Global Bank Equity Specialist, Creative Portfolios

Paul Hollingworth

Global Bank Equity Specialist

Creative Portfolios

Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/16104" target="_blank" data-smartkarma-citation="entities:16104:1">Jb Financial Group Co Ltd (175330 KS)</a></p><table class="table table-striped"><tbody>
<tr>
<td>JB Financial</td>
<td style="text-align: center;">'13</td>
<td style="text-align: center;">'14</td>
<td style="text-align: center;">'15</td>
<td style="text-align: center;">'16</td>
<td style="text-align: center;">'17</td>
<td style="text-align: center;">17 v '16</td>
</tr>
<tr>
<td>CAPITAL ADEQUACY</td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
</tr>
<tr>
<td>BIS Ratio</td>
<td style="text-align: center;">12.90%</td>
<td style="text-align: center;">13.12%</td>
<td style="text-align: center;">12.51%</td>
<td style="text-align: center;">12.05%</td>
<td style="text-align: center;">12.16%</td>
<td style="text-align: center;">↑</td>
</tr>
<tr>
<td>Tier1 Ratio</td>
<td style="text-align: center;">7.24%</td>
<td style="text-align: center;">8.34%</td>
<td style="text-align: center;">8.59%</td>
<td style="text-align: center;">9.20%</td>
<td style="text-align: center;">9.70%</td>
<td style="text-align: center;">↑</td>
</tr>
<tr>
<td>CET1 Ratio</td>
<td style="text-align: center;">5.88%</td>
<td style="text-align: center;">7.12%</td>
<td style="text-align: center;">7.40%</td>
<td style="text-align: center;">7.92%</td>
<td style="text-align: center;">8.57%</td>
<td style="text-align: center;">↑</td>
</tr>
<tr>
<td>ASSET QUALITY</td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
</tr>
<tr>
<td>Delinquency Ratio</td>
<td style="text-align: center;">1.66%</td>
<td style="text-align: center;">1.14%</td>
<td style="text-align: center;">1.19%</td>
<td style="text-align: center;">1.04%</td>
<td style="text-align: center;">0.87%</td>
<td style="text-align: center;">↓</td>
</tr>
<tr>
<td>NPL Coverage Ratio (New)</td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;">72.71%</td>
<td style="text-align: center;">67.92%</td>
<td style="text-align: center;">↓</td>
</tr>
<tr>
<td>NPL Coverage Ratio (Old)</td>
<td style="text-align: center;">82.39%</td>
<td style="text-align: center;">63.00%</td>
<td style="text-align: center;">130.52%</td>
<td style="text-align: center;">144.33%</td>
<td style="text-align: center;">154.57%</td>
<td style="text-align: center;">↑</td>
</tr>
<tr>
<td>PROFITABILITY</td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
<td style="text-align: center;"> </td>
</tr>
<tr>
<td>ROA</td>
<td style="text-align: center;">0.40%</td>
<td style="text-align: center;">1.71%</td>
<td style="text-align: center;">0.40%</td>
<td style="text-align: center;">0.47%</td>
<td style="text-align: center;">0.56%</td>
<td style="text-align: center;">↑</td>
</tr>
<tr>
<td>ROE </td>
<td style="text-align: center;">6.59%</td>
<td style="text-align: center;">26.71%</td>
<td style="text-align: center;">6.28%</td>
<td style="text-align: center;">7.17%</td>
<td style="text-align: center;">8.64%</td>
<td style="text-align: center;">↑</td>
</tr>
<tr>
<td>ROE </td>
<td style="text-align: center;">3.37%</td>
<td style="text-align: center;">41.34%</td>
<td style="text-align: center;">5.72%</td>
<td style="text-align: center;">6.45%</td>
<td style="text-align: center;">7.84%</td>
<td style="text-align: center;">↑</td>
</tr>
<tr>
<td>NIM (Bank, Quarterly)</td>
<td style="text-align: center;">2.</td>
</tr>
</tbody></table>…

Jb Financial Group Co Ltd (175330 KS)

JB Financial
'13
'14
'15
'16
'17
17 v '16


CAPITAL ADEQUACY
 
 
 
 
 
 


BIS Ratio
12.90%
13.12%
12.51%
12.05%
12.16%
↑


Tier1 Ratio
7.24%
8.34%
8.59%
9.20%
9.70%
↑


CET1 Ratio
5.88%
7.12%
7.40%
7.92%
8.57%
↑


ASSET QUALITY
 
 
 
 
 
 


Delinquency Ratio
1.66%
1.14%
1.19%
1.04%
0.87%
↓


NPL Coverage Ratio (New)
 
 
 
72.71%
67.92%
↓


NPL Coverage Ratio (Old)
82.39%
63.00%
130.52%
144.33%
154.57%
↑


PROFITABILITY
 
 
 
 
 
 


ROA
0.40%
1.71%
0.40%
0.47%
0.56%
↑


ROE 
6.59%
26.71%
6.28%
7.17%
8.64%
↑


ROE 
3.37%
41.34%
5.72%
6.45%
7.84%
↑


NIM (Bank, Quarterly)
2.

…

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Thematic (Sector/Industry)

<p>Don't forget that this year's ex-dividend date for the Korean companies whose fiscal year ends Dec 31 is Dec 27. This means you have to own (or buy) shares until Dec 26 (next Tuesday) to get dividends. Yes, this means it is again time to make a move on dividend arbitrage. Buy them in baskets and short the futures? Surely, we have various ways of doing arbitrage on high yield dividend stocks, but in this insight I will just take a look at individual stocks and I will leave specifics of arbitrage strategy up to you. That is, I will try to examine the most basic thing, price-dividend yield of each individual stock that I think worth our attention, and then compare it with the opening price of each individual stock on the ex-dividend day.</p><table class="table table-striped"><tbody><tr><td colspan="2" style="width: 731px;">Important dates for high yield dividend stock hunters in Korea for the companies whose FY ends Dec 31</td></tr><tr><td style="width: 403.7364196777344px;"><em><strong>Last day to buy high yield dividend stocks in 2017</strong></em></td><td style="text-align: right; width: 327.2635803222656px;"><em><strong>Dec 26, 2017</strong></em></td></tr><tr><td style="width: 403.7364196777344px;"><em><strong>Ex-dividend date in 2017</strong></em></td><td style="text-align: right; width: 327.2635803222656px;"><em><strong>Dec 27, 2017</strong></em></td></tr><tr><td colspan="2" style="text-align: right; width: 731px;"><hr></td></tr><tr><td style="width: 403.7364196777344px;">Last day to buy high yield dividend stocks in 2016</td><td style="text-align: right; width: 327.2635803222656px;">Dec 27, 2016</td></tr><tr><td style="width: 403.7364196777344px;">Ex-dividend date in 2016</td><td style="text-align: right; width: 327.2635803222656px;">Dec 28, 2016</td></tr><tr><td colspan="2" style="width: 731px;"><em>Source: KRX</em></td></tr></tbody></table>

Don't forget that this year's ex-dividend date for the Korean companies whose fiscal year ends Dec 31 is Dec 27. This means you have to own (or buy) shares until Dec 26 (next Tuesday) to get dividends. Yes, this means it is again time to make a move on dividend arbitrage. Buy them in baskets and short the futures? Surely, we have various ways of doing arbitrage on high yield dividend stocks, but in this insight I will just take a look at individual stocks and I will leave specifics of arbitrage strategy up to you. That is, I will try to examine the most basic thing, price-dividend yield of each individual stock that I think worth our attention, and then compare it with the opening price of each individual stock on the ex-dividend day.Important dates for high yield dividend stock hunters in Korea for the companies whose FY ends Dec 31Last day to buy high yield dividend stocks in 2017Dec 26, 2017Ex-dividend date in 2017Dec 27, 2017Last day to buy high yield dividend stocks in 2016Dec 27, 2016Ex-dividend date in 2016Dec 28, 2016Source: KRX

Year-End Dividend Arbitrage - 5 High Conviction Stocks in KOSPI

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Korea Stock Exchange Kospi Index / Technical Analysis

<p style="text-align: justify;">The two-month pullback in Korea KOSPI has created buying opportunities. In fact, this recent weakness is largely confined to auto and financial stocks, masking strength in other segments, such as tech and materials, where bullish inflections are visible.  In this report we highlight a variety of actionable investment themes.</p>

The two-month pullback in Korea KOSPI has created buying opportunities. In fact, this recent weakness is largely confined to auto and financial stocks, masking strength in other segments, such as tech and materials, where bullish inflections are visible.  In this report we highlight a variety of actionable investment themes.

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<p>This report has two parts. First, it discusses the impact of the "trial of the century" involving the Samsung Group heir Lee Jae-Yong as well as major policies enforced and the impact on various industry sectors in the first 110 days of Moon Jae-In as the President of South Korea. The local media has described the trials involving the three key individuals, including former President Park Geun-Hye, her confidant Choi Soon Shil, and the Samsung Group heir Lee Jae-Yong as the "trials of the…</p>

This report has two parts. First, it discusses the impact of the "trial of the century" involving the Samsung Group heir Lee Jae-Yong as well as major policies enforced and the impact on various industry sectors in the first 110 days of Moon Jae-In as the President of South Korea. The local media has described the trials involving the three key individuals, including former President Park Geun-Hye, her confidant Choi Soon Shil, and the Samsung Group heir Lee Jae-Yong as the "trials of the…

The "Trial of the Century", First 110 Days of Moon Jae-In Presidency, and Waiting for Tofu

Event-Driven

<p><a href="https://www.smartkarma.com/entities/991" target="_blank" data-smartkarma-citation="entities:991:1">Celltrion Inc (068270 KS)</a> said in a regulatory filing that it will have EGM at 10 AM on Aug 29 to decide whether it will move to KOSPI.</p><div class="content-highlight"><p><em>Below is the link of this regulatory filing in DART.</em></p><p><em><a href="http://dart.fss.or.kr/dsaf001/main.do?rcpNo=20170821900093" target="_blank">http://dart.fss.or.kr/dsaf001/main.do?rcpNo=20170821900093</a></em></p></div><p>Apparently, a majority of Celltrion shareholders will approve KOSPI move. So, it now seems that this is almost a done deal. Of course, KOSPI move itself won't make much difference in terms of short trade volume. But what is important is that there is a very high possibility that Celltrion will be included in KOSPI200.</p><p><em><strong>Yes, KOSPI200 inclusion is a big thing. So, any trading opportunity here? Alright, let's find it out.</strong></em></p>

Celltrion Inc (068270 KS) said in a regulatory filing that it will have EGM at 10 AM on Aug 29 to decide whether it will move to KOSPI.Below is the link of this regulatory filing in DART.http://dart.fss.or.kr/dsaf001/main.do?rcpNo=20170821900093Apparently, a majority of Celltrion shareholders will approve KOSPI move. So, it now seems that this is almost a done deal. Of course, KOSPI move itself won't make much difference in terms of short trade volume. But what is important is that there is a very high possibility that Celltrion will be included in KOSPI200.Yes, KOSPI200 inclusion is a big thing. So, any trading opportunity here? Alright, let's find it out.

More Discussions on Impacts of Celltrion's KOSPI200 Inclusion

South Korea

Industrial Bank of Korea(IBK) is a policy bank providing development finance and related banking services to support small and medium-sized enterprises in Korea. The Bank provides loans, discount bills, trade finance, deposits, foreign exchange, and payment guarantees. The company also offers services such as credit cards, insurance and smart-phone banking.

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Industrial Bank of Korea (IBK LX)

Top PH Scores™ in South Korea

Jb Financial Group Co Ltd (175330 KS)Kwangju Bank (192530 KS)The PH Score™ is a fundamental momentum-quantamental score that scores banks according...

Paul Hollingworth

Year-End Dividend Arbitrage - 5 High Conviction Stocks in KOSPI

Don't forget that this year's ex-dividend date for the Korean companies whose fiscal year ends Dec 31 is Dec 27. This means you have to own (or...

Sanghyun Park

Pullback Opportunity in South Korea

The two-month pullback in Korea KOSPI has created buying opportunities. In fact, this recent weakness is largely confined to auto and financial...

Vermilion Research

The "Trial of the Century", First 110 Days of Moon Jae-In Presidency, and Waiting for Tofu

This report has two parts. First, it discusses the impact of the "trial of the century" involving the Samsung Group heir Lee Jae-Yong as well as...

Douglas Kim

More Discussions on Impacts of Celltrion's KOSPI200 Inclusion

Celltrion Inc (068270 KS) said in a regulatory filing that it will have EGM at 10 AM on Aug 29 to decide whether it will move to KOSPI. Below is...

Sanghyun Park

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