[
THE INVESTOR] The world’s largest asset management company BlockRock has acquired 5.13 percent stake each in
POSCO and
Shinhan Financial Group, according to Financial Supervisory Service’s data on Oct. 20.
BlackRock Fund Advisors and 14 others in special relationship reported that they have newly acquired 4,415,820 shares of POSCO and 24,320,723 shares of Shinhan Financial Group.
South Korea’s largest steelmaker has shown the best performance since the second quarter in 2013. Its operating profit in the third quarter this year will surge 40.5 percent to 915.7 billion won (US$809.64 million) on-year, 4.5 percent higher than market consensus, according to NH Investment and Securities. The rise of steel prices is a favorable factor for POSCO as well.
The country’s largest financial group Shinhan will also beat market consensus, with 626.4 billion won net profit in the third quarter, a rise of 3.07 percent. As the base rate in the US is expected to rise within this year, South Korean banks would be affected and their stocks are expected to improve, according to the industry. As the group’s Bank for International Settlements capital adequacy ratio is stable, its pay-out rate probably will rise as well up to 27 percent, forecast HMC Investment Securities.
By Hwang You-mee (
glamazon@heraldcorp.com)
