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 3Q25, HMM posted revenue of W2.71tr (-23.8% YoY). Container revenue fell 27% YoY, driving overall top-line weakness.</li><li>While volume on US routes was soft (-4% YoY), strong growth on European routes (+63% YoY) led to a 4% YoY increase in total container volume.</li><li>However, this was not enough to offset a 38% YoY drop in freight rates. </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.

For 3Q25, HMM posted revenue of W2.71tr (-23.8% YoY). Container revenue fell 27% YoY, driving overall top-line weakness.While volume on US routes was soft (-4% YoY), strong growth on European routes (+63% YoY) led to a 4% YoY increase in total container volume.However, this was not enough to offset a 38% YoY drop in freight rates. 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.

HMM (011200 KS/Buy)Container Margins Recovering

<ul><li>US tariffs take a toll For 2Q25, HMM posted revenue of W2.62tr (-1.5% YoY).</li><li>Container revenue fell 3.7% YoY to W2.17tr, as a drop in freight rates outweighed a 2.7% YoY increase in volume.</li><li>Meanwhile, bulk revenue jumped 13.9% YoY, mitigating the decline in overall revenue.</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.

US tariffs take a toll For 2Q25, HMM posted revenue of W2.62tr (-1.5% YoY).Container revenue fell 3.7% YoY to W2.17tr, as a drop in freight rates outweighed a 2.7% YoY increase in volume.Meanwhile, bulk revenue jumped 13.9% YoY, mitigating the decline in overall revenue.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.

HMM (011200 KS/Buy)Focus on Long-Term Indicators and Competitiveness

South Korea

HMM Co., Ltd. provides marine transportation services.  The Company commands different types of vessels including full container vessels, oil tankers, car carriers, LNG carriers, bulk carriers, and tramps.

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HMM Co., Ltd. (011200 KS)

HMM (011200 KS/Buy)Container Margins Recovering

While volume on US routes was soft (-4% YoY), strong growth on European routes (+63% YoY) led to a 4% YoY increase in total container volume.

Mirae Asset Securities

HMM (011200 KS/Buy)Focus on Long-Term Indicators and Competitiveness

US tariffs take a toll For 2Q25, HMM posted revenue of W2.62tr (-1.5% YoY). Container revenue fell 3.7% YoY to W2.17tr, as a drop in freight rates...

Mirae Asset Securities

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