Woori Finance Holdings Co., Ltd. (ADR) (NYSE:WF)
A Financial holding company in Korea with the subsidiary companies in banks, credit card companies, investment companies, securities companies, trust companies, F&I and financial information system companies.
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Customers transferring accounts to credit unions.
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The Goldman Sachs of Korea.....
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already doubled my investments in this!
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When the overly optimistic FOMC says that household spending will be "constrained" by sluggish income growth, ongoing job losses, lower household wealth, and tight credit AND Shanghai stocks hit a seven-week low, then you know this bear market rally is finally over!
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The 1929-1930 equity rally (coming out of The Great Depression) lasted 147 days and the market was up 46%. It has been the same amount of time since the March, 2009 low and we are up about the same percentage. It’s déjà vu (paramnesia), so prepare for a drop of about the same percentage (85%).
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Irrational exuberance.
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cheap,this is a caps pick only for me, volume to thin.
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i like the fninancials with this stock. i also like the fact that they may be making a 50-50 partnership with Merril Lynch
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This company is undervalued at the moment. P/E ratio of 10.70 for a blue chip company with 40% glrowth rate?
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undervalued, compaered to others in industry. Good rating and good country with strong growth. Koreans work hard!
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Woori Finance Holdings is primarily a financial holding company having six operational business segments: Woori Bank, Kyongnam Bank, Kwangju Bank, credit card operations, securities brokerage services and other operations. Through its subsidiaries, it engages in various businesses, including commercial banking, credit cards, capital market activities, international banking, asset management & bancassurance. The customers mainly include individuals, small and medium-sized enterprises, and corporations based in the Republic of Korea served through 980 branches & 7,800 automated teller machines. As of July, 2006, Credit Suisse Group held a 30% interest in the company.
For December 2006, its revenue increased by 34.73% on account of higher interest income that surged by 30%. Net interest margins and interest spread was negatively impacted by 34 and 35 basis points respectively, which resulted in lower operating income of 7.5%. Net income increased by 19% in spite of lower operating income led by increase in other income particularly due to a one-off gains from offloading shares in restructured firms. Company’s assets surged by 32.1% which proves that it is expanding its asset base. Earnings of Woori Bank, the group's flagship, increased by 14.6% while its assets soared by 33%.
The third-largest financial services company of South Korea has recently announced acquisition of a Korea-Based Company which is engaged in the provision of investment services. Also it has established a Woori Bank in china which would give it the opportunity to benefit from the Chinese economic growth. On the other hand Woori Private Equity Fund, its subsidiary has invested $63 million in convertible bonds of CinTel Corp, who will use it for acquisition in the semiconductor industry, thus broadening its exposure. These factors prove that the company although is a big name in Korea but is still growing and spreading is foot prints in other parts of the world.
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