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. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>For 3Q25, F&amp;F reported above-consensus results, with revenue of W474.3bn (+5% YoY) and operating profit of W128bn (+18% YoY).</li><li>The company returned to growth in both revenue (for the first time in six quarters) and operating profit (for the first time in eight quarters), driven by strong MLB earnings both domestically and overseas.</li><li>Domestic demand has improved compared with 1H25. </li></ul><p><em>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.</em></p>

For 3Q25, F&amp;F reported above-consensus results, with revenue of W474.3bn (+5% YoY) and operating profit of W128bn (+18% YoY).The company returned to growth in both revenue (for the first time in six quarters) and operating profit (for the first time in eight quarters), driven by strong MLB earnings both domestically and overseas.Domestic demand has improved compared with 1H25. 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.

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>F&amp;F is one of the key beneficiaries of the exploding popularity of Jung Hoo Lee in the MLB (Major League Baseball) in the United States.</li>
<li>The surging popularity of Jung Hoo Lee could lead to higher demand for F&amp;F's core products (MLB baseball caps and apparel products), which could lead to higher sales and profits.</li>
<li>F&amp;F recently provided new shareholder return plans including providing at least 25% of net profit as dividends/buybacks/cancellations (including buyback at least 60 billion won from 2025 to 2027).</li>
</ul>


F&amp;F is one of the key beneficiaries of the exploding popularity of Jung Hoo Lee in the MLB (Major League Baseball) in the United States.
The surging popularity of Jung Hoo Lee could lead to higher demand for F&amp;F's core products (MLB baseball caps and apparel products), which could lead to higher sales and profits.
F&amp;F recently provided new shareholder return plans including providing at least 25% of net profit as dividends/buybacks/cancellations (including buyback at least 60 billion won from 2025 to 2027).


F&F: A Key Beneficiary of Explosive Popularity of Jung Hoo Lee (Grandson of the Wind) In the MLB

Event-Driven

<ul>
<li>TaylorMade is up for sale. TaylorMade is one of the most valuable, golf equipment brands globally.</li>
<li>We labeled this article as Bearish due to concerns about F&amp;F getting into this M&amp;A battle for TaylorMade in the first place which could result in overpaying for this deal.</li>
<li>We would rather have F&amp;F take the win and provide higher returns to its shareholders.</li>
</ul>


TaylorMade is up for sale. TaylorMade is one of the most valuable, golf equipment brands globally.
We labeled this article as Bearish due to concerns about F&amp;F getting into this M&amp;A battle for TaylorMade in the first place which could result in overpaying for this deal.
We would rather have F&amp;F take the win and provide higher returns to its shareholders.


Cross Asset Strategy

<ul>
<li>Now that Lee Jae-Myung has become new South Korean President, the uncertainty revolving who will lead South Korea in the next five years is now over.</li>
<li>In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the market for the remainder of 2025.</li>
<li>The four investment themes include Korean Holdcos/Quasi Holdcos, Korean Cultural Contents, Securities, and SK Group Companies.</li>
</ul>


Now that Lee Jae-Myung has become new South Korean President, the uncertainty revolving who will lead South Korea in the next five years is now over.
In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the market for the remainder of 2025.
The four investment themes include Korean Holdcos/Quasi Holdcos, Korean Cultural Contents, Securities, and SK Group Companies.


Lee Jae-Myung Becomes the New South Korean President - Four Investment Themes That Could Outperform

<ul>
<li>In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks (23 May to 6 June 2025).</li>
<li>Our top 10 picks were up on average 2.4% in the past two weeks (from 9 to 23 May), outperforming KOSPI which was up 0.6% in the same period.</li>
<li>The top 10 picks in this bi-weekly include Samsung Securities, LG Uplus, Amorepacific Holdings, Samsung C&amp;T, JYP Entertainment, Nongshim, Krafton, LS Electric, F&amp;F, and Emart. </li>
</ul>


In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks (23 May to 6 June 2025).
Our top 10 picks were up on average 2.4% in the past two weeks (from 9 to 23 May), outperforming KOSPI which was up 0.6% in the same period.
The top 10 picks in this bi-weekly include Samsung Securities, LG Uplus, Amorepacific Holdings, Samsung C&amp;T, JYP Entertainment, Nongshim, Krafton, LS Electric, F&amp;F, and Emart. 


Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (23 May to 6 June 2025)

South Korea

F&F Co.,Ltd operates clothing production businesses. The Company produces coats, shirts, jackets, and other apparels. F&F conducts businesses in South Korea.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

F&F (383220 KS)

F&F (383220 KS/Buy)Turning the Corner

For 3Q25, F&F reported above-consensus results, with revenue of W474.3bn (+5% YoY) and operating profit of W128bn (+18% YoY).

Mirae Asset Securities

F&F: A Key Beneficiary of Explosive Popularity of Jung Hoo Lee (Grandson of the Wind) In the MLB

The surging popularity of Jung Hoo Lee could lead to higher demand for F&F's core products (MLB baseball caps and apparel products), which could...

Douglas Kim

M&A Battle for TaylorMade

We labeled this article as Bearish due to concerns about F&F getting into this M&A battle for TaylorMade in the first place which could result in...

Douglas Kim

Lee Jae-Myung Becomes the New South Korean President - Four Investment Themes That Could Outperform

In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the...

Douglas Kim

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (23 May to 6 June 2025)

In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks (23 May to 6 June 2025).

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)