Hana Financial Group: Solid 2Q results with more advanced Value-Up plans for higher ROE and 50%+TSR; OW

研报英文原文证据摘录

Hana Financial Group: Solid 2Q results with more advanced Value-Up plans for higher ROE and 50%+TSR; OW

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

27 July 2026

Hana Financial Group Overweight

086790.KS, 086790 KS

Solid 2Q results with more advanced Value-Up plans for Price (24 Jul 26):W132,200

higher ROE and 50%+TSR; OW Price Target (Jun-27):W180,000

Hana delivered a stable 2Q net profit of W1.2tn (+2% y/y and -1% q/q), broadly Diversified Banks

ACin line with JPMe/Street estimates. The key positive was robust fee income, which Jihyun Cho

largely offset (1) softer NII on one-off accounting issues and (2) higher SG&A and (82-2) 758-5480

credit costs. Alongside the solid 2Q print, Hana declared a W308bn cash dividend jihyun.cho@jpmorgan.com

(W1,155 DPS) and W250bn three-month share buyback/cancellation program, Tae Wook Kim

hinting at another one to come in October 2026. More importantly, management (82-2) 758-5719

unveiled a Value-Up plan 2.0 with upgraded mid-term targets of 1) ~12% ROE taewook.kim@jpmorgan.com

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

(from 10%+), 2) over 50% TSR (from 50% by 2027), and 3) 13%+ CET1 (from Branch

13.0-13.5% range). In particular, they advanced shareholder return policies with

1) a formula-based TSR (=1−(RWA growth/ROE), making improving profitability

mechanically translate into higher shareholder returns, and 2) 10%+ annual Quarterly Forecasts (FYE Dec)

dividend growth towards a 40% cash payout; on this basis, we expect a 50% TSR Adj. EPS (W)

2025A 2026E 2027E

in 2026E and 56% TSR in 2028E, imposing upside on RWA management. With Q1 4,047 4,480A 5,369

solid bank execution and a non-bank earnings recovery underway, we expect to see Q2 4,266 4,445A 5,345

higher ROE above 10%, which deserves an over 1.0x fair P/B.