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>Misto Holdings’ cumulative 1Q-3Q25 revenue was roughly flat YoY, while operating profit increased 20% YoY.</li><li>We believe these results show that the company is laying the groundwork for a turnaround.</li><li>Strong results at Acushnet have contributed to the improvement, with 1Q-3Q25 revenue and operating profit up 8% and 5% YoY respectively (operating profit: +W21.7bn YoY). </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.

Misto Holdings’ cumulative 1Q-3Q25 revenue was roughly flat YoY, while operating profit increased 20% YoY.We believe these results show that the company is laying the groundwork for a turnaround.Strong results at Acushnet have contributed to the improvement, with 1Q-3Q25 revenue and operating profit up 8% and 5% YoY respectively (operating profit: +W21.7bn YoY). 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.

Misto Holdings (081660 KS/Buy)Turnaround Potential Coming into View

External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

Founded in 1962, Daishin Securities is a leading financial services provider in Korea. Daishin securities does its best to provide high quality financial service and to satisfy the various needs of investors. 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.

<ul><li>3Q25 OP jump 41% YoY after the US FILA wind-down</li><li>On track for expanding distribution of brands popular with global consumers</li><li>That said, domestic brand power recovery remains a pending task</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.

3Q25 OP jump 41% YoY after the US FILA wind-downOn track for expanding distribution of brands popular with global consumersThat said, domestic brand power recovery remains a pending taskContent 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.

Misto Holdings (081660 KS) - Margins See Broad Recovery After US Operation Wind-Down

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>In this insight, we discuss the alpha generation through companies that announced share buybacks in the Korean stock market in May and June 2025.</li>
<li>There were 24 companies in the Korean stock market that announced share buybacks in the past two months. On average, the share buyback announcements represented 1.7% of outstanding shares.</li>
<li>There were four companies with more than 100 billion won in market cap that announced share buybacks in May and June with at least 3% of outstanding shares. </li>
</ul>


In this insight, we discuss the alpha generation through companies that announced share buybacks in the Korean stock market in May and June 2025.
There were 24 companies in the Korean stock market that announced share buybacks in the past two months. On average, the share buyback announcements represented 1.7% of outstanding shares.
There were four companies with more than 100 billion won in market cap that announced share buybacks in May and June with at least 3% of outstanding shares. 


Alpha Generation Through Share Buybacks in Korea: Bi-Monthly (May and June 2025)

Cross Asset Strategy

<ul>
<li>On 28 November, the Korean National Assembly reached an agreement on a tax reform plan to officially lower taxes on dividends income. </li>
<li>The decline in tax on dividends is a definite step in the right direction. Nonetheless, the top bracket dividend tax rate cut was slightly less than what market was expecting. </li>
<li>Given that about 15%-25% dividend tax rates are more common in other developed countries,  Korea's reduction of dividend taxes is likely to be welcomed highly by many global investors.</li>
</ul>


On 28 November, the Korean National Assembly reached an agreement on a tax reform plan to officially lower taxes on dividends income. 
The decline in tax on dividends is a definite step in the right direction. Nonetheless, the top bracket dividend tax rate cut was slightly less than what market was expecting. 
Given that about 15%-25% dividend tax rates are more common in other developed countries,  Korea's reduction of dividend taxes is likely to be welcomed highly by many global investors.


Top Bracket Dividend Tax Rate Lowered to 30% in Korea [Moderately Positive]

<ul>
<li>Democratic Party lawmaker Kim Hyun-jung has introduced a revised Income Tax Act that would lower the top tax rate on dividend income from 35% to 25%.</li>
<li>Given that this proposal is coming from the ruling Democratic Party, there is a fairly high probability that this could be passed into law in 3Q 2025.</li>
<li>We provide a list of 28 mid-cap/large cap stocks in Korea with more than 35% dividend payout and 3% or more dividend yield that could benefit from this new proposal.</li>
</ul>


Democratic Party lawmaker Kim Hyun-jung has introduced a revised Income Tax Act that would lower the top tax rate on dividend income from 35% to 25%.
Given that this proposal is coming from the ruling Democratic Party, there is a fairly high probability that this could be passed into law in 3Q 2025.
We provide a list of 28 mid-cap/large cap stocks in Korea with more than 35% dividend payout and 3% or more dividend yield that could benefit from this new proposal.


Separate Dividend Tax Plan in Korea: A Push for a 25% Rate for Top Bracket

South Korea

Misto Holdings Corporation produces sports products. The Company manufactures golf equipment and other products. Misto Holdings conducts businesses in South Korea.

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Misto Holdings (081660 KS)