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>While rising memory prices could modestly weigh on global IT device sales in 2026, we note that memory chips’ share of smartphone BoM costs is only around 10%, and high-end players should be able to pass through higher costs relatively easily.</li><li>Our top pick is LG Innotek with a TP of W320,000 (SOTP; optics solutions/ substrates/auto components units valued at W6.5tr/W3.8tr/W0.6tr; 20% discount applied to these figures).</li><li>With discount factors fading, we believe upside is increasing.</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.

While rising memory prices could modestly weigh on global IT device sales in 2026, we note that memory chips’ share of smartphone BoM costs is only around 10%, and high-end players should be able to pass through higher costs relatively easily.Our top pick is LG Innotek with a TP of W320,000 (SOTP; optics solutions/ substrates/auto components units valued at W6.5tr/W3.8tr/W0.6tr; 20% discount applied to these figures).With discount factors fading, we believe upside is increasing.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 23]Biweekly strategy meeting recap

<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

<ul><li>While AI-related demand from hyperscalers and governments has surged, demand for commodity (IT-use) memory remains uncertain.</li><li>This has led to limited capacity expansions, with a large share of new investments focused on HBM.</li><li>The resultant supply/demand imbalance is pushing up commodity chip prices. </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.

While AI-related demand from hyperscalers and governments has surged, demand for commodity (IT-use) memory remains uncertain.This has led to limited capacity expansions, with a large share of new investments focused on HBM.The resultant supply/demand imbalance is pushing up commodity chip prices. 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 18]Biweekly Strategy Meeting Recap

<ul><li>In the US, demand for solar equipment and polysilicon has been pulled forward due to the passage of the OBBB.</li><li>Demand is likely to remain strong through 2027.</li><li>Amid new regulations aimed at excluding China from key supply chains, the preference for non-China products is likely to strengthen. </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 the US, demand for solar equipment and polysilicon has been pulled forward due to the passage of the OBBB.Demand is likely to remain strong through 2027.Amid new regulations aimed at excluding China from key supply chains, the preference for non-China products is likely to strengthen. 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 16]Biweekly Strategy Meeting Recap

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>2Q revenue solid at W3.93tn, while OP came in at W11.4bn, missing consensus</li><li>Earnings growth ahead in 2H25 on seamless iPhone 17 production</li><li>Turnaround likely in 2026 with Apple lineup expansion and FC BGA-led revenue diversification</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.

2Q revenue solid at W3.93tn, while OP came in at W11.4bn, missing consensusEarnings growth ahead in 2H25 on seamless iPhone 17 productionTurnaround likely in 2026 with Apple lineup expansion and FC BGA-led revenue diversificationContent 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 Innotek (011070 KS Jul 24, 2025) - 2H25 YoY Growth in Sight

South Korea

LG Innotek Co., Ltd. develops and produces cellular phone parts such as mini vibration motors, LCD modules, light emitting diode (LED), camera modules, protection circuit modules. The Company also manufactures liquid crystal displays (LCD) and plasma display panels (PDP) parts such as inverters, intelligent power modules, multi chip modules, and tuners.

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Lg Innotek (011070 KS)

Mirae Asset Minutes [2025: Volume 23]Biweekly strategy meeting recap

While rising memory prices could modestly weigh on global IT device sales in 2026, we note that memory chips’ share of smartphone BoM costs is only...

Mirae Asset Securities

[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

Mirae Asset Minutes [2025: Volume 18]Biweekly Strategy Meeting Recap

While AI-related demand from hyperscalers and governments has surged, demand for commodity (IT-use) memory remains uncertain.

Mirae Asset Securities

Mirae Asset Minutes [2025: Volume 16]Biweekly Strategy Meeting Recap

In the US, demand for solar equipment and polysilicon has been pulled forward due to the passage of the OBBB. Demand is likely to remain strong...

Mirae Asset Securities

LG Innotek (011070 KS Jul 24, 2025) - 2H25 YoY Growth in Sight

2Q revenue solid at W3.93tn, while OP came in at W11.4bn, missing consensus. Earnings growth ahead in 2H25 on seamless iPhone 17 production

Daishin Securities

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