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>Three reasons guidance appears conservative Offline: Product portfolio/channel expansion APR delivered a 4Q25 earnings surprise, yet its shares have experienced heightened volatility</li><li>We attribute this to the company’s cautious guidance relative to elevated market expectations</li><li>Investor questions during the company’s recent NDR centered on future growth potential and strategic direction, and based on management’s responses, we view the guidance as conservative and readily achievable</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.

Three reasons guidance appears conservative Offline: Product portfolio/channel expansion APR delivered a 4Q25 earnings surprise, yet its shares have experienced heightened volatilityWe attribute this to the company’s cautious guidance relative to elevated market expectationsInvestor questions during the company’s recent NDR centered on future growth potential and strategic direction, and based on management’s responses, we view the guidance as conservative and readily achievableContent 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.

APR (278470 KS/Buy)Three Reasons Guidance Appears Conservative

<ul><li>APR posted above-consensus 4Q25 results, with revenue of W547.6bn (+124% YoY) and operating profit of W130.1bn (+228% YoY).</li><li>Growth surpassed already lofty expectations across key markets/channels (the US, Japan, and B2B).</li><li>Both online and offline channels saw strong growth, reaffirming broad-based momentum. </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.

APR posted above-consensus 4Q25 results, with revenue of W547.6bn (+124% YoY) and operating profit of W130.1bn (+228% YoY).Growth surpassed already lofty expectations across key markets/channels (the US, Japan, and B2B).Both online and offline channels saw strong growth, reaffirming broad-based momentum. 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.

APR (278470 KS/Buy)An Attractive Buying Opportunity

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>Maintain BUY rating and lift TP 7% to W320,000</li><li>In-line, strong results ahead on rapid US revenue growth led by online channels</li><li>2026F revenue at W2.0236tn (+39% YoY) and OP at W492.3bn (OPM 24%)</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.

Maintain BUY rating and lift TP 7% to W320,000In-line, strong results ahead on rapid US revenue growth led by online channels2026F revenue at W2.0236tn (+39% YoY) and OP at W492.3bn (OPM 24%)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.

APR (278470 KS Feb 2, 2026) - US Success Drives Record-Highs; W2tn Revenue Increasingly Within Sight

<ul><li>For 3Q25, APR posted above-consensus results, with revenue of W385.9bn (+122% YoY) and operating profit of W96.1bn (+253% YoY).</li><li>Overseas revenue surged to W309.9bn (+210% YoY, +22% QoQ), expanding to 80% of total revenue.</li><li>OP margin reached 25%, backed by strong top-line growth and an increased share of high-margin overseas sales. </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, APR posted above-consensus results, with revenue of W385.9bn (+122% YoY) and operating profit of W96.1bn (+253% YoY).Overseas revenue surged to W309.9bn (+210% YoY, +22% QoQ), expanding to 80% of total revenue.OP margin reached 25%, backed by strong top-line growth and an increased share of high-margin overseas sales. 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.

APR (278470 KS/Buy)A Rare Buying Opportunity

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Oct 2nd. The aggregated holding was USD1,724.3bn.</li>
<li>We estimate that foreign flows to be outflows of USD6,402mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in SK Hynix, Samsung Electronics, Woori Financial, SamsungElecMech, Doosan Enerbility.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Oct 2nd. The aggregated holding was USD1,724.3bn.
We estimate that foreign flows to be outflows of USD6,402mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix, Samsung Electronics, Woori Financial, SamsungElecMech, Doosan Enerbility.


KRX Foreign Holding Weekly (Oct 2nd): SK Hynix, Samsung Electronics, Woori Financial

South Korea

APR Corporation of Korea operates cosmetics businesses. The Company develops and produces facial mask, lotion, elite fluid, and other products. APR also develops and manufactures beauty devices.

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APR (278470 KS)

APR (278470 KS/Buy)Three Reasons Guidance Appears Conservative

Three reasons guidance appears conservative Offline: Product portfolio/channel expansion APR delivered a 4Q25 earnings surprise, yet its shares...

Mirae Asset Securities

APR (278470 KS/Buy)An Attractive Buying Opportunity

APR posted above-consensus 4Q25 results, with revenue of W547.6bn (+124% YoY) and operating profit of W130.1bn (+228% YoY).

Mirae Asset Securities

APR (278470 KS Feb 2, 2026) - US Success Drives Record-Highs; W2tn Revenue Increasingly Within Sight

Maintain BUY rating and lift TP 7% to W320,000In-line, strong results ahead on rapid US revenue growth led by online channels

Daishin Securities

APR (278470 KS/Buy)A Rare Buying Opportunity

For 3Q25, APR posted above-consensus results, with revenue of W385.9bn (+122% YoY) and operating profit of W96.1bn (+253% YoY). Overseas revenue...

Mirae Asset Securities

KRX Foreign Holding Weekly (Oct 2nd): SK Hynix, Samsung Electronics, Woori Financial

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Samsung Electronics, Woori Financial,...

Ke Yan, CFA, FRM

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