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.

Thematic (Sector/Industry)

<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

<ul><li>We expect AI adoption to drive meaningful price, volume, and cost improvements in 2026, supporting strong momentum in the ad segment.</li><li>E-commerce growth has also been rebounding since 3Q25.</li><li>Our top pick is NAVER due to its attractive valuation. Our target price (W410,000) is based on a P/E of 29x (vs. current 2026F P/E of 18x).</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 expect AI adoption to drive meaningful price, volume, and cost improvements in 2026, supporting strong momentum in the ad segment.E-commerce growth has also been rebounding since 3Q25.Our top pick is NAVER due to its attractive valuation. Our target price (W410,000) is based on a P/E of 29x (vs. current 2026F P/E of 18x).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.

Mirae Asset Minutes [2025: Volume 22]Biweekly strategy meeting recap

<ul><li>With the BOK expected to keep the base rate unchanged through 2H25, market interest rates have begun to rise. This is favorable for banks’ NIMs.</li><li>Amid tightening regulations on household loans, banks are seeking to sustain loan growth by expanding SME lending.</li><li>The recent improvement in credit cost ratios is positive. And with non-interest income, CET1 ratios, and shareholder returns all improving, we see further upside to shareholder return ratios.</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.

With the BOK expected to keep the base rate unchanged through 2H25, market interest rates have begun to rise. This is favorable for banks’ NIMs.Amid tightening regulations on household loans, banks are seeking to sustain loan growth by expanding SME lending.The recent improvement in credit cost ratios is positive. And with non-interest income, CET1 ratios, and shareholder returns all improving, we see further upside to shareholder return ratios.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.

Mirae Asset Minutes [2025: Volume 21]Biweekly strategy meeting recap

<ul><li>Global equities are likely to remain on an upward trend, supported by favorable liquidity conditions and optimism surrounding AI ecosystem growth</li><li>Global liquidity improved as central banks around the world cut rates last year and earlier this year, and strengthened further when the Fed resumed easing in Sep</li><li>The ongoing US government shutdown further increases the likelihood that Fed easing will continue at least through year-end</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.

Global equities are likely to remain on an upward trend, supported by favorable liquidity conditions and optimism surrounding AI ecosystem growthGlobal liquidity improved as central banks around the world cut rates last year and earlier this year, and strengthened further when the Fed resumed easing in SepThe ongoing US government shutdown further increases the likelihood that Fed easing will continue at least through year-endContent 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.

Mirae Asset Minutes [2025: Volume 20]Biweekly strategy meeting recap

Mirae Asset Minutes [2025: Volume 20] Biweekly Strategy Meeting Recap

South Korea

Hyundai Rotem Company Ltd. manufactures railroad equipment and defense vehicles. The Company produces high-speed trains, light rail vehicles, locomotives, and passenger coaches, main battle tanks, armored recovery vehicles, and related defense equipment. Hyundai Rotem operates worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Hyundai Rotem Company (064350 KS)

[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

Mirae Asset Minutes [2025: Volume 22]Biweekly strategy meeting recap

We expect AI adoption to drive meaningful price, volume, and cost improvements in 2026, supporting strong momentum in the ad segment.

Mirae Asset Securities

Mirae Asset Minutes [2025: Volume 21]Biweekly strategy meeting recap

With the BOK expected to keep the base rate unchanged through 2H25, market interest rates have begun to rise. This is favorable for banks’ NIMs.

Mirae Asset Securities

Mirae Asset Minutes [2025: Volume 20]Biweekly strategy meeting recap

Global equities are likely to remain on an upward trend, supported by favorable liquidity conditions and optimism surrounding AI ecosystem growth

Mirae Asset Securities

Mirae Asset Minutes [2025: Volume 20] Biweekly Strategy Meeting Recap

Global equities are likely to remain on an upward trend, supported by favorable liquidity conditions and optimism surrounding AI ecosystem growth

Mirae Asset Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)