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

Thematic (Sector/Industry)

<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>We maintain our Overweight stance on shipbuilding. New naval vessel and LNG carrier orders could lead to a prolonged earnings up-cycle, and profit growth in the commercial vessel segment should continue.</li><li>2026 outlook: With over 1,000 naval vessels estimated to require replacement, naval vessel exports are expected to begin in earnest in 2026-27.</li><li>In addition, the US is likely to place orders for 50-100 LNG carriers; for FID-approved projects alone, LNG carrier demand totals 117 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.

We maintain our Overweight stance on shipbuilding. New naval vessel and LNG carrier orders could lead to a prolonged earnings up-cycle, and profit growth in the commercial vessel segment should continue.2026 outlook: With over 1,000 naval vessels estimated to require replacement, naval vessel exports are expected to begin in earnest in 2026-27.In addition, the US is likely to place orders for 50-100 LNG carriers; for FID-approved projects alone, LNG carrier demand totals 117 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.

[2026 Outlook] Defense/ShipbuildingAnother inflection point

External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

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Equity Bottom-Up

HD Hyundai Heavy Industries  / Equity Bottom-Up

<ul><li>HD HHI’s merger of HD HMD through absorption to unlock stronger synergy</li><li>Aims to build new shipyards and expand defense businesses with policy support</li><li>Efficiency-led CAPA expansion underscores both qualitative &amp; quantitative growth</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.

HD HHI’s merger of HD HMD through absorption to unlock stronger synergyAims to build new shipyards and expand defense businesses with policy supportEfficiency-led CAPA expansion underscores both qualitative &amp; quantitative growthContent 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.

HD Hyundai Heavy Industries (329180 KS) - HD Hyundai Mipo Merger Takeaways

<ul><li>Maintain Buy rating and raise target price by 25% to W450,000</li><li>1Q25 OP came in at W433.7bn, beating market consensus by a mile</li><li>Earnings growth solely achieved through productivity enhancement, without any one-off factors</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.

Maintain Buy rating and raise target price by 25% to W450,0001Q25 OP came in at W433.7bn, beating market consensus by a mileEarnings growth solely achieved through productivity enhancement, without any one-off factorsContent 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.

HD Hyundai Heavy Industries (329180 KS Apr 25, 2025) - Above Already-High Forecasts

South Korea

HD Hyundai Heavy Industries Co., Ltd. operates as a shipbuilding company. The Company provides naval shipbuilding, industrial shipbuilding, crude oil tanker, bulk carrier, container carrier, and other related services. HD Hyundai Heavy Industries also offers offshore and engineering, engine and machinery, offshore, industrial, and marine plant services.

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HD Hyundai Heavy Industries (329180 KS)

Equity Strategy[February] Positioning for the Market’s Next Phase

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.

Mirae Asset Securities

[2026 Outlook] Defense/ShipbuildingAnother inflection point

New naval vessel and LNG carrier orders could lead to a prolonged earnings up-cycle, and profit growth in the commercial vessel segment should...

Mirae Asset Securities