Daishin Securities raises the Target Price for Busan Bank by 18%

Daishin Securities reported that it raised the target price of Busan Bank from 11,000 to 13,000 KRW by 18%.

Analyst Jeffrey Choi stated that Busan Bank has outperformed the market expectation in terms of net profit(70.4 billion KRW) due to a slight drop in the 2nd Quarter NIM & lowered credit costs.

Continued asset quality improvements and high NIMs are the main reasons for Busan Bank's expected dominance in the 2H according to the report.