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

Daewoong Pharmaceutical Co / Equity Bottom-Up

<ul><li>We retain our target price of W210,000 on Daewoong Pharmaceutical.</li><li>Our valuation represents the sum of the firm’s operating value (W2.5tr) and the value of its stake in HanAll Biopharma (W369.9bn), minus net debt (W455.5bn).</li><li>While we slightly revised up our earnings forecasts following strong 3Q25 results, we kept our target price unchanged due to a reduction in our target multiple (9.3x). </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>

We retain our target price of W210,000 on Daewoong Pharmaceutical.Our valuation represents the sum of the firm’s operating value (W2.5tr) and the value of its stake in HanAll Biopharma (W369.9bn), minus net debt (W455.5bn).While we slightly revised up our earnings forecasts following strong 3Q25 results, we kept our target price unchanged due to a reduction in our target multiple (9.3x). 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.

Daewoong Pharmaceutical (069620 KS/Buy)Compelling Valuation

South Korea

Daewoong Pharmaceutical Co., Ltd. develops various kinds of medical drugs and vitamin supplements.  The Company's medical drugs are used in areas, such as cardiology, dermatology, anti-biotic, and many other medical areas.  Dae Woong's over-the-counter products include smoking deterrents, vitamins, and minerals.

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Daewoong Pharmaceutical Co (069620 KS)

Daewoong Pharmaceutical (069620 KS/Buy)Compelling Valuation

Our valuation represents the sum of the firm’s operating value (W2.5tr) and the value of its stake in HanAll Biopharma (W369.9bn), minus net debt...

Mirae Asset Securities

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