External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Equity Bottom-Up

Daewoo Engineering & Construction / Equity Bottom-Up

<ul><li>For 3Q25, Daewoo E&amp;C reported consolidated revenue of W2tr (-22% YoY), continuing the downward trend observed throughout the year.</li><li>Operating profit came in at W56.6bn (-9.1% YoY), missing the consensus (W85.5bn) by 34%.</li><li>Although housing gross margin surpassed 10% for the second consecutive quarter, operating profit was weighed down by: 1) W49bn in losses from overseas civil engineering projects (Iraq and Singapore); and 2) W13bn in A/S costs tied to two Kuwait plant projects nearing completion.  </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, Daewoo E&amp;C reported consolidated revenue of W2tr (-22% YoY), continuing the downward trend observed throughout the year.Operating profit came in at W56.6bn (-9.1% YoY), missing the consensus (W85.5bn) by 34%.Although housing gross margin surpassed 10% for the second consecutive quarter, operating profit was weighed down by: 1) W49bn in losses from overseas civil engineering projects (Iraq and Singapore); and 2) W13bn in A/S costs tied to two Kuwait plant projects nearing completion.  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.

Daewoo E&C (047040 KS/Buy)Earnings Miss Consensus on Overseas Cost Burden

<ul><li>For 3Q25, we expect Daewoo E&amp;C to report consolidated revenue of W2.05tr (-20% YoY) and operating profit of W101.5bn (+62.8% YoY), with the latter beating the market consensus (W81.6bn).</li><li>The revenue slowdown observed across key segments throughout the year likely persisted.</li><li>We estimate that housing cost ratio increased compared with 1H25 due to construction halts and higher safety costs stemming from on-site accidents. </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, we expect Daewoo E&amp;C to report consolidated revenue of W2.05tr (-20% YoY) and operating profit of W101.5bn (+62.8% YoY), with the latter beating the market consensus (W81.6bn).The revenue slowdown observed across key segments throughout the year likely persisted.We estimate that housing cost ratio increased compared with 1H25 due to construction halts and higher safety costs stemming from on-site accidents. 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.

Daewoo E&C (047040 KS/Buy)Above-Consensus Results Likely; Strong Housing Presales

<ul><li>Nuclear momentum coming into focus; discount factors fadingNuclear power momentum coming into focus Shares of Daewoo E&amp;C have surged recently, driven by a rebound in overseas orders and a renewed focus on nuclear power momentum</li><li>As a member of the “Team Korea” consortium led by Korea Hydro &amp; Nuclear Power (KHNP), the company has already been selected as a contractor for nuclear projects in the Czech Republic and Poland</li><li>Despite the recent controversy over alleged unfair contract terms, we believe Daewoo E&amp;C still has the potential to sign an EPC contract with KHNP for the Czech project within 2025</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.

Nuclear momentum coming into focus; discount factors fadingNuclear power momentum coming into focus Shares of Daewoo E&amp;C have surged recently, driven by a rebound in overseas orders and a renewed focus on nuclear power momentumAs a member of the “Team Korea” consortium led by Korea Hydro &amp; Nuclear Power (KHNP), the company has already been selected as a contractor for nuclear projects in the Czech Republic and PolandDespite the recent controversy over alleged unfair contract terms, we believe Daewoo E&amp;C still has the potential to sign an EPC contract with KHNP for the Czech project within 2025Content 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.

Daewoo E&C (047040 KS/Buy)Nuclear Momentum Coming into Focus; Discount Factors Fading

Thematic (Sector/Industry)

<ul><li>We anticipate only a modest recovery for the construction sector in 2026.</li><li>Within the sector, we expect share performances to diverge depending on momentum in non-housing segments (such as overseas nuclear power projects) and overall earnings trajectories.</li><li>The construction sector’s P/B discount vs. the KOSPI has widened to 58%. We see room for the valuation gap to narrow.</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 anticipate only a modest recovery for the construction sector in 2026.Within the sector, we expect share performances to diverge depending on momentum in non-housing segments (such as overseas nuclear power projects) and overall earnings trajectories.The construction sector’s P/B discount vs. the KOSPI has widened to 58%. We see room for the valuation gap to narrow.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.

[2026 Outlook] Construction/Building MaterialsA time for selective positioning

South Korea

Daewoo Engineering & Construction Co., Ltd. is a general engineering constructor.  The Company's projects include architectural works, such as commercial buildings, public facilities, schools, hospitals, and civil works, such as highways, ports, tunnels, railways, and dams.  Daewoo Engineering & Construction also constructs power plants, and residential buildings.

Daewoo Engineering & Construction (047040 KS)

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Daewoo Engineering & Construction (047040 KS)

Daewoo E&C (047040 KS/Buy)Earnings Miss Consensus on Overseas Cost Burden

For 3Q25, Daewoo E&C reported consolidated revenue of W2tr (-22% YoY), continuing the downward trend observed throughout the year.

Mirae Asset Securities

Daewoo E&C (047040 KS/Buy)Above-Consensus Results Likely; Strong Housing Presales

For 3Q25, we expect Daewoo E&C to report consolidated revenue of W2.05tr (-20% YoY) and operating profit of W101.5bn (+62.8% YoY), with the latter...

Mirae Asset Securities

Daewoo E&C (047040 KS/Buy)Nuclear Momentum Coming into Focus; Discount Factors Fading

Despite the recent controversy over alleged unfair contract terms, we believe Daewoo E&C still has the potential to sign an EPC contract with KHNP...

Mirae Asset Securities

[2026 Outlook] Construction/Building MaterialsA time for selective positioning

Within the sector, we expect share performances to diverge depending on momentum in non-housing segments (such as overseas nuclear power projects)...

Mirae Asset Securities

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