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

Thematic (Sector/Industry)

<ul><li>The KOSPI continues its semiconductor-led rally, surpassing 5,000p only three months after crossing the 4,000p mark.</li><li>Because the rally has been primarily earnings-driven, valuation pressure remains limited, with the KOSPI’s 12-month forward P/E standing at 10.6x.</li><li>Over the past three months, the KOSPI has climbed approximately 30%, while the EPS consensus has been revised up 37%. </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.

The KOSPI continues its semiconductor-led rally, surpassing 5,000p only three months after crossing the 4,000p mark.Because the rally has been primarily earnings-driven, valuation pressure remains limited, with the KOSPI’s 12-month forward P/E standing at 10.6x.Over the past three months, the KOSPI has climbed approximately 30%, while the EPS consensus has been revised up 37%. 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.

Equity Strategy[February] Positioning for the Market’s Next Phase

<ul><li>The power equipment industry is entering a supercycle.</li><li>Driven by surging power demand from data centers, new capacity additions are accelerating across large-scale nuclear power plants, SMRs, and gas turbines.</li><li>The US Department of Energy is pushing for an emergency power auction that could pave the way for the construction of new power plants worth around US$15bn. </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.

The power equipment industry is entering a supercycle.Driven by surging power demand from data centers, new capacity additions are accelerating across large-scale nuclear power plants, SMRs, and gas turbines.The US Department of Energy is pushing for an emergency power auction that could pave the way for the construction of new power plants worth around US$15bn. 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.

Mirae Asset Minutes [2026: Volume 2]Biweekly Strategy Meeting Recap

<ul><li>Nuclear power-related stocks are trading at elevated valuations.</li><li>Despite some corrections since Oct. 2025, most stocks are still trading at 30x or higher based on traditional metrics such as P/E and EV/EBITDA.</li><li>While multiple structural tailwinds are in place—including AI data center–driven electricity demand, energy security concerns amid geopolitical tensions, and US executive orders aimed at dramatically expanding nuclear capacity—it may take time for these factors to translate into tangible earnings growth for many players.</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 power-related stocks are trading at elevated valuations.Despite some corrections since Oct. 2025, most stocks are still trading at 30x or higher based on traditional metrics such as P/E and EV/EBITDA.While multiple structural tailwinds are in place—including AI data center–driven electricity demand, energy security concerns amid geopolitical tensions, and US executive orders aimed at dramatically expanding nuclear capacity—it may take time for these factors to translate into tangible earnings growth for many players.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.

Global EnergyNuclear power: Long-awaited earnings delivery in sight

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>We analyse markets of South Korea, Vietnam, India, Indonesia, China, Europe, and the US to study extreme dispersion, extracting repeatable, factor-driven signals beyond macro growth narrative.
</li>
<li>Across these markets, returns were driven by earnings inflection, ROE improvement, and cash-flow recovery; stability, defensiveness, and high quality without momentum underperformed.</li>
<li>
Cyclicality and operating leverage outperformed, while revenue growth mattered only when converting into earnings and cash, reinforcing bottom-up capital allocation over GDP-led narratives.</li>
</ul>


We analyse markets of South Korea, Vietnam, India, Indonesia, China, Europe, and the US to study extreme dispersion, extracting repeatable, factor-driven signals beyond macro growth narrative.

Across these markets, returns were driven by earnings inflection, ROE improvement, and cash-flow recovery; stability, defensiveness, and high quality without momentum underperformed.

Cyclicality and operating leverage outperformed, while revenue growth mattered only when converting into earnings and cash, reinforcing bottom-up capital allocation over GDP-led narratives.


Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>We discuss the five most important factors driving the Korean stock market this year which was the best performing among all major country equity markets in the world in 2025.</li>
<li>These five factors included the global AI boom, wars and rumors of wars, beneficiaries of MASGA, Korea Value-Up initiatives, and reduced political uncertainties with new President elected in June 2025. </li>
<li>Our best bet to diversify one's portfolio and be more cautious because staying alive will be a key in 2026 rather than FOMO, especially in 2H 2026. </li>
</ul>


We discuss the five most important factors driving the Korean stock market this year which was the best performing among all major country equity markets in the world in 2025.
These five factors included the global AI boom, wars and rumors of wars, beneficiaries of MASGA, Korea Value-Up initiatives, and reduced political uncertainties with new President elected in June 2025. 
Our best bet to diversify one's portfolio and be more cautious because staying alive will be a key in 2026 rather than FOMO, especially in 2H 2026. 


Korean Stock Market - The Best Performing Among Major Countries Indices in 2025

South Korea

Doosan Enerbility Co., Ltd. manufactures and distributes construction machines. The Company produces gas turbines, engines, turbine generators, boilers, power plant equipment, and other related products. Doosan Enerbility also offers energy solutions for thermal power, nuclear power, and renewable energy.

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Doosan Enerbility (034020 KS)

Equity Strategy[February] Positioning for the Market’s Next Phase

Because the rally has been primarily earnings-driven, valuation pressure remains limited, with the KOSPI’s 12-month forward P/E standing at 10.6x.

Mirae Asset Securities

Mirae Asset Minutes [2026: Volume 2]Biweekly Strategy Meeting Recap

Driven by surging power demand from data centers, new capacity additions are accelerating across large-scale nuclear power plants, SMRs, and gas...

Mirae Asset Securities

Global EnergyNuclear power: Long-awaited earnings delivery in sight

Despite some corrections since Oct. 2025, most stocks are still trading at 30x or higher based on traditional metrics such as P/E and EV/EBITDA.

Mirae Asset Securities

2025 Learnings | Short the Stagnant

Analysis of across markets showed that earnings inflection, ROE improvement, and cash-flow recovery drove returns, highlighting the importance of...

Pranav Bhavsar

Korean Stock Market - The Best Performing Among Major Countries Indices in 2025

We discuss the five most important factors driving the Korean stock market this year which was the best performing among all major country equity...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Equity Strategy[February] Positioning for the Market’s Next Phase

Because the rally has been primarily earnings-driven, valuation pressure remains limited, with the KOSPI’s 12-month forward P/E standing at 10.6x.

Mirae Asset Securities

Mirae Asset Minutes [2026: Volume 2]Biweekly Strategy Meeting Recap

Driven by surging power demand from data centers, new capacity additions are accelerating across large-scale nuclear power plants, SMRs, and gas...

Mirae Asset Securities

Global EnergyNuclear power: Long-awaited earnings delivery in sight

Despite some corrections since Oct. 2025, most stocks are still trading at 30x or higher based on traditional metrics such as P/E and EV/EBITDA.

Mirae Asset Securities

2025 Learnings | Short the Stagnant

​Analysis of across markets showed that earnings inflection, ROE improvement, and cash-flow recovery drove returns, highlighting the importance of...

Pranav Bhavsar

Korean Stock Market - The Best Performing Among Major Countries Indices in 2025

We discuss the five most important factors driving the Korean stock market this year which was the best performing among all major country equity...

Douglas Kim

Analysis of across markets showed that earnings inflection, ROE improvement, and cash-flow recovery drove returns, highlighting the importance of...