South Korean Banks

South Korean Banks

3Q results support a strong share performance moving forward, aided by a recent policy-rate hike that augurs well for lending income next year. Loan repricing, deposit costs and easing provision risk can continue to drive performance. Valuations are relatively attractive (p/book, earnings yield, franchise value) and quality signals are highly supportive as measured by The PH Score™. Shares were impacted by geo-political tensions with abrupt price corrections at mid-year - an opportunity to buy cheap shares at even cheaper levels.