What changed
$KB — BUY 📊 | 6 MONTHS THESIS
🎯 latest | Rev $5.8T | EPS $2034.00 vs $1611.27 🟢
💡 The market expected declining margins amid rate cuts, but KB’s NIM held up and non-interest income surged. Consensus forward EPS is still below the beat run-rate. Our variant view: ROE will sustain above 10%, justifying a higher P/B multiple (0.5x vs 0.4x historically) as the market realizes the earnings rebound is durable.
📉 Reward/risk: 2.18:1
🏢 Business Quality: 7/10 - Leading Korean bank with diversified financial services, strong capital (CET1 ~14%), and improving asset quality, but exposed to macro and regulatory cycles.
📊 Valuation: cheap - At $105.91, KB trades at ~0.45x P/B and ~5x trailing EPS (post-beat).
🔮 Catalyst: Post-earnings analysts’ conference call, upward EPS revisions, and potential share buyback announcement within Q2.
📊 Our read: BUY. Full analysis →
https://stockduty.xyz/s/KB0622