KB Financial Group keeps Buy rating on strong non-banking growth and expected dividend hike

KB Financial Group maintains a Buy rating due to its aggressive expansion into non-banking sectors, which now contribute 43% of earnings. Management aims for a balanced 50:50 split between banking and non-banking profits to ensure more stable earnings. The group's strong capital position and potential increase in cash dividends make it attractive to income-focused investors. The fair value is estimated at 1.78x price-to-book, suggesting a 62% upside driven by rising non-banking profits and improved shareholder returns.