Investment summary 3
Stock selection 3
Revised forecasts 4
Valuation 6
Risks 6
Normalised risk and returns 7
Market risks decline 7
Distribution and cost structure 10
Sustainable ROE 12
April trading statements 15
Key takeaways 15
Results and stock prices 16
Samsung F&M 17
Hyundai M&F 20
Dongbu Insurance 23
LIG 26
Disclosure appendix 30
Disclaimer 34
Contents