Shinhan Financial Group Co Ltd (SHG) Q2 2021 Earnings Call Transcript

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Shinhan Financial Group Co Ltd (SHG -2.50%)
Q2 2021 Earnings Call
Jul 28, 2021, 7:30 p.m. ET

Contents:

• Prepared Remarks
• Questions and Answers
• Call Participants

Prepared Remarks:

Park Cheol Woo -- Investor Relations Officer

Greetings. I am Park Cheol Woo, the IRO. With the resurgence of COVID-19, we have been conducting our business results presentations in audio for more than one year, although we had planned to go back to video. We wish to see you via video in the near future, and from now on we will begin the Shinhan Financial Group 2021 First Half Business Results presentation.

We have here with us at the earnings presentation, our Executives and from the previous quarter's earnings release, we are holding it earlier in the day, so that the market can analyze our performance in more detail. We would like to ask not only institutional investors, but also individual investors for your keen interest. As I had mentioned, we have here with us our Group CFO, Roh Yong-hoon; Group CFDO and Shinhan DSEO, Lee Seong-Yong; Group CMO, Heo Young-taeg; Group CSSO, Park Sung-hyun and Group CRO, Dong-Kwon Bang.

First CFO, Roh Yong-hoon will walk us through the 2021 first half business results, and then we will engage in a Q&A session with all of you. I would like to invite our CFO, Roh Yong-hoon for 2021 first half earnings presentation.

Roh Yong-hoon -- Group Chief Financial Officer

Greetings. I am Shinhan Financial Group's CFO, Roh Yong-hoon. Thank you for taking part in 2021 first half business results presentation despite your busy schedules. On page 4 of the earnings release presentation material, there are three major highlights that I would like to cover. First, we were able to achieve a record high, half year net income, with improvement in our fundamentals. With asset growth in our traditional bank business and improvement in our non-banking, including capital markets, our basic fundamentals are continually leveling up.

2021 first half Group's income have a 5-to-5 break down between the bank and the non-bank. It is evolving as a differentiated profit model of global financial companies. Bank net income rose 20% YoY through margin management and quality asset growth. Non-banking recorded a record high half year net income, a 68% improved YoY.

Looking at the break down for non-banking, the earnings for capital market, including securities, capital and asset management, as well as the retail finance, including card and savings bank and insurance are all evenly growing. In particular, net income for the capital market subsidiaries with high ROE posted KRW507.4 billion, which is 43% of the Group's nonbanking income. This is a level up from the 29% yearly average contribution between 2017 to 2020. Going forward through efficient capital allocation, synergy expansion between subsidiaries and through securing inorganic growth opportunities, we will continue to balance earnings improvements, focusing on high ROE business.

Secondly, uncertainty is continuously decreasing. With the additional financial support on the back of COVID-19, we have been continuing high loan growth from last year, but asset quality trend is sound. Group's first half provision for credit losses decreased 56% YOY and even 9% QOQ. Even excluding the COVID-19 provisioning that was additionally provisioned in the first half of last year, and the provision for problematic investment products, it has decreased 30% YOY.

For the qualitative improvement of loan assets, we strengthen our corporate Soho retail CSS approval strategy and we are closely monitoring new asset inflows. In addition, we have expanded and revised pre-emptive management selection standards and criteria, and we are doing our best for risk management, so that we can effectively respond to future economic downturns.

On the other hand, Shinhan's Banks interests, deferment principal balance and the COVID-19 support program posted KRW152.4 billion, and after it increased until end December 2020 as of the first half 2021, now it decreased below the level of end June in the previous year. In addition for a problematic investment products, through verification from KPMG, an external assessment institution, we are receiving appropriate assessments each quarter. We are actively responding to minimize related uncertainty.

Third, is capital profitability; ROE posted 11.5% and on the back of record high half year net income we achieved two digit ROE. Based on efficient growth management, based on our RWA, we increased our ROE and through efficient capital allocation, we are generating sustainable profit. The increased amount of RWA in 2021 Q2 was KRW2.2 trillion and it was managed at a level which was less than half that of KRW4.8 trillion, which was an increased amount in Q1.

I would like to touch on our shareholder return policy. We are reviewing dividend plans based on press reports on the conclusion of the Financial Authorities Capital Management Recommendation. First of all, we are reviewing quarterly dividend payout to shareholders who own shares as of end June. We are considering equal quarterly payout, taking into account the previous year's EPS, and the details including dividend amount will be decided at the BOD, which will take place in August. Since the COVID-19 situation is still serious, we will closely monitor the market situation and execute our shareholder return policy.

From page 5, I will explain in more detail about the 2021 first half financial results. Despite complex uncertainties, including prolongation of COVID-19, we were able to record KRW2.4438 trillion of net income, which surpassed recurring income fundamentals of KRW1 trillion per quarter and KRW2 trillion on a quarterly basis that we have been mentioning from last year.

Q2 net income posted KRW1.2518 trillion. This is a record high quarterly net income since we were established, as well as at the same time a record high half year net profit, so we could confirm that our diversified recurring income base is expanding. In particular, financial support for companies and households is continuing. We acquired early sales growth engine, improved our margins, and the first half interest income posted KRW4.3564 trillion, a 8.3% improvement compared to the previous year. Loans in won increased 4.2% YTD and SME loans increased 7.6% YTD and drove growth.

To elaborate on growth from a qualitative management perspective, the SME loans and SOHO loans that we newly handled in the first half of this year increased in the high premium loans of A-minus or higher rates, and the proportion of SME loans was higher than BBB+ rating, also increased 4.6 percentage points YOY for externally audited companies and more than 5.4%P for non-audited company. In addition the collateral ratio of newly handled SME loans increased. Non-audited collateralized loan ratio increased 8.8%P YOY and SOHO also improved 5.5% YOY. If early asset growth was pursued in the first half, in the second half based on RWA, we will control growth speed and focus on qualitative growth.

If Shinhan Financial Group's base scenario under the 2021 business plan becomes a reality, in which the BOK freezes its base rate this year, then the bank NIM is expected to rise 1 BP every quarter in the second half. We'll make efforts to enhance the NIM further by improving the loan yield and managing the low margin unused credit line. Income from the non-bank side increased significantly also. Non-interest income in the first half increased 13% YOY to KRW2.143 trillion. This is thanks to the increase in the fee income, as well as the profit gained by the subsidiary companies in the capital markets segment.

Strategic cost cutting continues to this day. Along with the offline channels made more efficient, cost cutting is continued, thanks to digital initiatives enabling CI ratio of 41.4% in the first half. And as part of the effort to continuously improve the cost structure, Shinhan Bank and Shinhan Investment Corp., implemented ERP, the CI ratio excluding the ERP cost in the first half is 40.4%, managed below the interim target. In the first half, about 20 branches were consolidated and in the second half, we'll continue to downsize the face-to-face channels, and realign human resources in the core business lines, such as capital market, so as to enhance the operational efficiency.

The Group's credit cost ratio is being managed stably at 20 BP. The bank's credit cost ratio in the first half was 8 BP, a 21 BP fall YOY and record low level. This was possible due to the flexible response under COVID-19, and pre-emptive risk management, effective against market uncertainties. The delinquency rates of Shinhan Bank and card, which are considered leading indicators for credit costs, both fell YOY, not showing signs of asset quality deteriorating due to the pandemic. Please refer to pages 6 to 9 for a detailed financial performance by item.

I will now go right to page 10 to talk about the Group's profit contribution and performance by matrix. Page 10, the net income contribution in the Group is broken down 53% for bank and 47% for non-bank, which clearly shows the diversified profit structure. Even within the non-bank segments, the profit is evenly distributed over retail, insurance and capital markets.

Looking at the operating income by the matrix organization, GIB, Global Retirement Pension Realized record high half year profit, and wealth management that had contracted, due to the problematic financial product, is slowly recovering. Customers' assets increased by KRW4.9 trillion YOY and the number of high networks with more than KRW500 million increased by 1,700 people YOY and by 1,100 QOQ.

Moving on to digital on page 11, in order to actively respond to the competitive digital environment, we are expanding the Group platform's coverage for the customers. With the customer's digital needs rising under the pandemic, the Group's MAU is increasing rapidly since 2020. The MAU for Shinhan Bank has grown 9% YTD to 7.48 million and that option on card, increased 26% to 5.14 million.

Let's talk about the earnings; the digital channel's operating income before expenses recorded KRW824 billion in first half, up 52% YOY from KRW543 billion. Everything about the bank including the process, content, space etc., are being upgraded to enable customers' digital experience. Shinhan Bank as part of its upgrade efforts is opening Digilog branches, which are a mix of digital and analog, which is expected to allow fun and innovative financial experience for the customers. Please visit our Seosomun, South Eastern Central and Muk-dong PWM Digilog branches and see for yourself what interesting banking experiences are available.

We are actively expanding our strategic digital investment. We have created and are managing the Group's SI fund of KRW300 billion, and in the first half investment was executed in a digital platform company and others in the areas of mobility and smart city cooperation. Please refer to the slides for further details on earnings creation and cost savings from digital channels and digital coverage [Phonetic].

We are highly committed to ESG activities as a Korean Financial Institution and the results are shared on page 12 for your reference. Also, check out the website for the 2020 ESG report published in July.

Page 13, summarizes the main results of FRESH 2020, which are the Group's mid to long term business strategies, and the following pages after that list the Group's and the subsidiary's performance and major business indicators for your reference. Up until now, I've gone over our business results. We are headed in a consistent strategic direction and we're producing upgraded recurring profits, without one-offs, and we will do our best to show better results in the second half.

As for now, we will watch out for and manage the asset quality for the financial support program that is to expire at the end of September, and we'll do our best to maximize the results from collaboration and the digital investments, and continue to upgrade capital profitability.

This concludes my presentation and we will proceed with Q&A. Thank you.

Questions and Answers:

Operator

Thank you, very much and now we will take questions. [Operator Instructions]. The first question is from Hyundai Motor Securities, Mr. Kim Jin-Sang. You're on the line sir.

Kim Jin-Sang -- Hyundai Motor Securities -- Analyst

Greetings. Thank you for your good earnings. I have two questions. First, regarding your performance, it is very good. Your asset quality seems to be very good too, but with the resurgence of COVID-19 for the Soho, it seems that there are more difficulties which can lead to some deterioration going forward, and for Shinhan Financial Group, can you tell us your outlook and what will be your response going forward? And for the integration of life-insurance, I know some time has passed and I believe that there will be some results at your yearly earnings. I'm curious about for the profit and with the IFRS 17 adoption, can you give us any simulations you have, attesting to what will happen going forward?

Park Cheol Woo -- Investor Relations Officer

Thank you very much, Mr. Kim Jin-Sang for your questions. Please hold while we prepare for your answers. Our CRO, Dong-kwon Bang will answer your first question, please.

Dong-kwon Bang -- Group Chief Risk Officer

Thank you very much Kim Jin-Sang for your insightful questions. I'm Dong-kwon Bang, the CRO. In the first half, for the Soho loans, as was mentioned by our CFO, we have portfolios for different credit ratings and for different collateralized ratings. So we are seeing a market improvement actually in both, and looking at the delinquency as well, you can see for the SOHO loans, they are actually showing more stability. However, as you had voiced your concerns, because of the COVID-19 resurgence, there are of course potential risk factors going forward. In our case, if the current trend continues, we believe that a favorable flow will continue. However, for the interest deferment and others, we are able to withstand the burden and additionally for Soho loans for our members, merchant members and for different cases, we have different credit rating models that we are developing. So if that opens in the latter half of the year, we will have differentiation, so that we can still meet stability like we are now. Thank you.

Park Cheol Woo -- Investor Relations Officer

For the second question, our CMO, Heo Young-taeg will answer that question. Actually, our CFO, Roh Yong-hoon will answer the question.

Roh Yong-hoon -- Group Chief Financial Officer

Well, let me give you the bigger picture first. You asked about the integrated life insurance company Kim Jin-Sang and our net income goal is about KRW400 billion or so, and with the adoption of IFRS 17, we believe that it will go up from that amount. For details I will give the microphone to our CMO, Heo Young-taeg.

Heo Young-taeg -- Group CMO

I am CMO, Heo Young-taeg. As of July 1, successfully we had the integration of the two companies and launch our promotion model. I think it's showing the future of Shinhan Life. So we actually think of this as very positive. For both of our subsidiary companies, the goal is about KRW400 billion, and it was about KRW300 billion in the first half and we had some successful investments that were reflected, but on the whole, you can see that P&L is very stable. So I think that we will have surpassing of the goals we had set forth for year. Well, maybe I'm being overly confident, but that's the current picture. As for the IFRS, when this becomes adopted, then on the whole we will have more strength in the transparency, and we believe that we will have a overall level-up. It's because looking at our ALM structure, compared to any other life insurance company, we are being very well managed. So IFRS adoption will, well we believe lead to a market differentiation. Thank you.

Park Cheol Woo -- Investor Relations Officer

And we will have Park Sung-hyun, who will also answer the question.

Park Sung-hyun -- Group Chief Strategy & Sustainability Officer

I'm in charge of Strategy, and its 300% for the IBC, that's flat for the insurance company and for the life insurance firm, there were some difficulties in sales and its because there were some aggressive life insurers, that had very aggressive sales leading to lower margins in the industry. But for the IBC ratio there was -- it was non-binding, so we have that. But with the IFRS adoption, we believe that in the insurance industry, there will be a market of quality that will take root, and our integrated insurance company will actually have a hold over the market and lead to a very positive effect on our income. Thank you.

Park Cheol Woo -- Investor Relations Officer

[Operator Instructions] Yes, next question is from Seo Young-Soo of Kiwoom Securities. Please go ahead sir.

Seo Young-Soo -- Kiwoom Securities -- Analyst

Congratulations on a wonderful first half. This is a minor question. As for the Shinhan card, relatively speaking, it had good performance and I think it contributed to good income coming from the non-bank side. Shinhan card, if you look at the details, the fee income and other incomes, operating income -- the operating expenses seem to have gone down and I think that has led to improved results for the Shinhan card in Q2. So, could you tell us, is this trend or is it a one-off, could you explain the reason? And looking at Shinhan Financial Corp., I think this is integration cost. As for Orange Life compared to Q1, it seems that the net income increased in Q2, but for Shinhan Life compared to Q1, the net income decreased significantly, so what happened? Thank you.

Park Cheol Woo -- Investor Relations Officer

Thank you for your questions. Please hold as we get ready for the answer. Yes, Mr. Heo Young-taeg will answer.

Heo Young-taeg -- Group CMO

Yes, I'm the CMO. As for Shinhan card, the cost for acquiring customers had decreased, and we were able to save on the expenses. In looking at the revenue source of Shinhan card, we had the -- we can divide into new sales and credit sales, and we are able to implement cost control for new sales, and there is the decrease in merchant fees, and so through cost control efforts, we are continuing with the growth and I think that strategy has worked well and we have positive outlook going forward. And there's auto loans and overseas assets and there is the new growth and if we include the C.B. business, if we look at the growth trend in the new sector, we're seeing continuous growth. And of the industry peers, qualitatively and quantitatively, Shinhan has the most diversified portfolio, and so I think these factors will be maintaining a steady income flow going forward. And Shinhan card, it's not going to happen, that we're going to see overnight increase in income, but we will see a steady income increase going forward. And the difference between Shinhan Life and Orange Life, the income growth, well it has been mostly strategic. We have sold along maturity bonds, and we have implemented the strategy with the integrated life insurance as a whole, and this came from our strategy of selling the bonds. So it's not a matter of difference between Shinhan Life and Orange Life. I think you should look at the entity as a whole.

Roh Yong-hoon -- Group Chief Financial Officer

I am Roh Yong-hoon, the CFO. I'd like to add, if you just look at Shinhan Life in Q2 compared to Q1, yes, the numbers look smaller, that is correct. In Q1 we had a one-off. We had sold off the acquisition finance, but net income is KRW92 billion and compared to the target, the progress looks quite good.

Operator

We will wait for more questions. [Operator Instructions]. We have no questions in the queue and we will wait while we have more questions coming in. We will take the next question from Hanwha Investment Securities, analyst Kim Do-ha. You're on the line.

Kim Do-ha -- Hanwha Investment Securities -- Analyst

I am Kim Do-ha and I have a question about digital. There is a KakaoBank, an online bank and they are saying that they are going to have new loans on non-face-to-face manner or digital loans. And for your side, do you have any new line-up's for loans that you have in-store, in the case of non-face-to-face loans? Thank you.

Park Cheol Woo -- Investor Relations Officer

Thank you very much analyst Kim Do-ha, and we will soon answer your question. Please hold. Our CDO, Lee Seong-Yong will answer your question.

Seong-Yong Lee -- Chief Digital Officer & Deputy President

I am Lee Seong-Yong, the CDO. In the latter half of this year we will start and for example, we have a plan to have contract with the First American and we have plans, other plans as well for a non-face-to-face and we think that, it will be a great help.

Heo Young-taeg -- Group CMO

I am CMO, Heo Young-taeg. For the bank non-face-to-bank collateralized loans, we plan to launch it sometime in August and for the bank's retail products, ultimately we believe that they will all turn digital or non-face-to-face. Thank you.

Park Cheol Woo -- Investor Relations Officer

We'll take the next question from J.P. Morgan Securities, Jo-Jae Yung [Phonetic]. Please go ahead.

Jo-Jae Yung -- JP Morgan -- Analyst

Hello! I am Jo-Jae Yung from J.P. Morgan. Thank you. I have three questions. In the beginning, you talked about quarterly dividend and you will be paying that out after the BOD meeting in August, and is it half year or quarterly, and will there be share buyback plans going forward? And in the beginning you talked about the scenario of the base rate being frozen, and then will be improving by 1 BP per quarter. Is it only coming from the low cost deposits? What is the detail of the scenario? And the rates hike will be steeper, so at the end of the year and maybe next year, there could be a rate increase once or twice, and what will be the track for the NIM improvement, what is your guidance? And you said that mostly the banks, retail products will turn non-face-to-face, but collateralized loans, if they are handled online like credit loans, is it technically feasible. That is what I'm curious about, maybe you could make the loan application online, but as for the underwriting, is it done at the screening department. So what makes these products transition from offline to online?

Park Cheol Woo -- Investor Relations Officer

Thank you very much for your questions. We will hold, while we get ready for the answers. Mr. Roh Yong-hoon, the CFO will answer the questions.

Roh Yong-hoon -- Group Chief Financial Officer

Hello. As for the quarterly dividend, it's not an interim dividend, but we are thinking of quarterly. So we are going to pay out the quarterly dividends to the shareholders who own the shares as of June end, but because of COVID-19 we will be monitoring the market very closely, and every quarter at the BOD meeting, we'll come up with prudent decisions. And as for share buyback, that was the part of your question. If the COVID-19 situation relaxes and if there are no macroeconomic and business problems, we will look into share buyback more actively. But even before that, if we look at the Group, the shares, the treasuries, after acquiring Orange Life, we have all used them up. And so, if there are further M&A opportunities and if there is a need for equity swap, then we will need treasury shares. But as for the amount and timing we have not decided on anything at that end.

As for the second question about the NIM, if you look at the bank, the NIM has increased 1 BP to 1.4% Q2, and this is due to, and if we take into the factor of your 0.7 BP reduction, due to deposit insurance rate changes, then it has increased by 1.7 BP, and we expect it to increase by 1 BP every quarter when the base rate is frozen. But as of October, if the base rate is increased by one time, then the bank margin is expected to go up 1 BP in Q3 and by Q2, 3 BP in Q4. And other than that, we will work on improving the NIM, by improving the loan yield and by managing the low margin and using the low margin unused credit line to improve the NIM by 1 to 2 BP additionally in the second half.

Yes and as for the online loan handling, ultimately what we are thinking is the retail loans, we want to handle it non-face-to-face for customer convenience. That is the overall direction, 100% non-face-to-face, it includes technological issues and regulatory issues. And as for the technological issues, I think time will resolve the issues, and as for the regulations for our customer benefit, I think the regulatory authorities will relax the regulations, and so we are counting on deregulation. So the strategic direction that our Group has, is we want to put customer convenience first. So for retail loans, we want to go non-face-to-face. Ultimately that is the big picture, and as for this I don't think it's just our financial group, most of the other financial groups has that picture in mind.

Non-face-to-face mortgage loans, ultimately the customers would want that, because they don't want to visit the banks anymore. That's good for their convenience, and so that will be the ultimate direction. But for the time being, all the processes may not be handled online, and some of the parts, because of regulations, they cannot be transitioned online, and so some of the processes may be handled manually, but ultimately non-face-to-face, that is our objective. Thank you.

Seong-Yong Lee -- Chief Digital Officer & Deputy President

Yes, I am Yong Seong, the CDO. Technologically, it's not difficult to handle the collateralized loans digitally. Applications, scaping, submitting photos, submitting electronic documents, they can be done online, but the legal and regulatory issues, as for the transition of ownership, that requires some legal issues. So we will work through our legal proxies, we will work with the attorneys and then we'll be able to turn this into a non-face-to-face transaction.

Operator

[Operator Instructions] We have the next question from Goldman Sachs, Park Sinyoung.

Park Sinyoung -- Goldman Sachs -- Analyst

Hello. I am Park Sinyoung. I have only one question. You mentioned shareholder return policy previously and for the cash dividends, I think it was 30% and I think you have mentioned that you're going to make it more regular, and for optimal CET1 ratio for those over 12.5%, I think you mentioned that additional returns will take place and can you tell us about the ratio of total shareholder returns if you have a target standard, then can you brief us on it? Thank you.

Park Cheol Woo -- Investor Relations Officer

Thank you, thank you for your question Park Sinyoung, please hold. CFO, Roh Yong-hoon will answer your question.

Roh Yong-hoon -- Group Chief Financial Officer

Thank you for your question. As you had mentioned, for the CET1 ratio of 12%, that standard still stands, and we're not saying that we're going to achieve it right now, but spoke about it based on the previous standard, because we have already accomplished it, but we believe that it might not go there or surpass that, but in the mid to long term, we want to stably maintain 12%, so that plan still stands. And for the total shareholder return ratio, we are going to manage it based on this, and regarding the target we are still reviewing this. So, we need to consider a more comprehensive capital policy. So we will communicate it to you at the appropriate at the appropriate timing. Thank you very much.

Operator

Yes, next question is from Won Jaewoong from HSBC. Please go ahead.

Won Jaewoong -- HSBC -- Analyst

Congratulations on a good half year. I have a question on the fintech side. As for KakaoBank, it is targeting the mid-interest rate market aggressively and the credit rating model seems to be more detailed. They are setting it up and they are working in a different mood, I think that is their strategy. And as far as Shinhan, you are not going to go there, or is it going to pose a threat? Is that going to be KakaoBank's own initiative only. So what is your take on that competitor?

Park Cheol Woo -- Investor Relations Officer

Thank you for the question. Please hold as we get ready for the answer. Our CRO, Dong-kwon Bang will answer your question.

Dong-kwon Bang -- Group Chief Risk Officer

Thank you for the question. As you rightly mentioned, the Fintechs are going to expand in the mid-interest rate market and I'm sure you've heard of the alternative rating model, and I think the Fintechs are working on that. I mentioned in the beginning Shinhan Financial Group, as for the alternatives data, it's not just the traditional financial data. There's other types of market data and they are used as input factors to build the model. We are getting data from NPS, from affiliates and internal data and we are creating big data, and for each segment we are creating alternative models, and starting in August, we are going to roll them out consecutively, and for KakaoBank and other Fintech players, we will be able to compete with them head-to-head in the mid-interest loan market. Thank you.

Park Cheol Woo -- Investor Relations Officer

The CDO, Mr. Seong-Yong, will add some comment.

Seong-Yong Lee -- Chief Digital Officer & Deputy President

As for card companies, the first CP license was acquired and this is quite an achievement for alternative modeling. And so Shinhan card is getting ready for this segment of the market.

Park Cheol Woo -- Investor Relations Officer

There are no questions in the queue currently. We will wait until further questions come in.

Roh Yong-hoon -- Group Chief Financial Officer

With this we will conclude Shinhan's Financial Group 2021 first half earnings release presentation and Q&A session. We will look forward to seeing you in the next quarter with more improved earnings. Thank you very much for your participation, and please have good health during the COVID.

Duration: 46 minutes

Call participants:

Park Cheol Woo -- Investor Relations Officer

Roh Yong-hoon -- Group Chief Financial Officer

Dong-kwon Bang -- Group Chief Risk Officer

Heo Young-taeg -- Group CMO

Park Sung-hyun -- Group Chief Strategy & Sustainability Officer

Seong-Yong Lee -- Chief Digital Officer & Deputy President

Kim Jin-Sang -- Hyundai Motor Securities -- Analyst

Seo Young-Soo -- Kiwoom Securities -- Analyst

Kim Do-ha -- Hanwha Investment Securities -- Analyst

Jo-Jae Yung -- JP Morgan -- Analyst

Park Sinyoung -- Goldman Sachs -- Analyst

Won Jaewoong -- HSBC -- Analyst

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