汇丰银行-韩国金融业-korea banks 2q17 preview,smooth sailing ahead-20170712-hsbc.pdfVIP

12 July 2017   Korea Banks EQUITIES FIG 2Q17 preview: Smooth sailing ahead Korea Korean banks’ underlying earnings will remain solid with Sinyoung Park* steady margin expansion, tight cost control and low credit cost Analyst, Korea Financials The Hongkong and Shanghai Banking Corporation Limited, Seoul Securities Branch  Earnings stability improving across the board without a major sinyoungpark@ +822 3706 8770 credit event, beating consensus estimates for past 6 quarters * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is  Prefer KBFG Hana (both Buy); downgrade Woori Bank to not registered/ qualified pursuant to FINRA regulations Hold from Buy post sharp share price outperformance 2Q17 preview: Earnings stability improving at Korean banks Banks in our coverage will release 2Q17 results from 20 July 2017. We expect sector earnings to meet fast-rising consensus estimates on