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.

…

Corporate Credit Analyst

Alan Greene

Thematic (Sector/Industry)

<p lang="en">Recently announced industrial output figures for June suggest that Korea may be able to trade its way towards higher growth rates. However, at the same time, on 30 June, the Korea Times carried a headline <em>“Bedroom shock: Korea's sexless rate ranked world's second”</em>. The sovereign rating of its neighbour Japan has seen steady pressure for the last five years driven in part by its demographic profile. Korea's demographic profile is likely to deteriorate more rapidly than Japan's and we should therefore expect a similar debt induced stall in growth. The banking system is under pressure and this could soon translate into pressure on Korea's credit ratings.</p>

Recently announced industrial output figures for June suggest that Korea may be able to trade its way towards higher growth rates. However, at the same time, on 30 June, the Korea Times carried a headline “Bedroom shock: Korea's sexless rate ranked world's second”. The sovereign rating of its neighbour Japan has seen steady pressure for the last five years driven in part by its demographic profile. Korea's demographic profile is likely to deteriorate more rapidly than Japan's and we should therefore expect a similar debt induced stall in growth. The banking system is under pressure and this could soon translate into pressure on Korea's credit ratings.

Can "sexless" Korea Beat the Demographic Cliff and Maintain Its Credit Rating?

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<p>For sure NPLs are up in 1Q16 for Indonesia’s banks. But we are sanguine about the outlook for these banks, which rank well on most every measure in Asia and the world. We look more closely at indebted companies unable to service loans; distribution of banks within Indonesia; and ability to absorb bad loans. Save to say, BCA, BTPN, BJBR and BMRI remain some of the more interesting banks in the region to us.</p><div class="content-highlight"><p><strong>We examine Indonesia’s non-financial companies interest coverage and debt levels. </strong></p></div><p>An…</p>

For sure NPLs are up in 1Q16 for Indonesia’s banks. But we are sanguine about the outlook for these banks, which rank well on most every measure in Asia and the world. We look more closely at indebted companies unable to service loans; distribution of banks within Indonesia; and ability to absorb bad loans. Save to say, BCA, BTPN, BJBR and BMRI remain some of the more interesting banks in the region to us.We examine Indonesia’s non-financial companies interest coverage and debt levels. An…

Indonesia - Rising Bad Loans Not as Dire as Some Make Out

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<p><strong><a href="https://www.smartkarma.com/entities/14560" target="_blank" data-smartkarma-citation="entities:14560">Mirae Asset Securities Co., Ltd.</a>  has emerged as the third major financial consortium to be interested in potentially acquiring <a href="https://www.smartkarma.com/entities/20637" target="_blank" data-smartkarma-citation="entities:20637">Hyundai Securities Co</a>, the fifth largest securities company in Korea.</strong> There are other major companies interested in acquiring <a href="https://www.smartkarma.com/entities/20637" target="_blank" data-smartkarma-citation="entities:20637">Hyundai Securities Co</a> including <a href="https://www.smartkarma.com/entities/14839" target="_blank" data-smartkarma-citation="entities:14839">Korea Investment Holdings Co., Ltd.</a> and <a href="https://www.smartkarma.com/entities/718" target="_blank" data-smartkarma-citation="entities:718">Kb Financial Group Inc</a> . With the recent acquisition of <a href="https://www.smartkarma.com/entities/12061" target="_blank" data-smartkarma-citation="entities:12061">Daewoo Securities Co Ltd</a> , <a href="https://www.smartkarma.com/entities/14560" target="_blank" data-smartkarma-citation="entities:14560">Mirae Asset Securities Co., Ltd.</a> has become the largest securities company in Korea. </p><p><a href="https://www.smartkarma.com/entities/14560" target="_blank" data-smartkarma-citation="entities:14560">Mirae</a>…</p>

Mirae Asset Securities Co., Ltd.  has emerged as the third major financial consortium to be interested in potentially acquiring Hyundai Securities Co, the fifth largest securities company in Korea. There are other major companies interested in acquiring Hyundai Securities Co including Korea Investment Holdings Co., Ltd. and Kb Financial Group Inc . With the recent acquisition of Daewoo Securities Co Ltd , Mirae Asset Securities Co., Ltd. has become the largest securities company in Korea. Mirae…

Mirae Asset Securities + Hyundai Securities = Genghis Khan of Korea Securities Sector

South Korea

Kwangju Bank provides commercial and consumer banking services as a regional bank.  The Company provides financial services for small and medium sized companies and individuals in Kwangju metropolitan city located in southwest of Korea.

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Kwangju Bank (192530 KS)

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

Can "sexless" Korea Beat the Demographic Cliff and Maintain Its Credit Rating?

Recently announced industrial output figures for June suggest that Korea may be able to trade its way towards higher growth rates. However, at the...

Alan Greene

Indonesia - Rising Bad Loans Not as Dire as Some Make Out

For sure NPLs are up in 1Q16 for Indonesia’s banks. But we are sanguine about the outlook for these banks, which rank well on most every measure in...

Daniel Tabbush

Mirae Asset Securities + Hyundai Securities = Genghis Khan of Korea Securities Sector

Mirae Asset Securities Co., Ltd. has emerged as the third major financial consortium to be interested in potentially acquiring Hyundai Securities...

Douglas Kim

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