CLSA analyst Jongmin Shim downgraded Woori Financial to Outperform from Buy with a price target of KRW 12,000, down from KRW 15,000. 2023 "looks tough" for Korea’s banks due to net interest margin peaking, a weak property market, a deteriorating credit cycle and ongoing weakness of non-banks in general, Shim tells investors in a research note.
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