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[Alpha Biz=(Chicago) Reporter Kim Jisun] Stock prices rose together in September as investors flocked to bank stocks and financial holding companies. However, only Kakao Bank saw its stock price drop sharply.
Shares of Hana Financial Group rose 7.33% last month, while those of financial holding companies with commercial banks such as Woori Financial Group (2.94%), KB Financial Group (2.22%) and Shinhan Financial Group (0.14%) all rose. During the same period, shares of local banks such as DGB Financial Group (4.93%), JB Financial Group (2.57%) and BNK Financial Group (0.44%) and IBK (4.18%), a state-run bank, also rose. However, Kakao Bank's stock price plunged 11.39% last month.
Unlike other bank stocks, Kakao Bank's share price is on the decline because it is not a high dividend stock. Daishin Securities predicted that Kakao Bank will allocate 150 won per share this year, with an expected dividend yield of 0.6%. It is far below the expected dividend yield of the four major financial holding companies, Woori Financial Group (9.9%), Hana Financial Group (8.8%), KB Financial Group (6.3%), and Shinhan Financial Group (5.8%).
Nevertheless, securities firms remain optimistic about Kakao Bank.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
