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

<ul><li>We expect LX International’s 3Q26 consolidated operating profit to come in at W122.3bn, slightly above the consensus of W116.1bn.</li><li>We estimate operating profit from the international division (resources and trading/new growth) at W58bn and logistics (LX Pantos) at W64.7bn.</li><li>Earnings trends likely diverged between logistics and resources. </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.

We expect LX International’s 3Q26 consolidated operating profit to come in at W122.3bn, slightly above the consensus of W116.1bn.We estimate operating profit from the international division (resources and trading/new growth) at W58bn and logistics (LX Pantos) at W64.7bn.Earnings trends likely diverged between logistics and resources. 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.

LX International (001120 KS) Solid Logistics Earnings Expected

<ul><li>LX International posted 2Q26 consolidated revenue of W4.776tr and operating profit of W117.8bn, with the latter slightly exceeding both our estimate (W111.4bn) and the consensus (W110.7bn).</li><li>Resources operating profit declined W10.5bn QoQ to W21.6bn, weighed down by lower coal production due to the Indonesian government’s production quota restrictions.</li><li>That said, the AKP mine delivered a sharp improvement on favorable nickel market conditions, posting standalone revenue of W54.2bn and operating profit of W14.8bn.</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.

LX International posted 2Q26 consolidated revenue of W4.776tr and operating profit of W117.8bn, with the latter slightly exceeding both our estimate (W111.4bn) and the consensus (W110.7bn).Resources operating profit declined W10.5bn QoQ to W21.6bn, weighed down by lower coal production due to the Indonesian government’s production quota restrictions.That said, the AKP mine delivered a sharp improvement on favorable nickel market conditions, posting standalone revenue of W54.2bn and operating profit of W14.8bn.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.

LX International (001120 KS/Buy)Strong Earnings Lift Shareholder Return Expectations

<ul><li>We expect LX International to post 2Q26 operating profit of W111.4bn, in line with market expectations.</li><li>For the trading/new growth division, we estimate operating profit at W39.6bn.</li><li>While the tailwind from favorable methanol market conditions should fade, this should be offset by stronger coal conditions and increased summer demand. </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.

We expect LX International to post 2Q26 operating profit of W111.4bn, in line with market expectations.For the trading/new growth division, we estimate operating profit at W39.6bn.While the tailwind from favorable methanol market conditions should fade, this should be offset by stronger coal conditions and increased summer demand. 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.

LX International (001120 KS/Buy)Solid Fundamentals, Attractive Entry Point

<ul><li>For 1Q26, LX International reported revenue of W4.2tr (+4% YoY).</li><li>Operating profit came in at W108.9bn, down 7% YoY but above both our estimate (W103.1bn) and the consensus (W95.4bn).</li><li>Backed by stronger coal and palm oil market conditions, the resources unit posted operating profit of W32.1bn, driving overall QoQ 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.

For 1Q26, LX International reported revenue of W4.2tr (+4% YoY).Operating profit came in at W108.9bn, down 7% YoY but above both our estimate (W103.1bn) and the consensus (W95.4bn).Backed by stronger coal and palm oil market conditions, the resources unit posted operating profit of W32.1bn, driving overall QoQ improvement. 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.

LX International (001120 KS/Hold)Commodity Momentum Drives Strong Earnings

<ul><li>For 1Q26, we expect LX International to report operating profit of W103.1bn (above the consensus of W86.4bn).</li><li>Recently, Indonesian coal prices (ICI 4) have risen to around US$50/tonne (from the US$40/tonne level in January).</li><li>As a result, the resources division (estimated operating profit: W31.9bn) likely saw margin improvement centered on the Indonesian GAM mine. </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 1Q26, we expect LX International to report operating profit of W103.1bn (above the consensus of W86.4bn).Recently, Indonesian coal prices (ICI 4) have risen to around US$50/tonne (from the US$40/tonne level in January).As a result, the resources division (estimated operating profit: W31.9bn) likely saw margin improvement centered on the Indonesian GAM mine. 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.

LX International (001120 KS/Hold)Earnings Momentum Returning

South Korea

LX International is a commodity trading and mining company.  The Company develops and trades coal, oil, gas, non-ferrous metals, palm oil, and renewable energy. LG International also trades IT related component/equipment, petrochemical and steel product.

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LX International (001120 KS)