Q3 earnings per ADS of $0.38 vs. $1.32 misses our estimate of
$0.60, as G&A expenses are higher than our estimate. Loan loss
provisions were in-line with our forecast. On these results, we
are lowering our '09 earnings per ADS estimate to $1.18 from
$1.47. We are also lowering our '10 estimate to $2.99 from $3.82,
on our lower net interest income forecast. However, we keep our
target price of $55, based on a multiple of 18.4X, applied to our
'10 estimate, above KB's historical levels, reflecting a
depressed near-term earnings outlook.
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