Hana Financial Group Acquisition of 6.5% stake in Dunamu: long-term positive, but more efforts needed to sustain CET1 ratio

研报英文原文证据摘录

Hana Financial Group Acquisition of 6.5% stake in Dunamu: long-term positive, but more efforts needed to sustain CET1 ratio

J P M O R G A N Asia Pacific Equity Research

15 May 2026

This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory

of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan.

Hana Financial Group Overweight

086790.KS, 086790 KS

Acquisition of 6.5% stake in Dunamu: long-term Price (14 May 26):W124,700

positive, but more efforts needed to sustain CET1 ratio Price Target (Jun-27):W165,000

Hana Bank announced the acquisition of a 6.55% stake in Dunamu (operator Diversified Banks

ACof Upbit, Korea’s #1 crypto exchange) for W1tn. Management positions the deal Jihyun Cho

as a strategic partnership to accelerate “new finance” capabilities, centered on (82-2) 758-5480

(1) deposit-token-based cross-border remittances, (2) building a Hana stablecoin jihyun.cho@jpmorgan.com

ecosystem, and (3) joint global digital-asset expansion—while using Upbit as an Tae Wook Kim

incremental distribution channel to broaden customer reach. We view the (82-2) 758-5719

announcement as consistent with Hana FG’s recent steps to position for digital- taewook.kim@jpmorgan.com

J.P. Morgan Securities (Far East) Limited, Seoul

asset-related opportunities; however, management estimates a ~11bp drag on Branch

group CET1 as a near-term capital trade-off. While tighter partner alignment is

constructive strategically, we think more active RWA management should follow

to support the CET1 ratio given shareholder returns and corporate lending in Quarterly Forecasts (FYE Dec)