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>We raise our target price for Haesung DS to W90,000 (from W35,000), as we: 1) revised up our earnings forecasts (2026F EPS of W5,598; +167% YoY); and 2) applied a target P/E of 16x, in line with the 2026F average of domestic package substrate peers.</li><li>Starting this year, leadframe utilization should improve sharply, while shipments of new DDR5 products should expand, driving improvements in product mix and ASP.</li><li>We believe the leadframe market has moved beyond a simple recovery phase, with demand now being driven by structural changes in downstream customers’ inventory policies. </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>

We raise our target price for Haesung DS to W90,000 (from W35,000), as we: 1) revised up our earnings forecasts (2026F EPS of W5,598; +167% YoY); and 2) applied a target P/E of 16x, in line with the 2026F average of domestic package substrate peers.Starting this year, leadframe utilization should improve sharply, while shipments of new DDR5 products should expand, driving improvements in product mix and ASP.We believe the leadframe market has moved beyond a simple recovery phase, with demand now being driven by structural changes in downstream customers’ inventory policies. 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.

Haesung DS (195870 KS/Buy)Margin Pressure Remains Contained

South Korea

Haesung DS Co., Ltd. manufactures and specializes on semiconductor components.   The Company mainly produces package substrate and lead frames, such as  Stamped Lead Frame(SLF) and Etched Lead Frame(ELF).

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HAESUNG DS Co Ltd (195870 KS)

Haesung DS (195870 KS/Buy)Margin Pressure Remains Contained

Starting this year, leadframe utilization should improve sharply, while shipments of new DDR5 products should expand, driving improvements in...

Mirae Asset Securities

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