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

<ul><li>For 3Q25, Dear U reported revenue of W22.3bn (in line with the consensus) and operating profit of W8.7bn (below the consensus of W10.3bn).</li><li>Revenue from Tencent Music Entertainment (TME) was not recognized in the quarter; although TME launched the Bubble service within its music streaming app QQ Music on Jun.</li><li>30, related revenue will be recognized one to two months after the end of the quarter, at the time of final settlement. </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, Dear U reported revenue of W22.3bn (in line with the consensus) and operating profit of W8.7bn (below the consensus of W10.3bn).Revenue from Tencent Music Entertainment (TME) was not recognized in the quarter; although TME launched the Bubble service within its music streaming app QQ Music on Jun.30, related revenue will be recognized one to two months after the end of the quarter, at the time of final settlement. 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.

Dear U (376300 KQ/Buy)Solid Potential Beneath the Surface

<ul><li>For 3Q25, we expect Dear U to report revenue of W23bn and operating profit of W9.3bn, missing the consensus (W24.3bn and W11.4bn, respectively).</li><li>The key earnings variables for Dear U are: 1) additional net revenue from Tencent Music Entertainment’s (TME) in-app Bubble service; and 2) the payment gateway conversion rate.</li><li>We previously shared three scenarios for potential revenue from the TME partnership and applied the base case (W1bn quarterly) to our earnings estimates. </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 Dear U to report revenue of W23bn and operating profit of W9.3bn, missing the consensus (W24.3bn and W11.4bn, respectively).The key earnings variables for Dear U are: 1) additional net revenue from Tencent Music Entertainment’s (TME) in-app Bubble service; and 2) the payment gateway conversion rate.We previously shared three scenarios for potential revenue from the TME partnership and applied the base case (W1bn quarterly) to our earnings estimates. 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.

Dear U (376300 KQ/Buy)Some Patience Required

South Korea

Dear U Co Ltd develops and produces application software. The Company provides mobile karaoke services, artist-only fan community platform and other services. Dear U offers services worldwide.

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