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

Mirae Asset Securities

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Leading full-service brokerage firm in Vietnam. 

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Equity Bottom-Up

Korea Aerospace Industries / Equity Bottom-Up

<ul><li>For 3Q25, Korea Aerospace Industries (KAI) posted revenue of W702.1bn (-22.6% YoY; 33% below the consensus), operating profit of W60.2bn (-21.1% YoY; 30% below the consensus), and an OP margin of 8.6%.</li><li>The results fell significantly short of expectations due to: 1) delayed recognition of light armed helicopter (LAH) revenue (from 3Q25 to 4Q25); and 2) slower revenue recognition for the FA-50PL (Poland) due to a delayed development schedule.</li><li>There were no one-off expenses. On a positive note, OP margin was 0.4%p higher than expected despite increased in-house R&amp;D spending. </li></ul><p><em>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.</em></p>

For 3Q25, Korea Aerospace Industries (KAI) posted revenue of W702.1bn (-22.6% YoY; 33% below the consensus), operating profit of W60.2bn (-21.1% YoY; 30% below the consensus), and an OP margin of 8.6%.The results fell significantly short of expectations due to: 1) delayed recognition of light armed helicopter (LAH) revenue (from 3Q25 to 4Q25); and 2) slower revenue recognition for the FA-50PL (Poland) due to a delayed development schedule.There were no one-off expenses. On a positive note, OP margin was 0.4%p higher than expected despite increased in-house R&amp;D spending. 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.

Korea Aerospace Industries (047810 KS/Hold)Look Ahead to 2026 and Beyond

South Korea

Korea Aerospace Industries Ltd. designs and produces aircraft parts including fixed wings for aircrafts and rotary wings for helicopters. The Company also engages in aircraft upgrade and modification business and satellite development business.

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Korea Aerospace Industries (047810 KS)

Korea Aerospace Industries (047810 KS/Hold)Look Ahead to 2026 and Beyond

For 3Q25, Korea Aerospace Industries (KAI) posted revenue of W702.1bn (-22.6% YoY; 33% below the consensus), operating profit of W60.2bn (-21.1%...

Mirae Asset Securities

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