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, DL E&amp;C posted consolidated revenue of W1.91tr (-0.6% YoY) and operating profit of W116.8bn (+40% YoY), with the latter slightly beating the consensus (W107.6bn).</li><li>DL E&amp;C (parent + overseas) saw growth in the plant (+44% YoY) and housing (+7% YoY) segments, but the positive impact was offset by lower revenue from DL Construction (-35% YoY), causing consolidated revenue to remain largely flat YoY.</li><li>However, consolidated operating profit jumped 40% YoY, driven by improved cost ratios in the housing division. </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, DL E&amp;C posted consolidated revenue of W1.91tr (-0.6% YoY) and operating profit of W116.8bn (+40% YoY), with the latter slightly beating the consensus (W107.6bn).DL E&amp;C (parent + overseas) saw growth in the plant (+44% YoY) and housing (+7% YoY) segments, but the positive impact was offset by lower revenue from DL Construction (-35% YoY), causing consolidated revenue to remain largely flat YoY.However, consolidated operating profit jumped 40% YoY, driven by improved cost ratios in the housing division. 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.

DL E&C (375500 KS/Buy)Solid 3Q25 Results, but Full-Year Guidance Lowered

<ul><li>For 3Q25, we expect DL E&amp;C to post consolidated revenue of W1.74tr (-10.4% YoY) and operating profit of W103.3bn (+23.9% YoY), with the latter missing the consensus (W109.9bn) by 6%.</li><li>Lower housing revenue and higher costs were likely unavoidable amid tightening safety regulations.</li><li>That said, these negatives were likely partially offset by an improved project mix (e.g., reduced contributions from high-cost projects). </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 DL E&amp;C to post consolidated revenue of W1.74tr (-10.4% YoY) and operating profit of W103.3bn (+23.9% YoY), with the latter missing the consensus (W109.9bn) by 6%.Lower housing revenue and higher costs were likely unavoidable amid tightening safety regulations.That said, these negatives were likely partially offset by an improved project mix (e.g., reduced contributions from high-cost projects). 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.

DL E&C (375500 KS/Buy)Disappointing Order Intake

South Korea

DL E&C Co.,Ltd. provides construction services. The Company builds industrial plants, infrastructure, high-rise residential buildings, low-rise apartments, villas, and other related areas. DL E&C offers services in Korea.

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DL E&C (375500 KS)

DL E&C (375500 KS/Buy)Solid 3Q25 Results, but Full-Year Guidance Lowered

For 3Q25, DL E&C posted consolidated revenue of W1.91tr (-0.6% YoY) and operating profit of W116.8bn (+40% YoY), with the latter slightly beating...

Mirae Asset Securities

DL E&C (375500 KS/Buy)Disappointing Order Intake

For 3Q25, we expect DL E&C to post consolidated revenue of W1.74tr (-10.4% YoY) and operating profit of W103.3bn (+23.9% YoY), with the latter...

Mirae Asset Securities

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