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>For 3Q25, we expect APR to report revenue of W367.6bn (+111% YoY) and operating profit of W86.4bn (+217% YoY; OP margin of 23.5%), in line with market expectations.</li><li>Overseas revenue is likely to expand 196% YoY to W296.4bn (81% of total revenue), driving overall growth.</li><li>By region/channel, we estimate YoY growth at 242% in the US, 224% in Japan, and 425% through B2B channels.</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, we expect APR to report revenue of W367.6bn (+111% YoY) and operating profit of W86.4bn (+217% YoY; OP margin of 23.5%), in line with market expectations.Overseas revenue is likely to expand 196% YoY to W296.4bn (81% of total revenue), driving overall growth.By region/channel, we estimate YoY growth at 242% in the US, 224% in Japan, and 425% through B2B channels.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)Devices to Emerge as an Additional Growth Driver

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)Devices to Emerge as an Additional Growth Driver

For 3Q25, we expect APR to report revenue of W367.6bn (+111% YoY) and operating profit of W86.4bn (+217% YoY; OP margin of 23.5%), in line with...

Mirae Asset Securities

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