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

Samsung Heavy Industries / Equity Bottom-Up

<ul><li>2Q25 OP forecast to beat consensus at W178bn</li><li>Margin gains set to accelerate in 3Q as legacy orders are completed</li><li>FLNG project bid quietly progressing despite concerns</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.

2Q25 OP forecast to beat consensus at W178bnMargin gains set to accelerate in 3Q as legacy orders are completedFLNG project bid quietly progressing despite concernsContent 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 Heavy Industries (010140 KS Jul 8, 2025)

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 maintain our Overweight stance on shipbuilding. New naval vessel and LNG carrier orders could lead to a prolonged earnings up-cycle, and profit growth in the commercial vessel segment should continue.</li><li>2026 outlook: With over 1,000 naval vessels estimated to require replacement, naval vessel exports are expected to begin in earnest in 2026-27.</li><li>In addition, the US is likely to place orders for 50-100 LNG carriers; for FID-approved projects alone, LNG carrier demand totals 117 units. </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 maintain our Overweight stance on shipbuilding. New naval vessel and LNG carrier orders could lead to a prolonged earnings up-cycle, and profit growth in the commercial vessel segment should continue.2026 outlook: With over 1,000 naval vessels estimated to require replacement, naval vessel exports are expected to begin in earnest in 2026-27.In addition, the US is likely to place orders for 50-100 LNG carriers; for FID-approved projects alone, LNG carrier demand totals 117 units. 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.

[2026 Outlook] Defense/ShipbuildingAnother inflection point

<ul><li>The 3Q25 earnings season is set to kick off following the Chuseok holiday.</li><li>The consensus for Korean companies’ aggregate operating profit stands at W76tr (+18% YoY).</li><li>This figure has been revised up 1.9% over the past month, largely driven by Samsung Electronics (SEC) and SK Hynix. </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 3Q25 earnings season is set to kick off following the Chuseok holiday.The consensus for Korean companies’ aggregate operating profit stands at W76tr (+18% YoY).This figure has been revised up 1.9% over the past month, largely driven by Samsung Electronics (SEC) and SK Hynix. 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[October] Reduced Earnings Volatility Is the Key to a Re-Rating

South Korea

Samsung Heavy Industries Co., Ltd. manufactures crude oil tankers, container vessels, bulk carriers, cruisers, and passenger ferries.  The Company also produces steel and bridge structures, and material handling equipment.  In addition, Samsung Heavy Industries provides civil engineering, architectural, and plant construction services.

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Samsung Heavy Industries (010140 KS)