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>We raise our target price for Hanwha Solutions to W50,000 (from W38,000) but maintain our Hold rating.</li><li>Our target price increase reflects: 1) a sharp narrowing of losses in the chemicals business; and 2) upward revisions to our 12-month earnings estimates due to a faster-than-expected rise in US module prices.</li><li>We sharply raised our earnings forecasts based on our assessment that the company is highly likely to achieve its guidance. </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 raise our target price for Hanwha Solutions to W50,000 (from W38,000) but maintain our Hold rating.Our target price increase reflects: 1) a sharp narrowing of losses in the chemicals business; and 2) upward revisions to our 12-month earnings estimates due to a faster-than-expected rise in US module prices.We sharply raised our earnings forecasts based on our assessment that the company is highly likely to achieve its guidance. 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.

Hanwha Solutions (009830 KS/Hold)Earnings Turnaround in Both Chemicals and Renewable Energy

<ul><li>We maintain our Buy rating on Hanwha Solutions but lower our target price to W35,000 (from W38,000), reflecting: 1) a weak 4Q25 earnings outlook due to stricter US customs inspections; and 2) delays in the ramp-up of US cell production.</li><li>Amid import bottlenecks for cells (intermediate goods), the key question now is how quickly the company can normalize utilization at its US module operations.</li><li>However, we expect this issue to be resolved before prohibited foreign entity (PFE) rules go into effect in 2026.</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 Buy rating on Hanwha Solutions but lower our target price to W35,000 (from W38,000), reflecting: 1) a weak 4Q25 earnings outlook due to stricter US customs inspections; and 2) delays in the ramp-up of US cell production.Amid import bottlenecks for cells (intermediate goods), the key question now is how quickly the company can normalize utilization at its US module operations.However, we expect this issue to be resolved before prohibited foreign entity (PFE) rules go into effect in 2026.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.

Hanwha Solutions (009830 KS/Buy)Guidance Lowered Amid a Wave of Setbacks

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>1Q25 OP came in at W30.3bn, topping expectations of -60.7bn, thanks to strong renewables performance</li><li>Operating loss from module sales narrowed on improved ASP and SG&amp;A, despite reduced sales volume</li><li>’25-26 earnings estimates revised up on 1) rising North American ASP, 2) secured DCA eligibility, and 3) increased profit from residential energy segment</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 OP came in at W30.3bn, topping expectations of -60.7bn, thanks to strong renewables performanceOperating loss from module sales narrowed on improved ASP and SG&amp;A, despite reduced sales volume’25-26 earnings estimates revised up on 1) rising North American ASP, 2) secured DCA eligibility, and 3) increased profit from residential energy segmentContent 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 Solutions (009830 KS Apr 25, 2025) - Consensus-Beating Results

South Korea

Hanwha Solution Corporation is a chemical manufacturer.  The Company's products include a line of chlorine alkali chemicals, such as caustic soda, chlorine, and hydrochloric acid.  Hanwha also produces resins including low density polyethylene (LDPE) and polyvinyl chloride (PVC).

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Hanwha Solutions (009830 KS)