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Common BUY Fundamental research indicates an 18% upside in the common stock over the next 6–12 months. We
have calculated the target price based on fundamental factors, using a weighted average of target
Stock prices obtained through DCF and comparative valuation methodologies.
Ticker: 060000.KS
Target price: KRW72,900 We reiterate the common stock a BUY on fundamental grounds, with a 6-12 month target price of
Current price: KRW61,700 KRW72,900.
ADR BUY The ADR is expected to appreciate by approximately 70% over the next 6–12 months. In addition to
the 18% fundamental upside, we anticipate around 52 percentage points’ further upside attributable
purely to the appreciation of the Korean won against the US dollar over the same period. We continue
to value the company over 6-12 months, as we anticipate a significant currency impact on the ADR in
Ticker: KB the medium term1.
Target price: US$100.14
Current price: US$58.86 We reiterate the ADR (1 ADR = 1 common share) a BUY, with a 6-12 month target price of US$100.14.