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 maintain our Buy rating and target price of W74,000 on CS Wind.</li><li>Although there are market concerns over a potential gap in substructure orders in 4Q26 and the expiration of AMPC benefits after 2027, we expect substructure incentives and an improving US business environment to support earnings going forward.</li><li>Earnings from 2028 onward will depend on: 1) improvement in the US subsidiary’s margin excluding AMPC benefits (currently around 3%); and 2) stronger ASP bargaining power as industry supply contracts. </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 and target price of W74,000 on CS Wind.Although there are market concerns over a potential gap in substructure orders in 4Q26 and the expiration of AMPC benefits after 2027, we expect substructure incentives and an improving US business environment to support earnings going forward.Earnings from 2028 onward will depend on: 1) improvement in the US subsidiary’s margin excluding AMPC benefits (currently around 3%); and 2) stronger ASP bargaining power as industry supply contracts. 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.

CS Wind (112610 KS/Buy)Policy Support, Stronger Demand, and Tighter Supply

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>As the world's largest wind tower manufacturer, CS Wind is strategically positioned to capitalize on the global transition to renewable energy, with a significant manufacturing footprint in key markets including the U.S., Europe, and Asia.</li>
 <li>The company's growth is underpinned by strong government incentives for renewable energy, particularly the U.S. Inflation Reduction Act (IRA), which is expected to fuel substantial demand for locally manufactured wind towers.</li>
 <li>Despite a strong revenue growth trajectory, the company faces challenges related to margin volatility, high debt levels, and a reliance on a concentrated number of major wind turbine original equipment manufacturers (OEMs) as customers.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  As the world's largest wind tower manufacturer, CS Wind is strategically positioned to capitalize on the global transition to renewable energy, with a significant manufacturing footprint in key markets including the U.S., Europe, and Asia.
  The company's growth is underpinned by strong government incentives for renewable energy, particularly the U.S. Inflation Reduction Act (IRA), which is expected to fuel substantial demand for locally manufactured wind towers.
  Despite a strong revenue growth trajectory, the company faces challenges related to margin volatility, high debt levels, and a reliance on a concentrated number of major wind turbine original equipment manufacturers (OEMs) as customers.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: CS Wind Corp (112610 KS) - Aug 2026

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks (20 June to 4 July 2025).</li>
<li>Kakaopay was the best performing stock in KOSPI in the past two weeks. It could be a key potential beneficiary of the increased use of stablecoin based system in Korea.</li>
<li>The top 10 picks in this bi-weekly include S&amp;T Holdings, Samsung Life Insurance, Samsung SDS, Samsung Securities, Hyundai Elevator, SK Hynix, Paradise, Hanwha System, Hanwha Aerospace, and Korea Kolmar. </li>
</ul>


In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks (20 June to 4 July 2025).
Kakaopay was the best performing stock in KOSPI in the past two weeks. It could be a key potential beneficiary of the increased use of stablecoin based system in Korea.
The top 10 picks in this bi-weekly include S&amp;T Holdings, Samsung Life Insurance, Samsung SDS, Samsung Securities, Hyundai Elevator, SK Hynix, Paradise, Hanwha System, Hanwha Aerospace, and Korea Kolmar. 


Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (20 June to 4 July 2025)

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Thematic (Sector/Industry)

<ul>
<li>If the judicial overhang is overstated, it could distort the regime-change narrative and create new entry points for a deep value setup.</li>
<li>The local tape is overpricing post-win disqualification risk, creating a fear premium that could be low-hanging alpha for contrarians willing to fade the noise.</li>
<li>Monitor Lee’s poll numbers, as public sentiment impacts the judiciary. This offers a chance to front-run shifts and capitalize on the next rotation, potentially turning into a stealthy upside play.</li>
</ul>


If the judicial overhang is overstated, it could distort the regime-change narrative and create new entry points for a deep value setup.
The local tape is overpricing post-win disqualification risk, creating a fear premium that could be low-hanging alpha for contrarians willing to fade the noise.
Monitor Lee’s poll numbers, as public sentiment impacts the judiciary. This offers a chance to front-run shifts and capitalize on the next rotation, potentially turning into a stealthy upside play.


Clarifying the Key Points on Lee Jae-Myung's Legal Risk and How It Could Affect the Trade

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We are starting to see early signs of a potential bottom on MSCI EM (EEM-US).</li>
<li>Specifically, the EEM-US has reversed topside its 6-month downtrend. If MSCI EM has indeed bottomed, we want to be buying the leaders; that is where this report comes in.</li>
<li>Specific themes include attractive opportunities in India and Thailand, and also many in Taiwan and South Korea. Attractive Sectors include Energy, Financials, Materials, and Industrials.</li>
</ul>


We are starting to see early signs of a potential bottom on MSCI EM (EEM-US).
Specifically, the EEM-US has reversed topside its 6-month downtrend. If MSCI EM has indeed bottomed, we want to be buying the leaders; that is where this report comes in.
Specific themes include attractive opportunities in India and Thailand, and also many in Taiwan and South Korea. Attractive Sectors include Energy, Financials, Materials, and Industrials.


Finding Leadership Within Emerging Markets

South Korea

CS Wind Corporation operates as a wind tower company. The Company manufactures and exports steel wind towers, while also offering aluminum platforms for wind towers. CS Wind extends its products and services globally.

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CS Wind Corp (112610 KS)

CS Wind (112610 KS/Buy)Policy Support, Stronger Demand, and Tighter Supply

Earnings from 2028 onward will depend on: 1) improvement in the US subsidiary’s margin excluding AMPC benefits (currently around 3%)...

Mirae Asset Securities

Primer: CS Wind Corp (112610 KS) - Aug 2026

As the world's largest wind tower manufacturer, CS Wind is strategically positioned to capitalize on the global transition to renewable energy,...

αSK Primers

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (20 June to 4 July 2025)

Top 10 picks in this bi-weekly include S&T Holdings, Samsung Life Insurance, Samsung SDS, Samsung Securities, Hyundai Elevator, SK Hynix, Paradise,...

Douglas Kim

Clarifying the Key Points on Lee Jae-Myung's Legal Risk and How It Could Affect the Trade

This post breaks down the key points of Lee Jae-myung's legal risk, triggered by yesterday's Supreme Court ruling, and provides insight into how it...

Sanghyun Park

Finding Leadership Within Emerging Markets

We are starting to see early signs of a potential bottom on $EEM. Specifically, the EEM has reversed topside its 6-month downtrend. If EEM has...

Vermilion Research

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