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 1Q26, Lotte Shopping reported revenue of W3.58tr (+4% YoY) and operating profit of W252.9bn (+71% YoY), significantly exceeding market expectations.</li><li>Department store earnings were even stronger than expected, while other divisions also posted meaningful profit improvement, driving a clear earnings surprise.</li><li>On the nonoperating side, there were no notable one-off costs, while equity-method income improved significantly thanks to the performance of Uniqlo, supporting solid net profit.</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 1Q26, Lotte Shopping reported revenue of W3.58tr (+4% YoY) and operating profit of W252.9bn (+71% YoY), significantly exceeding market expectations.Department store earnings were even stronger than expected, while other divisions also posted meaningful profit improvement, driving a clear earnings surprise.On the nonoperating side, there were no notable one-off costs, while equity-method income improved significantly thanks to the performance of Uniqlo, supporting solid net profit.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.

Lotte Shopping (023530 KS/Buy)An Outstanding Quarter

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>Substantial earnings recovery across segments except domestic, hypermarkets</li><li>Tangible improvement in earnings visibility through restructuring efforts</li><li>Deep-value PBR offers compelling re-rating potential</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.

Substantial earnings recovery across segments except domestic, hypermarketsTangible improvement in earnings visibility through restructuring effortsDeep-value PBR offers compelling re-rating potentialContent 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.

Lotte Shopping (023530 KS) - Earnings Beat and Re-Rating Potential Rising for Ultra-Low PBR

South Korea

Lotte Shopping Co., Ltd. operates department stores and discount stores in South Korea.  The Company retails clothing, household goods, foods and other items through several branches.  Lotte Shopping also operates supermarkets and movie theaters.

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Lotte Shopping Co (023530 KS)

Lotte Shopping (023530 KS/Buy)An Outstanding Quarter

For 1Q26, Lotte Shopping reported revenue of W3.58tr (+4% YoY) and operating profit of W252.9bn (+71% YoY), significantly exceeding market...

Mirae Asset Securities

Lotte Shopping (023530 KS) - Earnings Beat and Re-Rating Potential Rising for Ultra-Low PBR

Substantial earnings recovery across segments except domestic, hypermarkets. Tangible improvement in earnings visibility through restructuring efforts

Daishin Securities

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