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>Fundamental overhaul underway; signs of progress set to take shape in 2H</li><li>Downside risks substantially priced in; time to focus on recovery potential</li><li>We reinitiate coverage with a Buy rating and a target price of W74,000</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.

Fundamental overhaul underway; signs of progress set to take shape in 2HDownside risks substantially priced in; time to focus on recovery potentialWe reinitiate coverage with a Buy rating and a target price of W74,000Content 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.

Samsung Electronics (005930 KS May 21, 2025) - Giant’s Stride Toward Change

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

Mirae Asset Securities

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.

Thematic (Sector/Industry)

<ul><li>We expect AI adoption to drive meaningful price, volume, and cost improvements in 2026, supporting strong momentum in the ad segment.</li><li>E-commerce growth has also been rebounding since 3Q25.</li><li>Our top pick is NAVER due to its attractive valuation. Our target price (W410,000) is based on a P/E of 29x (vs. current 2026F P/E of 18x).</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 AI adoption to drive meaningful price, volume, and cost improvements in 2026, supporting strong momentum in the ad segment.E-commerce growth has also been rebounding since 3Q25.Our top pick is NAVER due to its attractive valuation. Our target price (W410,000) is based on a P/E of 29x (vs. current 2026F P/E of 18x).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.

Mirae Asset Minutes [2025: Volume 22]Biweekly strategy meeting recap

<ul><li>Global equities are likely to remain on an upward trend, supported by favorable liquidity conditions and optimism surrounding AI ecosystem growth</li><li>Global liquidity improved as central banks around the world cut rates last year and earlier this year, and strengthened further when the Fed resumed easing in Sep</li><li>The ongoing US government shutdown further increases the likelihood that Fed easing will continue at least through year-end</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.

Global equities are likely to remain on an upward trend, supported by favorable liquidity conditions and optimism surrounding AI ecosystem growthGlobal liquidity improved as central banks around the world cut rates last year and earlier this year, and strengthened further when the Fed resumed easing in SepThe ongoing US government shutdown further increases the likelihood that Fed easing will continue at least through year-endContent 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.

Mirae Asset Minutes [2025: Volume 20] Biweekly Strategy Meeting Recap

<ul><li>While AI-related demand from hyperscalers and governments is surging, demand for commodity memory remains uncertain, leading to limited capacity expansions.</li><li>In addition, HBM is continuing to eat into commodity wafer capacity.</li><li>Forecasts for 4Q25 memory contract price growth have recently been raised (by up to +13%p for DRAM applications and +9%p for NAND applications). </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.

While AI-related demand from hyperscalers and governments is surging, demand for commodity memory remains uncertain, leading to limited capacity expansions.In addition, HBM is continuing to eat into commodity wafer capacity.Forecasts for 4Q25 memory contract price growth have recently been raised (by up to +13%p for DRAM applications and +9%p for NAND applications). 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.

Mirae Asset Minutes [2025: Volume 19]Biweekly strategy meeting recap

<ul><li>While AI-related demand from hyperscalers and governments has surged, demand for commodity (IT-use) memory remains uncertain.</li><li>This has led to limited capacity expansions, with a large share of new investments focused on HBM.</li><li>The resultant supply/demand imbalance is pushing up commodity chip prices. </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.

While AI-related demand from hyperscalers and governments has surged, demand for commodity (IT-use) memory remains uncertain.This has led to limited capacity expansions, with a large share of new investments focused on HBM.The resultant supply/demand imbalance is pushing up commodity chip prices. 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.

Mirae Asset Minutes [2025: Volume 18]Biweekly Strategy Meeting Recap

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

Samsung Electronics Pref Shares (005935 KS)

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Samsung Electronics Pref Shares (005935 KS)

Samsung Electronics (005930 KS May 21, 2025) - Giant’s Stride Toward Change

Fundamental overhaul underway; signs of progress set to take shape in 2H. Downside risks substantially priced in; time to focus on recovery potential

Daishin Securities

Mirae Asset Minutes [2025: Volume 22]Biweekly strategy meeting recap

We expect AI adoption to drive meaningful price, volume, and cost improvements in 2026, supporting strong momentum in the ad segment.

Mirae Asset Securities

Mirae Asset Minutes [2025: Volume 20] Biweekly Strategy Meeting Recap

Global equities are likely to remain on an upward trend, supported by favorable liquidity conditions and optimism surrounding AI ecosystem growth

Mirae Asset Securities

Mirae Asset Minutes [2025: Volume 19]Biweekly strategy meeting recap

While AI-related demand from hyperscalers and governments is surging, demand for commodity memory remains uncertain, leading to limited capacity...

Mirae Asset Securities

Mirae Asset Minutes [2025: Volume 18]Biweekly Strategy Meeting Recap

While AI-related demand from hyperscalers and governments has surged, demand for commodity (IT-use) memory remains uncertain.

Mirae Asset Securities

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