Seoul Economic Daily EnglishCodex · 实盘不做把握 6/10
北京时间·🕒 发布 15:17:52时区推断·⟳ 抓取 15:56:25·⚡ 决策 07-24 15:57:47 +1m22s·95.2 天前
韩亚金融上调ROE目标并追加回购，友利金融披露二季度盈利修复及回购注销计划
韩亚金融二季度净利同比仅增1.7%，但上调ROE目标至12%、三季度追加2500亿韩元回购注销，偏向股东回报利好。
📄 原文Seoul Economic Daily English↗ 原文
Hana Raises ROE Target to 12%, Woori to Cancel 150 Billion Won in Shares
Hana Financial Group (086790.KS) will raise its return-on-equity (ROE) target to 12% from the previous level of 10% or…
不做 韩亚金融（086790.KS）
财报和股东回报方向正面，但属于韩国大型银行排期披露，Value-Up叙事已有传播，二季度净利同比增速不高且缺少明确超预期证据；盘后隔夜追多无足够edge，不做。
不做 友利金融（316140.KS）
二季度盈利修复和1500亿韩元追加回购是正面信息，但回购相对市值约0.65%、全年回购约1.5%，且股东回报计划已有铺垫；缺少超预期差和实时价格确认，次日高开兑现风险高，不做。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
消息传播链
- 韩亚金融作为股东回报和Value-Up标的的叙事在4月已经被财经媒体报道，并非全新主题。
- Newspim在韩国收盘前后报道韩亚金融上半年创纪录、ROE目标12%和三季度2500亿韩元回购注销。
- 英文报道汇总韩亚金融和友利金融二季度业绩、ROE目标上调与追加回购注销计划；到达时韩国市场已收盘。市场反应:需等下一交易日韩股开盘反应。
关键理由
- 韩亚金融二季度净利同比仅增1.7%，但上调ROE目标至12%、三季度追加2500亿韩元回购注销，偏向股东回报利好。
- 友利金融二季度净利恢复至1.046万亿韩元，并宣布下半年追加1500亿韩元回购注销，方向正面但属于大型银行排期财报期内的明牌披露。
- 回购金额相对两家公司约数十万亿韩元市值偏小，更多是韩国金融股Value-Up主题延续，短线超预期幅度不足以支持隔夜追多。
主要风险
- 韩国银行股Value-Up与股东回报预期已在过去数月持续交易，本次披露虽正面但不够新，次日高开后兑现风险较高。
- 未取得可靠一致预期差与实时券商行情回执，无法确认盈利和回购是否明显超出市场预期。
反向证据
原文全文
展开原文 · 2,355 字
Hana Financial Group (086790.KS) will raise its return-on-equity (ROE) target to 12% from the previous level of 10% or more, and pursue a total shareholder return ratio of 50% or higher. Woori Financial Group (316140.KS), which recovered quarterly net profit of 1 trillion won, decided to additionally buy back and cancel 150 billion won worth of treasury shares in the second half.
Hana Financial said on the 24th that its second-quarter net profit rose 1.7% from a year earlier to 1.1928 trillion won. First-half net profit increased 4.4% to 2.49029 trillion won, a record high. Fee income surged 37.7% to 1.4874 trillion won on strong securities brokerage and asset management performance.
Hana Financial also unveiled its "Corporate Value-Up Plan 2.0" on the same day. The new plan upgrades the value-up plan announced in October 2024. It raised the previously presented target of "maintaining ROE at 10% or more" to 12%, and lifted the 2027 shareholder return ratio to 50% or higher from 50%. The CET1 ratio was changed to 13% or higher from a range of 13.0-13.5%.
The shareholder return method was also revised. It now reflects both ROE and RWA growth rates, so that the scale of returns is determined by profitability and asset growth. In the third quarter, the company will additionally buy back and cancel 250 billion won worth of treasury shares, raising the cumulative amount to 700 billion won. The second-quarter dividend was set at 1,155 won per share, up 26.5% from a year earlier.
Woori Financial's second-quarter net profit was 1.046 trillion won, up 7.4% from a year earlier. Compared with the previous quarter, it rose 66.2%, recovering the 1 trillion won level in quarterly net profit. First-half net profit was 1.609 trillion won, up 3.7% from a year earlier.
Woori Financial will carry out an additional treasury share buyback and cancellation of 150 billion won in the second half, the first since the holding company was established. As a result, this year's treasury share buyback and cancellation will total 350 billion won across two rounds.
The combined first-half net profit of the four major financial holding companies — KB, Shinhan, Hana and Woori — reached a record high of 11.3392 trillion won. Earlier, KB Financial and Shinhan Financial reported net profits of 3.8846 trillion won and 3.4427 trillion won, respectively.
Hana Financial said on the 24th that its second-quarter net profit rose 1.7% from a year earlier to 1.1928 trillion won. First-half net profit increased 4.4% to 2.49029 trillion won, a record high. Fee income surged 37.7% to 1.4874 trillion won on strong securities brokerage and asset management performance.
Hana Financial also unveiled its "Corporate Value-Up Plan 2.0" on the same day. The new plan upgrades the value-up plan announced in October 2024. It raised the previously presented target of "maintaining ROE at 10% or more" to 12%, and lifted the 2027 shareholder return ratio to 50% or higher from 50%. The CET1 ratio was changed to 13% or higher from a range of 13.0-13.5%.
The shareholder return method was also revised. It now reflects both ROE and RWA growth rates, so that the scale of returns is determined by profitability and asset growth. In the third quarter, the company will additionally buy back and cancel 250 billion won worth of treasury shares, raising the cumulative amount to 700 billion won. The second-quarter dividend was set at 1,155 won per share, up 26.5% from a year earlier.
Woori Financial's second-quarter net profit was 1.046 trillion won, up 7.4% from a year earlier. Compared with the previous quarter, it rose 66.2%, recovering the 1 trillion won level in quarterly net profit. First-half net profit was 1.609 trillion won, up 3.7% from a year earlier.
Woori Financial will carry out an additional treasury share buyback and cancellation of 150 billion won in the second half, the first since the holding company was established. As a result, this year's treasury share buyback and cancellation will total 350 billion won across two rounds.
The combined first-half net profit of the four major financial holding companies — KB, Shinhan, Hana and Woori — reached a record high of 11.3392 trillion won. Earlier, KB Financial and Shinhan Financial reported net profits of 3.8846 trillion won and 3.4427 trillion won, respectively.
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