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

Kepco Plant Service & Engineering / Equity Bottom-Up

Kepco Plant Service & Engineering (051600 KS)

<ul><li>For 4Q25, KEPCO KPS posted revenue of W440.8bn (+2.2% YoY).</li><li>Revenue from the nuclear/hydro segment increased by W24.6bn YoY to W200.4bn, supported by higher contributions from refurbishment/repair projects.</li><li>However, overall revenue growth was capped by a weaker performance in the thermal segment, where refurbishment/repair projects fell to W131.1bn (-13.6% YoY).</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 4Q25, KEPCO KPS posted revenue of W440.8bn (+2.2% YoY).Revenue from the nuclear/hydro segment increased by W24.6bn YoY to W200.4bn, supported by higher contributions from refurbishment/repair projects.However, overall revenue growth was capped by a weaker performance in the thermal segment, where refurbishment/repair projects fell to W131.1bn (-13.6% YoY).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.

KEPCO KPS (051600 KS/Hold)Additional Overseas Orders Needed

South Korea

KEPCO Plant Service & Engineering Co., Ltd. provides maintenance services for power plants and industrial plants.  The Company's main service areas are turbine maintenance, generator and motor maintenance, pump maintenance, and boiler maintenance.

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