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, Korean Air reported standalone revenue of W4.01tr (-5.5% YoY).</li><li>Passenger revenue fell 7.5% YoY to W2.02tr due to a combination of weaker demand (hurt by tighter US entry restrictions) and supply competition, which led to a 2.4% YoY decline in yield.</li><li>The shift in the timing of the Chuseok holiday period (October in 2025 vs. September in 2024) also created an unfavorable base, weighing on results. </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 3Q25, Korean Air reported standalone revenue of W4.01tr (-5.5% YoY).Passenger revenue fell 7.5% YoY to W2.02tr due to a combination of weaker demand (hurt by tighter US entry restrictions) and supply competition, which led to a 2.4% YoY decline in yield.The shift in the timing of the Chuseok holiday period (October in 2025 vs. September in 2024) also created an unfavorable base, weighing on results. 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.

Korean Air (003490 KS/Buy)Fixed Cost Pressures Increase Amid Lower Yields

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>We believe a major rights offering capital raise is likely for Korean Air Lines (003490 KS) in the next 1-2 years.</li>
<li>On 25 August, Korean Air announced a 70 trillion won investment plan in the United States. This plan is likely to have been pressured heavily by the Korean government. </li>
<li>A big problem with this plan is Korean Air does not produce enough cash flow and its balance sheet is not strong enough to invest such huge amounts of capital. </li>
</ul>


We believe a major rights offering capital raise is likely for Korean Air Lines (003490 KS) in the next 1-2 years.
On 25 August, Korean Air announced a 70 trillion won investment plan in the United States. This plan is likely to have been pressured heavily by the Korean government. 
A big problem with this plan is Korean Air does not produce enough cash flow and its balance sheet is not strong enough to invest such huge amounts of capital. 


Korean Air: A Major Rights Offering Capital Raise Likely In Next 1-2 Years

<ul>
<li>In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 2Q 2025.</li>
<li>Among the 38 holdcos/opcos, there have been several pairs that have resulted in significant price ratio divergence which could provide trading opportunities in terms of their pricing gaps closing reversal.</li>
<li>Given the resumption in short selling in Korea, there is going to be a lot more interest in pair trades in Korea, especially among the major Korean holdcos/opcos. </li>
</ul>


In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 2Q 2025.
Among the 38 holdcos/opcos, there have been several pairs that have resulted in significant price ratio divergence which could provide trading opportunities in terms of their pricing gaps closing reversal.
Given the resumption in short selling in Korea, there is going to be a lot more interest in pair trades in Korea, especially among the major Korean holdcos/opcos. 


Korean Holdcos Vs Opcos Gap Trading Opportunities in 2Q 2025

Founder & Managing Director, AIR Control Tower, AIR Control Tower

Neil Glynn

Founder & Managing Director, AIR Control Tower

AIR Control Tower

AIR Control Tower is an independent research and analysis platform. Its mission is to provide impactful insight and analysis across the global airline industry at a company and market level via detailed financial models to aid decision making for key stake holders at a time when risks have seldom, if ever, been higher and the global sector grapples with the imperative of funding de-carbonisation. Unique analysis forecasting global carrier-level earnings/cash flows, and restructuring/de-leveraging prospects, is designed to dynamically assess the health of the industry, predict surprises and identify potential requirements for third party support.

Insights on the global airline industry

<ul>
<li>We publish a detailed update on the APAC airline sector, featuring ANA, Cathay Pacific, JAL, Korean Air, Qantas and Singapore Airlines, addressing cargo yield normalisation, and unit cost inflation.</li>
<li>We see 24% upside to consensus EBITDAR for JAL in FY24 to March 2024, and 24% downside risk at Singapore Airlines based on our detailed analysis and quarterly earnings bridges.</li>
<li>We expect earnings at most carriers to decline in calendar 2024 versus 2023 as the combination of cargo yield normalisation, fuel price pressure, and further capacity restoration prompt margin declines.</li>
</ul>


We publish a detailed update on the APAC airline sector, featuring ANA, Cathay Pacific, JAL, Korean Air, Qantas and Singapore Airlines, addressing cargo yield normalisation, and unit cost inflation.
We see 24% upside to consensus EBITDAR for JAL in FY24 to March 2024, and 24% downside risk at Singapore Airlines based on our detailed analysis and quarterly earnings bridges.
We expect earnings at most carriers to decline in calendar 2024 versus 2023 as the combination of cargo yield normalisation, fuel price pressure, and further capacity restoration prompt margin declines.


APAC Airline Sector – Cost Inflation Management Differentials Crucial as Cargo Yields Normalise

Cross Asset Strategy

<ul>
<li>Now that Lee Jae-Myung has become new South Korean President, the uncertainty revolving who will lead South Korea in the next five years is now over.</li>
<li>In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the market for the remainder of 2025.</li>
<li>The four investment themes include Korean Holdcos/Quasi Holdcos, Korean Cultural Contents, Securities, and SK Group Companies.</li>
</ul>


Now that Lee Jae-Myung has become new South Korean President, the uncertainty revolving who will lead South Korea in the next five years is now over.
In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the market for the remainder of 2025.
The four investment themes include Korean Holdcos/Quasi Holdcos, Korean Cultural Contents, Securities, and SK Group Companies.


Lee Jae-Myung Becomes the New South Korean President - Four Investment Themes That Could Outperform

South Korea

Korean Air Lines Co., Ltd. operates air transportation services.  The Company's services include passenger and cargo transportation, aircraft maintenance, and air catering.  Korean Air Lines provides domestic and international airline services.

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Korean Air Lines (003490 KS)

Korean Air (003490 KS/Buy)Fixed Cost Pressures Increase Amid Lower Yields

Passenger revenue fell 7.5% YoY to W2.02tr due to a combination of weaker demand (hurt by tighter US entry restrictions) and supply competition,...

Mirae Asset Securities

Korean Air: A Major Rights Offering Capital Raise Likely In Next 1-2 Years

We believe a major rights offering capital raise is likely for Korean Air in the next 1-2 years. On 25 August, Korean Air announced a 70 trillion...

Douglas Kim

Korean Holdcos Vs Opcos Gap Trading Opportunities in 2Q 2025

In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in...

Douglas Kim

APAC Airline Sector – Cost Inflation Management Differentials Crucial as Cargo Yields Normalise

Deep dive on earnings prospects of the top tier ex-China APAC full service carriers illustrates marked differences in inflation management, and...

Neil Glynn

Lee Jae-Myung Becomes the New South Korean President - Four Investment Themes That Could Outperform

In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the...

Douglas Kim

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