Woori Financial: Look Past Headline Earnings Miss (Rating Upgrade)

Woori Financial's rating is upgraded from "Hold" to "Buy," after my review of its results and outlook. I am not worried about WF's below-expectations reported Q1 2026 numbers. Its normalized net profit would have risen 49% YoY and beat consensus by 15%, excluding one-offs. Looking ahead, Woori's future is bright considering the prospects of more generous capital returns and further non-banking business diversification.