Mirae Asset Securities reaffirmed its buy rating on KB Financial Group (KOSPI: 105560) on July 7th, maintaining a target price of 216,000 won. Based on the closing price of 170,900 won on July 6th, that implies an upside of 26.4%.
The brokerage projects KB Financial's second-quarter net profit attributable to controlling shareholders at 2.029 trillion won — 12.5% above the market consensus of 1.803 trillion won.
Non-interest income is expected to drive the outperformance. A sharp rise in stock-market trading volumes is forecast to push non-interest income up 16.5% quarter on quarter. Net interest margin is projected to hold steady at 1.77%, matching the previous quarter, while won-denominated loan growth is expected at 0.8%.
On shareholder returns, Mirae Asset anticipates KB Financial will announce a second-half share buyback of approximately 830 billion won. Combined with the 1.2 trillion won already repurchased in the first half, total buybacks for the full year are expected to exceed 2 trillion won.
Mirae Asset estimates the projected total shareholder return yield for the year at 6.4% on a buyback basis, rising to 8.8% when share cancellations are included.
To deploy its current buyback allocation ahead of its earnings release, KB Financial has been repurchasing 250,000 shares per day since July 1st — equivalent to roughly 43 billion won at the July 6th closing price.
Mirae Asset forecasts KB Financial's net profit attributable to controlling shareholders at 690.5 billion won for the fourth quarter of 2026, implying a full-year figure of approximately 6.905 trillion won. The target price is derived by applying a price-to-book multiple of 1.2 times to the projected 2026 book value per share.