Shinhan Financial Group(055550): Margin successfully defended
- 2Q comment
- Reiterate BUY and TP of KRW54,500
> 2Q06 NP increased 25.1% q/q and 24.9% y/y.
> Loan only grew 2.4% from end-FY05.
> Only slight deterioration in asset soundness and delinquency rate in 2Q06.
> NIM remains stable.
> Revise up FY06 NP estimate by 3% to KRW1.97tn from KRW1.91tn. |
|
