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 2Q26, Doosan Enerbility posted operating profit of W314.3bn (+16% YoY; OP margin of 6.7%), exceeding the consensus (W262.9bn).</li><li>The Enerbility unit recorded revenue of W2.23tr (-1.5% YoY, +17.8% QoQ) and operating profit of W97.4bn (+5.4% YoY, +71% QoQ), showing meaningful QoQ improvement.</li><li>Large gas-fired power projects won in 2025-26 began making meaningful revenue contributions, while higher-than-expected progress-based revenue recognition in the nuclear equipment business provided additional support. </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 2Q26, Doosan Enerbility posted operating profit of W314.3bn (+16% YoY; OP margin of 6.7%), exceeding the consensus (W262.9bn).The Enerbility unit recorded revenue of W2.23tr (-1.5% YoY, +17.8% QoQ) and operating profit of W97.4bn (+5.4% YoY, +71% QoQ), showing meaningful QoQ improvement.Large gas-fired power projects won in 2025-26 began making meaningful revenue contributions, while higher-than-expected progress-based revenue recognition in the nuclear equipment business provided additional support. 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)2Q26 review: The pieces are falling into place

Thematic (Sector/Industry)

<ul><li>The Korean and US governments are reportedly close to an agreement to build eight large-scale nuclear reactors in the US as the second project under Korea’s US investment program.</li><li>Related projects are expected to have a combined value of US$120bn, or roughly US$15bn (W20tr) per reactor.</li><li>Of the eight reactors, the first four will likely comprise two Korean-designed APR1400 units and two Westinghouse AP1000 units.</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 Korean and US governments are reportedly close to an agreement to build eight large-scale nuclear reactors in the US as the second project under Korea’s US investment program.Related projects are expected to have a combined value of US$120bn, or roughly US$15bn (W20tr) per reactor.Of the eight reactors, the first four will likely comprise two Korean-designed APR1400 units and two Westinghouse AP1000 units.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.

Power InfrastructureUS nuclear investment takes shape

<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

<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

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)