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

<ul><li>For 1Q26, we expect Doosan Enerbility to post consolidated revenue of W4.15tr (+10.7% YoY) and operating profit of W210.5bn (+47.7% YoY; OP margin of 5.1%), slightly exceeding consensus estimates.</li><li>The Enerbility unit likely achieved meaningful top-line growth, with revenue of W1.88tr (+19.3% YoY) and operating profit of W108.4bn (turning to a profit YoY).</li><li>Key drivers likely included: 1) equipment orders secured in 4Q25 in relation to the Dukovany nuclear power project (order value: W5.6tr); and 2) the expanding H-class gas turbine order backlog (17 units since 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.

For 1Q26, we expect Doosan Enerbility to post consolidated revenue of W4.15tr (+10.7% YoY) and operating profit of W210.5bn (+47.7% YoY; OP margin of 5.1%), slightly exceeding consensus estimates.The Enerbility unit likely achieved meaningful top-line growth, with revenue of W1.88tr (+19.3% YoY) and operating profit of W108.4bn (turning to a profit YoY).Key drivers likely included: 1) equipment orders secured in 4Q25 in relation to the Dukovany nuclear power project (order value: W5.6tr); and 2) the expanding H-class gas turbine order backlog (17 units since 2025).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.

Doosan Enerbility (034020 KS/Buy)Order Wins Starting to Translate into Revenue

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

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)