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. 

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>For 3Q25, LIG Nex1 announced revenue of W1.05tr (+42% YoY; 6.5% above the consensus), operating profit of W89.6bn (+73% YoY; 16% above the consensus), and an OP margin of 8.5%.</li><li>The earnings beat was driven by: 1) solid margins from domestic mass-production projects; and 2) delayed R&amp;D spending.</li><li>Ghost Robotics posted an operating loss of W12bn, and losses are likely to continue through 1H26.</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 3Q25, LIG Nex1 announced revenue of W1.05tr (+42% YoY; 6.5% above the consensus), operating profit of W89.6bn (+73% YoY; 16% above the consensus), and an OP margin of 8.5%.The earnings beat was driven by: 1) solid margins from domestic mass-production projects; and 2) delayed R&amp;D spending.Ghost Robotics posted an operating loss of W12bn, and losses are likely to continue through 1H26.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.

LIG Nex1 (079550 KS/Hold)Steadily Improving

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lig-nex1-co" target="_blank" data-smartkarma-citation="entities:23588:1" rel="noopener">LIG Nex1 Co (079550 KS)</a>'s stock price has doubled over the last 3 months, and the increased market cap could now result in a global index inclusion.</li>
<li>
<a href="https://www.smartkarma.com/entities/lig-nex1-co" target="_blank" data-smartkarma-citation="entities:23588:1" rel="noopener">LIG Nex1 Co (079550 KS)</a> has outperformed most of its peers over the last few months and now trades expensive on a range of metrics.</li>
<li>While momentum could take the stock higher, there is a risk of pullback as positioning in the stock is unwound.</li>
</ul>



LIG Nex1 Co (079550 KS)'s stock price has doubled over the last 3 months, and the increased market cap could now result in a global index inclusion.

LIG Nex1 Co (079550 KS) has outperformed most of its peers over the last few months and now trades expensive on a range of metrics.
While momentum could take the stock higher, there is a risk of pullback as positioning in the stock is unwound.


LIG Nex1 (079550 KS): Stock Soars; Momentum Stalls; Global Index Inclusion Next

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>Consolidated 1Q25 OP reached W113.6bn (+69.6% YoY), well above consensus</li><li>Domestic mass production focused on PGM replaces low-margin exports; overseas business also solid thanks to FX tailwinds</li><li>No change in guidance, with one-off factors excluded and R&amp;D costs fully reflected</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.

Consolidated 1Q25 OP reached W113.6bn (+69.6% YoY), well above consensusDomestic mass production focused on PGM replaces low-margin exports; overseas business also solid thanks to FX tailwindsNo change in guidance, with one-off factors excluded and R&amp;D costs fully reflectedContent 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.

LIG Nex1 (079550 KS May 14, 2025) - Remarkable Domestic Profitability

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

Korea Stock Exchange Kospi Index / Event-Driven

<ul>
<li>KRX's lack of a standardized English translation platform may lead to non-standardized terminology and varying translation quality. KRX stresses cross-checking Korean and English disclosures due to potential errors. </li>
<li>The 3-day lag between Korean and English disclosures poses timeliness challenges, requiring consistent cross-checking. Overall, the process for foreign investors using Korean market disclosure sites remains largely unchanged.</li>
<li>The common procedure should still be to first check disclosures using English titles, then convert to Korean for reading. If English disclosures exist, utilize them for cross-checking.</li>
</ul>


KRX's lack of a standardized English translation platform may lead to non-standardized terminology and varying translation quality. KRX stresses cross-checking Korean and English disclosures due to potential errors. 
The 3-day lag between Korean and English disclosures poses timeliness challenges, requiring consistent cross-checking. Overall, the process for foreign investors using Korean market disclosure sites remains largely unchanged.
The common procedure should still be to first check disclosures using English titles, then convert to Korean for reading. If English disclosures exist, utilize them for cross-checking.


KRX's Mandatory English Disclosure Debut: A Detailed Guide on Utilizing This Without Confusion

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>We discuss the importance of Hyundai Motor generating nearly 11.5 trillion won in operating profit in 2023, which is likely to be the highest among all Korean companies. </li>
<li>Hyundai Motor and Kia Corp combined are expected to generate operating profit of 20.7 trillion won in 2023, representing 57% of total operating profit of the top 10 Korean companies.</li>
<li>In 2023, Hyundai Motor plans a full-scale world-wide roll-out of its EV Ioniq 6. Furthermore, it set a dividend payout ratio at 25% or higher.</li>
</ul>


We discuss the importance of Hyundai Motor generating nearly 11.5 trillion won in operating profit in 2023, which is likely to be the highest among all Korean companies. 
Hyundai Motor and Kia Corp combined are expected to generate operating profit of 20.7 trillion won in 2023, representing 57% of total operating profit of the top 10 Korean companies.
In 2023, Hyundai Motor plans a full-scale world-wide roll-out of its EV Ioniq 6. Furthermore, it set a dividend payout ratio at 25% or higher.


Hyundai Motor: Highest Operating Profit Among All Korean Companies in 2023

South Korea

LIG Nex1 Co., Ltd. manufactures military and defense weapon systems.  The Company develops missiles, radio equipment, torpedoes, radar equipment, and other defense products.  LIG Nex1 produces weapons for the global defense industry and operates throughout South Korea.

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LIG Nex1 Co (079550 KS)

LIG Nex1 (079550 KS/Hold)Steadily Improving

For 3Q25, LIG Nex1 announced revenue of W1.05tr (+42% YoY; 6.5% above the consensus), operating profit of W89.6bn (+73% YoY; 16% above the...

Mirae Asset Securities

LIG Nex1 (079550 KS): Stock Soars; Momentum Stalls; Global Index Inclusion Next

LIG Nex1 could be added to a global index in August. The stock has outperformed most of its peers and is now expensive on most parameters. Momentum...

Brian Freitas

LIG Nex1 (079550 KS May 14, 2025) - Remarkable Domestic Profitability

Consolidated 1Q25 OP reached W113.6bn (+69.6% YoY), well above consensus. Domestic mass production focused on PGM replaces low-margin exports

Daishin Securities

KRX's Mandatory English Disclosure Debut: A Detailed Guide on Utilizing This Without Confusion

This post is a comprehensive guide on utilizing KRX's inaugural mandatory English disclosures without confusion, which began today.

Sanghyun Park

Hyundai Motor: Highest Operating Profit Among All Korean Companies in 2023

In this insight, we discuss the importance of Hyundai Motor generating nearly 11.5 trillion won in operating profit in 2023, which is likely to be...

Douglas Kim

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