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

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<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

<ul><li>US tower orders expected to surgeMaintain Buy and TP of W60,000 We retain our Buy rating and target price of W60,000 on CS Wind</li><li>Key investment points for the stock include: 1) a sharp increase in US onshore wind tower demand due to the accelerated phase-out of tax credits; and 2) a limited risk of cost increases</li><li>With US wind projects now required to begin construction by Jul</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.

US tower orders expected to surgeMaintain Buy and TP of W60,000 We retain our Buy rating and target price of W60,000 on CS WindKey investment points for the stock include: 1) a sharp increase in US onshore wind tower demand due to the accelerated phase-out of tax credits; and 2) a limited risk of cost increasesWith US wind projects now required to begin construction by JulContent 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)US Tower Orders Expected to Surge

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

CS Wind (112610 KS/Buy)US Tower Orders Expected to Surge

US tower orders expected to surgeMaintain Buy and TP of W60,000 We retain our Buy rating and target price of W60,000 on CS Wind

Mirae Asset Securities

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