Woori Financial Group(316140) is jumping 7% early on the 27th. After the close on the 24th, it announced a plan to buy back and cancel its own shares, which appears to have boosted investor sentiment.
As of 9:38 a.m. on the day, Woori Financial Group is trading at 33,050 won on the Korea Exchange, up 2,200 won (7.13%) from the previous session.
Woori Financial Group disclosed after the close on the 24th that it posted sales of 13.1651 trillion won and operating profit of 1.3157 trillion won. Sales fell 2.98% from a year earlier, but operating profit rose 18.7%.
At the same time, it disclosed that it will buy back and cancel 4.85 million common shares (150 billion won) and approved cash dividends of 220 won per share.
On the day, brokerages projected that Woori Financial Group's effective shareholder return ratio would exceed 50%.
Jung Tae-jun, an analyst at Mirae Asset Securities, said, "Woori Financial Group announced, along with this earnings release, a plan to buy back and cancel 150 billion won worth of its own shares in the second half," and expected, "This year's shareholder return ratio is forecast to rise to 46.4%, and considering that the dividends currently being paid are entirely tax-exempt dividends, the effective shareholder return ratio will exceed 50%."