External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>W230bn in one-off expenses; adjusted OPM solid at 13%</li><li>LNGC P-mix to improve despite declining LNGC revenue share</li><li>Orders set to expand, largely led by South America and West Africa projects</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.

W230bn in one-off expenses; adjusted OPM solid at 13%LNGC P-mix to improve despite declining LNGC revenue shareOrders set to expand, largely led by South America and West Africa projectsContent 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.

Hanwha Ocean (042660 KS) - Structural Profit Fundamentals Intact Despite One-Off Expenses

<ul><li>3Q25 revenue forecast at W3.4tn, OP at W355.5bn and OPM at 10.5%</li><li>One-offs include FX gains, bonus payouts tied to wage deal, and provision for industrial accident compensation</li><li>Margins slated to remain solid as high-margin commercial vessel orders are recognized; in-line results expected</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.

3Q25 revenue forecast at W3.4tn, OP at W355.5bn and OPM at 10.5%One-offs include FX gains, bonus payouts tied to wage deal, and provision for industrial accident compensationMargins slated to remain solid as high-margin commercial vessel orders are recognized; in-line results expectedContent 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.

Hanwha Ocean (042660 KS Oct 14, 2025) - Commercial Shipbuilding to Offset Offshore Drag

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

Mirae Asset Securities

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

Thematic (Sector/Industry)

<ul><li>The KOSPI continues its semiconductor-led rally, surpassing 5,000p only three months after crossing the 4,000p mark.</li><li>Because the rally has been primarily earnings-driven, valuation pressure remains limited, with the KOSPI’s 12-month forward P/E standing at 10.6x.</li><li>Over the past three months, the KOSPI has climbed approximately 30%, while the EPS consensus has been revised up 37%. </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.

The KOSPI continues its semiconductor-led rally, surpassing 5,000p only three months after crossing the 4,000p mark.Because the rally has been primarily earnings-driven, valuation pressure remains limited, with the KOSPI’s 12-month forward P/E standing at 10.6x.Over the past three months, the KOSPI has climbed approximately 30%, while the EPS consensus has been revised up 37%. 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.

Equity Strategy[February] Positioning for the Market’s Next Phase

<ul><li>1Q25 beats consensus, with revenue and OP at W3.1tn and W258.6bn, respectively</li><li>Share of low-margin orders in total revenue recognition set to decrease into 2H25, boosting margin improvement</li><li>Despite intact catalysts, short-term correction looks inevitable following Block Deal</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.

1Q25 beats consensus, with revenue and OP at W3.1tn and W258.6bn, respectivelyShare of low-margin orders in total revenue recognition set to decrease into 2H25, boosting margin improvementDespite intact catalysts, short-term correction looks inevitable following Block DealContent 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.

Hanwha Ocean (042660 KS Apr 29, 2025) - Rising Revenue Recognition from Lucrative Commercial Vessels

South Korea

Hanwha Ocean Co., Ltd. operates as a shipbuilding and offshore company. The Company provides floating structure construction, steel wire drying, commercial vessels, specialty vessels, gas carrier, tanker, containership, ro ro, bulk carrier, submarine, warship, auxiliaries, cruise ships, and ferries manufacturing services. Hanwha Ocean also offers onshore plants services.

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Hanwha Ocean (042660 KS)