KB Financial Group Inc ADR Dossier
|
SectorFinancials IndustryDiversified Banks Beta (adjusted)0.76 Intrinsic Value $33.16median of 2 methodsbased on filings through 31 Dec 2024 Market Price $123.88Price as of 2 Oct 2026 Significantly overvaluedIntrinsic value is 73% below the market price −50% · IV below pricenear fair value ±15%IV above price · +50% marker beyond scale (-73%) Data confidence Sign in to view data confidence Market Cap $43.5B Shares Outstanding 378.8M diluted Next Earnings Date27 Oct 2026 Last ex-dividend7 May 2026 All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference. ThesisStreet consensus, scenarios, merits, risks, and invalidation triggers Thesis Summary KB Financial entered the second half of 2026 with strong operating momentum: first-half net profit rose 13.1% year over year to KRW 3.8846 trillion, ROE reached 14.09%, non-interest income increased 33.3%, and CET1 stood at 13.74%. The capital position supported a further KRW 700 billion repurchase-and-cancellation program and management's expectation of KRW 3.70 trillion in total 2026 shareholder returns. The offsetting considerations are quarterly NIM compression, one-off corporate-loan provisioning, weaker insurance income from elevated loss ratios, and greater capital-markets exposure following planned capital injections into the securities subsidiary. This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today. Street view · analyst 12-month targets Low · most bearish analyst$174.67 Mean target$174.67 High · most bullish analyst$174.67 Street targets sit above today's price; our intrinsic value sits below it. Different horizons, different questions. Our research · scenarios, merits, risks, and invalidation triggersResearch as of 2 Sep 2026 Scenarios · 12-month scenario targets Bear CaseDownside scenario $174.6720% Funding and competitive pressures prevent the expected NIM recovery, corporate and project-finance credit costs increase, and insurance loss ratios remain elevated. Weaker earnings or faster risk-weighted-asset growth reduces the CET1 surplus above 13.5%, constraining additional shareholder returns while the expanded securities allocation increases sensitivity to capital-market conditions. Base CaseCentral scenario $174.6755% Matches the consensus meanFirst-half earnings strength moderates but remains resilient. Fee income and nonbank contributions offset only gradual NIM recovery, credit costs remain near the first-half level, and KB broadly delivers its announced 2026 shareholder-return program. Bull CaseUpside scenario $174.6725% Fee and capital-markets momentum persists, securities remains a meaningful earnings contributor, second-half asset and liability repricing lifts NIM as management expects, and credit costs remain controlled. CET1 stays above the 13.5% shareholder-return threshold, permitting delivery of the expected KRW 3.70 trillion return and potentially additional distributions from remaining surplus capital. Scenarios are anchored to street consensus at the research date, with our probabilities and rationale. Key Investment Merits
Key Investment Risks
All scenarios are estimates and subject to change. Past performance is not indicative of future results. Quality Pillars MembersThis section is available to registered members. Create a free account or sign in to unlock the full breakdown. Explore this dossierValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework. |