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. 

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Equity Bottom-Up

<ul><li>For 2Q25, revenue was W2.86tr (+11.7% YoY, +7.5% vs. consensus of W2.66tr), while operating profit came in at W64.1bn (-10.2% YoY), well above consensus of W21.7bn.</li><li>OP margin was 2.2% (-0.5%p YoY, +1.4%p QoQ). There were negative impacts from tariffs (W50.5bn), depreciation (W23.1bn), and narrower scope of R&amp;D capitalization (W42.4bn).</li><li>Even so, profitability improvement activities and client compensation effects helped deliver results that were stronger than feared.</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 2Q25, revenue was W2.86tr (+11.7% YoY, +7.5% vs. consensus of W2.66tr), while operating profit came in at W64.1bn (-10.2% YoY), well above consensus of W21.7bn.OP margin was 2.2% (-0.5%p YoY, +1.4%p QoQ). There were negative impacts from tariffs (W50.5bn), depreciation (W23.1bn), and narrower scope of R&amp;D capitalization (W42.4bn).Even so, profitability improvement activities and client compensation effects helped deliver results that were stronger than feared.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.

Hanon Systems (018880 KS/Hold)Better-Than-Feared Earnings, Disappointing Capital Increase Plan

South Korea

Hanon Systems manufactures a variety of automotive air control equipment.  The Company's products include air conditioners, heaters, cooling modules, compressors, radiators, fans, evaporators, and condensers. Hanon Systems distributes its products on an original equipment manufacturing (OEM) basis.

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Hanon Systems (018880 KS)

Hanon Systems (018880 KS/Hold)Better-Than-Feared Earnings, Disappointing Capital Increase Plan

For 2Q25, revenue was W2.86tr (+11.7% YoY, +7.5% vs. consensus of W2.66tr), while operating profit came in at W64.1bn (-10.2% YoY), well above...

Mirae Asset Securities

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