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

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>For 3Q25, LG Uplus posted consolidated revenue of approximately W4tr (+5.5% YoY; 4% above the consensus), operating profit of W161.7bn (-34.3% YoY; 11% below the consensus), and an OP margin of 4%.</li><li>Increases in both service and handset revenue supported growth in consolidated revenue.</li><li>Increases in both service and handset revenue supported growth in consolidated revenue. However, the drop in operating profit was much steeper than that seen in 3Q24, owing to a 31% YoY increase in labor expenses.</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, LG Uplus posted consolidated revenue of approximately W4tr (+5.5% YoY; 4% above the consensus), operating profit of W161.7bn (-34.3% YoY; 11% below the consensus), and an OP margin of 4%.Increases in both service and handset revenue supported growth in consolidated revenue.Increases in both service and handset revenue supported growth in consolidated revenue. However, the drop in operating profit was much steeper than that seen in 3Q24, owing to a 31% YoY increase in labor expenses.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)Continued Wireless Growth Vs. One-Off Labor Expenses

External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

Founded in 1962, Daishin Securities is a leading financial services provider in Korea. Daishin securities does its best to provide high quality financial service and to satisfy the various needs of investors. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>4Q24 revenue W3.8tn (-2% YoY), OP W140bn (-27% YoY)</li><li>2024 OP W860bn (-14% YoY), 2025E OP W1.03tn (+19% YoY)</li><li>2025E TSR W310bn-W380bn, return 6.8%–8.3%</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.

4Q24 revenue W3.8tn (-2% YoY), OP W140bn (-27% YoY)2024 OP W860bn (-14% YoY), 2025E OP W1.03tn (+19% YoY)2025E TSR W310bn-W380bn, return 6.8%–8.3%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) - Gearing up for Stronger Earnings and Shareholder Returns

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

<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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

LG Uplus Corp (032640 KS)

LG Uplus (032640 KS/Buy)Continued Wireless Growth Vs. One-Off Labor Expenses

For 3Q25, LG Uplus posted consolidated revenue of approximately W4tr (+5.5% YoY; 4% above the consensus), operating profit of W161.7bn (-34.3% YoY;...

Mirae Asset Securities

LG Uplus (032640 KS) - Gearing up for Stronger Earnings and Shareholder Returns

4Q24 revenue W3.8tn (-2% YoY), OP W140bn (-27% YoY). 2024 OP W860bn (-14% YoY), 2025E OP W1.03tn (+19% YoY). 2025E TSR W310bn-W380bn, return 6.8%–8.3%

Daishin 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

Market Cap (USDm)

P/E

Dividend (Yield)

LG Uplus (032640 KS/Buy)Continued Wireless Growth Vs. One-Off Labor Expenses

For 3Q25, LG Uplus posted consolidated revenue of approximately W4tr (+5.5% YoY; 4% above the consensus), operating profit of W161.7bn (-34.3% YoY;...

Mirae Asset Securities

LG Uplus (032640 KS) - Gearing up for Stronger Earnings and Shareholder Returns

4Q24 revenue W3.8tn (-2% YoY), OP W140bn (-27% YoY). 2024 OP W860bn (-14% YoY), 2025E OP W1.03tn (+19% YoY). 2025E TSR W310bn-W380bn, return 6.8%–8.3%

Daishin 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...