 2,144 3,312 3,632 3,765 3,955 [email protected] EPS (W) 4,396 5,520 8,036 8,686 9,006 9,458 EPS growth (%) 21.2 25.6 45.6 8.1 3.7 5.0 P/E (x) 12.2 9.7 6.7 6.2 6.0 5.7 P/PPOP (x) 7.8 10.1 4.9 4.0 3.7 3.5 P/B (x) 0.72 0.72 0.66 0.62 0.57 0.52 ROE (%) 6.1 7.2 10.2 10.3 10.0 9.6 Dividend yield (%) 1.8 2.3 3.6 4.1 4.3 4.8 Note: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, Mirae Asset Daewoo Research estimates Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the U.S. PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES & DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT. Ottogi (007310 KS) Steady earnings to continue Food & Beverage 2Q18 preview: Ramen and frozen food drive strength For 2Q18, we expect Ottogi to post a 7.0% YoY increase in revenue and an 18.4% gain Earnings Preview in operating profit. We believe revenue growth was robust, driven by the continuation July 19, 2018 of strong growth (7-9%) in noodles (ramen, vermicelli, etc.), frozen food (dumplings, pizza, rice, home meal replacements, etc.), and seafood (canned tuna, etc.). Following some softness in 1Q18, we estimate revenue from sauces (curry, “three-minute” series), condiments (ketchup, mayonnaise, etc.), rice (cooked rice, pre-washed rice, etc.), and oil (sesame oil, edible oil, etc.) also rose around 3-5% in 2Q18. (Maintain) Buy Particularly worth noting is the growth of ramen, which we attribute to: 1) increased sales of new products; 2) strong sales of existing products (Jin Ramen); and 3) a rise in Target Price (12M, W) ▲ 1,050,000 actual selling prices owing to reduced discounts. We estimate Ottogi’s ramen market share reached a record 26.5% in 2Q18. We believe operating profit growth was supported by: 1) strong revenue growth; 2) stabilizing raw material prices; and 3) price Share Price (07/19/18, W) 820,000 hikes in major products (canned tuna, cooked rice, and soybean oil for restaurants). Expected Return 28% Three reasons why earnings are likely to remain steady 1) Ottogi’s new products and product extensions have been well received by the market.
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