External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Equity Bottom-Up

<ul><li>For 3Q25, Korean Air reported standalone revenue of W4.01tr (-5.5% YoY).</li><li>Passenger revenue fell 7.5% YoY to W2.02tr due to a combination of weaker demand (hurt by tighter US entry restrictions) and supply competition, which led to a 2.4% YoY decline in yield.</li><li>The shift in the timing of the Chuseok holiday period (October in 2025 vs. September in 2024) also created an unfavorable base, weighing on results. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 3Q25, Korean Air reported standalone revenue of W4.01tr (-5.5% YoY).Passenger revenue fell 7.5% YoY to W2.02tr due to a combination of weaker demand (hurt by tighter US entry restrictions) and supply competition, which led to a 2.4% YoY decline in yield.The shift in the timing of the Chuseok holiday period (October in 2025 vs. September in 2024) also created an unfavorable base, weighing on results. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Korean Air (003490 KS/Buy)Fixed Cost Pressures Increase Amid Lower Yields

Thematic (Sector/Industry)

<ul><li>Momentum: Slow but steady improvement in fundamentals could provide the basis for a valuation recovery.</li><li>Earnings: It appears increasingly likely that 2Q26 will mark an earnings trough, with a rebound likely thereafter.</li><li>In 2H26, the market’s focus may begin to shift beyond the recent series of macro uncertainties (from tariffs and port fees in 2025 to the Middle East conflict in 2026). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Momentum: Slow but steady improvement in fundamentals could provide the basis for a valuation recovery.Earnings: It appears increasingly likely that 2Q26 will mark an earnings trough, with a rebound likely thereafter.In 2H26, the market’s focus may begin to shift beyond the recent series of macro uncertainties (from tariffs and port fees in 2025 to the Middle East conflict in 2026). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

[2H26 Outlook] TransportationAdaptability holds the key to market leadership

South Korea

Korean Air Lines Co., Ltd. operates air transportation services.  The Company's services include passenger and cargo transportation, aircraft maintenance, and air catering.  Korean Air Lines provides domestic and international airline services.

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Korean Air Lines (003490 KS)

Korean Air (003490 KS/Buy)Fixed Cost Pressures Increase Amid Lower Yields

Passenger revenue fell 7.5% YoY to W2.02tr due to a combination of weaker demand (hurt by tighter US entry restrictions) and supply competition,...

Mirae Asset Securities

[2H26 Outlook] TransportationAdaptability holds the key to market leadership

In 2H26, the market’s focus may begin to shift beyond the recent series of macro uncertainties (from tariffs and port fees in 2025 to the Middle...

Mirae Asset Securities

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