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, we expect Pan Ocean to report revenue of W1.38tr (+7.8% YoY).</li><li>We estimate that dry bulk revenue edged up only 3.3% YoY to W815.2bn due to limited fleet expansion, while container revenue likely contracted 10% YoY to W97.5bn amid deteriorating market conditions.</li><li>We believe that the LNG unit drove overall top-line growth, with revenue surging 238% YoY to W83.2bn as fleet expansion continued (one vessel added in June).</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, we expect Pan Ocean to report revenue of W1.38tr (+7.8% YoY).We estimate that dry bulk revenue edged up only 3.3% YoY to W815.2bn due to limited fleet expansion, while container revenue likely contracted 10% YoY to W97.5bn amid deteriorating market conditions.We believe that the LNG unit drove overall top-line growth, with revenue surging 238% YoY to W83.2bn as fleet expansion continued (one vessel added in June).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.

Pan Ocean (028670 KS/Buy)Earnings Stability Supported by Long-Term Charter Contracts

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>In-line results expected, while slightly missing our previous estimates</li><li>1H25 sees range-bound movement on no clear signs of bullish or bearish catalysts in the dry bulker market</li><li>BDI poised to remain range-bound between 1,300–1,900pt in 2H25</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.

In-line results expected, while slightly missing our previous estimates1H25 sees range-bound movement on no clear signs of bullish or bearish catalysts in the dry bulker marketBDI poised to remain range-bound between 1,300–1,900pt in 2H25Content 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.

Pan Ocean (028670 KS Jul 17, 2025) - Stable Outlook Amid Market Calm

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>On 17 September, HMM Co., Ltd. (011200 KS) announced the results of the tender offer.</li>
<li>Its two largest shareholders (Korea Development Bank - KDB and Korea Ocean Business Corp - KOBC) both participated in the tender offer.</li>
<li>With end of the tender offer, we believe there could be a renewed focus on the continued decline in the global shipping rates which is negative on HMM. </li>
</ul>


On 17 September, HMM Co., Ltd. (011200 KS) announced the results of the tender offer.
Its two largest shareholders (Korea Development Bank - KDB and Korea Ocean Business Corp - KOBC) both participated in the tender offer.
With end of the tender offer, we believe there could be a renewed focus on the continued decline in the global shipping rates which is negative on HMM. 


<ul>
<li>Harim Holdings (003380 KS) announced that it plans to sell its 14.744 million treasury shares through an issuance of EB worth 143 billion won. </li>
<li>The EB exchange price is 9,713 won (15.6% higher than its current price). The company plans to use the EB proceeds to pay down debt and for working capital. </li>
<li>We are NEGATIVE on Harim Holdings' EB issue using its treasury shares as the main asset to be exchanged.</li>
</ul>


Harim Holdings (003380 KS) announced that it plans to sell its 14.744 million treasury shares through an issuance of EB worth 143 billion won. 
The EB exchange price is 9,713 won (15.6% higher than its current price). The company plans to use the EB proceeds to pay down debt and for working capital. 
We are NEGATIVE on Harim Holdings' EB issue using its treasury shares as the main asset to be exchanged.


Harim Holdings - EB Issue of Its Treasury Shares for 143 Billion Won

<ul>
<li>After the market close on 14 August, HMM Co., Ltd. (011200 KS) announced a tender offer of 81.8 million treasury shares (8% of outstanding shares).</li>
<li>An even bigger factor on HMM's share price than this tender offer could be the continued decline in the global shipping rates which is negative on the company. </li>
<li>Overall, we would be cautious on HMM over the next one year. HMM also reported worse than expected operating profit in 2Q 2025 due to weaker global shipping rates.</li>
</ul>


After the market close on 14 August, HMM Co., Ltd. (011200 KS) announced a tender offer of 81.8 million treasury shares (8% of outstanding shares).
An even bigger factor on HMM's share price than this tender offer could be the continued decline in the global shipping rates which is negative on the company. 
Overall, we would be cautious on HMM over the next one year. HMM also reported worse than expected operating profit in 2Q 2025 due to weaker global shipping rates.


HMM: Tender Offer of 8% of Outstanding Shares and Cancellation

South Korea

Pan Ocean Co., Ltd. is a Korean shipping company that engages in marine transportation business. The Company provides bulk cargo carrier, pure car and truck carrier, container and tanker services.

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Pan Ocean (028670 KS)