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

Thematic (Sector/Industry)

<ul><li>As AI workloads increasingly move from training to inference tasks, LLM token usage continues to rise.</li><li>This is leading to sustained high growth in AI data center capex.</li><li>Several structural changes are underway: 1) a shift toward high-capacity/low-power DRAM (HBM); 2) the spread of multiarchitecture systems combining GPUs, ASICs, and NPUs; 3) a generational shift in networking from 800G to 1.6T transceivers; and 4) a sharp increase in demand for HDDs, SSDs, and NAND used in inference workloads.</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.

As AI workloads increasingly move from training to inference tasks, LLM token usage continues to rise.This is leading to sustained high growth in AI data center capex.Several structural changes are underway: 1) a shift toward high-capacity/low-power DRAM (HBM); 2) the spread of multiarchitecture systems combining GPUs, ASICs, and NPUs; 3) a generational shift in networking from 800G to 1.6T transceivers; and 4) a sharp increase in demand for HDDs, SSDs, and NAND used in inference workloads.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] Electrical/Electronic ComponentsSet to enter a structural up-cycle

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.

Equity Bottom-Up

<ul><li>Consensus beat expected for 1Q25, with OP estimated at W1.41tn (+5.3% YoY); Earnings surprise ahead</li><li>Growth in premium appliance sales and strong performance in subscriptionbased appliance rentals/HVAC should help boost profitability</li><li>2025 valuation at its trough; earnings growth to deepen undervaluation</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.

Consensus beat expected for 1Q25, with OP estimated at W1.41tn (+5.3% YoY); Earnings surprise aheadGrowth in premium appliance sales and strong performance in subscriptionbased appliance rentals/HVAC should help boost profitability2025 valuation at its trough; earnings growth to deepen undervaluationContent 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.

LG Electronics (066570 KS) - Earnings Surprise on Horizon; Time to Reassess!

<ul><li>Investor Forum (Aug 21): likely turning point for corporate value expansion</li><li>Expansion of new growth portfolio expected to position LG Electronics as a B2B-centric life solution company</li><li>Poised to enhance corporate value by adding new growth businesses, through a shift away from the previous B2C-based growth model</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.

Investor Forum (Aug 21): likely turning point for corporate value expansionExpansion of new growth portfolio expected to position LG Electronics as a B2B-centric life solution companyPoised to enhance corporate value by adding new growth businesses, through a shift away from the previous B2C-based growth modelContent 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.

LG Electronics (066570 KS) - Value Jump Expected for the New LG Electronics

South Korea

LG Electronics Inc. manufactures and markets digital display equipment and home appliances. The Company produces and markets flat panel televisions, A/V products, washing machines, air conditioners and refrigerators as well as telecommunications equipment such as smart phones and tablets.

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[2026 Outlook] Electrical/Electronic ComponentsSet to enter a structural up-cycle

As AI workloads increasingly move from training to inference tasks, LLM token usage continues to rise. This is leading to sustained high growth in...

Mirae Asset Securities

LG Electronics (066570 KS) - Earnings Surprise on Horizon; Time to Reassess!

Growth in premium appliance sales and strong performance in subscriptionbased appliance rentals/HVAC should help boost profitability

Daishin Securities

LG Electronics (066570 KS) - Value Jump Expected for the New LG Electronics

Poised to enhance corporate value by adding new growth businesses, through a shift away from the previous B2C-based growth model

Daishin Securities