It has been observed that Tong Yang Life Insurance will show an earning surprise in its third-quarter earnings this year.
Profit from the sale was generated by disposing of Woori Financial Group's holdings. On the 17th, Hana Financial Investment predicted Tong Yang Life's net profit in the third quarter to reach 88.6 billion won, up 293.9 percent from a year earlier.
This is more than 2.5% of the market forecast (Consensus) of 86.4 billion won. The improvement in secondary gains and losses is believed to have affected positive performance in the third quarter.
In July this year, Tong Yang Life sold 27.04 million shares of Woori Financial Group, equivalent to 301.5 billion won, in the form of a block deal. Profit from the sale is expected to be 52 billion won.
As a result, the return on investment in the third quarter is expected to rise 1 percentage point year-on-year to 3.6 percent, up 0.7 percentage point from the previous quarter.
In response, Hana Financial Investment raised Tong Yang Life Insurance's investment opinion 'neutral' to 'buy'. The target price also increased from KRW 6,000 to KRW 7,900.
Reporter Lee Dong-hoon usinvestmentidea2020@gmail.com
