We've initiated coverage of Shinhan Financial Group (SHG), which offers various financial products and services to corporations, governments, institutions and individuals, at sell. This rating is driven by the generally disappointing historical performance in the stock itself.
Net income decreased by 12.7% since the year-ago quarter, from $184.9 million to $161.3 million. ROE slightly decreased, implying a minor weakness in the organization. EPS improved by 15.5% year over year, and though the company has reported volatile earnings recently, we feel it is poised for EPS growth in the coming year.
Shares are down 71.2% over the past year, underperforming the S&P 500. Naturally, the overall market trend is bound to be a significant factor, and in one sense, the stock's sharp decline last year is a positive for future investors, making it cheaper (in proportion to its earnings over the past year) than most other stocks in its industry. But due to other concerns, we feel the stock is still not a good buy right now.
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