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Fly News Breaks for March 27, 2019
WF, KB
Mar 27, 2019 | 12:45 EDT
As previously reported, CLSA upgraded Woori Financial (WF) to Buy from Outperform and upgraded KB Financial Group (KB) to Outperform from Underperform, with analyst Jongmin Shim telling investors that he is turning "tactically positive" on shares of large-cap Korean banks with their valuations near 15-year lows. Concerns about macro headwinds and regulatory pressure are well reflected in share prices after the group has underperformed the Kospi index by 9% year-to-date, said Shim, who raised his view on the sector to Overweight from Underweight.
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