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>We expect the Paju AI data center to be a key driver of profitability improvement in LG Uplus’s data center business.</li><li>With phase 1 and phase 2 scheduled to come online in 2H27 and 2H28, respectively, we expect data center revenue growth to accelerate from 2027 onward.</li><li>Amid constraints on power procurement and available data center capacity in Korea due to rising demand for AI and cloud services, LG Uplus’s strategy of proactively expanding capacity—centered on the Paju facility—should help it gain share in the AI data center market. </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.

We expect the Paju AI data center to be a key driver of profitability improvement in LG Uplus’s data center business.With phase 1 and phase 2 scheduled to come online in 2H27 and 2H28, respectively, we expect data center revenue growth to accelerate from 2027 onward.Amid constraints on power procurement and available data center capacity in Korea due to rising demand for AI and cloud services, LG Uplus’s strategy of proactively expanding capacity—centered on the Paju facility—should help it gain share in the AI data center market. 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.

LG Uplus (032640 KS/Buy)Paju Facility Is Key to Accelerating Data Center Expansion

<ul><li>For 2Q26, we expect LG Uplus to report revenue of approximately W3.9tr (+1.6% QoQ, +0.5% YoY), operating profit of W340.3bn (+25.0% QoQ, +11.7% YoY; 9.7% above the consensus), and an OP margin of 8.8%.</li><li>Key earnings drivers likely included: 1) improved cost efficiency across major expense items, including marketing, labor, and depreciation/amortization; 2) an increase in the number of 5G subscribers;</li><li>3) expanding contributions from the company’s data centers, including those in Pyeongchon, Paju, and Seocho; and 4) a one-off gain.</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 2Q26, we expect LG Uplus to report revenue of approximately W3.9tr (+1.6% QoQ, +0.5% YoY), operating profit of W340.3bn (+25.0% QoQ, +11.7% YoY; 9.7% above the consensus), and an OP margin of 8.8%.Key earnings drivers likely included: 1) improved cost efficiency across major expense items, including marketing, labor, and depreciation/amortization; 2) an increase in the number of 5G subscribers;3) expanding contributions from the company’s data centers, including those in Pyeongchon, Paju, and Seocho; and 4) a one-off gain.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.

LG Uplus (032640 KS/Buy)Solid Operating Profit Growth Expected

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>Nextrade (NXT) is an alternative trading system (ATS) in Korea which will start to go live on 4 March.</li>
<li>Nextrade provided a list of 10 stocks including Lotte Shopping,  Cheil Worldwide,  Kolon Industries, LG Uplus, and S Oil that will start to trade on NXT starting 4 March. </li>
<li>Most of these 10 stocks tend to be lower beta stocks with relatively low amounts of share volatility. These 10 stocks are up on average 2.8% YTD, underperforming KOSPI.</li>
</ul>


Nextrade (NXT) is an alternative trading system (ATS) in Korea which will start to go live on 4 March.
Nextrade provided a list of 10 stocks including Lotte Shopping,  Cheil Worldwide,  Kolon Industries, LG Uplus, and S Oil that will start to trade on NXT starting 4 March. 
Most of these 10 stocks tend to be lower beta stocks with relatively low amounts of share volatility. These 10 stocks are up on average 2.8% YTD, underperforming KOSPI.


Impact of Nextrade Alternative Trading System Going Live on the Korean Stock Market on 4 March

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

Korea Stock Exchange Kospi Index / Event-Driven

Korea Stock Exchange Kospi Index (KOSPI INDEX)

<ul>
<li>Martial law has been declared 11 times since 1945, but this is the first since Korea’s post-‘90 democratization.</li>
<li>The Martial Law Command's first proclamation blocks parliament, raising legal questions about its constitutionality and making any immediate attempt to end martial law uncertain.</li>
<li>Defense and telecom stocks could outperform short-term due to martial law, making them strong trading targets to watch.</li>
</ul>


Martial law has been declared 11 times since 1945, but this is the first since Korea’s post-‘90 democratization.
The Martial Law Command's first proclamation blocks parliament, raising legal questions about its constitutionality and making any immediate attempt to end martial law uncertain.
Defense and telecom stocks could outperform short-term due to martial law, making them strong trading targets to watch.


Breaking: Korea Drops Martial Law, Local Markets in Turmoil—What’s the Short-Term Trade Play Here?

<ul>
<li>We have a Positive view of KT Corp (030200 KS) due to three main reasons.</li>
<li>First, KT has started to implement aggressive capital return policy (returning 50% of net income through dividends and share buybacks/cancellations). Two other reasons include Corporate Value Up and higher Smartscore.</li>
<li>KT Corp has been the best performing stock among the three major Korean telcos in the past one year. KT Corp's shares are up 27.9% in the past one year.</li>
</ul>


We have a Positive view of KT Corp (030200 KS) due to three main reasons.
First, KT has started to implement aggressive capital return policy (returning 50% of net income through dividends and share buybacks/cancellations). Two other reasons include Corporate Value Up and higher Smartscore.
KT Corp has been the best performing stock among the three major Korean telcos in the past one year. KT Corp's shares are up 27.9% in the past one year.


South Korea

LG Uplus Corp., an affiliate of LG Group, provides a wide range of personal communications services (PCS) using code division multiple access (CDMA) technology.  The Company offers call forwarding, call and data transfer, call waiting, voice mail, Internet-phone, prepaid call, and authentication text-to-speech (TTS) services.

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LG Uplus Corp (032640 KS)

LG Uplus (032640 KS/Buy)Paju Facility Is Key to Accelerating Data Center Expansion

With phase 1 and phase 2 scheduled to come online in 2H27 and 2H28, respectively, we expect data center revenue growth to accelerate from 2027 onward.

Mirae Asset Securities

LG Uplus (032640 KS/Buy)Solid Operating Profit Growth Expected

For 2Q26, we expect LG Uplus to report revenue of approximately W3.9tr (+1.6% QoQ, +0.5% YoY), operating profit of W340.3bn (+25.0% QoQ, +11.7%...

Mirae Asset Securities

Impact of Nextrade Alternative Trading System Going Live on the Korean Stock Market on 4 March

Nextrade provided a list of 10 stocks including Lotte Shopping, Cheil Worldwide, Kolon Industries, LG Uplus, and S Oil that will start to trade...

Douglas Kim

Breaking: Korea Drops Martial Law, Local Markets in Turmoil—What’s the Short-Term Trade Play Here?

Breaking news: Korea has declared martial law, causing local markets to be in turmoil—what’s the short-term trading strategy moving forward?

Sanghyun Park

Asian Dividend Gems: KT Corp

Positive outlook on KT Corp (030200 KS) due to aggressive capital return policy, Corporate Value Up, and higher Smartscore leading to strong stock...

Douglas Kim

Price Gauge

52-week Range

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LG Uplus (032640 KS/Buy)Paju Facility Is Key to Accelerating Data Center Expansion

With phase 1 and phase 2 scheduled to come online in 2H27 and 2H28, respectively, we expect data center revenue growth to accelerate from 2027 onward.

Mirae Asset Securities

LG Uplus (032640 KS/Buy)Solid Operating Profit Growth Expected

For 2Q26, we expect LG Uplus to report revenue of approximately W3.9tr (+1.6% QoQ, +0.5% YoY), operating profit of W340.3bn (+25.0% QoQ, +11.7%...

Mirae Asset Securities

Impact of Nextrade Alternative Trading System Going Live on the Korean Stock Market on 4 March

Nextrade provided a list of 10 stocks including Lotte Shopping, Cheil Worldwide, Kolon Industries, LG Uplus, and S Oil that will start to trade...

Douglas Kim

Breaking: Korea Drops Martial Law, Local Markets in Turmoil—What’s the Short-Term Trade Play Here?

Breaking news: Korea has declared martial law, causing local markets to be in turmoil—what’s the short-term trading strategy moving forward?

Sanghyun Park

Asian Dividend Gems: KT Corp

​Positive outlook on KT Corp (030200 KS) due to aggressive capital return policy, Corporate Value Up, and higher Smartscore leading to strong stock...

Douglas Kim

Positive outlook on KT Corp (030200 KS) due to aggressive capital return policy, Corporate Value Up, and higher Smartscore leading to strong stock...