Korea Financials & Fintech: HK/SG marketing feedback:A solid value choice to weather turbulent markets

研报英文原文证据摘录

Korea Financials & Fintech: HK/SG marketing feedback:A solid value choice to weather turbulent markets

Equity Research

21 July 2026 | 9:53PM KST

Korea Financials & Fintech: HK/SG marketing feedback:A solid value

choice to weather turbulent markets

Rising interest in KR financials as investors rotate into non-tech defensives Sinyoung Park

+82(2)3788-1778 |

With the tech sector correcting sharply, we saw a shift in investor interest towards sinyoung.park@gs.com

Goldman Sachs (Asia) L.L.C., Seoul

non-tech ideas, driving increased demand for KR banks shares. Investors agree that Branch

KR banks are in a sweet spot given increased volatility, a likely flight to safety and a

continued commitment to shareholder return. Since the Value Up narrative is

well-established in the market, investor focus has shifted towards the ROE upside

potential from the rate hike cycle and the retail money move.

KR Banks seen as a safe haven backed by macro tailwinds and the ROE upside

With strong macro supporting the rate hike cycle, investors agree that KR banks’

profit can strengthen via bigger NIM expansion and resilient asset quality, translating

into a higher-than-consensus ROE delivery. While investors remain skeptical about

elevated brokerage profits — noting that increased market volatility could dampen

retail trading sentiment, we believe major banks’ Value Up renewals (i.e., raising the

TSR ceiling and setting the minimum floor at 50%) alongside continued TSR

expansion will allow major KR banks to reach 1x P/B.

KR insurers put on the radar as the next candidates for Value Up theme

While we expect an improving underwriting cycle aided by reform initiatives (i.e., GA

commission cap, stricter claims review) and insurers shifting their focus to quality