K Bank IPO Valuation Analysis

• Our base case valuation of K Bank is target price of 9,151 won per share, which is 4% lower than the low end of the IPO price range.

• Given the lack of upside in our target price relative to the IPO price range, we would avoid in subscribing to the IPO.

• Our base case valuation is based on 1.6x P/B multiple using the company's equity post IPO (2.35 trillion won).

  

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