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

Korea Electric Power (KEPCO) / Equity Bottom-Up

<ul><li>In 1Q-3Q25, KEPCO recorded revenue of W73.75tr (+5.5% YoY). In 3Q25, revenue growth was driven by a 1% YoY increase in electricity sales volume along with tariff hikes (+5% YoY), which lifted electricity sales revenue by 6% YoY.</li><li>Meanwhile, other revenue (including contributions from overseas operations) declined 0.9% YoY in the quarter.</li><li>For 3Q25, operating profit came in at W5.65tr, beating the consensus of W5.11tr, aided by declines in both fuel costs (-16% YoY) and power purchasing costs (-0.8% YoY). </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.

In 1Q-3Q25, KEPCO recorded revenue of W73.75tr (+5.5% YoY). In 3Q25, revenue growth was driven by a 1% YoY increase in electricity sales volume along with tariff hikes (+5% YoY), which lifted electricity sales revenue by 6% YoY.Meanwhile, other revenue (including contributions from overseas operations) declined 0.9% YoY in the quarter.For 3Q25, operating profit came in at W5.65tr, beating the consensus of W5.11tr, aided by declines in both fuel costs (-16% YoY) and power purchasing costs (-0.8% 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 (015760 KS/Hold)Conditions for a Re-Rating

<ul><li>For 2Q25, KEPCO reported revenue of W21.95tr (+7.2% YoY). Growth was driven by a 0.4% YoY increase in electricity sales volume along with continued tariff hikes, which lifted electricity sales revenue by 6.7% YoY.</li><li>Operating profit came in at W2.14tr (+70.8% YoY). While revenue expanded, cost growth was relatively contained.</li><li>That said, despite a 9.3% YoY decline in fuel costs, increases in power purchasing costs (+7.9% YoY) and other operating expenses (+14.9% YoY) caused total costs to exceed expectations.</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 2Q25, KEPCO reported revenue of W21.95tr (+7.2% YoY). Growth was driven by a 0.4% YoY increase in electricity sales volume along with continued tariff hikes, which lifted electricity sales revenue by 6.7% YoY.Operating profit came in at W2.14tr (+70.8% YoY). While revenue expanded, cost growth was relatively contained.That said, despite a 9.3% YoY decline in fuel costs, increases in power purchasing costs (+7.9% YoY) and other operating expenses (+14.9% YoY) caused total costs to exceed expectations.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 (015760 KS/Hold)Limited Room for Further Industrial Electricity Rate Hikes

Thematic (Sector/Industry)

<ul><li>The 3Q25 earnings season is set to kick off following the Chuseok holiday.</li><li>The consensus for Korean companies’ aggregate operating profit stands at W76tr (+18% YoY).</li><li>This figure has been revised up 1.9% over the past month, largely driven by Samsung Electronics (SEC) and SK Hynix. </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 3Q25 earnings season is set to kick off following the Chuseok holiday.The consensus for Korean companies’ aggregate operating profit stands at W76tr (+18% YoY).This figure has been revised up 1.9% over the past month, largely driven by Samsung Electronics (SEC) and SK Hynix. 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[October] Reduced Earnings Volatility Is the Key to a Re-Rating

External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

Founded in 1962, Daishin Securities is a leading financial services provider in Korea. Daishin securities does its best to provide high quality financial service and to satisfy the various needs of investors. 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.

<ul><li>1Q25 OP forecast to beat consensus at W3.98tn (+206% YoY)</li><li>2025 OP forecast at W15.56tn (+86% YoY) on lower oil and thermal coal prices despite higher USD/KRW exchange rate</li><li>Appealing dividend payout (DPS W1,760, dividend yield 7.6%) amid ongoing financial structure improvement</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.

1Q25 OP forecast to beat consensus at W3.98tn (+206% YoY)2025 OP forecast at W15.56tn (+86% YoY) on lower oil and thermal coal prices despite higher USD/KRW exchange rateAppealing dividend payout (DPS W1,760, dividend yield 7.6%) amid ongoing financial structure improvementContent 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 (015760 KS Apr 15, 2025) - Reliable Defensive Play

South Korea

Korea Electric Power Corporation (KEPCO) generates, transmits, and distributes electricity to South Korea for a variety of uses. The Company also builds and operates hydro-power, thermal-power, and nuclear power units in South Korea.

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Korea Electric Power (KEPCO) (KEP US)

KEPCO (015760 KS/Hold)Conditions for a Re-Rating

In 1Q-3Q25, KEPCO recorded revenue of W73.75tr (+5.5% YoY). In 3Q25, revenue growth was driven by a 1% YoY increase in electricity sales volume...

Mirae Asset Securities

KEPCO (015760 KS/Hold)Limited Room for Further Industrial Electricity Rate Hikes

For 2Q25, KEPCO reported revenue of W21.95tr (+7.2% YoY). Growth was driven by a 0.4% YoY increase in electricity sales volume along with continued...

Mirae Asset Securities

Equity Strategy[October] Reduced Earnings Volatility Is the Key to a Re-Rating

The 3Q25 earnings season is set to kick off following the Chuseok holiday. The consensus for Korean companies’ aggregate operating profit stands at...

Mirae Asset Securities

KEPCO (015760 KS Apr 15, 2025) - Reliable Defensive Play

1Q25 OP forecast to beat consensus at W3.98tn (+206% YoY). 2025 OP forecast at W15.56tn (+86% YoY) on lower oil and thermal coal prices despite...

Daishin Securities

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