WF - A New Chapter Begins For Woori Financial (Rating Upgrade)
2024-03-18 21:43:59 ET
Summary
- Korean government agency KDIC is no longer a shareholder of Woori Financial, and this should give WF greater flexibility to pursue various shareholder value enhancement initiatives.
- I think that returning a larger proportion of earnings to shareholders and increasing the financial contribution from non-banking businesses are potential catalysts for Woori Financial.
- I upgrade my rating for WF to a Buy; the stock's P/E and P/B valuations are undemanding.
Elevator Pitch
I award a Buy rating to Woori Financial Group ( WF ) [316140:KS]. My prior January 2, 2024 write-up touched on WF's international expansion and inorganic growth plans....
A New Chapter Begins For Woori Financial (Rating Upgrade)