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 initiate our coverage of Daeduck Electronics (Daeduck) with a Buy rating and target price of W180,000.</li><li>We derived our target price by applying a P/E of 27.7x to our 2027 EPS estimate of W6,676.</li><li>Our target multiple represents a 30% discount to the average 2027F P/E of global package substrate peers Ibiden, Unimicron, Nan Ya PCB, Kinsus, and Samsung Electro-Mechanics (SEMCO). </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 initiate our coverage of Daeduck Electronics (Daeduck) with a Buy rating and target price of W180,000.We derived our target price by applying a P/E of 27.7x to our 2027 EPS estimate of W6,676.Our target multiple represents a 30% discount to the average 2027F P/E of global package substrate peers Ibiden, Unimicron, Nan Ya PCB, Kinsus, and Samsung Electro-Mechanics (SEMCO). 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.

Daeduck Electronics (353200 KS/Buy/Initiate)The stage is set

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>OP set to come at W23.4bn, beating consensus (W14.6bn); surprise ahead</li><li>AI-related MLB orders increasing, FC BGA utilization ramp-up in full swing</li><li>‘25/’26 EPS raised by 65% and 25%, respectively; valuation re-rating likely</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.

OP set to come at W23.4bn, beating consensus (W14.6bn); surprise aheadAI-related MLB orders increasing, FC BGA utilization ramp-up in full swing‘25/’26 EPS raised by 65% and 25%, respectively; valuation re-rating likelyContent 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.

Daeduck Electronics (353200 KS Oct 27, 2025) - Faster Margin Gains in 3Q/4Q...

South Korea

Daeduck Electronics Co.,Ltd develops and manufactures semiconductor devices. The Company produces and sells ultra thin integrated circuit substrate, probe card, and other products. Daeduck Electronics markets its products throughout Korea.

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Daeduck Electronics (353200 KS)