Fact Source: Daishin Securities Report (Published on July 1, 2026) Investment Rating & Target Price: BUY / KRW 143,000 Core Momentum: Early realization of the total shareholder return target and superior net interest margin management
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📊 1. [Valuation & Investment Indicator Analysis]
Key Investment Guidelines
- Investment Rating: BUY (Maintained)
- Target Price: KRW 143,000 (Maintained)
- Current Price (As of June 30, 2026): KRW 114,600
Annual Financial Facts & Forecast Key Metrics
- 2024: Revenue KRW 10,684 billion, Operating Profit KRW 4,855 billion, Net Profit (Controlling Interest) KRW 3,739 billion, ROE 8.8%, EPS KRW 12,631, PBR 0.29x
- 2025: Revenue KRW 11,377 billion, Operating Profit KRW 5,351 billion, Net Profit (Controlling Interest) KRW 4,003 billion, ROE 9.0%, EPS KRW 13,523, PBR 0.61x
- 2026 (E): Revenue KRW 12,276 billion, Operating Profit KRW 6,034 billion, Net Profit (Controlling Interest) KRW 4,460 billion, ROE 9.4%, EPS KRW 15,067, PBR 0.72x
- 2027 (E): Revenue KRW 12,359 billion, Operating Profit KRW 6,129 billion, Net Profit (Controlling Interest) KRW 4,472 billion, ROE 9.0%, EPS KRW 15,107, PBR 0.69x
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🚀 2. [Market Opportunities (TAM) & Detailed Earnings Forecasts]
2Q26 Performance Estimates & Margin Trends
- Quarterly Earnings: The estimated 2Q26 net profit attributable to controlling interests is KRW 1,217.4 billion (QoQ +0.6%, YoY +3.8%), aligning closely with market consensus.
- Margin Defensiveness: Despite intense competitive pressure across the banking sector regarding corporate lending, the bank’s Net Interest Margin (NIM) is anticipated to increase by 3bp QoQ to 1.61%, driven by its historical edge in corporate finance.
- Non-Interest Income Recovery: Aided by capital market liquidity growth, non-interest income is projected at KRW 640.6 billion (QoQ +9.8%), backed by improving subsidiary performance and robust bank fee income.
Capital Adequacy & Risk Management Facts
- One-off Provisioning: To manage exposures associated with JoongAng Group (totaling KRW 357.0 billion, over 80% collateralized), a provisional buffer of KRW 50.0 billion will be proactively booked in the current quarter.
- Equity Acquisition Impact: The decision to acquire a 6.55% stake in Dunamu for KRW 1,003.3 billion imposes a 12bp drag on the CET1 ratio. However, changes in foreign exchange position regulations are set to counteract this impact, supporting a slight increase in the 2Q26 CET1 ratio.
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📝 Editor’s Comment
- The most compelling catalyst for Hana Financial Group is the potential compression of its shareholder return schedule. By effectively leveraging structural regulatory updates, the group has neutralized the capital dilution risks stemming from its major strategic equity investments. This financial dexterity grants the company substantial flexibility in handling asset purchases and enhancing cash distribution channels throughout the second half of the year. Operating with a business model where the distribution size responds directly to organic earnings rather than rigid balance sheet target constraints, the company is well-positioned to unlock deeper intrinsic value from a heavily discounted valuation standpoint.
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📢 Disclaimer & Source
Source
This content has been restructured and newly generated based on the financial facts and data points from officially published securities research reports.
Investment Risk Warning
This information is provided for informational and educational purposes only. Under no circumstances does it constitute financial advice, or a solicitation or recommendation to buy or sell any specific securities. All investment decisions and subsequent financial liabilities rest entirely with the individual investor.
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